The Business Times, 10 July 1999
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1999-07-10
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The Business Times
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Title Section11 1999-07-10 1 IheBusinessTimes MITA (P) 85C SINGAPORE Internet: http://business-times.asial.com.sg/ SATURDAY, JULY 10, 199911 words
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Article66 1999-07-10 1 D flBli3 (+2177) wwvrsai U ***** (+11.78) wm sxasci futuies U anjo (+1.30) STOCK MAMffiT INDICES Friday Change KLSE COUP 861.67 +4J1 NIKKEI 17,937.71 SJZ HANO SENG li»t§7 4.71 SET INDEX ***** +1191 JAKARTA COMP 666.64 -1.61 MANILA COUP _15M.71 -17.46 TAIPEI WPl 8*>6027 -ttl6 SEOUL OQMP 1,927.9366 words
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Article76 1999-07-10 1 FOBEX BATES ust ss USi 1.700 per£) 1J6S M40 EUB0(U8$/S$perE) 1.020 1.714 DM 1.917 M87 YEN 1H7 1J86* RM 1880 0.447 HKS 7.7W 0119 BAHT J7.16 0.046 BUP1AH *086 OOtt* St to lOt uUtt POTE RATES SINGAPORE* &M KUALA LUMPUR 7.25 JAKARTA 40 00 BANGKOK 10.01 MANILA 11.00 BONG76 words
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596 1999-07-10 1 Christopher Tan - Pay-as-yon-bid system not in tbe pipeline for now Reports by Christopher Tan [SINGAPORE] Bidding for certificates of entitlement licences needed for vehicle ownership could be carried out every fortnight from next year, versus the current once-a-month auctions. And two bidding systems596 words
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Article, Illustration559 1999-07-10 1 Ruth Wong - Resignation comes amid talk that his CEO would resign From. Ruth Wong tra Kuala Lumpur THE chairman of Malaysia's state-controlled telecommunications giant Telekom Malaysia, Ali Hassan, has quit in a surprise announcement late yesterday amid speculation in the market of a boardroom tussle. The statement559 words
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474 1999-07-10 1 [SINGAPORE] Buyers of Mer-cedes-Benzes and BMWs will pay less for their COEs this month, while the Hyundai and Mitsubishi masses continue to see the cost of their permits to own such cars spiral. Certificates of entitlement remain firm for474 words
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595 1999-07-10 1 Eddie Toh - Exchange says it has been constant in handling Clob issue From Eddie Toh in Kuala Lumpur THE Kuala Lumpur Stock Exchange yesterday angrily brushed off charges that its handling of the frozen Clob shares issue makes it a "Mickey Mouse595 words
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Article, Illustration581 1999-07-10 1 Ang Wan May - Units at $1,500 psf move fast in 2 days of qniet marketing By, Ang Wan May [SINGAPORE] Hotel Properties Ltd's Cuscaden Residences is practically sold out after two days of quiet marketing and HPL stands to make pre-tax profits of some $140 million from theARTHUR LEE - 581 words
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Page 1 Advertisements
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Advertisement110 1999-07-10 1 DtsiPE were Yew"s mm jiu IPO pitfall R Sivanithy on the hidden costs of applying for foreign currency IPOs, Fill batairkoM Three major US publishers are suing Thai copy shops for allegedly pirating their best-selling books. Analysts say the legal battle puts the spotlight on Thailand's compliance with the international110 words
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Advertisement10 1999-07-10 1 25-30% rise seen for home prices for 1999, Pg 210 words
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SINGAPORE AT HOME & ABROAD
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Article, Illustration677 1999-07-10 2 Anna Teo - MAS study shows 5 percentage point fail in US market share from '96 to '98 By* Anna Teo SINGAPORE fared the worst among all disk drive exporters to the US in recent years, losing five percentage points in market shareSource: MAS - 677 words
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346 1999-07-10 2 Reuter SINGAPORE'S economy may grow by 7 per cent in 2000 if the external environment stays favourable, a central bank official said yesterday. "Seven per cent is always possible given Singapore's track record," said Khor Hoe Ee, senior executive director for economicsReuter - 346 words
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330 1999-07-10 2 Janet Tan - MATT.BAG Janet Tan Acting Executive Director Institute of Certified Public Accountants Singapore WE refer to the column 'Extraordinary' anomaly of S'pore firms" by David Mason (The Bottom Line, BT, June 15) and the letter "Do more for corporate governance" from Dr RC Cooper (BT, June330 words
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Article, Illustration532 1999-07-10 2 Corinne Kerk - Over time, take-up, prices expected to moderate: Colliers Reports by< Corinne Kerk FOR the whole of 1999, private residential prices could rise some 25 to 30 per cent, with full-year take-up of new homes in the region 0f9,000 to 10,000 units, saidFILE PHOTO - 532 words
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Article, Illustration701 1999-07-10 2 AnnaTeo - EYE ON THE ECONOMY By. AnnaTeo NOW that the economic outlook has brightened, one old concern has resurfaced will price pressures start creeping back again as economic activity picks up? After all, the consumer price index (CPI) actually rose in May though justSource: MAS - 701 words
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463 1999-07-10 2 THE prime office market is set to turn around by the end of the year, with rents bottoming in the third or fourth quarter and rising 5 to 10 per cent next year, said Colliers Jardine (CJ) yesterday. CJ associate director Tay Huey463 words
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FOCUS
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674 1999-07-10 3 Audrey Tan - But S'pore underestimated extent to which local perspectives prevail By, Audrey Tan THE Suzhou Industrial Park (SIP) was a more ambitious project than Singapore had expected, but it was not a case of Singaporean hubris, said Deputy Prime Minister Lee Hsien674 words
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Article, Illustration2762 1999-07-10 3 Deputy Prime Minister Lee Hsien Loong gave an interview covering a wide range of subjects to the Far Eastern Economic Review on June 17. Below are extracts of the interview. Making economic policy Review:... Of the experience that you have had, what2,762 words
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ASIA OH THE MEND
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290 1999-07-10 4 Bloomberg [JAKARTA] Indonesia and the International Monetary Fund (IMF) will revise the macro-economic targets in their newest letter of intent to reflect the country's recovering economy. "The revisions are because economic growth is more positive, and inflation is very low," Miranda Gultom, deputy governorBloomberg - 290 words
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157 1999-07-10 4 Reuters [FRANKFURT] Indonesia State Enterprises Minister Tanri Abeng said yesterday that the country's troubled banking sector should be restructured by the end of 1999. "The state-owned banks win aU be restructured before the end of the year. It is very likely that the restructuring andReuters - 157 words
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497 1999-07-10 4 Second cut in two weeks aimed at boosting economic recovery by lowering borrowing costs Bloomberg [BANGKOK] Thailand's central bank yesterday cut its official bank rate for the second time in two weeks to a record low, aiming to rekindle the economic recoveryBloomberg - 497 words
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Article, Illustration420 1999-07-10 4 Reuters [TOKYO] Haruhiko Kuroda publicly donned the mantle of Japan's top financial diplomat yesterday, vowing to carry on the policies of his flamboyant predecessor, Eisuke Sakakibara, especially on curbing the strong yen. A news conference to mark Mr Sakakibara's retirementReuters; REUTERS - 420 words
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602 1999-07-10 4 Margins seen under pressure because of new start-ups Reuters [SINGAPORE] The floundering refinery business in Asia is unlikely to see a significant recovery this year, analysts said yesterday. "In refining, as a standalone business, if anyone makes money in the open marketReuters - 602 words
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Article, Illustration383 1999-07-10 4 Larry Wee - Losses in Korean won, Thai baht lead downward pressure Hy Larry Wee [SINGAPORE) The South Korean won and Thai baht hit multi-week lows in Asian trading yesterday due to adverse reaction to news affecting domestic banks. Players reported that the Korean unit hit a five-weekSource: Bridge - 383 words
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Article, Illustration399 1999-07-10 4 When IT growth in US slows down, it'll hit Asia: HE's Yam AFP [HONGKONG] Asia-Pacific central banks said yesterday that a sustained economic recovery in the region depended heavily on steady growth in the United States and other industrialised countries, and agreedAFP - 399 words
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268 1999-07-10 4 AFP [SINGAPORE] The Hong Kong Monetary Authority (HKMA), which successfully warded off currency speculators at the height of the Asian financial turmoil, said yesterday that it will monitor the markets round-the-clock for signs of manipulation. "Events of the past two years have underscored theAFP - 268 words
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REGION
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Article, Illustration381 1999-07-10 5 JAKARTA Reuters STATE oil company Pertamina said yesterday that it wanted Mohamad "Bob" Hasan, a close associate of former President Suharto, removed as a shareholder of McDermott Indonesia to end controversy about the award of a major contract. PT McDermott Indonesia, aReuters; FILE PHOTO - 381 words
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250 1999-07-10 5 JAKARTA Akbar confirms decision after party meeting AFP A MEETING of Indonesia's ruling Golkar party yesterday decided to push for a new term for incumbent President BJ Habibie in November, party chairman Akbar Tanjung said. "Of course, we will still push him as aAFP - 250 words
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506 1999-07-10 5 Harish Mehta - Publishers estimate almost 30% of texts used in Thailand are illegal photocopies From Harish Mehta in Bangkok IN a landmark test case, three major American publishers are suing Thai copy shops for allegedly pirating their bestselling books and analysts said506 words
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241 1999-07-10 5 BANGKOK AFP THAILAND'S new lineup of ministers will be unveiled today after weeks of acrimonious political manoeuvering over seats in the last cabinet before the next national polls, officials said. Prime Minister Chuan Leekpai said he had submitted a new cabinet lineup toAFP - 241 words
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Article, Illustration459 1999-07-10 5 Diana Oon Abdullah - Multimedia Super Corridor keen to cooperate with them From. Diana Oon Abdullah in Kuala Lumpur MALAYSIA'S Multimedia Super Corridor project is not threatened by competition from the cyberhubs in Hongkong and Singapore, and looks forward to cooperating withREUTERS - 459 words
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420 1999-07-10 5 JAKARTA Move could cause Japan to break ranks with US FT INDONESIA has asked Japan to bail out a controversial power plant project led by Hopewell of Hongkong and Sumitomo of Japan a move which could break a deadlock in discussionsFT - 420 words
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558 1999-07-10 7 Quak Hiang Whai - New data questions govt's ability to forecast its Budget, say economists From Quak Hiang Whai in Hongkong THE Hongkong government yesterday said the budget deficit for the last fiscal year was HK523.2 billion (Sss billion) and not the revised estimate of HK532.3558 words
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416 1999-07-10 7 HONGKONG Move puts pressure on banks to accept Goldman restructure Bloomberg, Reuters CHINA'S Guangdong provincial government stopped interest payments to creditors of Guangdong Enterprises (Holdings) Ltd and its affiliates, a GDE subsidiary said in a statement, sending chills down the back ofBloomberg,; Reuters - 416 words
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ASIA Notes
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68 1999-07-10 7 Reuters [JAKARTA] The number of poor in Indonesia more than doubled last year to 49.5 million because of the country's economic crisis, the Jakarta Post reported yesterday. A Mongid, assistant to the Coordinating Minister for People's Welfare and Poverty Eradication, was quoted as sayingReuters - 68 words
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55 1999-07-10 7 Reuters [SHANGHAI] Six Chinese novelists, former culture minister Wang Meng among them, are suing an Internet firm for publishing their works on the Internet without consent, the official Shanghai News reported yesterday. Readers could access entire novels, including Zhang Chengzhi's Black Stallion, through BeijingReuters - 55 words
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92 1999-07-10 7 Bloomberg [TAIPEI] Taiwan's Koo family yesterday rebutted a report that linked it to a company that supplied Taiwanese "comfort women" to the Japanese military during World War D. Koo Chen-Fu, the 82-year-old head of a family that now runs Chinatrust Commercial Bank, Taiwan's largestBloomberg - 92 words
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Article, Illustration57 1999-07-10 7 AFP [BOMBAY] The entertainment company set up by Indian film star Amitabh Bachchan (above) was declared a "sick" enterprise yesterday by the state-run Board for Industrial and Financial Reconstruction. Amitabh Bachchan Corp Ltd piled up losses worth 700 million rupees (5526.3 million), well beyondAFP - 57 words
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267 1999-07-10 7 BEIJING Reuters JAPANESE Prime Minister Keizo Obuchi said yesterday that the failure of a major Chinese financial institution was a serious bilateral problem. "The failure of China's non-bank financial institution is a major issue for the economic relations between China andReuters - 267 words
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186 1999-07-10 7 HONGKONG AFP HONGKONG'S government will introduce a new bill next week to provide a clear legal framework to promote the wide adoption of commercial electronic transactions, officials said yesterday. Under the bill to be introduced to the legislature Wednesday, the government plans toAFP - 186 words
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407 1999-07-10 7 SHANGHAI Air China, China Southern tie-up in the works: sources Reuters CHINA is considering merging two of its biggest airlines in a move that could dramatically reshape the ailing aviation sector, industry officials said yesterday. But the plan to merge China SouthernReuters - 407 words
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Article, Illustration578 1999-07-10 7 osucars visit to china Bat China still not ready to talk to US abont WTO entry Reuters [BEIJING] Japan and China wrapped up an agreement yesterday on Beijing's bid to join the World Trade Organisation (WTO) after months of intense negotiations.Reuters; AFP - 578 words
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Page 5 Advertisements
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Advertisement24 1999-07-10 5 EXECUTIVE X ifedyle Don't leave the office t V) without them ZLVlOmi/ Every Frida V THE BUSINESS TIMES. A must-read for your long weekend.24 words
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FOCUS
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Article, Illustration859 1999-07-10 6 Macabe Keliher - Instead of using public funds to bail out weak institutions in Taiwan's overcrowded banking sector, the government wants them to consolidate By. Macabe Keliher [TAIPEI] TAIWAN'S Finance Ministry has proposed a merger between the largest government-run bank, Bank of Taiwan (BOT), and one of the three largestFILE PHOTO - 859 words
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SHIPS IN PORT
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Article496 1999-07-10 6 Vessel Voy No Berth Arrival Departure Marcopoto 48 PrwOll J16 09/07/6:45 10/07/6:00 8t M*l«u J ***** J01 09/07/8:25 09/07/1500 Sjk Capricor *****9 J12 09/07/7:25 09/07/19*0 Aqua Lucky Nov-99 J02 09/07/9:20 09/07/23.00 Sozo 1202 Jjn-99 Jt5 09/07/1335 09/07/19*0 8t Sejati ***** J01 09/07/15:30 10/07/3*0 UmocHD 5699 J02 09/07/16*0 09/07/23.00496 words
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Article1607 1999-07-10 6 RECEIVING OF EXPORT FCL CONTAINERS AND LCL CARGO Bookinq/Baianc* Rstls Ship Voy No Etb/Btr P«rkxl Frow To From Au j** 6m n/noo u «/iioo otnm 09/1900 11 o»/»oo 09/1*59 09/1900 U 09/1700 KJ/0659 <0/0900 21 09/T700 >0/0*59 10/0900 I 10/0700 10/1159 n/MOO 4 10/1200 10/M59 10/1700 0J4* It/23001,607 words
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Page 7 Advertisements
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REGION/WORLD
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594 1999-07-10 8 Shada Islam - Critics fear Prodi's choices will generate more tension with US, Asia From Shada Islam in Brussels EUROPEAN Commission president-designate Romano Prodi yesterday appointed former Hongkong governor Chris Patten as the European Union's new foreign policy supremo despite signs that the move would594 words
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Article, Illustration499 1999-07-10 8 SYDNEY They say his import relief plan smacks of hypocrisy Reuters AUSTRALIAN newspapers expressed extreme annoyance with US President Bill Clinton yesterday over his decision to slap quotas and tariffs on lamb imports, accusing the United States of hypocrisyReuters; REUTERS - 499 words
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Article, Illustration766 1999-07-10 8 Leon Hadar - LETTER FROM WASHINGTON Bush is soaring, Gore is falling, and Bradley is waiting In the wings By Leon Hadar SO is it all over? The 2000 US presidential campaign has yet to start but among the political pundits in Washington, the consensus is that the politicalAFP - 766 words
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447 1999-07-10 8 BRUSSELS Proposal will be presented next week for approval AFP, Reuters THE European Commission announced yesterday it was proposing a conditional lifting of a three-year ban on British beef exports from Aug L The lifting of the ban on Britain's worldwide beef exports,AFP,; Reuters - 447 words
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350 1999-07-10 8 SINGAPORE Bloomberg CHINA'S gold producers may be forced to close mines or slash jobs if world gold prices stay at present levels, which are lower than costs of production in China, the World Gold Council said. Mining an ounce of goldBloomberg - 350 words
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WORLD Watch
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118 1999-07-10 8 Bloomberg [PARIS] France's debt last year rose above a limit imposed on the 11 countries that share the euro currency. France joins six other euro members, including Germany and Italy, in exceeding the limit. Signs that nations are falling short of their ownBloomberg - 118 words
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108 1999-07-10 8 Reuters [MOSCOW] Russian Prime Minister Sergei Stepashin said yesterday that a treaty on forming a union with neighbouring Belarus was almost ready, sending the latest signal that Moscow is accelerating moves towards the union. Mr Stepashin said after a meeting with President Boris YeltsinReuters - 108 words
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69 1999-07-10 8 Reuters [MOSCOW] Russia no longer plans to ask its foreign creditors for a total write-off or partial debt reduction, Alexander Livshits, the country's special envoy to the Group of Eight nations, said yesterday. "The word 'write-off is excluded from the vocabulary. There isReuters - 69 words
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Article89 1999-07-10 8 AFP [PRISTINA, Yugoslavia] KFOR peacekeeping troops announced yesterday that they had found the largest suspected mass grave in Kosovo so far, a site that may contain as many as 350 bodies. A KFOR spokesman said the find had been made by the Italian contingent ofAFP - 89 words
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EXECUTIVE LIFESTYLE
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Article, Illustration406 1999-07-10 9 Slammed: Doctors who say sunshine gains may ontweigh cancer risks AFP (LONDON] Sunshine might be healthier than most people think, outweighing the risk of skin cancer, British doctors suggested yesterday and ran straight into a storm. The four researchers at Bristol University in western England wereAFP; FILE PHOTO - 406 words
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Article, Illustration554 1999-07-10 9 NYT [NEW YORK] Oprah Winfrey frequently graces the covers of women's magazines, but now she is gr *mg in on the editorial sid' if the publishing business. Winfrey has teamed up with Hearst Magazines to publish a new magazine that will seek to capitaliseNYT; FILE PHOTO - 554 words
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Article, Illustration1638 1999-07-10 10 MARIAN BURROS - With Americans wanting faster and healthier lunches, restaurants try to avoid empty tables by giving in to them, masum burros reports MARIAN BURROS NYT A BUSINESS lunch today is positively Spartan compared with those fabled three-martini events a quarter-century ago. The martinis have beenNYT; FILE PHOTO - 1,638 words
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Page 9 Miscellaneous
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Miscellaneous1770 1999-07-10 9 CRYPTIC CROSSWORD ACROSS 28 Ota* as rain! 29 A foUower on the edge of the „J* wedd fB ration (54) YESTERDAY'S SOLUTION rock finds sulphur (9) 14 A ho^ ri ht mßrent? That's u,uM n uu,,.u«.i.u.i nmra appalling (9) pmci^pycmeiTMgiAWsl otT«L,.-M-, tn fi^* 4 „„u e 15 Postal links old1,770 words
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Page 10 Advertisements
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Advertisement376 1999-07-10 10 Where to wine, dine and ssS ij SdL CITY IHAI SHARKSfIN RESTAURANT Braised Superior Shark's Fin w/Crabmeat Braised Superior Shark's Fin wKrabmeat (1 per person) Braised Whole Abalone vWSupreme Mushroom Kai-Lan Sambal Pomfret Prepared m Thai Style Cnspy Fned Golden Beancurd Baked King Prawn vWVem*ce«« in Claypot Thai Style Pineapple376 words
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Advertisement42 1999-07-10 10 I Coffeehouse Ist floor Savour local fare ind our award-winning Chatterbox Chicken Rice We are open 24 hours daily in ease rt)u have not eaten yet. Enquiries: 831 6291 ALuAri, Sugaporr 13 Orchard Road. Snwapore *****7. W 737 4411 Fa* 732 236142 words
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COMPANIES & MARKETS
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485 1999-07-10 11 Clarissa Tan - Unsuccessful IPO applicants got back $1.6 m less than what they pat in By* Clarissa Tan [SINGAPORE] Unsuccessful applicants in Golden Agri-Re-sources' initial public offer got back at least $1.6 million less than what they had put in and many of the annoyed485 words
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Article, Illustration373 1999-07-10 11 David Boey - DPO, expected next week, is the 22nd this ye&r By\ David Boey [SINGAPORE] Wood chip company Lian Hup Timber has received in-principle approval from the Stock Exchange of Singapore for a mainboard listing and hopes that it would eventually become one of the stockSIEW YAW HOONG - 373 words
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150 1999-07-10 11 Reuters [SINGAPORE] The Stock Exchange of Singapore (SES) said late yesterday that some brokers had taken measures to control their trading exposure to abide by exchange regulations and the law. In a statement after the market closed yesterday, the SES said some brokers hadReuters - 150 words
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Article, Illustration430 1999-07-10 11 Annette Pau - New listing takes a tumble, along with parent Asia Food By Annette Pau [SINGAPORE] Newly-listed Golden Agri-Resources yesterday made a dismal showing on the local bourse, due largely to "bad timing". The Indonesian palm oil producer closed at 63.5 US cents,Source: Bloomberg - 430 words
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Article483 1999-07-10 11 Conrad Raj - It rakes 80% of pre-tax profit from China units By I Conrad Raj {SINGAPORE] Unlike most Singapore companies which have had a bad experience in China and suffered millions of dollars in losses, Superior Metal Printing is raking in superior returns on its investments there.483 words
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782 1999-07-10 11 R Sivanithy - HOCK LOCK SIEW R Sivanithy Plus ca change, plus ce la meme chose, according to the French. Or as we would say, the more that things change, the more they stay the same. And so it is with the782 words
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316 1999-07-10 11 Rahita Elias - By] Rahita Elias [SINGAPORE] Hotel Properties Ltd's 50 per cent associated company, Leisure Ventures (LV), has reduced its stake in Planet Hollywood (Kuala Lumpur) (PHKL) from 100 per cent to 65 per cent after roping in two new minority joint-venture316 words
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COMPANIES
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474 1999-07-10 12 Eddie Toh - Plan to buy United Merchant Group's 43.53% stake in Ban Hin Lee Bank From Eddie Toh in Kuala Lumpur SOUTHERN Bank has secured official approval to begin talks on a merger with Penang-based Ban Hin Lee Bank. The bank said last night it would474 words
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231 1999-07-10 12 Rahita Elias - By] Rahita Elias [SINGAPORE] Cathay Organisation Pte Ltd's chairman Choo Meileen now holds 60 per cent of the former IMM Multi-Enterprise (IME), following the latter's acquisition by Ms Choo's private vehicle, Greenall Investments, and related parties on Wednesday. Through Greenall, Ms Choo and231 words
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400 1999-07-10 12 They rise 0.7-4.7% this week as investors bank on economic recovery Bloomberg {SINGAPORE] Singapore bank shares that can be owned by foreigners rose this week, as investors bet the city-state's gathering economic recovery bodes well for the commercial lenders. Foreign shares ofBloomberg - 400 words
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Article, Illustration684 1999-07-10 12 Bloomberg [SINGAPORE] Neptune Orient Lines, one of Asia's biggest shipping companies, will launch its international campaign Monday to woo buyers to its US$3OO million (Ssso7 million) new share offer. The money is part of NOL's US$5OO million debt-re-duction plan first disclosed three weeksBloomberg; FILE PHOTO - 684 words
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467 1999-07-10 12 Shipping company's debt was dne to mature on Joly 20 Bloomberg [SINGAPORE] Osprey Maritime Ltd, a Singapore-listed shipping company with ties to the family of former Indonesian president Suharto, said yesterday its creditor banks have agreed toBloomberg - 467 words
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311 1999-07-10 12 Land Gen up on bank takeover talk Bloomberg {KUALA LUMPUR] Shares of Land General Holdings Bhd, one of Malaysia's biggest property developers, surged 11 per cent amid speculation it may buy a banking group, possibly PhileoAllied Bhd, to help offset slumping property sales. Market talk that "Land General will beBloomberg - 311 words
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290 1999-07-10 12 Ship's sinking allows cutting of losses in its cruise business Reuters [SINGAPORE] Singapore retailer Metro Holdings Ltd said yesterday that the sinking of a luxury cruise ship would help it cut operating losses in its cruise business and improve earnings inReuters - 290 words
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287 1999-07-10 12 Annette Pau - By. Annette Pau [SINGAPORE] The cash offers that British American Tobacco Singapore Investments (BATSI) made for British American Tobacco Company Singapore (BATS) and Rothmans Industries have become unconditional. BATSI said yesterday that it has secured 91.17 per cent of BATS and 71.61 per287 words
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COMPANY Briefs
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88 1999-07-10 12 [SINGAPORE] Substantial shareholder of troubled CAM International, Tommy Lam Wai Yin who just this April bought a 21.34 per cent stake—has sold his entire shareholdings of some 51.2 million shares at 3.1 cents each. But yet another new shareholder Lim E Piao came on to88 words
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83 1999-07-10 12 [SINGAPORE] The Hongkong and Shanghai Banking Corp will launch its Personal Portfolio Fund for investors from July 12 to Sept 3. The fluid is available at an initial $25,000 investment, which gives investors packaged solutions managed by HSBC Asset Management Singapore. The management fee83 words
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INTERNATIONAL COMPANIES
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Article, Illustration447 1999-07-10 13 It will pay 2.6b Swiss francs, and bid for the rest of the shares outstanding Reuters [ZURICH] Telecommunications group Swisscom AG said yesterday it will buy Germany's Debitel AG, paying 2.56 billion Swiss francs (Ss2.B billion) for an initial 58 per cent stake.Reuters; REUTERS - 447 words
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295 1999-07-10 13 Swedish auto firm's shares shoot up 6% after report Bloomberg [STOCKHOLM] Volvo AB, the world's second-largest truckmaker, has rejected a 144 billion kronor (5528.6 billion) takeover offer by DaimlerChrysler AG, a Swedish newspaper reported yesterday. That sent Volvo shares up as much asBloomberg - 295 words
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Article, Illustration446 1999-07-10 13 Firm's Q2 results, ont on July 23, could disappoint: analysts FT [STOCKHOLM] Ericsson chief executive Lars Ramqvist admitted on Thursday that the Swedish telecommunications group had lost out to rival Nokia in the past year. He said a nine-month delay for the launch ofFT - 446 words
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342 1999-07-10 13 Morningstar plans to improve online services Bloomberg [TOKYO] Masayoshi Son's Softbank, a Japanese company that is one of the world's biggest investors in companies that do business on the Internet, paid US$9l million (Sslss million) in cash for 20 per centBloomberg - 342 words
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119 1999-07-10 13 Bloomberg [PAWTUCKET, Rhode Island] Hasbro Inc. the world's second-largest toymaker, is recalling 273,000 spillproof cups made by its Playskool division that could cause children to choke if part of the cup's flexible spout tears off. The Pawtucket-based maker of Tonka trucks. Furby toys and StarBloomberg - 119 words
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229 1999-07-10 13 Reuters [LOS ANGELES] The Walt Disney Co on Thursday said it was merging its TV production unit with the ABC TV network's prime-time broadcast group in another move by the US entertainment giant to reorganise its businesses. The merger pointsReuters - 229 words
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FINANCE & COMMODITIES
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260 1999-07-10 14 NASD slaps highest fine ever on insurer for flouting rules in insurance sales NYT [NEW YORK] Receiving yet another sanction for misleading customers for more than a decade, Prudential Insurance Co of America was fined US$2O million (Ss34 million) on Thursday by theNYT - 260 words
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SMALL Change
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101 1999-07-10 14 Bloomberg [WASHINGTON] Cargill Inc, the biggest privately-owned US business, won antitrust approval to buy the grain unit of arch-rival Continental Grain Co after the companies agreed to sell nine facilities in six states. Antitrust regulators said those sales were necessary to ensure farmers and otherBloomberg - 101 words
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Article99 1999-07-10 14 Bloomberg [NEW YORK] George Soros's US$2 billion (553.4 billion) Quota Fund gained about 20 per cent in June, the second-best month this year for the biggest hedge funds. Quota, managed by Nick Roditi, led the pack, in part because of bets that JapaneseBloomberg - 99 words
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92 1999-07-10 14 Reuters [BOMBAY] Indian interest rate derivatives made a strong start with deals worth more than two billion rupees (Ss7s million) being struck, traders said yesterday. Traders said initial deals on Thursday, the first day of trading in such derivatives, suggested a declining trend in IndianReuters - 92 words
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323 1999-07-10 14 Only wild card left: will SocGen, Paribas counterbid? Reuters [PARIS] BNP's hostile bid for Societe Generale and Paribas cleared its last regulatory hurdle on Thursday, paving the way for an August end to the bitter three-way bourse battle. One remaining wild cardReuters - 323 words
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Article, Illustration450 1999-07-10 14 Euro/USS: Euro/USS rangetraded between 1.0185 and 1.0270 for the first three days of this week before collapsing to yet another historical low of 1.0148 on Thursday. The unit was trading around 1.0220 yesterday morning. There are no signals, from a technical perspective, thatSource: DBS Bank - 450 words
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190 1999-07-10 14 FT [LONDON] Banca di Roma, Italy's largest bank, on Thursday became the first European bank to sell off a portion of its non-performing loans to the bond markets. The move marks the latest and most radical step in the evolution ofFT - 190 words
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142 1999-07-10 15 Christopher Podbury, Jardine Fleming - Himtm Reports MSCI Singapore Index Christopher Podbury, Jardine Fleming THE Singapore stock market ended higher on followthrough bargain-hunting and positive sentiment following the recent improved forecasts for the economy by both the government and economists from the Nanyang Technological University. The Straits Times Index142 words
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185 1999-07-10 15 Cecilia Woo Refco Singapore - MSCI Taiwan futures Cecilia Woo Refco Singapore THE Simex MSCI Taiwan Stock Index futures contract finished 1.8 points lower yesterday despite earlier breaking the key 380-point barrier. The Taiwan Weighted Price Index lost 42.16 points on concerns that electronics stock have gone up too185 words
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381 1999-07-10 15 ENERGY REPORT Reuters [LONDON] Oil prices retreated a little yesterday as speculators pocketed profits made during the latest leg of a five-month-old rally triggered by Opec export curbs. London futures for benchmark Brent blend crude lost 22 US cents to US$lB.O2 aReuters - 381 words
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Article319 1999-07-10 15 AFP, Reuters London THE euro managed to hold above recent lifetime lows against a firmer US dollar in Europe yesterday, helped by a flurry of buying in the afternoon session. Aggressive euro/yen buying triggered a rally of more than 1/2 a cent in euro/dollar which lifted the singleAFP,; Reuters - 319 words
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Article, Illustration1138 1999-07-10 15 DtTERBAint CROSS RATES Jul 9 "r PwHttimh Bupun YWI Won w MSP»»l Pm S$ g»nd Sfr MTS B*t Eowd US$ 0-979 .V 78 0 653 4283 1277 5.16a 28.906 44.525 0.817 7.907 L531 1263 34.355 25.660 L132 4.053 L050 ***** ***** 0 429 0 666 J*J 5M4 U04 5277 29.5141,138 words
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Article1772 1999-07-10 15 SICOM FUTURES Jul 9 RUBBER (futures ctosinq h at 5.30pm) RSS1 CONTRACTUS cMts/kqj Close Volume Open Month High Low Sett (towns) Interest Aug 99 96.50 300 Sep 99 98.00 900 Oct 99 99.75 350 Nov 99 101.25 350 Dec 99 103.00 350 Jan/Mar 00 106.00 106.00 106.00 300 300 RSS1,772 words
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Article4713 1999-07-10 14 Metear* CM Noel Gifts Mir 31 I L399L L262L 2.1t 1.9L Odte TY LY TV IV NofcelOasIgn Mar 30 P 1434L 0.T31 1.31 0.73 Cempany ann ($m) ($m) <cts> (et«) NobleGrp (USS> Mar 26 P 7.727L 0.208 3.2L 0.10 Oekwell Mar 25 P 0.622 2.449 0.784,713 words
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Article, Illustration1364 1999-07-10 16 AFP Q Hang Seng -173 HONGKONG share prices fell slightly yesterday in cautious trade following a weaker US market, dealers said. "The market is still consolidating from recent gains," said Howard Gorges, vice-president at South China Brokerage. "Investors are taking a wait-and-see stance, waiting for prices to fall further,"AFP - 1,364 words
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Article2270 1999-07-10 16 LONDON Industrials Mi PtMIM *h 3i Group 8.14 0.07 Abbey National 11.77 0.23 A B Foods 4.40 0.15 A B Ports 2.96 unch Alliance i Leicester 8.30 0.03 Allied Domecq 6.05 0.05 Allied Zurich 8.08 -0.14 Anglo American Gold 43.70 unch ASOA Group 2.18 unch Ban* of2,270 words
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Article, Illustration578 1999-07-10 16 AFP, Reuters Q Shanghai B Index +0.85 SHANGHAI'S B shares rose 1.7 per cent yesterday led by Heilongjiang Electric Power, analysts said. The Shanghai Stock Exchange's B Share Index, which tracks shares nominally reserved for foreigners, gained 0.85 points to 50.52. The A Share Index of locally traded stocksAFP,; Reuters; Source: Credit Lyonnsis Securities(Asia) Ltd - 578 words
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Article342 1999-07-10 16 AFP QWP Index -4116 TAIWAN share prices closed 0.5 per cent lower yesterday as a sell-off in the financial and manufacturing sectors offset strong buying of technology stocks, dealers said. "Investors turned cautious and this was reflected in the moderate market turnover," said James Su, deputy manager of theAFP - 342 words
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Article1630 1999-07-10 16 AFP £2 Nikkei 225 -29JW TOKYO share prices edged down 0.2 per cent yesterday as investors locked in profits on recent gains and looked for fresh leads, brokers said. The key Nikkei Average of 225 selected issues fell 29.92 points to end at 17,937.73. The Topix Index of allAFP - 1,630 words
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KUALA LUMPUR STOCK MARKET
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Article, Illustration438 1999-07-10 17 AFP rl Composite Index -HL3I MALAYSIAN share prices closed 0.5 per cent higher yesterday due to retail play on speculative stocks. "Retailers are just jumping into the market on various rumours. I expect the rumour mill to churn through the following week asAFP - 438 words
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Article8887 1999-07-10 17 INDUSTRIALS Consumer products Last Vol Day Net Cap HlgH Low Company Sale OOP High Low P/t $mll 440 255 Ajlnomoto 382 unch 5 390 380 24.2 154.8 144 46 Angkasa 142 8 1673 144 134 209.4 404 220 Apollo Food Hlg 388 20 302 404 370 13.5 155.2 294 1158,887 words
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WARRANTS, OPTIONS & REGIONAL MARKETS
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200 1999-07-10 18 R Sivanithy - WARRANT WATCH -By R Sivanithy ONE high-risk but potentially high-re-ward trading strategy to profit from the recent bounce is to pick those stocks and warrants that collapsed the most in the recent selldown. The argument here is that being the most volatile, these200 words
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Article226 1999-07-10 18 HONGKONG STOCKS G* Or *2-Wk Lwt Vol Day Last Ouott M M> YM IM M Cap High Low Stno Company Sa» COOP) High L— Buyar 5—f Cw P/t jm* 365 173 5123 COL(2000)HK 315 315 B 3.7 2J 10 7 ***** 5124 C atftay Pac 20c MK— 720226 words
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Article2138 1999-07-10 18 BONOS. LOANS i WARRANTS wt 52-*k Last Vol Day Last Ouota Avg High Low Stno Company Sal* r- COOO) High Lao B«iyef Seller Prtct 104 3 s 3160 A Acer ******1USS 82.5 -3.5 586 88 82 82.5 83 80 4.5 s 3164 Acma ******4 57 *2 1552 60 56 572,138 words
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Article293 1999-07-10 18 AFP P Wellington +15.78 NEW Zealand shares finished on a firm note yesterday, helped by strength in cyclical commodity stocks. The NZSE-40 was up 0.7 per cent or 15.78 points to 2,209.99 on moderate turnover of NZ$B2 million. Telecom was up five NZ cents to NZsB.lo.— AFP m* wAFP - 293 words
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Article, Illustration871 1999-07-10 18 AFP QSETlndei +1233 THAI stocks climbed 2.6 per cent in a day of volatile trade yesterday as the central bank cut the discount rate, reversing earlier losses in the banking sector, dealers said. Analysts said that while inter-bank market rates were still lower than the Bank of Thailand's benchmark,AFP - 871 words
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Article418 1999-07-10 18 AFP Fl Composite Index +22L82 SHARE prices on the Korea Stock Exchange closed 2.9 per cent higher yesterday as robust buying orders offset profit-taking, dealers said. The Composite Index closed up 28.82 points, or 2.9 per cent, to close out at 1,027.93, the highest since Dec 24, 1994, whenAFP - 418 words
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Article651 1999-07-10 18 AFP P All Ordinaries -4&3 AUSTRALIAN share prices dropped 1.5 per cent yesterday, taking their cue from Wall Street, brokers said. The Australian Stock Exchange's key All Ordinaries Index fell 45.3 points to 3,041.0. Turnover totalled 490.5 million shares worth Asl.s billion. The All Industrials Index tumbled 86.5 pointsAFP - 651 words
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Article, Illustration707 1999-07-10 18 AFP Q Composite Index INDONESIAN share prices closed 0.5 per cent lower yesterday, led by falls in timber companies after the government decided not to extend some of their forest concessions, dealers said. They said the broad market was also weak amid the prevailing political uncertainty. think the marketAFP - 707 words
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Article333 1999-07-10 18 AFP P Manila -17.46 PHILIPPINE share prices fell 0.7 per cent yesterday due to the depreciation of the local currency, analysts said. The Philippine Stock Exchange Composite Index fell 17.46 points to close at 2,594.72 points. Volume fell to 3.3 billion shares worth 3.8 billion pesos from 3.8 billionAFP - 333 words
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7186 1999-07-10 19 Transaction date: Jul 9 Cr Or M Wt 52-Wk Lilt Vol Day Last Ouote D»v Otv YM N«t Cap Ayq Hlqn tow StNo Company Sal* COOO) High Law Buyer Seller C'»r P/E J mil Price MULTI-INDUSTRY 182 17.5 m b 1000 Acme 50c 1567,186 words
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Article1378 1999-07-10 19 Or Or mm S2-WH LMt Va» Day Lot Ouoti Dtv Otv VM Nat Ca» Av« Mmi U» StWa Cwp—f Wl COOP) H# L— 8»yr Cw W W Ww MANUFACTURM8 218 30 c 2049 AS Auto 10c 194 2012 197 181 190 194 10 N 03 221.5 17S 137 451,378 words
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STOCK EXCHANGE OF SINGAPORE
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Article406 1999-07-10 20 Stacks W— Gotden Aqri USIOc 205.242,000 IPC C0fpn5c 55,361,000 Hotung Inv NT5 32,885,000 Asia Food&Prop 29,294,000 •TanChonglnt50c 27,786,000 ICT HKWc 25,990,000 Frt Links 20c 25,323,000 SMB United 10c 21,119,000 Inno-PK 20c 20,993,000 STEngglOc 20,080,000 Utda > Golden Aqri USIOc 134,964,693 •TanChongint50c 70,124,280 SPH 69,440,574 STEngglOc 41,809,994 NOl 35,285,492 D8S Foreign406 words
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Article, Illustration591 1999-07-10 20 R Sivanithy - STOCK MARKET COMMENTARY Penny stock traders pile back into market close on heels of bine chip investors to send UOB Sesdaq Index up 3.5% By R Sivanithy AFTER sitting out most of the morning session, traders yesterday piled back into the local market591 words
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ON THE GRAPEVINE
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Article118 1999-07-10 20 STEP aside Kofi, here comes Kishore. Singapore's ambassador to the United Nations, Kishore Mahbubani, appears to be making waves in New York City and finally winning over some critics with his controversial book, Can Asians Think? The latest US edition of Time magazine said when he118 words
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Article92 1999-07-10 20 CATHAY Organisation boss Choo Meileen now controls two listed companies and could be on the prowl for a third one. She first bought UPP, formerly known as United Pulp Paper. Then she snapped up IMM Multi-Enterprise, now renamed Cathay Organisation Holdings. Apart from being92 words
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Article80 1999-07-10 20 CHUA Ma Yu, who co-founded Rashid Hussain Securities with former partner Rashid Hussain, is set to play a bigger role in the Malaysian stockbroking industry. He recently bought a 5 per cent stake in Kuala Lumpur City Securities. And now, he is said to be eyeing80 words
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Article178 1999-07-10 20 THE Chinese newspaper Sin Min Daily News has chronicled a few hard-luck cases of novice stock market punters. One housewife feared her husband would "kill" her if he found out about the losses totalling $10,000 or more from her contra-trades. "My friend told me it was178 words
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Article66 1999-07-10 20 ON Thursday, the share price of Hewlett-Packard rose to a record high of U*****.38 in the US. This probably maw*? Lewis Piatt, chairman and chief executive, a very rich man. But Mr Piatt, who was in Malaysia for the meeting of the Multimedia Supercorridor Advisory66 words
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Article, Illustration65 1999-07-10 20 Wong Wei Kong - By Wong Wei Kong IPC shares rose 3.5 cents to $0.39 yesterday on a volume of 55.4 million shares, compared with its 10-day traded average of 71.7 million units. Despite the rise, the technical indicators such as the RSI, Stochastics and MACD charts are still mixed and suggest65 words
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Advertisement1082 1999-07-10 13 POKKArp NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Annual General Meeting of POKKA CORPORATION (SINGAPORE) LIMITED ("the Company") will be held at 39 Quality Road, Singapore *****0 on 27 July 1999 at 10.00 am for the following purposes: AS ORDINARY BUSINESS 1. To receive and adopt1,082 words
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