The Business Times, 3 July 1999
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1999-07-03
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The Business Times
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Title Section16 1999-07-03 1 THE BUSINESS TIMES mita (P> 04tvt, 9 77 85c SINGAPORE Internet: http://business-times.asial.com.sg/ SATURDAY JULY 3, 199916 words
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Article62 1999-07-03 1 sn 2222.46 (+7.70) BT-SRI 86L74 (+5.21) smsci FUTUSES 296.40 (-1.60) STOCK HKET INDICES Friday Change KLSE COMP 845.62 +1U1 NIKKEI *****47 +71.72 HANG SENG I4,184.58_+«5i44 SET INDEX 533.53 +1L56 JAKARTA COMP _67fli54 150 MANILA COMP _167a72 +36.42 TAIPEI WPI 84)7109 +104.72 SEOUL COMP 9314 +1144 CUSA CHINA B62 words
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Article80 1999-07-03 1 FOREX BATES uss ss US$ 1699 £(US8/S$ per 1.671 1669 EURO(US$/SS per E) 1.022 1.736 DM 13U 0.887 YEN 121.1 1.403* RM 1800 0.447 HK$ 7.769 9.2(9 BAHT 3656 0.046 RUPIAH 6,826 0.026 •SS to lOC units PRIME RATES SINGAPORE* 5.80 KUALA LUMPUR 7.25 JAKARTA 40.00 BANGKOK 10.00 MANILA80 words
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622 1999-07-03 1 KENNETH JAMES - COMMENTARY KENNETH JAMES dwells on the logic of government, business and technopreneurship KENNETH JAMES TAKE "government committee", that staple of rulesbound bureaucracy; now juxtapose "entrepreneurship", the epitome of risktaking and unorthodoxy. What you get, apparently, is an oxymoron. But Singapore's Technopreneurship 21622 words
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553 1999-07-03 1 Teh Hooi Ling - Proposal will suggest a staggered release of shares By* Teh Hooi Ling [SINGAPORE] The Stock Exchange of Singapore (SES) said yesterday that it will be sending a detailed proposal next week to its Malaysian counterpart on the553 words
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Article, Illustration367 1999-07-03 1 Carol Eng - Institutional tranche of 17.5 m shares saw equally hot response Byi Carol Eng [SINGAPORE] Fifteen minutes that was all it took retail investors to snap up 9.5 million Raffles Medical Group (RMG) shares yesterday through automated teller machines. FromSource: Bloomberg - 367 words
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Article277 1999-07-03 1 The following is the Stock Exchange of Singapore's statement in response to the offer for Clob securities made by Telekom Malaysia and United Engineers Malaysia on Thursday: THE Stock Exchange of Singapore (SES) has noted yesterday's announcement by Telekom Malaysia and United Engineers Malaysia of their intention277 words
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Article, Illustration642 1999-07-03 1 Jennifer Lien - These include easing of bankruptcy laws, allowing use of flats as offices, tax perks By, Jennifer Lien [SINGAPORE] More relaxed bankruptcy laws, permission to use homes as offices, and looser immigration rules for technopreneurs were among the measures rolled out by642 words
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Page 1 Advertisements
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Advertisement123 1999-07-03 1 ■l Sing Tel bonus BT finds out what may becoming shareholders' way P9II DBBPB Leesan htn4H for New York? Nick Leeson, who broke the back of Britain's oldest investment bank Baring pic, is said to be going to New York for further treatment for his cancer, Pg3 Surge in Benoog123 words
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Advertisement10 1999-07-03 1 tow m review WTheJowdown on corporate Singapore's bottom line Pgll10 words
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TECHNOPRENEURSHIP 21
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Article, Illustration552 1999-07-03 2 Catherine Ong - Aim to cultivate risk-taking culture, encourage creditors to find alternatives to bankruptcy Hi/ Catherine Ong THE number of new bankrupts wiil be reduced by 40 per cent as a result of the latest changes to the bankruptcy regime to foster aSoure* insotowicy & Puttie Truth's Offlc# - 552 words
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492 1999-07-03 2 Annette Pau - tiy Annette Pau LOCAL employers and trade association leaders yesterday reacted positively to the government's latest announcement of a qualified Employee Stock Option (ESOP) scheme, which will defer tax payments for taxable gains arising from ESOPs for up to five years.492 words
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527 1999-07-03 2 Marissa Chew - New scheme will mitigate losses, encourage investors By Marissa Chew WHEN an approved technopreneur start-up fails in future, its investors will not hurt as much as they would now for they will be able to claim a tax deduction on their losses incurred527 words
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354 1999-07-03 2 Clarissa Tan - New bankruptcy limit could lead to more wary lending Byi Clarissa Tan BANKERS are brainstorming for new ways to make credit card debtors pay up, now that the Ministry of Law has raised the debt threshold for bankruptcy to $10,000 from $2,000.354 words
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SINGAPORE AT HOME & ABROAD
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Article, Illustration459 1999-07-03 2 Soh Tiang Keng - Pioneer group of 10 organisations pledges support for social service plan By Soh Tiang Keng DEPUTY Prime Minister Lee Hsien Loong yesterday launched a national programme to forge deeper, longer term links between companies and the social service community. Known as the CorporateSIEW YAW HOONG - 459 words
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256 1999-07-03 2 Chuang Peck Ming - By l Chuang Peck Ming THE Monetary Authority of Singapore is building a new econometric model to help shape its policy-making, Second Finance Minister Lim Hng Khiang said last night Econometric models are still important tools for poli-cy-makers despite their failure in predicting the recent256 words
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92 1999-07-03 2 Reuters [SINGAPORE] The Monetary Authority of Singapore (MAS) will issue guidelines for specialised funds, such as capital guaranteed funds, a statement from the MAS said yesterday. The MAS, which had just issued guidelines for money market funds on Thursday, had set downReuters - 92 words
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Article, Illustration428 1999-07-03 3 Aug Wan May - On today's demand, fall could extend into next year, it says By. Aug Wan May CONTRARY to talk that the office market is on the mend, office rentals are likely to continue easing into the next year given a huge supplyFILE PHOTO - 428 words
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Article, Illustration654 1999-07-03 3 Conrad Raj - He seeks further treatment for cancer after leaving S'pore for London tonight Conrad Raj NICK Leeson, the man (sometimes referred to as the boy) who broke the back of Britain's oldest investment bank Baring pic, is said to be going to New York for furtherREUTERS; FILE PHOTO - 654 words
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176 1999-07-03 3 Bloomberg [SINGAPORE] The Royal Dutch/Shell Group, the world's second-largest publicly traded oil company, will cut Singapore refinery output by 41 per cent this month, reflecting continued weak demand in Asia for oil products. Shell, the largest of four oil refiners in Singapore, said yesterdayBloomberg - 176 words
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Page 2 Advertisements
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Advertisement30 1999-07-03 2 found a car pool^ mm/^k t^rou ß^ 1 T^e Straits Times Classified. JMUM W They help me g||do my part to sav/e the earth. J Buy It. SHIH. Find I,30 words
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Page 3 Advertisements
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Advertisement11 1999-07-03 3 what car's Car of the year 1999*? r aif%. r tSI11 words
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ASIA ON THE MEND
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500 1999-07-03 4 Eddie Toh - FOCUS ON CLOB Rise means surprise player in Clob saga may not need to buy back Renong shares sold to UEM From Eddie Toh in Kuala Lumpur HALIM Saad, who has emerged as a surprise player in the Clob saga, can breathe500 words
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439 1999-07-03 4 Bernama [SINGAPORE] The Securities Investors Association (Singapore) will recommend an option to investors holding frozen Malaysian shares formerly traded over Singapore's Clob International at a meeting here today. "We will discuss one particular option and this will be revealed at theBernama - 439 words
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519 1999-07-03 4 Ruth Wong - Timing of realising invested value is uncertain, it says FYorn Ruth Wong in Kuala Lumpur INTERNATIONAL ratings agency Standard Poor's yesterday warned that Telekom Malaysia's joint proposal to buy over shares formerly traded on Singapore's Clob International may weaken its stand-alone credit519 words
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240 1999-07-03 4 Reuter, AFX-Asia [PENANG] Malaysian Prime Minister Mahathir Mohamad said yesterday that it would be "well and good" if an offer from Telekom Malaysia and United Engineers is able to resolve the problem of frozen shares once traded on Singapore's CentralReuter,; AFX-Asia - 240 words
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248 1999-07-03 4 Denis Distant Singapore via Internet - Stop the skimming offers —milions are watching mailbag Denis Distant Singapore via Internet I REFER to the proposal of Telekom Malaysia (TMB) and United Engineers Malaysia (UEM) to offer their B shares valued at a 30 per cent premium to the market value of their ordinary shares at June 29,1999,248 words
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364 1999-07-03 4 STOCK MARKETS RALLY Recent market surge a sign of success, says chief Reuters MALAYSIA'S stock exchange chief yesterday made light of the country's exclusion from the key Morgan Stanley Capital International Emerging Market indices, pointing to a recent surge in the stockReuters - 364 words
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175 1999-07-03 4 AFX-Asia [KUALA LUMPUR] Malaysians moved up to 32 billion Malaysian ringgit (5514.3 billion) into Singapore at the height of the financial crisis, the New Straits Times reported yesterday, quoting First Finance Minister Daim Zainuddin. The amount of ringgit in circulation in theAFX-Asia - 175 words
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Article, Illustration347 1999-07-03 4 Meera Tharmaratnam - From Meera Tharmaratnam in Hongkong HONGKONG'S benchmark index surged 4.8 per cent yesterday, but analysts warned that the rally could be nearing its end. The Hang Seng Index rose 652.44 points to close at 14,184.58 points, as investors bought blueAFP - 347 words
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310 1999-07-03 4 Bloomberg [BANGKOK] Thailand's stock market enjoyed its busiest day in five years, as investors rushed to buy brokerages such as Securities One on expectations falling interest rates and a recovery from recession will stoke profits. Trading on the Stock Exchange ofBloomberg - 310 words
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Page 4 Advertisements
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Advertisement7 1999-07-03 4 TODAY®**** lianhe Zaobao w <c>s «wa» «3E±!W^»7 words
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THE REGION
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626 1999-07-03 5 JAKARTA The T&runa is aimed at a middle-income market that has held back from spending during recession Bloomberg PT ASTRA International, Indonesia's largest carmaker, and Daihatsu Motor Co of Japan are doing what few companies have dared to do recently: they've unveiled aBloomberg - 626 words
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307 1999-07-03 5 ■PENANG Intel facility seen as vote of confidence in country's economic climate Reuter, Bernama MALAYSIAN Prime Minister Mahathir Mohamad said yesterday he expected the economy t or stew a positive growth in the second quarter year-on-year. "The second quarter weReuter,; Bernama - 307 words
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NOTE Book
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102 1999-07-03 5 AFP [JAKARTA] Former Indonesian president Suharto is to file a suit at a civil court here on Monday against US magazine-Time for alleging he and his fiunily were sitting on a fortune of US$l5 billion (5525.5 billion), his lawyer 1 said yesterday. "We willAFP - 102 words
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69 1999-07-03 5 AFX-Asia [HONGKONG] The Stock Exchange of Hong Kong will soon seriously consider whether to extend trading to 24 hours eventually, the Ming Pao Daily reported. It cited an unnamed source at the SEHK as saying a preliminary proposal suggests that local trading could beAFX-Asia - 69 words
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72 1999-07-03 5 AFP [BANGKOK] Thai authorities yesterday announced plans to auction U513.8 billion (516.4 billion) worth of loan portfolios from failed finance firms. The Financial Sector Restructuring Authority said it had finalised plans to put the loans on the block in a one-day sale on AugAFP - 72 words
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78 1999-07-03 5 Reuters [PENANGJ Malaysian Prime Minister Mahathir Mohamad yesterday said his jailed former deputy Anwar Ibrahim posed no political threat and predicted his coalition would recapture Anwar's home state in elections expected soon. "There is very little support for my former deputy," Br Mahathir told reportersReuters - 78 words
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61 1999-07-03 5 Bloomberg [BANGKOK] Financial institutions in Thailand and their corporate customers in May restructured 46.4 billion baht (Ss2.l billion) of debt. Since Thailand initiated the programme to mediate between troubled companies and their lenders a year ago, 430 billion baht of debt has been restructured.Bloomberg - 61 words
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Article, Illustration41 1999-07-03 5 [BEIJING] Chinese soldiers yesterday adjusting their uniforms as they begin marching drills with bayonets in central Beijing. China has been rapidly fy™W^ hmachine to cope with the changing times and the Inherent dangers ofnot keeping up with advanced AFPAFP - 41 words
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359 1999-07-03 5 Quak Hiang Whai - From Quak Hiang Whai in Hongkong FINANCIAL institutions in Hongkong had a total exposure of HK5280.4 billion (5161.4 billion) to Chinese non-bank entities at the end of March this year, down from the HK5297.5 billion reported at end-December. According to the Hong359 words
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Article, Illustration394 1999-07-03 5 SYDNEY Reuters TAIWAN, hemmed in by China's diplomatic embargo, rejected yesterday a report that economically struggling Papua New Guinea was considering making an offer to recognise it over China in exchange for cheap loans. Papua New Guinea's southern neighbour Australia said itReuters - 394 words
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713 1999-07-03 5 Shoeb Kagda - Party has backing of 3 largest Islamic parties: rfiaiwnaw From Shoeb Kagda in Jakarta GOLKAR chairman Akbar Tanjung yesterday voiced optimism that the party's candidate for the November presidential elections, B J Habibie, will be able to garner enough votes to clinch victory. Speaking713 words
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245 1999-07-03 5 JAKARTA Bloomberg INDONESIA is set to ask its sovereign creditors to reschedule up to US$2.7 billion (554.6 billion) in debt for this fiscal year, top economics minister Ginandjar Kartasasmita said. Mr Ginandjar said the government will put the proposal forward atBloomberg - 245 words
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227 1999-07-03 5 JAKARTA AFP THE Indonesian government is to seize hundreds of thousands of hectares of forest concessions corruptly awarded to the children and cronies of former president Suharto, reports said yesterday. "Forest concessions held by companies owned by Bob Hasan and Mamiek for example,AFP - 227 words
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Article, Illustration454 1999-07-03 6 TOKYO Sale not dampening market as European, US funds boy on recovery hopes FT JAPANESE companies have unwound almost 2.8 trillion yen (5539.2 billion) of crossshareholdings in the last six months, western analysts have estimated from Tokyo Stock Exchange data. TheFT; Source: Bloomberg - 454 words
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334 1999-07-03 6 SEOUL Singapore's 6IC was one of three bidders in negotiations Bloomberg A BID by a group of foreign investors, including the Singapore government's investment company, to buy into a Korean gas company has fallen through. Korea Gas, South Korea's monopoly gas importer, said anBloomberg - 334 words
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Article, Illustration307 1999-07-03 6 TOKYO Bullish data bull for Obnchitotaketo summit, claims mag Reuters JAPAN'S feisty top economic planner yesterday rejected allegations by a tabloid magazine that officials had cooked the books on stunningly bullish growth data. Mainstream economists have already questioned the reliability of data showing Japan's grossReuters; FILE PHOTO - 307 words
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ASIA Notes
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60 1999-07-03 6 AFP [TOKYO] Tokyo will tie up with US software giant Microsoft Corp and other firms to build a cutting-edge Information technology network, the Tokyo Shimbun dally said yesterday. The Tokyo metropolitan government will collaborate with the US firm, along with Japanese universities and major firms,AFP - 60 words
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86 1999-07-03 6 AFX-Asia [NEW DELHI] The Indian government has lifted the trading ban on Celsius AB unit Bofors imposed in 1988 due to ammunition shortages in the light of the Kashmir conflict, a government spokesman said, confirming a report in Dagens Industri. "The cabinet decisionAFX-Asia - 86 words
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80 1999-07-03 6 AFX-Asia [SEOUL] South Korea's overseas construction orders in the first half reached US$4.6B billion (517.9 billion) with 56 projects, up 208 per cent from US$l.5 billion with 42 projects a year earlier, the ministry of construction and transportation said. By region, Asia represented the largestAFX-Asia - 80 words
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62 1999-07-03 6 AFP [TOKYO] The Japanese government will not need to issue extra bonds to finance its 500 billion yen (Ss7 billion) Job creation package, Finance Minister Kiichi Miyazawa said yesterday. The package is intended to create 700,000 jobs. Mr Miyazawa said a budget surplusAFP - 62 words
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43 1999-07-03 6 Reuters [NEW DELHI] India's chief election commissioner M S Gill yesterday said he was confident that the country's general elections, which must be completed by mid-October, would not be delayed by a confrontation with Pakistan over Kashmir.—ReutersReuters - 43 words
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Article, Illustration56 1999-07-03 6 Reuters [SEOUL] A Korean woman passing a life-sized model of Darth Maul, a character in the US movie Star Wars Episode 1, yesterday. The model, set up by a local restaurant, appeared as South Korean film-makers protested against the government's move to widen the door to foreign films,Reuters - 56 words
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Page 6 Advertisements
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Advertisement122 1999-07-03 6 V >1)1 )1 Y l:N()LJ(• 11, Y( )Li Ki; N() I I I li; ONLY ONI- Wl l() < >111 Kind >isi In .it »»i i In- Nf.ii I')';')* \iiil 111.11 won Ui i i Ih- sin 11 .1 I»i mii pi im' il \on li.im' .i < 111 .i122 words
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THE WORLD
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493 1999-07-03 7 WASHINGTON The data point to robust growth despite a small rise in June jobless rate Reuters, Bloomberg THE US economy churned out new jobs at a healthy clip in June even as the unemployment rate ticked higher, theReuters,; Bloomberg - 493 words
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WORLD Watch
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49 1999-07-03 7 Reuters [FRANKFURT] Financier George Soros was quoted as saying yesterday that a weak euro was good for Europe. He told German business dally Handelblatt that a low exchange rate was exactly "what Euroland needs now". The euro was quoted at U551.0297 yesterday.—ReutersReuters - 49 words
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Article61 1999-07-03 7 Bloomberg [WASHINGTON] The US Senate voted 97-2 to confirm Lawrence Summers as treasury secretary to succeed the retiring Robert Rubin. Mr Summers, the 44-year-old Deputy Treasury Secretary and former Harvard University professor, drew senators' praise. "He has had a distinguished career, and won the unanimous support ofBloomberg - 61 words
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57 1999-07-03 7 Reuters [MOSCOW] Russia has agreed with the IMF to improve the financial management of its biggest companies and social fUnds, Kommersant said yesterday. It published what it said was a memorandum to the Fund by the central bank and government, forming the basis for aReuters - 57 words
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78 1999-07-03 7 Reuters [LONDON] Economists are putting their money on British interest rates staying unchanged this month, amid gathering signs of a recovery in the British economy, some softening of the pound and a muted inflation outlook. In a Reuters survey of 21 economists, 20 thought ratesReuters - 78 words
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Article, Illustration225 1999-07-03 7 WASHINGTON Reuters THE US and Japan have reached an agreement over the procurement of telecommunications equipment by Japan's Nippon Telegraph and Telephone Corp, US Trade Representative Charlene Barshefsky said. As part of the two-year deal, NTT has agreed to adhere to voluntary procurementReuters; FILE PHOTO - 225 words
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450 1999-07-03 7 PARIS Asian recovery, euro's decline seen boosting exports Bloomberg EUROPEAN economic growth is likely to quicken in coming months as recovery in Asia and the euro's 12 per cent decline against the dollar this year boost exports, a survey shows. The 11Bloomberg - 450 words
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300 1999-07-03 7 WASHINGTON Bloomberg THE US House handed a victory to the nation's US$5OO billion (SsBso billion) a year financial services industry, passing legislation that would overhaul US banking laws as the industry seeks new marriages of banks, securities and insurance firms. "This is the law catchingBloomberg - 300 words
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Page 7 Advertisements
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Advertisement75 1999-07-03 7 f 5. V I JU S c %> M 0 r\ u LJ s "S- I n 1 D I i 1 j; <* H 5? 2 J 1 c J «*> n i i 11 s < u5 s 0 1 1 %a o rn H %Ti r* 075 words
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FOCUS
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Article, Illustration1152 1999-07-03 8 In an era of increased openness, the Fed is ironically more obtuse but you better believe that as far as rate hikes go, once is not enough Bloomberg THE party's over. When the Federal Reserve surprised everyone on Wednesday by announcing a return to aBloomberg; FILE PHOTO - 1,152 words
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Article, Illustration1059 1999-07-03 8 Faced with Japan's situation, economists are forced to address this Depression-era question once again NYT ANYONE who lived through the Great Depression or studied economics in its aftermath quickly learned that even when the government prodded people to spend more, they wouldNYT - 1,059 words
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Page 8 Advertisements
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Advertisement20 1999-07-03 8 EXECUTIVE Xifedyk, Don't leave the office without tbein Every Friday... in THE BUSINESS TIMES. A must-read for your long weekend.20 words
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EXECUTIVE LIFESTYLE
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Article, Illustration848 1999-07-03 9 DINING It's not just the food that counts, bnt service too, say critics Reuters [NEW YORK] Restaurateur Danny Meyer set out 15 years ago to reinvent the four-star restaurant in America. As a joke popular in food circles has it, he succeeded byReuters; FILE PHOTO - 848 words
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Article, Illustration1070 1999-07-03 10 The name he has made for himself is turning into a serious liability, as News Corp struggles to move a media empire ahead The Economist THE reputation that Rupert Murdoch has made for himself as he has built his media empire is now a liability toThe Economist; FILE PHOTO - 1,070 words
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Page 9 Miscellaneous
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Miscellaneous1748 1999-07-03 9 CRYPTIC CROSSWORD 14 Summons everyone in case 20 Lie about stamina (5) ZJBLZJBLJBLjBL—jI^—jB^ZJBLZ 27 Time to study factory routine drudgery' (9) 8 Warned finally, delay could YESTERDAY'S SOLUTION 28 Pioneers they pay what is be fatal (6) IbIIIaIcIkIjIaIcIkBKWdBcI owing (8) 9 Error a clue can't be de- UoMAUoyHMCIAfM i fcjol1,748 words
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Page 10 Advertisements
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Advertisement417 1999-07-03 10 Murdoch sees News Corp as major Internet player, Pg 13 Where to wine, dine and entertain M Presen E(ojJl-f*****545 Treat yourself to a wide range of Japanese cuisine. Enjoy Tempura, Sushi Rolls, Sashimi, Soft Shell Crabs and many more plus tantalising desserts. Buffet Lunch Dinner: #23.50 (Adult) 50% discount (Child)417 words
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Advertisement50 1999-07-03 10 a Discover the Flavours Spices of India with Chef Anupam Banerjee from The Oberoi, New Delhi. 2 to 9 July 1999 CiMnlnn Set Lunch Dinner available daily usa Enquiries: 831 6291 m Mandolin (|J Suyaptv _J nJOIRi/ UlUirUf 33) Orchard Road. Singapore *****7 "•VmST TH: 737 4411 Fax: 732 236150 words
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COMPANIES & MARKETS
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558 1999-07-03 11 Wog Wei Kong - Survey of 47 listed firms confirms nascent recovery Wog Wei Kong [SINGAPORE] The recovery in corporate earnings has started but only just. Of the listed companies that have announced full-year results in the past three months, slightly over half reported an improvement558 words
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Article569 1999-07-03 11 EARNINGS ($WI) CHANGE EPS (f) CHANGE TURNOVER ($ffl) CHANGE RANK COMPANY 1999 1996 1999 1998 1999 1998 1 SingTel 1955.4 1886.1 3.7 12.8 12.4 3.6 4883.5 4942.2 -1.2 2 SIA 1033.2 1038.6 -0.5 80.6 81.0 -0.5 7795.9 7723.9 0.9 3 Marco Polo 80.7 54.1 49.2 20.2 13.6 49.2569 words
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699 1999-07-03 11 R Sivanithy - R Sivanithy THESE days, the slightest hint that a company is looking to do a share placement is enough to send its share price running. This is odd but is hardly surprising, since the public's appetite for equities appears to699 words
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Article, Illustration317 1999-07-03 11 Catherine Ong - Reward seen as part of 120 th anniversary celebrations By < Catherine Ong [SINGAPORE] Singapore Telecommunications is expected to reward shareholders with either bonus shares or a bonus dividend as part of its 120 th anniversary celebrations. Sing Tel president Lee317 words
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REGIONAL COMPANIES
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Article, Illustration470 1999-07-03 12 Soh Tiang Keng - UPDATE OF DEBT RUbTUUCTUJUM} PLANS L&M finanqnl review completed; Lim Kah Ngam debt plan submitted By I Soh Tiang Keng [SINGAPORE] Sesdaq-listed Form Holdings said last night the proposed options and rights issue under a rescue plan involving Irisca Investments470 words
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207 1999-07-03 12 Dexter Lee - By: Dexter Lee [SINGAPORE] Nat Steel has fully divested its 10 per cent stake in Singapore Petroleum Company for an extraordinary gain of $14.34 million. The company said yesterday it sold 42.32 million SPC shares in the open market over the past four207 words
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315 1999-07-03 12 Soh Tlang Keng - They are Chaan Soon Qoat, Metalock, Teck Wah Paper, Meiban, Nobel By\ Soh Tlang Keng [SINGAPORE] Five companies last night announced the selling of stakes by their substantial shareholders. They are Chuan Soon Huat Industrial Group, Metalock (Singapore), Teck Wah Paper Products, Meiban315 words
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240 1999-07-03 12 Ven Sreenivasan - By' Ven Sreenivasan [SINGAPORE] Marine engineering group Van der Horst said yesterday that it had finalised the conceptual framework for a restructuring of its debts. "There are several details within the conceptual framework. A number of these details are somewhat interlinked. It is therefore240 words
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Article, Illustration642 1999-07-03 12 Ven Sreenivasan - Firm cites strong earnings potential to explain offer pricing By' Ven Sreenivasan GOLDEN Agri-Resources launched its initial public offering yesterday comprising 15.7 million shares and justified its relatively high offer price of 63.8 US cents on the strong prospective earnings of642 words
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160 1999-07-03 12 [SINGAPORE] Soft drinks maker Fraser and Neave has struck a deal with a Thai company to "acquire a new subsidiary called F&N United Ltd (F&NUL) in Thailand". F&N said yesterday that it would own 60 per cent of F&NUL, which will have a registered capital160 words
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333 1999-07-03 12 Teh Hool Ling - Inability to restructure debt will hurt, it says By 1 Teh Hool Ling (SINGAPORE) Troubled Cam International remains mired in the red, with a $2.3 million net loss at half time, against net earnings of $302,000 in the previous first half. And the333 words
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Article, Illustration321 1999-07-03 12 David Boey - By. David Boey THIS mock-up of the new Stock Exchange Centre's facade, to be raised along Shenton Way, was drenched in a simulated typhoon-force rainstorm on Monday as part of water-proofing trials conducted by Permasteelisa Pacific Holdings Ltd. The storm was simulated with the help ofSIEW YAW HOONG - 321 words
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COMPANY Briefs
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48 1999-07-03 12 [SINGAPORE] Zagro Asia says it has agreed to buy the remaining 35 per cent interest in Karachi-based Zagro NPC which it doesn't already own, for 2.68 million rupees or 5894.268. Zagro NPC is engaged primarily in formulating, repacking and distributing agrochemicals.48 words
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42 1999-07-03 12 [SINGAPORE] Allied Components International says its director Ong Lai Kiat sold 1.97 million shares at 82 cents each on Thursday. The sale reduced Mr Ong's stake In Allied to 0.65 per cent, from 0.91 per cent previously.42 words
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Article38 1999-07-03 12 [SINGAPORE] Overseas Union Bank says it has received ln-principle approval from the Stock Exchange of Singapore for its bonus share issue and for the listing and quotation of the shares on the SES.38 words
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COMPANIES
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316 1999-07-03 13 AFP [BANGKOK] Thailand's Securities One yesterday announced it had struck a deal to take a majority stake in South Korea's Cho Hung Securities. Securities One signed a memorandum of understanding to buy 51 per cent of the South Korean brokerage from ChoAFP - 316 words
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296 1999-07-03 13 Newspaper fingers Brit Tel, Deutsche Telekom as interested parties Bloomberg, Reuters [HONGKONG] Hutchison Whampoa Ltd is in talks with Deutsche Telekom AG and British Telecommunications Pic about selling part of its fixed-line telephone business here, The Hong Kong EconomicBloomberg,; Reuters - 296 words
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526 1999-07-03 13 SEC probe may not be linked to deferring of revenue: analysts Bloomberg, Reuters [REDMOND, Washington] Microsoft Corp's earnings may become less predictable if the world's largest software maker must change accounting practices because of a US Securities and Exchange Commission review, analysts said. MicrosoftBloomberg,; Reuters - 526 words
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Article, Illustration460 1999-07-03 13 In apparent volte face, he now swears by e-commerce AFP, FT [LONDON] In an apparent volte face, Rupert Murdoch on Thursday predicted that his burgeoning News Corp media empire, which owns a string of newspapers and television companies, would in the futureAFP,; FT; AFP - 460 words
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Article4639 1999-07-03 13 Nat Mnt I« Noal Gift! Mar 31 I 1.399L 1.2621 IK. 1.91 Oat# TY LY TV LY NobalOasIgn Mar 30 P U34L 0.731 UL 0.73 Campiny ann ($m) ($w> (cts> (c«»> NoPlaGrp (US$) Mar 26 P 7.727L 0308 121 0.10 OafcwaB Mar 25 P 0.622 2.4494,639 words
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FINANCE & COMMODITIES
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425 1999-07-03 14 Bankers say switch to electronic trading of mainstream bonds will happen quickly FT {LONDON] Cantor Fitzgerald, the US Treasury bond broker, has stepped up the pace of the electronic revolution sweeping the financial markets with the launch on Thursday of the firstFT - 425 words
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Article, Illustration397 1999-07-03 14 AFP [SEOUL] Korea will likely announce the sale of a controlling stake in Korea First Bank to US-based Newbridge Capital Ltd today, government officials said. "We have reached an agreement in principle on major terms on the sale of Korea FirstAFP; REUTERS FILE PHOTO - 397 words
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464 1999-07-03 14 Deal is seen chalking np USsl3sm in extra revenue, says Lycos FT, Bloomberg [NEW YORK] The battle for banking customers in cyberspace intensified on Thursday as Wingspanßank.com, the newly launched Internetonly subsidiary of Bank One, unveiled a pact with Lycos,FT,; Bloomberg - 464 words
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369 1999-07-03 14 Move could set new benchmark for domestic oil prices Bloomberg [SINGAPORE] The Tokyo Commodity Exchange, Asia's largest futures exchange for commodities, will start trading gasoline and kerosene futures contracts on Monday, in a move that could set a new benchmark for domestic oil prices.Bloomberg - 369 words
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208 1999-07-03 14 Reuters [LONDON] US investment bank Morgan Stanley pipped rival Merrill Lynch to head the league of top international bond bookrunners in the second quarter of 1999, according to data released on Thursday. Figures from securities database Capital Data Bondware showed thatReuters - 208 words
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Article, Illustration464 1999-07-03 14 Euro/USS: This week, bears unleashed yet another attack on the euro, sending it to a new historical low of 1.0210 on Thursday, a 14.1 per cent depreciation since the euro began its existence on Jan 1, 1999. Subsequently, the unit rebounded marginally toSource: DBS Bank - 464 words
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333 1999-07-03 14 Reuters [KUALA LUMPUR] The price of natural rubber dropped through a key threshold yesterday, prompting the International Natural Rubber Organisation to renew its call for support to enable it to drive prices from 30-year lows. Inro's five-day average price dropped to 156.93 Malaysian/SingaporeReuters - 333 words
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Article152 1999-07-03 15 Christopher Podbury, Jardine Fleming - «imu« Tjeports MSCI Singapore Index Christopher Podbury, Jardine Fleming THE Singapore stock market rose, with second liners dominating the top actives again. However, the benchmark Straits Times Index pulled back in late trading on the back of position-squaring ahead of the week-end. The STI gained152 words
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190 1999-07-03 15 Charlie Kuo Refco Singapore - MSCI Taiwan ftitures Charlie Kuo Refco Singapore THE Simex MSCI Taiwan Stock Index futures rose following a quarter point rate hike by the US Federal Reserve on Wednesday. The July 1999 contract opened sharply higher and continued to shoot up on strong buying190 words
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294 1999-07-03 15 ENERGY REPORT Reuters [LONDON] World oil markets yesterday cruised serenely at heights not seen for 18 months as dealers pondered the prospects of further price gains to come. London August futures for benchmark Brent was valued a cent higher on the day at U5517.63Reuters - 294 words
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Article339 1999-07-03 15 Reuters, AFP London THE US dollar consolidated after setting highs against European currencies yesterday and continued to find support against the yen after the US employment report and this week's US rate hike. Earlier, US$/Swiss rose to an eight-year high at 1.5720, and sterling fell to a 23-monthReuters,; AFP - 339 words
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Article, Illustration1238 1999-07-03 15 ntTERBAME CROSS RATES C$ Rwb tiro Ffr Dm HK$ Ind fa RupUh Yen Wot, ttti P* »> Nw S$ land Str rr$ Mrt Hmi US$ Australia 0.980 6.178 0.652 4.277 1.275 5.168 28.894 45.461 0.807 7.755 2.531 1.252 35.343 25.360 1131 4.022 1.046 ***** 24.556 0.424 0.666 Caiwd• 1-021 5.6431,238 words
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Article1838 1999-07-03 15 SICOM FUTURES Jul2 RUBBER (futurn dosing is «t 5.30pm) RSS1 CONTRACTS centsAg) CtOM Volume Opm Month High Low Sott (tonnes) Interest Aug 99 ***** 300 Sop 99 103.00 900 Oct 99 104.75 350 Nov 99 106.25 350 Doc 99 108.00 350 Jan/Mar 00 111.00 600 RSS 3 CONTRACT (US ctntsAg)1,838 words
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Article, Illustration1344 1999-07-03 16 AFP PI Had# Seng +652.44 HONGKONG share prices surged 4.8 per cent yesterday to regain the 14,000-point level following easing concerns about the interest-rate outlook in the United States, dealers said. "The market gained strongly with the interest rate outlook becoming benign," said Howard Gorges, vice-president of South ChinaAFP - 1,344 words
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Article, Illustration558 1999-07-03 16 AFP, Reuters P Shanghai B Index *L7O SHANGHAI'S B shares rose 3.2 per cent yesterday, recovering part of the ground lost in the biggest correction in a six-week market rally, analysts said. The Shanghai Stock Exchange's B Share Index, which tracks shares nominally reserved for foreigners, gained 1.70 pointsAFP,; Reuters; Source: Credit Lyonnsis Securities(Asia) Ltd - 558 words
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Article361 1999-07-03 16 AFP QWPMg ****** TAIWAN share prices closed 1.2 per cent higher yesterday, spurred by big gains on Wall Street, dealers said. "Investors are encouraged by a bullish US market, buying chiefly high-priced technology stocks," said Michael Hsu, manager of Fubon Securities. The Taiwan Stock Exchange Weighted Price Index surgedAFP - 361 words
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Article2245 1999-07-03 16 LONDON Industrials Mt Pound 3i Group 7.40 0.08 Abbey National 12.41 0.25 A B Foods 420 -0.02 A B Ports 2.83 -0.04 Alliance Leicester 8.77 0.04 Allied Domecq 6.20 uncti Allied Zurich 8.13 0.09 Anglo American Gold 43.70 unch ASOA Group 2.18 0.01 Ban* of Scotland 8.552,245 words
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Article1673 1999-07-03 16 AFP U Nikkei 225 *7172 SHARE prices in Tokyo gained 0.4 per cent yesterday, with the key Nikkei average briefly topping 18,000 points for the first time in one year and nine months. Investors were encouraged by growing optimism for a recovery in Japan and strong gains on WallAFP - 1,673 words
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KUALA LUMPUR STOCK MARKET
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Article8272 1999-07-03 17 INDUSTRIALS Coflttflwr products 1999 L*»* Vol Day Nat Cap High Low Company tat. OOP Hlgtl Law P/t ><mi 222 *i in f B0 0 380 -30 9 MO 372 24.1 154.0 ,21 ,25 Anqkasa 126 1 689 129 124 185.8 21? 52 i p fooa M,l > 348 26 3318,272 words
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Article, Illustration433 1999-07-03 17 Reuters Q Composite Index +10.31 MALAYSIAN shares ended at a fresh 21-month high yesterday with stocks linked to the Clob market receiving the most interest. Volume was the highest in nine months at 1.25 billion shares against 942 million on Thursday. Stocks of associate companiesReuters - 433 words
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WARRANTS, OPTIONS & REGIONAL MARKETS
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Article2144 1999-07-03 18 BONOS, LOANS i WARRANTS m 52-Wk Lait Vol Day Lost Quota Avg High Low Stno Company Solo *or- COOO) High Low Buyor SoNor prlco '04 3 s 3160 "Acor ******1USS 96 »X5 4682 104 92 5 95 5 96 80 4.5 s 3164 Acma ******4 75.5 -1 1017 79 75.52,144 words
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159 1999-07-03 18 R Sivanithy - WARRANT WATCH -By R Sivanithy THE transport and storage sector hasn't been in play for some weeks now, so maybe it's time for a visit Let's look at a warrant that hasn't been featured here CWT 2000. Arguably, it has a decent set of159 words
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Article223 1999-07-03 18 HONGKONG STOCKS Of Qf v On L"« Ouot» Wv O* YH N*t M c«p Hl«h Low Stno Cwnpany Sa<« COOOI High f Buyac S—«r Cy W W 365 t73 5123 C0C<2000>MK 330 unch 26 330 330 310 330 8 17 2.4 112 6389 4 5124 Cathay Pac 20c223 words
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Article299 1999-07-03 18 AFP F1 Wellington +14.82 NEW Zealand share prices closed up 0.7 per cent yesterday on the back of a surge in Fletcher Challenge stocks, dealers said. Except for the Fletcher stocks, it was a pretty dull day. The NZSE-40 Capital Index finished up 14.82 points at 2,141.92 on NZ$llOAFP - 299 words
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Article, Illustration867 1999-07-03 18 AFP M set Index ***** THAI share prices gained 2.2 per cent yesterday in heavy trade, with strong buying in finance, banking and communications stocks helping offset late profit-taking, analysts said. The benchmark Stock Exchange of Thailand (SET) Index rose 11.56 points to close the day at 533.33, offAFP - 867 words
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Article414 1999-07-03 18 AFP Composite Index+l3.44 SHARE prices closed 1.46 per cent higher on the Korea Stock Exchange yesterday, backed by strong foreign interest, dealers said. The Composite Index closed up 13.44 points, or 1.46 per cent, to close out at 933.4. Volume was 298.2 million shares worth 4.9 trillion won. MarketAFP - 414 words
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Article662 1999-07-03 18 AFP n Afl Ordinaries +2&8 THE Australian share market closed up 0.9 per cent yesterday following a strong lead from Wall Street, brokers said. The Australian Stock Exchange's benchmark All Ordinaries Index finished trade up 26.8 points at 3,028.9. The All Resources Index firmed 22.9 points to 1,270.3 whileAFP - 662 words
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Article, Illustration768 1999-07-03 18 AFP P Composite Index -150 INDONESIAN share prices closed off their lows yesterday supported by a rebound in large caps which offset falls recorded by some banks and third liners, dealers said. "The falls were led by banking stocks, especially Bank Niaga which fell by 50 per cent followingAFP - 768 words
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Article302 1999-07-03 18 AFP fl Manila +35.42 PHILIPPINE share prices rose 1.3 per cent yesterday on strong follow-through buying after the US Federal Reserve's decision to switch to a neutral stance on its monetary policy. The Philippine Stock Exchange Composite Index rose 35.42 points to close at 2,578.72. A total of 3.8AFP - 302 words
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4548 1999-07-03 19 Tr.uis.irtion dale: Jul 2 I Mt«n" *L.w StNo *1. u V L t ON YU Not Cap Avf 3 company Ml (000) High Low tyyoc IOw Cvr P/l Smll Prtc* NUTHNMftTRY •2 i]"" IS? tSSSisr^zS"" :l 3?S 21, TJ KM *S All* Foodt Prop...4,548 words
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Article716 1999-07-03 19 (tlto cwwwv ul' -iXi, P Y w» nl MM Cap Aw| """"l rOOO) HI# L— »wy«f 34*T Cvr P/l £3 W» ?u i™ i£Ss-g 8 s"«.s a s ss £3 >n, v "s il?*® J2. S2P Clrcuttl PHji HMgt 79.3 *2 S392 7t3 76 TTJ raj IT t!m 74716 words
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STOCK EXCHANGE OF SINGAPORE
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Article393 1999-07-03 20 QQQQQ2ZSSEHHHBBE Stocks Vofamo Hotunq Inv NT5 56.657,000 Asia FoodiProp 55,036,000 Liang Hut 10c 54,022.000 Amara Hldgs Ltd 52,320,000 Sin Soon H 10c 48,284.000 *TanChonglnt50c 45.873,000 PobUanWc 42,607,000 •Gentinglnt 34,330,000 ComfortGrp 25c 31,464,000 Lian8eng5c 30,272,000 Stocks I •TanChonglnt50c 100,071,375 NOL 65,791,724 Asia Food&Prop 59,630,570 DBS Foreign 50,995,568 SPC 50c 47,393,570 PobLianWc393 words
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Article, Illustration576 1999-07-03 20 R Sivanithy - BTOCSMAUBT COMMBMTARY Dealers expect stocks to trade sideways-to-weak next week as fond inflows slow to a trickle By R Sivanithy THERE was a massive struggle between the bulls and the bears in the local market yesterday, with the former576 words
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ON THE GRAPEVINE
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Article264 1999-07-03 20 ON Wednesday, IPC chairman Patrick Ngiam blamed his eight former general managers (all but one have left) for moet of the troubles of the company. Dipping into our files, we noticed an interesting shift in Mr Ngiam's view on professional managers from positive to negative over264 words
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Article138 1999-07-03 20 DO you own your name on the Internet? Abby Joseph Cohen, Goldman Sachs' superbullish analyst, has found that she doesn't. A Web site called abbyjoeephcohen.com has been set up by a small firm called Aptakisic Co. The same firm also owns the Web sites138 words
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Article100 1999-07-03 20 GULF Air, owned by the government of Abu Dhabi, Bahrain, Oman and Qatar, is being sued for the loss of 50 kilogrammes in gold bars, according to a story by the wire agency AFP. It quoted the OujfDaify as saying the suit was filed by100 words
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Article, Illustration60 1999-07-03 20 Wong Wei Kong - -By Wong Wei Kong HOTUNG Investment shares fell 1.5 cents to U550,655 yesterday on a volume of 56.6 million shares traded, compared with its 10-day traded average of 53.1 million units. After its sharp gains in recent weeks, the RSI, Stochastics and MACD charts indicate that the stock60 words
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Advertisement81 1999-07-03 11 I GOLDEN AGRI-RESOURCES LTD I (Incorporated in the Republic of Mauritius on 15 October 1996) f I PUBLIC OFFER OF 15,676,000 SHARES 1 AT U550.6380 EACH 1 1 Application for the Shares may be made by way of printed I |j Application Forms or Electronic Applications as referred to I81 words
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Advertisement11 1999-07-03 12 The Straits Times Classified buySrs Buy h Sdl h Find h11 words
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Advertisement374 1999-07-03 14 P<s£r Procter&Gamble R%O~ is one of the largest, MNCs in the world, operating in well over 140 countries with annual sales of over US$37 billion wofldwide. We are recognized for our high standards of professionalism, integrity and quality products such as Pampers, Pantene, Vidal Sassoon and Whisper. Our goal is374 words
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Advertisement62 1999-07-03 16 Hello? I'm calling aboutS. /'Gosh, m 80 happy your advertisement in f great—just like f° un d my pet through The Straits Times Classified... 1 I the ad J I The Straits Times Classified. I| you still have the puppy... J described, going to take real goo^^ J I Buyirifi62 words
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Advertisement9 1999-07-03 17 every Friday in The New Paper Fastads fSSt&C/S 19 words
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Advertisement24 1999-07-03 18 Making sense of financial markets JLp WierMhistoe been... C i rin where they're headed >f M j|: Js*> Money Matters Every Wednesday in THEBUSINESSTIMES24 words
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Advertisement20 1999-07-03 19 The full use ij I of today )||t I Imagination I IMPORTANT PREPARATION hr w&m TOMORROW rvk, sm.rmc.ms 1 KNOWLEDGE20 words
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Advertisement281 1999-07-03 20 Want to talk investments with your peers? Join our forum at http://iol.dbs. com.sg w SSI XiSBANK Singapore Singapore Press Holdings is the region's leading publisher of newspapers, magazines and periodicals. It is one of the top 10 public listed companies in Singapore. With a total of 3000 employees, we know281 words
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Advertisement680 1999-07-03 20 NOTICES IN THE MATTER OF THE COMPANIES ACT, CHAPTER SO AND IN THE MATTER OF RIVERSIDE CASTLE PTE LTD (IN VOLUNTARY LIQUIDATION) MEMBERS' VOLUNTARY WINDING-UP At mi Extra-ordinary General Meeting of the Members of the abovenamed Company, duly convened and held at 110 Middle Road, *03-00, Chtat Hong Building, Singapore680 words
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