The Business Times, 26 June 1999
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1999-06-26
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The Business Times
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Title Section12 1999-06-26 1 She BusinessTimes MITAjn 046/12^8 8f>c SINGAPORE Internet: http://business-times.asial.com.sg/ SATURDAY, JUNE 26, 199912 words
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Article65 1999-06-26 1 □sn H7BJ4 (-13.09) nsr-su mm 83*30 (-11.33) SDISCI FUTURES MM (-0.70) OTOCK MiHET IHDiCBS Friday Chance KLSECOMP ***** +4.61 NIKKEI —*****.62 -191.8Q HANG SENG 13,784*1 +439 SET INDEX 543.86 -412 JAKARTA COUP #7116 -8JK MANILA COMP __2,463J8 -3466 TAIPEI WPI 8466.96 323.36 SEOUL COMP ***** +4.78 CLSA CHINA65 words
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Article79 1999-06-26 1 FOBEX BATES uss ss USt 1.704 £(l SS/S$ per 1593 1714 EURO(US$/S$ per E) I MS 1.781 DM 1.871 0.911 YEN HI J 1.402* RM 1890 0.448 HR» 7.788 0220 BAHT 36.67 0.046 RUP1AH 1878 0.026 •StUlOOunUs FUME BATES SINGAPORE* 5.80 HIALA LUMPUR 7.25 JAKARTA 40.00 BANGKOK 1090 MANILA79 words
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Article, Illustration853 1999-06-26 1 Wong Wei Kong - S'pore mergers, acquisitions top $5b and more is to come Boom fuelled by govt initiatives and bottomline pressures By 1 Wong Wei Kong [SINGAPORE] Corporate activity such as mergers and takeovers in Singapore so far this year has already crossed the $5 billion mark, and market watchers are bracing themselves853 words
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1072 1999-06-26 1 Leon Hadar - Mounting objection from US groups and lawmakers From Leon Hadar in Washington AS a rise in short-term US interest rates appears imminent next week, more lawmakers are joining the swelling chorus of voices opposing such a move as well as attacking the inflation1,072 words
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737 1999-06-26 1 Conrad Raj - Singapore carrier is oat of the running for a 20% stake Ity < Conrad Raj [SINGAPORE] Singapore Airlines (SIA) received yet another disappointment yesterday following the South African government's decision to sell a 20 per cent stake in its national737 words
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812 1999-06-26 1 Ven Sreenivasan, Siow Li Sen - On-line brokers cut back public access to save bandwidth iv Ven Sreenivasan, Siow Li Sen [SINGAPORE] The backroom computer at the Stock Exchange of Singapore (SES) is buckling under the weight of the staggering volumes generated in the Singapore stock market. The high812 words
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Page 1 Advertisements
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Advertisement141 1999-06-26 1 Allied Comp chalks up 141% premium PgH HKBPE HSBCcats hane irtmn rate HSBC Singapore has slashed its flrst-year housing loan rate to &33 per cent as the foreign banking giant flexes its muscles in the domestic retail market, Pg2 HtedMbpntyMP Hie Commercial Affairs Department yesterday charged the deputy managing director141 words
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Advertisement10 1999-06-26 1 o*Ol S'pore May I manufacturing II output IW /o sur9es10 words
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Advertisement71 1999-06-26 1 Market reports, Pgs 16-20 HiJKlfl. IfcSSH ARTHUR LEE Hey presto! i One yesterday did what it says it does well—making information available quickly through its interactive ktosks. Within an hour of balloting of its IPO shares yesterday, the balloting ratios were uploaded to its kiosks like these opposite Paragon building71 words
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SINGAPORE AT HOME & ABROAD
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Article, Illustration381 1999-06-26 2 Jennifer Lien - First doable-digit rise in 15 months comes on back of surge in electronics By, Jennifer Lien MANUFACTURING output rose by 16.4 per cent in May, the first double-digit rise in 15 months. This strength came on the back of a much higher-than-expected jump inSource: EDB & TDB - 381 words
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Article481 1999-06-26 2 Clarissa Tan - It's now 3.33% for first year, 4.75% for second year By i Clarissa Tan HSBC Singapore yesterday slashed its first-year housing loan rate to 3.33 per cent, as the foreign banking giant flexes its muscles in the domestic retail market. In a statement yesterday, HSBC481 words
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422 1999-06-26 2 Toh Han Shih - There will be more than 40 merchants on mall: CEO By' Toh Han Shih PACIFIC Internet, a Singapore Internet Service Provider (ISP) that is listed on Nasdaq, will launch a cybermall today, Pacific Internet CEO Nicholas Lee said yesterday. There will be over422 words
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Article, Illustration687 1999-06-26 2 Anna Teo - ETE ON THE ECONOMY Anna Teo THERE we have it yet another positively strong number to add to the recent string of "recovering" Indicators that have prompted big upgrades of GDP growth forecasts for the year. And chances are. before July's out. the second quarter growthSource: DOS - 687 words
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Article, Illustration241 1999-06-26 2 Adrian Tan and Eddie Khoo prove best of the amateurs SEMBAWANG Country Club pro M Murugaiyah and Unho Hutch Park both shot a twounder par 70 to jointly clinch the top spot for the professionals category at the Business Times 23rd AnniversarySIEW YAW HOONG - 241 words
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483 1999-06-26 3 Teh Hooi Ling - He is alleged to have sold 246,000 shares based on sensitive information By' Teh Hooi Ling [SINGAPORE] The Commercial Affairs Department yesterday charged the deputy managing director of Eltech Electronics Ltd with insider trading involving his sale of 246,000 shares in the company483 words
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Article, Illustration434 1999-06-26 3 Audrey Tan - Osaka chamber to have talks with EDB for a start By- Audrey Tan THE Japanese government is studying the possibility of leading post-crisis investment missions here, to jumpstart Japanese investments in Asian economies, its ambassador to Singapore Hiroshi Hashimoto said yesterday. For a start, theFILE PHOTO - 434 words
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Article, Illustration336 1999-06-26 3 Rahita Elias - By] Rahita Elias ATHLETIC gear company Reebok has seen strong sales growth in Singapore for both shoes and apparel in the first five months of the year, after seeing a drop in sales last year. Bruce Nevins, senior vicepresident of Reebok International Asia Pacific, said:SIEW YAW HOONG - 336 words
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Page 2 Advertisements
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Advertisement750 1999-06-26 2 i-One Net International Ltd (incorporated in the Republic of Singapore on 23 April 1999) Invitation in respect of 160,160,000 ordinary shares of 550.05 each comprising 132,000,000 New Shares and 28,160,000 Vendor Shares as follows:* (1) 35,640,000 Offer Shares at 550.38 for each Offer Share by way of public offer; and750 words
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Advertisement14 1999-06-26 2 Buy It. Sell It. Find It. Classified. CATS. Call Today For Results Tomorrow. 1800-737-116614 words
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Page 3 Advertisements
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Advertisement1034 1999-06-26 3 =-f GP Batteries International Limited (Incorporated in the Republic of Singapore) Announcement of Unaudited Results and Dividend for the year ended 31 March 1999 The Board of Directors of GP Batteries International Limited is pleased to announce the unaudited results of the Group for the year ended 31 March 19991,034 words
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ASIA ON THE MEND
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Article, Illustration622 1999-06-26 4 Shoeb Kagda - Salim Group places out 230 m Indofood shares through two int'l brokers FYom Shoeb Kagda in Jakarta HAVING had their appetites whetted over the past two months, international fund managers are beginning to snap up Indonesian stocks as quickly as they canSource: Bloomberg - 622 words
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436 1999-06-26 4 Move designed to ensure level playing field for all investors Reuters [BANGKOK] The Stock Exchange of Thailand (SET) defended yesterday new rules to curb volatility in the market, saying they were designed to ensure a level playing field for all participants. SET chairman AmaretReuters - 436 words
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483 1999-06-26 4 It's the 19th time this year cost of foods is trimmed Bloomberg [MANILA] The Philippines cut its key interest rates to the lowest in more than three and a half years, the latest in a series of efforts to revive lending andBloomberg - 483 words
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Article, Illustration249 1999-06-26 4 AFP, Reuters [JAKARTA] Indonesia's central bank yesterday ruled out intervention to prevent the rupiah from strengthening, saying falling interest rates would cap its gains. "There are a lot of ways to face a situation in which the currency is overshooting it doesn'tAFP,; Reuters; AFP - 249 words
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331 1999-06-26 4 Reuters [HONGKONG] Recent volatility in Hongkong's usually staid money markets has raised anew speculation the territory's banks might need to raise rates if the US Federal Reserve were to tighten. Until recently, dealers and analysts had said Hongkong need not copyReuters - 331 words
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169 1999-06-26 4 Reuters [BANGKOK] Thailand says a report from Moody's Investors Services that all Thai banks remain heavily insolvent is outdated. Moody's said this week that all Thai banks remained "heavily insolvent In true economic terms" though with varying outlooks. It said despite the banking sector's deep capitalReuters - 169 words
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474 1999-06-26 4 Bloomberg [BANGKOK] The Thai baht is "too strong" and may hurt the economy's prospects for recovery by making exports less competitive, said Deputy Prime Minister Supachai Panitchpakdi. "I have received a lot of complaints from exporters about the baht's strength in theBloomberg - 474 words
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IN Brief
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110 1999-06-26 4 Bloomberg [JAKARTA] Indonesian inflation is likely to slow to less than 10 per cent in 1999, said Miranda Goeltom, the central bank's deputy governor. The consumer price index, the benchmark measure of inflation, fell 0.28 per cent in May from April, the third month of decline,Bloomberg - 110 words
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68 1999-06-26 4 Reuters [TOKYO] Eisuke Sakakibara, Japan's vice finance minister for international affairs, said yesterday that cooperation on foreign exchange between Japan, the United States and Europe was going well. "US-Japan and Japan-Europe forex cooperation is going well," he told reporters. Mr Sakakibara said the FinanceReuters - 68 words
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91 1999-06-26 4 AFP [HANOI] Vietnam's trade deficit has narrowed 82.2 per cent to US$232 million (***** million) in the year so far due to a sharp fall in imports, according to preliminary data released yesterday. Imports in January-June plunged 12 per cent to U555,227 billion due toAFP - 91 words
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89 1999-06-26 4 Reuters [BANGKOK] Credit ratings agency Fitch IBCA said yesterday its upgrade this week of Thailand's sovereign long-term foreign currency rating would help Thai banks with their long-term ratings. Vincent Milton, senior analyst at Fitch IBCA, told Reuters Television: "The sovereign rating reflects the capacityReuters - 89 words
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Page 4 Advertisements
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Advertisement79 1999-06-26 4 Painting Exhibition Preview by Pengsong Mantra, Indonesii fly "Harvest jfl Mantra tK[ HK M Collecting Water", Pengsong BHHHWRHQ "Lady". Mantra Also presented with renowned artists: Choo Keng Kuang, Li Shu Ji, Affandi, Basuki Abdullah, Popo Iskandar, Nico Vrielink, Krijono, Faisal, Erica and others /WAy ftlalincia Art Gallery 9 Penang Road79 words
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THE REGION
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293 1999-06-26 5 JAKARTA Bloomberg PT Barito Pacific, Indonesia's largest plywood exporter, said yesterday it expects to swap US$5OO million (*****.8 million) in debt for shares by September, ending months of talks with its creditors. Barito appointed Canadian Imperial Bank as its financial adviser forBloomberg - 293 words
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397 1999-06-26 5 m BEIJING Small step to China's becoming major aircraft maker AFP AIRBUS Industrie and Aviation Industries of China (Avic) have signed new accords to develop cooperation in China, the European consortium announced yesterday. Under the accords, Avic will take part in theAFP - 397 words
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441 1999-06-26 5 BEIJING My Web Inc.com launches TV set-top boxes, Net service in Beijing Reuters A TRIO of young entrepreneurs from Singapore say the best way to bring Chinese people online is through their television sets. And they plan to spend US$lOOReuters - 441 words
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Article, Illustration76 1999-06-26 5 [HONGKONG] Policemen raising the Hongkong flag during a rehearsal yesterday outside the Hongkong Convention and Exhibition Centre u he i^ a ceremony will be held on July Ito celebrate the second anniversary of the territory's return to Chinese rule. China has to a largeREUTERS - 76 words
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Article, Illustration328 1999-06-26 5 WASHINGTON Reuters CHINA appears to still want to join the World Trade Organisation (WTO) this year, despite political problems that have derailed negotiations with the United States, US Trade Representative Charlene Barshefsky said yesterday. "They've continued to negotiate with otherReuters - 328 words
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613 1999-06-26 5 HONGKONG Industry leaders cite lack of expertise, venture capital, high costs as obstacles FT WITH its digital telecommunications network, technolo-gy-savvy population and government pledges to make it an information leader, Hongkong should be the perfect Internet metropolis. But strains are starting to showFT - 613 words
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461 1999-06-26 5 I BEIJING He urges equity structure of stocks, listing approval process be amended AFP, Reuters A CHINESE economist has called for sweeping changes to both the equity structure of listed stocks and the listing approval process, state media reported yesterday. China's stock marketsAFP,; Reuters - 461 words
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281 1999-06-26 5 BEIJING Reuters A CHINESE sperm bank that accepts only donors with at least a master's degree-level education is sparking opposition from academics who call the bank unethical, state media reported. Since it opened this month, the government-run Notables' Sperm Bank in the south-westernReuters - 281 words
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437 1999-06-26 6 SEOUL Bank ordered to slash capital ahead of reported 5.3t won cash injection AFP SOUTH Korea's financial watchdog yesterday branded ailing Korea First Bank insolvent and ordered it to slash its capital ahead of a multi-billion-dollar cash ir\jection. Seoul is to inject 5.3AFP - 437 words
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305 1999-06-26 6 CANBERRA Its support means GST should come into effect July next year Reuters AUSTRALIAN Prime Minister John Howard's tax reform crusade was all but realised yesterday when the Senate agreed to support his government's amended goods and services tax (GST). Parliamentary procedures mean theReuters - 305 words
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235 1999-06-26 6 Steve Jacobs - By\ Steve Jacobs in Sydney A MAJOR Australian retailer and an Internet service provider are set to unveil a plan to give away computers for free. The only cost will be the Internet subscription. Retailer Harvey Norman and235 words
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267 1999-06-26 6 WELLINGTON Bloomberg NEW Zealand extended its recovery from recession in the first quarter, as a rise in business investment and stronger consumer spending helped fuel a third straight quarter of economic growth. Gross domestic product rose 0.7 per cent in theBloomberg - 267 words
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368 1999-06-26 6 TOKYO Rise comes amid signs of Japanese economic recovery Bloomberg TOKYO'S June consumer prices rose for the first time in seven months as signs the Japanese economy is on track to recover from recession spurred companies to raise someBloomberg - 368 words
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400 1999-06-26 6 Anthony Rowley - From Anthony Rowley in Tokyo AN unusual "mayoral procession" will be witnessed next week in the Sri Lankan capital of Colombo as elected or appointed municipal chiefs from 28 cities in a dozen countries across Asia gather to exchange ideas400 words
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ASIA Notes
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114 1999-06-26 6 AFP [HONGKONG] Hongkong's Kowloon-Canton Railway Corporation said yesterday it had awarded four contracts worth a total of HK$3.7 billion (*****.5 million) to build the West Rail line through the north-west of the territory. Two separate contracts worth HKS2.I billion were awarded to Maeda-Chun WoAFP - 114 words
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Article105 1999-06-26 6 AFP [TOKYO] Major Japanese companies expected their combined net profit on a group basis to jump 283.9 per cent in the year to March 2000, reversing a 65.8 per cent fall in the preceding year, a survey showed yesterday. The survey, published by the NihonAFP - 105 words
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Article43 1999-06-26 6 Bloomberg [SEOUL) South Korea closed Daehan Investment Banking Corp, reducing the number of merchant banks in Korea to 11 from 30 last year, saying the debt-laden company had no prospect of recovery. Daehan specialised in corporate bill discounting. BloombergBloomberg - 43 words
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Article71 1999-06-26 6 Bloomberg [SEOUL] South Korea will try to cut the unemployment rate to 5 per cent in the second half of this year by spending more money to expand telecommunication and power facilities. President Kim Dae Jung told reporters yesterday the government will increase publicBloomberg - 71 words
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Article51 1999-06-26 6 Reuters [SYDNEY] Australian businesses remained upbeat on the outlook for profits, income, employment and capital expenditure for the September quarter, a survey by the Australian Bureau of Statistics reported yesterday. It said businesses expected profits to rise 6.7 per cent in the quarter, in original terms.Reuters - 51 words
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Article, Illustration90 1999-06-26 6 [ISLAMABAD] Leaders of political parties in Pakistan-administered Kashmir (left) yesterday leading a large rally organised to condemn Indian military activities in the Kargil sector. Thousands of people participated in the rally and shouted slogans against Indian troops and demanded a quick withdrawal of forces from India-held Kashmir. Meanwhile,AFP PHOTOS - 90 words
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Page 5 Advertisements
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Advertisement58 1999-06-26 5 The grass is always greener on the other side. With so many choice properties for sale in The Straits Times Classified daily, it's no wonder our readers are tempted to seek greener pastures. Advertise in the Properties section (Classifications 402 to 568). Call C.A.T.S. at 1800-737-1166. it a, 5 CAT58 words
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Page 6 Advertisements
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Advertisement54 1999-06-26 6 v The course of true love never did run smooth. With so many beauties on display in The Straits Times Classified daily, it's no wonder our readers are easily tempted. Advertise in the Vehicles section (Classifications 302 to 394). Call C.A.T.S. at 1800-737-1166. fa i I CATA Buy It S«U54 words
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THE WORLD
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495 1999-06-26 7 WASHINGTON Economy expanded at 4.3% instead of 4 J%, prices remained mute Reuters US economic growth was more vigorous during the first quarter than thought earlier, the Commerce Department reported yesterday, while corporations reaped their biggest profit increaseReuters - 495 words
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247 1999-06-26 7 NEW YORK Reuters DREAMWORKS SKG's attempt to build a US$25O million (***** million) film studio in West Los Angeles again appears to be in jeopardy, the Wall Street Journal reported yesterday. Dream Works is co-found-ed by famed producer-direc-tor Steven Spielberg, music mogul DavidReuters - 247 words
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Article, Illustration453 1999-06-26 7 Reuters The BBC, Britain's public broadcaster, sparked political controversy on Thursday by picking the man at the helm of US lifeguard soap Bay watch as its next directorgeneral. The BBC appointed commercial TV executive Greg Dyke to the post, rejecting accusations that he shouldReuters; REUTERS - 453 words
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227 1999-06-26 7 LONDON Reuters THE US economy could face recession by 2001 as the financial market bubble is likely to burst, driving asset prices sharply lower by the end of this year, HSBC Securities said in its latest research. In a report entitled "Bubble Trouble",Reuters - 227 words
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658 1999-06-26 7 THE MICROSOFT CASE Notes show he doesn't believe own team's argument NYT [WASHINGTON] The absent star made a Final appearance in the Microsoft antitrust trial Thursday when a government lawyer introduced as evidence a comment by Bill Gates, Microsoft's chairman, that knocked theNYT - 658 words
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309 1999-06-26 7 NEW YORK Bloomberg DEUTSCHE Bank has be come a euro bear, abandon ing a more upbeat outlook, after hiring Michael Rosenberg, a noted dollar bull, as head of currency research. Mr Rosenberg, who sets the bank's currency forecasts, predicts the euro will slip toBloomberg - 309 words
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Page 7 Advertisements
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Advertisement10 1999-06-26 7 TODAY©**^***. liantie Zaobao nmmm ns&s nxw «WH» g,a¥tt&fta HHs m&D10 words
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FOCUS
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Article, Illustration1156 1999-06-26 8 Macabe Keliher - Taiwan is poised to make big strides in a higher-tech market with its three chip set designers and strong foundry facilities l¥ Macabe Keliher [TAIPEI] SOME 100 kilometres south of Taipei lies Hsinchu Science Park, an isolated production centre known as Asia'sFILE PHOTO - 1,156 words
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Page 8 Advertisements
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Advertisement303 1999-06-26 8 rr~ y~'" > f JBMM| n JfifIHMMA Spend $20 minimum at any Grand Draw Participant's outlet (see list i bel°w) to win the Pajero Mini. All entries must be made on the i Please circle the coirect answer i lyftWi Cycle Carriage is the sponsor of the Mitsubishi Towny, Toppo303 words
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EXECUTIVE LIFESTYLE
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Article, Illustration660 1999-06-26 9 Andrew Wee - PURSUITS Two new 3D graphics cards bring arcade game performance to PCs By Andrew Wee FOR several years there was a distinct dichotomy between "arcade games" also known as action games and "PC games" which were "strategic" (turn-based or slowpaced) in nature. Unlike arcadeSIEW YAW HOONG - 660 words
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Article, Illustration750 1999-06-26 10 CLAR NI CHONGHAILE - The art world's great summer sales start next week and London auction houses are set to pull in the big money with rare finds. CLAR Ml CHONGHAXLE reports CLAR NI CHONGHAILE Reuters Tennis has Wimbledon, racing has Ascot and the art world has the bigReuters; REUTERS - 750 words
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Article, Illustration569 1999-06-26 10 Neil Behrmann - FILM 'Rogue Trader' gets panned even by traders in the City From Neil Behrmann in London "NOT even the man who blew £860 million (552.3 billion) deserves this film of his bungling," writes Nigel Andrews, Financial Times film critic. Rogue Trader, the film onFILE PHOTO - 569 words
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Page 9 Advertisements
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Advertisement15 1999-06-26 9 Money Matters What's moving, who's moving it, why Every Wednesday in THEBUSINESSTIMES Jk A J15 words
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Page 9 Miscellaneous
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Miscellaneous1984 1999-06-26 9 CRYPTIC CROSSWORD 9 Time to banquet a saint's Hi jflf VV HT H honour (5,3) 11 Remains at home to check un- I I I I I I I 1 godly behaviour 15 Service equipment for service- -LhJ LhhJ 17 Night-watchman makes offer 17 I I I fiB j 'j1,984 words
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Page 10 Advertisements
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Advertisement238 1999-06-26 10 4a vttiv%a Ji TIA j-.,1 Presented DiYICTS Club Offers Personalised Cash Access s esSSr To apply, call: WIICF6 10 WIIIC j CllllC dud entelTdlll*** intemmionaT at over 30,000 locations worldwide. 290 4545 Treat yourself to a wide range of Japanese cuisine. Enjoy Tempura, Sushi Rolls, Sashimi, Soft Shell Crabs and238 words
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Advertisement39 1999-06-26 10 r v° i M* HOTEL ORANO CENTRAL LIMITED 22 Orchard Road/Cavenagh Road. Singapore *****7 Tal: 737 9944 Ext 400/02 Fax: 733 3175 Western Spanish Cantonese American Teochew. Japanese* getarian j. Mexican Mongol i an Hainanese T »l] Italian jjj39 words
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Advertisement68 1999-06-26 10 jJsjJL &m#L Eu CITY THAI SHARKSnN RESTAURANT Braised Superior Shark's Fin iWfrl w/Crabmeat Braised Superior Shark's Fin w/Cratomeat (1 per person) Braised Whole Abalone w/Supreme Mushroom Kat-lan Sambal Pomfret Prepared m Thai Style Cnspy Fried Golden Beancurd Baked King Prawn w/Vermicelli in Claypot Thai Style Pineapple Rice Dessert A Choce68 words
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Advertisement132 1999-06-26 10 Mll "121T LUNCH PROMOTION (From 12 noon 2.30 pm daily) Come and try our value for money "1212" lunch promotion bring at least one friend to enjoy the following special prices and discount. 1* M Mtanri Orta tiiMortw aiwirtw Mon Chicken Rice $8.50 $1.00 $4.25 Tue Nasi Goreng $7.50 $2.00132 words
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Advertisement51 1999-06-26 10 Create your own set lunch of Continental cuisine with strong French Italian influences. Mondays to Fridays IOP noon to 2.30pm (last order) f-jKf Price: $28 Revolving Reservations: *****58/88 )»th floor .Htuuiarisi Suufaporr 333 Orchard Road, Singapore *****7. Tel: *****11 1 You will find it all here at Wine, Dine and51 words
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COMPANIES & MARKETS
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Article359 1999-06-26 11 Jennifer Lien - MEW IPOs Below expectations but analysts see stock soaring in bullish market By, Jennifer Lien [SINGAPORE] i-One.Net International's public offer tranche has been subscribed a lower-than-expected 82.9 times, attracting 131,227 applicants and $1.1 billion in application monies. Analysts contacted by BT expressed surprise at the relatively359 words
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Article, Illustration344 1999-06-26 11 Jennifer Lien - By, Jennifer Lien [SINGAPORE] Sesdaq debutante Allied Components yesterday closed at a premium of 141 per cent on its first day of trading despite a weaker broader market. Allied, whose initial public offering drew a stunning subscription of 268.6 times, opened at 65 cents,FILE PHOTO - 344 words
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469 1999-06-26 11 Conrad Raj - Company hopes to have shares trading by early July By I Conrad Raj [SINGAPORE] Asia Food Properties, whose share price has been flying since it announced that it was going to float its palm oil business under Golden469 words
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Article, Illustration446 1999-06-26 11 Ang Wan May - Firm said to have considered buying whole stake in mall By. Ang Wan May [SINGAPORE] Property fund management company GRA (Singapore) has taken a 50 per cent stake in City Developments' Lot One mall in Choa Chu Kang446 words
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751 1999-06-26 11 R Sivanithy - HOCK LOCK SIEW R Sivanithy EVER since the regional crisis started in the middle of 1997, companies have been pressured by shareholders, investors and even the financial press to implement share buyback schemes. Many have since been sold on this, with several751 words
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334 1999-06-26 11 Carol Eng - By Carol Eng [SINGAPORE] Sembawang Resources Ltd (SRL), which could be delisted from the mainboard by August, has sold a freehold site at Moulmein for $14.8 million. The company will make an extraordinary gain of about $3.3 million from the sale to low334 words
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SINGAPORE & MALAYSIAN COMPANIES
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Article, Illustration591 1999-06-26 12 Rahita Elias - CORPORATE RESULTS Group's net loss trebles to $9.8 m; but retail division returns to the black By\ Rahita Elias [SINGAPORE] Metro Holdings submerged deeper into the red, pulled down by its floundering leisure businesses. For the year to March 31,1999, the group's netFILE PHOTO - 591 words
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353 1999-06-26 12 Annette Pau - Directors blame lower margins, debt provisions Ryi Annette Pau [SINGAPORE] Hongkongbased Lung Kee Metals (LKM) yesterday posted a 47 per cent drop in net earnings to HK$53 million (5511.6 million) for the full year ending March. Group directors attributed the drop to lower353 words
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294 1999-06-26 12 Teh Hooi Ling - By Teh Hooi Ling [SINGAPORE] The difficult market place especially in the second half of last year pared GP Batteries International's net earnings for year ended March 31, 1999, down by 8.2 per cent to $26.17 million. Turnover rose 5.4 per cent to $464.55294 words
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247 1999-06-26 12 Marissa Chew - 2nd half showing made up for slow growth in Ist half By Marissa Chew [SINGAPORE) Property developer Bukit Sembawang saw its net earnings shoot up from $1.3 million to $9.3 million as it realised development profit from projects like Mimosa247 words
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196 1999-06-26 12 [SINGAPORE] Jurong Cement yesterday reported a halving of net profit to $7.2 million for the year ended March 31. Turnover fell 37 per cent to $98.4 million as the group struggled with lower cement demand and competitive pricing in both cement and readymix.196 words
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228 1999-06-26 12 Annette Pau - By, Annette Pau [SINGAPORE] Sesdaq-listed Circuits Plus Holdings yesterday reported in its maiden results announcement that its net earnings for the full year to March 1999 were $1.84 million, up from $562,000 a year ago, and in line with the forecast when it228 words
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271 1999-06-26 12 Soh Tiang Keng - It will issue 27m new shares; proceeds to finance investments, acquisitions Soh Tiang Keng [SINGAPORE] Sesdaq-listed Serial System plans to tap some $38 million from the capital market through a private placement of 27 million new ordinary shares at $1,416 each. The271 words
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381 1999-06-26 12 Rahita Elias - By\ Rahita Elias (SINGAPORE] Avimo Group, which plans to relocate its headquarters to the UK but maintain its listed status here, would seek a second listing either in North America or Europe if it made a sizeable acquisition in either381 words
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COMPANY Briefs
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Article58 1999-06-26 12 [SINGAPORE] Boosted by higher turnover and better margins from completed projects, recent Sesdaq-listing Hiap Seng Engineering recorded a 50 per cent jump in group net profits to $4.1 million for the year ended March 31. Turnover rose 18 per cent to $60.6 million. The directors58 words
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210 1999-06-26 12 [SINGAPORE] The Keppel Group last night clarified that Keppel Land's issue of its new shares to substantial shareholder Keppel Corporation is solely to facilitate Keppel Land's placement of its new shares to third parties. Referring to a BT report yesterday on the placement, the bank210 words
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113 1999-06-26 12 [SINGAPORE] Excel Machine Tools has received in-principle approval from the Hungarian Court to list its Hungarian operations on the Budapest Stock Exchange through the acquisition of a majority stake in a listed Hungarian company via a share swap. The firm is Gar Agent113 words
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36 1999-06-26 12 Form Holdings appoints Ernst Young [SINGAPORE] Form Holdings, with the consent of Irisca Investments and the creditor banks, has appointed Ernst Young as special accountant until the completion of the proposed option agreement and rights issue.36 words
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Article, Illustration532 1999-06-26 13 Ruth Wong - Tycoon also expected to give up board seat in MPHB during coming A6M Prom Ruth Wong in Kuala Lumpur MALAYSIAN tycoon Lim Thian Kiat has stepped down as vice-chairman and director of Bandar Raya Developments Bhd, the property arm of Multi-Purpose HoldingsFILE PHOTO - 532 words
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259 1999-06-26 13 Diana Oon Abdullah - Prospective buyer appealing against the decision From Diana Oon Abdullah in Kuala Lumpur PROPERTY group Pernas International Holdings' sale of its office building in downtown Kuala Lumpur to stockbroking firm K&N Kenanga Holdings Bhd for 107.5 million Malaysian ringgit (5548.2 million)259 words
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450 1999-06-26 13 Meera Tharmaratnam - Web site operator aims to raise up to HKs6oom in IPO Frtnn Meera Tharmaratnam in lltmykong CHINA.COM Corp. the Hong kong-based Web site operator, says it plans to raise as much as IIKS6OO million (SSI32 million) in its initial public ottering on the450 words
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576 1999-06-26 13 AFX-Asia [KUALA LUMPUR] Perusahaan Otomobil Nasional Bhd's unexpectedly strong year to March results may have more to do with flexible accounting than a marked improvement in operational performance, and may make it a more expensive buy for Petroliam Nasional Bhd, analysts said.AFX-Asia - 576 words
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Article4801 1999-06-26 13 NKNtn CPS IMwToyo M«r 24 P 1.949 7.821 0.91 3 88 Data TV LY TY LY No«i Gifts Mar 31 I 1.3991 1.262 L 2.1L 1.91 rummy inn <$m> ($m) (cts) (cts) NoPalOaskjn Mar30 P 1.3341 0.731 1.3L 0.73 ~NoWaGrp (USS> Mar 26 P 7.727L 0.2084,801 words
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FINANCE & COMMODITIES
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303 1999-06-26 14 Bloomberg [CHICAGO] Bank One Corp, the largest provider of credit cards on the Internet, on Thursday started a separate Internet-only bank, called Wingspanßank.com, to tap into the increasing use of the World Wide Web for accessing financial services. The fifth-largest US bank will offerBloomberg - 303 words
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467 1999-06-26 14 Move aimed at winning over SFE members who may favour ASX offer Bloomberg [SYDNEY] Computershare Ltd, Australia's leading securities software designer, will restructure its As24o million (Ss27l million) equity and cash bid for the Sydney Futures Exchange, to win the support ofBloomberg - 467 words
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Article, Illustration258 1999-06-26 14 Reuters [SYDNEY] Australia's largest investment bank, Macquarie Bank Ltd, became even larger yesterday after announcing that it will acquire its "great rival" for "approximately Asloo million" (*****.9 million). Macquarie managing director Allan Moss said the acquisition of the domestic investment bankReuters; REUTERS - 258 words
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243 1999-06-26 14 AFP [TOKYO] Japan's Sanwa Bank Ltd said yesterday it had converted some of its housing loans into securities and planned to cut retirement payments for directors by up to 50 per cent after two years of losses. The major Japanese bank convertedAFP - 243 words
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279 1999-06-26 14 Fed tells regulators to ensnre safety and soundness of system AFX-Asia, Reuters [WASHINGTON] The Federal Reserve Board has told its regulators to step up their oversight of the largest, most complex US banks in an effort to respond to "dramatic" changes in theAFX-Asia,; Reuters - 279 words
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Article, Illustration443 1999-06-26 14 Euro/USS: The European single currency came under selling pressure for the first three days of this week. This pressure caused Euro/USS to slide off the high of 1.0420 seen on Monday to touch a base of 1.0270 by Wednesday, just 10 points off the historical low.Source: DBS Bank - 443 words
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138 1999-06-26 15 Edward Cheung, Jardine Fleming - Si m rift Reports MSCI Singapore Index Edward Cheung, Jardine Fleming THE MSCI Singapore Index slipped lower yesterday on mounting concerns of a whole series of US interest rate hikes. The market has already factored in a 25-basis-point rate hike for next week's Federal138 words
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189 1999-06-26 15 Cecilia Loh Refco Singapore - MSCI Taiwan ftitores Cecilia Loh Refco Singapore THE Simex MSCI Taiwan Stock Index futures yesterday hit a record high 0f25,096 contracts, which surpassed its previous daily high of 24,930 contracts traded on April 27, 1999. The Simex MSCI Taiwan Stock Index futures took189 words
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366 1999-06-26 15 ENERGY REPORT Bloomberg [LONDON] Crude oil was little changed yesterday as the effect of a decrease in global oil supplies was offset by weaker-than-expected US petrol demand. US crude oil inventories last week had their largest decline thisBloomberg - 366 words
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Article285 1999-06-26 15 Reuters London THE dollar was soft late in Europe, though a rebound in the Dow Jones Industrials Index pulled the US currency back from lows it had plumbed earlier yesterday. The dollar spent most of the European session suffer ing from the 1.24 per cent drop in theReuters - 285 words
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Article, Illustration1299 1999-06-26 15 MTERBAMK CROSS RATES c *""> two ftr Dm HK$ IndBsBupnh Vtn Won 8M N2$ Pak Bs Ptso S$ Band Sfr NTS Baftt Pound us$ to*"* 4 0975 r 6 .l78 0.435 4.163 1.241 5.147 28.779 45.609 0.806 7.662 2.521 1.235 34.172 25.153 1.130 4.016 1.015 21.468 24.324 0.417 0.663 A1,299 words
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Article1881 1999-06-26 15 SICOM FUTURES .h„r>:> RUBBER (futures ctosmg as at 530pm) RSS1 CONTRACTUS cents/kq) Close Volume Open Month High Low Sett (tonnes) Interest Jul 99 102.75 Aug 99 103.75 300 Sep 99 106.75 900 Oct/Dec 99 m.25 1050 Jan/Mar 00 116.00 300 Apr/Jun 00 119.50 RSS 3 CONTRACT (US cents/kq) Volume Open1,881 words
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Article, Illustration1517 1999-06-26 16 AFP Hang Seng +4.39 HONGKONG share prices ended barely higher yesterday as investors maintained caution ahead of next week's meeting of the US Federal Reserve's policy making committee, dealers said. "Selling is not very heavy today, but there's still profittaking in this market. Investors are just a bit moreAFP - 1,517 words
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Article, Illustration604 1999-06-26 16 Reuters Shenzhen B Index -5.26 SHENZHEN'S hard currency B shares ended with sharp losses yesterday. with Chenming Paper leading the fall after the company announced that it would issue new shares, analysts said. The B share index lost 5.26 points, or 4.37 per cent, to 115.25 on turnover ofReuters; Source: Credit Lyonnsis Securities(Asia) Ltd - 604 words
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Article347 1999-06-26 16 AFP WP Index -32X35 TAIWAN shares prices plunged 3.8 per cent yesterday as institutional investors locked away profits amid cautious sentiment, dealers said. Rapid growth in margin loans indicates more individual investors were entering the market, but institutional investors grabbed the chance to take profits, said Terry Liu, managerAFP - 347 words
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Article2423 1999-06-26 16 LONDON Industrials Jul 25 Pound 3i Croup .7.59 0.16 Abbey National 12.48 0.11 A B Foods 4.51 0.20 A B Ports 2.96 -0.09 Alliance Leicester 0.82 unch Allied Domecq 5.97 0.02 Allied Zurich 7.96 0.04 Anqlo American Gold 43.70 unch ASOA Croup 2.16 unch Bank of Scotland2,423 words
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Article1634 1999-06-26 16 AFP C Nikkei 225 -191.8 SHARE prices in Tokyo closed 1.1 per cent lower yesterday as investors locked in profits ahead of next week's meeting of the US Federal Reserve's policy-making committee, brokers said. The key Nikkei average of 225 selected issues on the Tokyo Stock Exchange declined 191.8AFP - 1,634 words
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KUALA LUMPUR STOCK MARKET
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Article, Illustration459 1999-06-26 17 AFP. AFX-Asia n Composite Index +4.51 MALAYSIAN share prices closed 0.6 per cent higher yesterday on follow-through buying by local institutions, dealers said. The Kuala Lumpur Stock Exchange Composite Index rose 4.51 points to finish at 806.23 and the Second Board Index added 1.79 pointsAFP.; AFX-Asia - 459 words
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Article8943 1999-06-26 17 INDUSTRIALS Consumer products 1999 Last Vol Day Net Cap High Low Company Sato 'OOP High Low P/C Smll 380 255 Ajinomoto 362 2 2 362 362 23.0 146.7 137 46 Anqkasa 113 -1 397 116 110 166.6 293 220 Apollo Food Hlq 291 1 16 291 290 10.1 116.4 2168,943 words
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WARRANTS, OPTIONS & REGIONAL MARKETS
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175 1999-06-26 18 R Sivanithy - WARRANT WATCH -By R Sivanithy US-DOLLAR issues have been hot for some time but one has been relatively ignored Ipco. This is one counter that has associated warrants, so perhaps a look at the latter's numbers might prove interesting. Unfortunately, it175 words
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Article232 1999-06-26 18 HONGKONG STOCKS Or Gt 52-Wk Last Vol Day Last Ouott Dtv D«v YM Not M Cap High Low Stno Company Saw COOP) Mtqft Low Buyof ST C vr P/t $mM 365 173 5123 COL (2000) MK 330 uncfl K> 330 330 325 8 3.7 2.4 11.2 6389 4232 words
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Article2370 1999-06-26 18 BONOS, LOANS WARRANTS wi 52-*k Last Vol Day Last Quota Av< High Low St no Company Sale ♦or- COOO) High Low Buyer Saliar Pricc 98 5 3 s 3160 A Acer ******1 USS 87 »1 542 9t 85 86.5 87 5 80 4.5 s 3164 Acma ******4 74.5 unch 18322,370 words
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Article294 1999-06-26 18 AFP Q Wellington +17-99 NEW Zealand share prices rose 0.8 per cent yesterday as official data indicated a recovering economy and im plied a static outlook for interest rates, dealers said. The NZSE-40 Capital Index closed up 17.99 points at 2.147.67 on turnover worth NZ5121.9 million. AFP Jun25 NTSAFP - 294 words
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Article, Illustration876 1999-06-26 18 AFP CI SET Index -OJ2 THAI share prices closed mixed in range-bound trade yesterday ahead of next week's US Federal Reserve meeting and the release of new central bank economic indicators, analysts said. The benchmark Stock Exchange of Thailand Index shed 0.12 point to 543.85. Advancers led decliners 146AFP - 876 words
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Article406 1999-06-26 18 AFP Q Composite Index +4.78 SOUTH Korean share prices closed mixed in volatile trade yesterday amid foreign selling triggered by Wall Street's overnight fall. Trading remained weak following declines on the previous day but retail short-cov-ering mitigated the downside, dealers said. The Composite Index closed up 4.78 points orAFP - 406 words
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Article664 1999-06-26 18 AFP Q All Ordinaries -0.3 AUSTRALIAN share prices ended barely lower yesterday despite a strong rally in resources, with BHP results offsetting losses in industrials, dealers said. The All Ordinaries Index lost 0.3 point to 2,960.00. The All Industrials Index fell 12.7 points to 5.188.30 while the All ResourcesAFP - 664 words
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Article, Illustration788 1999-06-26 18 AFP n Composite Index -&96 INDONESIAN share prices closed 1.1 per cent lower yesterday on continued sell-ofTs in most big caps led by Telkom, dealers said. They said there were also underlying concerns over a possible US interest rate hike next week. "There are basically two things behind theAFP - 788 words
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Article338 1999-06-26 18 AFP Manila -34.55 PHILIPPINE share prices closed 1.4 per cent lower yesterday on concerns over a possible US interest rate increase at next week's meeting of the policy-setting Federal Open Market Committee. The Composite Index fell 34.55 points to close at 2,463.98. Volume was 6.53 bil lion share- worthAFP - 338 words
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7493 1999-06-26 19 Transaction date: Jun 25 Or Cr M *rt 52-Wk Last Vol Day Lnt Ouote Oiv Otv YM Net Cap A»q Hlqh Law StNa Company Sale COOO> Hlffc Low Buyer Seller C'vr P/t Smll Price HULTHMMISTRY 174 17.5 mb 1000 Acma 50c 169 cd -17,493 words
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Article1555 1999-06-26 19 Gr Gr M Wt 52-Wk List vol Day Last Ouote Otv 04* YM Nat Cap A»g H>qh Law StNe Cmmptmy Sa>a rOOOl W# Law Buyr Mw Cw Pft tmK Ww MANUFACTURING 148 30 c 2049 AS Auto 10c 139 *1 1261 141 136 138 139 K) N 0.7 158.71,555 words
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STOCK EXCHANGE OF SINGAPORE
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Article420 1999-06-26 20 Stocks Volume IPC Corpn 5c 119,656.000 SMB United 10c 87,613.000 Asia FoodSProp 66,902,000 SM Summit 10c 43,893,000 Allied Com 10c 41,815,000 ICT HKIOc 41,460,000 Hotunq Inv NT5 34,349,000 Econ Intl 20c 33,615,000 Liang Huat 10c 31.711,000 GES Intl Ltd 20c 31,095.000 Stocks Asia FoodS Prop 64,476,210 GES Intl Ltd 20c420 words
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Article, Illustration577 1999-06-26 20 R Sivanithy - STOCK MARKET COMMENTARY Bnt renewed vigour in second-liners, afternoon bonnce off lows give cause for some optimism By R Sivanithy THE Straits Times Index failed to do a hat-trick yesterday, easing back on a persistently weak US bond market after reaching new heights577 words
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ON THE GRAPEVINE
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Article101 1999-06-26 20 READERS who have missed cashing in on recent initial public offers should take heart that more than a dozen new listings are scheduled for the second half of this year. Overseas Union Bank said yesterday it expects to launch between "eight and 10" IPOs before the end101 words
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Article166 1999-06-26 20 HERE'S another effort to tell our side of the story, with the stock market running fast and furious. Some BT journalists have recently been accused of prejudice against financially-troubled companies like IPC and Form Holdings. First, we were accused of quoting "imaginary" anonymous analysts. Then,166 words
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132 1999-06-26 20 ELECTION fever must be hotting up so much in Malaysia that its effects have filtered down to the private sector as well. State-owned oil company Petronas has recently been dragged into a heated debate over how similar its logo is to that of the132 words
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Article95 1999-06-26 20 WE hear that JB Securities has failed to meet the profit guarantee of RM2B million (5512.5 million) provided by the previous owners Goh Song Leong and Ahmad Fuad Ali to Malaysian Plantations for the year ended March 1999. The guarantee of an annual profit of RM2B95 words
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Article, Illustration53 1999-06-26 20 Wong Wei Kong - -By Wong Wei Kong SMB United shares rose 11.5 cents yesterday to a record high of $0 66 with 87.6 million shares traded, compared with its 10-day traded average of 18.6 million units. The daily and weekly RSI, Stochastics and MACD charts show that the stock has more53 words
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Page 11 Advertisements
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Advertisement9 1999-06-26 11 Tuesdays The Property Column by Lee Han Shih TheßusinessTimes9 words
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Advertisement79 1999-06-26 11 CORPORATE RESULTS Leisure unit pulis Metro deeper into red Lung Kee Metals net earnings plunge 47% GP Batteries net profit drops 8.2% Reports inPgl2 Make mountains out of molehills. With so many fine educational and upgrading opportunities in The Straits Times Classified daily, it's no wonder our readers are inspired79 words
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Page 12 Advertisements
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Advertisement457 1999-06-26 12 SOMERSET LAND PTE LTD (Incorporated in the Republic of Singapore) a wholly-owned subsidiary of PIDEMCO LAND LIMITED (Incorporated in the Republic of Singapore) ANNOUNCEMENT UNCONDITIONAL CASH OFFER (THE "OFFER") BY CITICORP INVESTMENT BANK (SINGAPORE) LIMITED, FOR AND ON BEHALF OF SOMERSET LAND PTE LTD (THE "OFFEROR"), TO ACQUIRE ALL THE457 words
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Page 14 Advertisements
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Advertisement1229 1999-06-26 14 Sejafp 1 V PROPOSED LISTING OF THE OIL PALM PLANTATION BUSINESSES OF 4 I ASIA FOOD PROPERTIES UP In the circular dated 12 June 1999 regarding the proposed separate listing of the oil palm plantation businesses (the "IPO") of Asia Food Properties Ltd 8> 'J* ("AFP") held by Golden Agri-Resources1,229 words
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Advertisement88 1999-06-26 16 Hello? I'm calling about\ you're\ Sic Im so happy > I I found my pet through your advertisement in I great...just like r I t~i cv t c j 1 I i j II The btraits Times Classified. I I Ihe btraits 1 imes Classified... J V the ad I88 words
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Advertisement19 1999-06-26 17 J Your weekly guide to pubs and lounqes rlf every Friday in The New Paper Fastads fySt 9 f19 words
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Advertisement12 1999-06-26 18 HOCK LOCK SIEW Takes you behind the news TheßusinessTimes SIN DAP ORE12 words
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Advertisement20 1999-06-26 19 ■jp I V Making sense of financial markets Where they've been... where they're headed Money Matters Every Wednesday in TheßusinessTimes20 words
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Advertisement344 1999-06-26 20 NOTICES iN THE MATTER OF THE COMPANIES ACT, CHAPTER 50 TONG AIK MANUFACTURING PTE LTD MEMBERS VOLUNTARY LIQUIDATION At an Extraordinary General Meeting of the Company convened and held at 5 Kwong Min Road. Singapore *****8 on the 25 June 1999, the following resolutions were duly passed 1. SPECIAL RESOLUTION344 words
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Advertisement199 1999-06-26 20 Want to talk investments with your peers? Join our forum at "http://iol.dbs. com.sg/iol/bbs". 83 DBS BANK f IN THE MATTER OF THE COMPANIES ACT, CAP 50 AND IN THE MATTER OF RAVILAND PTE LTD NOTICE OF APPOINTMENT AND SITUATION OF OFFICE OF PROVISIONAL LIQUIDATOR (CREDITORS' VOLUNTARY WINDING UP) I, William199 words
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Advertisement126 1999-06-26 20 r IN THE MATTER OF THE 1 COMPANIES ACT, CAP 50 AND IN THE MATTER OF RAVILAND PTE LTD NOTICE OF APPOINTMENT OF PROVISIONAL LIQUIDATOR (CREDITORS VOLUNTARY WINDING UP) At a meeting of the Board of Directors of Raviland Pte Ltd held on the 10th day of June 1999, it126 words
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Advertisement210 1999-06-26 20 "uur aaugnter was reunited witn ner aog on the very day the ad appeared!" Mrs Christine Low... "Business picked up after we advertised in Classified. It really works! Trevor Koh... "It's no secret that The Straits Times Classified is the key to our success." Low Kok Meng... "We received quite210 words
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