The Business Times, 17 July 1999
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1999-07-17
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The Business Times
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Title Section15 1999-07-17 1 THE BUSINESS TIMES MITA (P) 04tV 12/98 85c SINGAPORE Internet: http://business-times.asial.com.sg/ SATURDAY, JULY 17 199915 words
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Article62 1999-07-17 1 STI *****2 (-23.50) BT-SBI 792J0 (-20.19) SMSCI FUTURES 21X40 (-0.90) STOCK MAMET INDICES Friday Change KLSECOMP .843.12 -1.74 NIKKEI 18,248.30 -183.56 HANG SENG -213.65 SET INDEX 488.51 -8.19 JAKARTA COMP 662,17 +1.83 MANILA COMP ._£585.69 +6.36 TAIPEI WPI 7,***** -606.46 SEOUL COMP 1,020.82 +38.68 CLSA CHINA B 822.8962 words
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Article83 1999-07-17 1 FOBEX BATES us$ SI US$ 1.703 £(USS/S$ per S) 1.670 2.673 EURO(US$/SS per E) 1.021 1.738 DM 1.916 0.889 YEN 121.0 1.408* RM 3£00 0.448 HK$ 7.759 0.219 BAHT 37.16 0.046 Rl'PIAH 6,73ft 0.02ft •St to 100 units PRIME BATES SINGAPORE* 580 KUALA LUMPUR 7 25 JAKARTA 40.00 BANGKOK83 words
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Article, Illustration1165 1999-07-17 1 Lee Han Shih, Siow Li Sen - Tax credit element is expected to have positive effect on share prices By\ Lee Han Shih, Siow Li Sen [SINGAPORE] Singapore Airlines yesterday said it would give up to $1 billion back to shareholders in a generous share buyback schemePhoto by Siew Yaw Hoong - 1,165 words
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398 1999-07-17 1 R Sivanithy - Week marked by forced selling and margin calls By] R Sivanithy [SINGAPORE] Escalating China-Taiwan tensions yesterday forced the Straits Times Index down 23.5 points to 2,134.22 and the UOB Sesdaq Index down a sobering 6.3 per cent, capping a miserable week398 words
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Article, Illustration188 1999-07-17 1 Source: Bloomberg Mainboard: top gainers and JUL 16 JUL 9 CHNG CLOSE SPH 100 35.00 30 00 +16.7 SPH 34.20 29 70 +15.2 OCBC Foreign 15.10 14.20 +6J Nat Elect 8.00 7.60 Goodwood Park 26.00 25 00 +4J0 JIT Hldgs ~3.06 43 Times Pub 3.82 3.70Source: Bloomberg - 188 words
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Article, Illustration841 1999-07-17 1 Carol Eng - Sab-sales for quick profits have extended even to lower-end condos Byi Carol Eng [SINGAPORE] Sub-sales of new property projects appear to have made a return, capital gains tax introduced in 1996 to curb speculation notwithstanding. Advertisements for Cuscaden Residences sold out just last week841 words
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1038 1999-07-17 1 Macabe Keliher - From. Macabe Keliher in Taipei THE Taiwan market experienced its largest single day drop in over three years, plummeting 6.4 per cent yesterday as panic-struck investors fled on reports that China may issue a military invasion of Taiwan's outer islands. Although the invasion reports1,038 words
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Page 1 Advertisements
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Advertisement152 1999-07-17 1 ihspe Reprieve for IPG Debt-laden IPC Corp has won a reprieve from its creditors, securing approval by an overwhelming majority for a scheme of arrangement with its preferential and unsecured creditors yesterday. The main-board listed company said it would now seek High Court approval for the scheme, Pg 11 leek152 words
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Advertisement29 1999-07-17 1 6 It's my personal wish to call it a day. 9 President Ong Teng Cheong on his decision not to run for a second term Full report, Pg 229 words
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Advertisement259 1999-07-17 1 SES statement on allegations of unfair practice In the wake of the recent sharp fall in share prices, there have been a number of allegations that member companies had engaged in substantial short-selling in their stock accounts ahead of their scheduled forceselling of their clients' overdue purchases. The Stock Exchange259 words
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Advertisement14 1999-07-17 1 Sino- related stocks on SES hit by row, Pg 5 More reports, Pg 514 words
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SINGAPORE AT HOME & ABROAD
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Article, Illustration584 1999-07-17 2 Chuang Peck Ming - OngTeng Cheong says he's achieved what he set oat to do when he took office By< Chuang Peck Ming ENDING months of silence, President Ong Teng Cheong yesterday said he would not seek re-election in the next presidential poll which must be held by the endGEORGE GASCON/ST - 584 words
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369 1999-07-17 2 Corinne Kerk - Sats will build new hub according to company's needs By Corinne Kerk DHL Worldwide Express will announce today an investment of $58 million to establish a new hub facility at Singapoie Changi Airport. The new DHL Singapore hub will be located at369 words
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220 1999-07-17 2 TWENTY-SIX foreign banks have applied to upgrade their privileges and licences under the five-year banking liberalisation programme, the Monetary Authority of Singapore (MAS) said yesterday. But MAS declined to say how many applied for the coveted qualifying full bank (QFB) privileges of220 words
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Article, Illustration666 1999-07-17 2 Anna Teo - E7E ON THE ECONOMY By. Anna Teo AFTER all the strong signals of late about a recovering economy, it probably comes as a bit of a shock to find that the 1998, and even 1999 first quarter's, GDP growth rates have beenSource: DOS - 666 words
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310 1999-07-17 2 NTUC Income yesterday launched Income Plus, which allows 230,000 of its policyholders to use Giro payments for e-commerce shopping. Income officials said this was probably the first service in Singapore to permit online shopping using just identity card numbers and passwords. Launching310 words
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Article109 1999-07-17 2 MINISTER for Trade and Industry (MTI) George Yeo will visit the Philippines from July 19 to 23, on the invitation of his counterpart. Secretary for Trade and Industry Jose Pardo. He will meet with senior political leaders, business leaders and Singaporean businessmen based in the109 words
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Article, Illustration59 1999-07-17 2 THE Singapore countdown to the millennium began last night, with a display of fireworks at Swatch's launch of its Millennium Countdown Clock at the junction of Orchard Road and Scotts Road. Standing 8.5 m tall and 2.3 m wide, the clock was started by Minister forCHRIS LOH - 59 words
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Article32 1999-07-17 2 IN yesterday's BT, we ran a headline saying Rhone-Pou-lenc is investing another US$l5 in its plant here. It should have been US$l5 million. We are sorry for the error.32 words
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Article, Illustration469 1999-07-17 3 Ang Wan May - Firms capitalise on low rents, new supply to consolidate operations By. Ang Wan May FINANCIAL institutions are taking the opportunity of low rents and new supply of high quality office space to consolidate their operations. The most recent examples are the Credit Suisse group andFILE PHOTO - 469 words
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397 1999-07-17 3 Clarissa Tan - Target: 30,000 holders by year-end; but figure could be 40,000 or 50,000 Byy Clarissa Tan THE success of United Overseas Bank's new debit card, where the user signs for purchases instead of keying in a PIN number, has far exceeded the bank's397 words
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326 1999-07-17 3 Catherine Ong - Sale ofsoo cards a day far exceeds 100 cards expectation By i Catherine Ong MOBILEONE, Singapore's second mobile phone operator, has been bowled over by the demand for its newlylaunched prepaid phone cards. Since the launch three days ago, sales have been326 words
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Article292 1999-07-17 3 Alison Cousland Singapore via Internet - MAILBOX Alison Cousland Singapore via Internet I WRITE regarding the Fortune Global 500 article "GM heads Fortune 500 list for third year" (BT, July 14). Ranking companies by the size of their assets or by revenue is rather meaningless, unless one knows what was required292 words
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442 1999-07-17 3 Toh Han Shih - Toh Han Shih ERG, a major supplier of public transport technology, opened its Asia-Pacific headquarters in Singapore yesterday. The Australian company and its partners recently won a $134 million contract to supply a smart card system for Singapore's public transport. ERG chief442 words
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Page 2 Advertisements
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Advertisement71 1999-07-17 2 Ka hi Also presented with renowned artists: Choo Keng Kuang, Li Shu Ji, Affandi, Basuki Abdullah, Popo Iskandar, Nico Vrielink, Krijono, Faisal, Erica and others ITtalindo Art Qallery 9 Penang Road *03 06 Park Mall Singapore *****9 (opposite Dhoby Ghaut MRT) Tito# \f>y Tel: 334 1415 Fax: 334 1416 e71 words
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Page 3 Advertisements
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Advertisement144 1999-07-17 3 No Mystique In (las Magnifieient Investment A Good Persian Carpet has a charisma which derives from an aesthetic fusion of design, artistry, technical construction, durability, hB symbolism, history and age. S 3 The better the carpet the more powerful the charisma and, additional factors come into play such as. Rarity,144 words
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ASIA ON THE MEND
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594 1999-07-17 4 Think-tank urges govt to make exchange rate policy more elastic Reuters [BEIJING] China's policy of not devaluing its yuan currency has exacerbated the problems restraining economic growth, a newspaper quoted a semi-official domestic think-tank as saying. "If the domestic economy does not show concreteReuters - 594 words
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247 1999-07-17 4 AFP [BANGKOK] About 100,000 jobs have been created in cri-sis-hit Thailand with money from a Japanese fund despite widespread allegations of fraud, reports said yesterday. More than 20 billion baht (U*****.5 million) of the 53 billion emergency relief money had been spent toAFP - 247 words
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Article, Illustration370 1999-07-17 4 US official quoted as saying weak yen not the right approach Reuters [TOKYO] The US last week refused a request from Japan's Ministry of Finance to intervene in the foreign exchange markets on Japan's behalf, the Nihon Keizai Shimbun newspaperReuters; AFP - 370 words
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365 1999-07-17 4 AFX-Asia [JAKARTA] Indonesian interest rates have room for further significant declines in line with trends in other cri-sis-hit countries in the region, International Monetary Fund Asia Pacific director Hubeft Neiss said. In an interview with AFXAsia, Mr Neiss said thatAFX-Asia - 365 words
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532 1999-07-17 4 Banks have already gone into the scheme bnt on a trial basis Reuters [BEIJING] China has decided to convert 1.2 trillion yuan (*****.5 billion) in debts owed by state firms to banks into equity this year as oneReuters - 532 words
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332 1999-07-17 4 AFX-Asia [HONGKONG] The Hongkong economy is expected to return to positive growth over the next three quarters, following two consecutive years of contraction according to Nomura's Q3 Business barometer. The report said there is a significant improvement in the six-monthAFX-Asia - 332 words
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347 1999-07-17 4 They question the measures' long-term effectiveness Reuters [KARUIZAWA. Japan] Japanese business leaders urged their government yesterday to stop spending huge sums on public works in the name of stimulating the economy, saying the long-term effectiveness is questionable. "We have reached a point where weReuters - 347 words
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418 1999-07-17 4 AFP, Bridge News [TOKYO) Japan's government warned firms yesterday to shape up on their own without clinging on to public support as they fight to escape the country's recession. "Corporate structural reform is unavoidable," said an economic white paper an annualAFP,; Bridge News - 418 words
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TENSION IN TAIWAN STRAIT
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Article, Illustration579 1999-07-17 5 But Taiwan defence spokesman says no, while Fujian official says drills conducted AFP, Reuters [BEIJING] China has ordered a low-level military alert in its southern regions facing the Taiwan Straits amid a tense standoff with Taiwan after the island's president claimed it wasAFP,; Reuters; AFP - 579 words
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194 1999-07-17 5 AFP {TAIPEI] Popular former Taiwan governor James Soong announced yesterday he would stand for president as an independent in a move which could split the ruling Kuomintang and threaten its 50-year hold on power. "I've decided to run for president of the Republic ofAFP - 194 words
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Article, Illustration444 1999-07-17 5 David Boey - Investors fear spat may develop into military conflict By David Boey SINO-RELATED plays ended the week on a sour note as investors bailed out in the face of heightening tension between Taiwan and China. Analysts said counters with business interests on eitherSource: Bloomberg - 444 words
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308 1999-07-17 5 But senator Helms makes pointed call to takeTaiwan'&side AFP [WASHINGTON] The White House warned China and Taiwan yesterday against their sabre-rattling, after Beijing said it would crush any Taiwanese moves to independence and Taipei put its military on alert "We believe that theAFP - 308 words
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667 1999-07-17 5 Much careful manoeuvring is in store for US negotiators when nuclear power comes into play Reuters CHINA'S announcement that it has mastered neutron bomb technology fuels Asian tensions that will require deft troubleshooting by the US, analysts say. The statement, intended toReuters - 667 words
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REGION
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343 1999-07-17 6 SINGAPORE Bloomberg TAIWAN will begin exporting gasoline next year, adding to a glut of refined oil products in East Asia, as its domestic supply balloons with the expected startup of Formosa Plastics Group's new refinery. The Formosa refinery, boosting Taiwan's crude refiningBloomberg - 343 words
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Article, Illustration897 1999-07-17 6 Shoeb Kagda - With deadlock likely, Yogjakarta saltan could emerge as third candidate By\ Shoeb Kagda HAVING won the largest percentage of votes in the June general elections, Megawati Sukarnoputri of the Indonesian Democratic Party-Strug-gle (PDI-P) is turning her attention to the upcoming presidentialREUTERS - 897 words
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493 1999-07-17 6 BANDAR SERI BEGAWAN Brunei's GDP should expand by 0.6% in 1999; minister AFP PETROLEUM-rich Brunei should escape a recession this year with the government expecting economic growth at just above zero per cent, thanks to improving oil prices and regional recovery. DeputyAFP - 493 words
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Article210 1999-07-17 6 HANOI Reuters VIETNAM'S city of Dalat in the central highlands has asked Prime Minister Phan Van Khai to open direct air links with Singapore, official media reported yesterday. Called "Little Paris" because of its numerous French villas, Dalat's pine forests and cool mountain climateReuters - 210 words
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356 1999-07-17 6 BEIJING Measures relate to foreign currency deals, yuan loans Reuters CHINA plans to relax controls on foreign firms further to boost exports and attract foreign investment, state media reported yesterday. The measures, drafted by the State Administration for Foreign Exchange (Safe), wouldReuters - 356 words
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458 1999-07-17 6 JAKARTA Indon utility contesting claim for breach of contract Bloomberg INDONESIA should honour contracts signed by state electricity utility PT Perusahaan Listrik Negara with power producers or risk shriveling foreign investments, credit agencies warned. Seven investment and insurance agencies from five countries,Bloomberg - 458 words
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243 1999-07-17 6 JAKARTA Bloomberg UK-BASED Bankers Trust In ternational is set to appeal an Indonesian court decision not to replace a judge in a derivatives case currently before an Indonesia court. Banker's Trust, claiming the judge is not considering the bank's evidence, filed a request forBloomberg - 243 words
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NOTE Book
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Article72 1999-07-17 6 AFP [KUALA LUMPUR] Malaysia's manufacturing sales rose 14.7 per cent year-on-year to 20.3 billion Malaysian ringgit (SS9.I billion) in May. "This rapid expansion can be seen from the increase in the sales value and die rise in the number of employees as well as additionalAFP - 72 words
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80 1999-07-17 6 AFP [JAKARTA] Indonesian President B J Habibie will appoint navy chief Admiral A S Widodo to the long-vacant post of deputy chief of the country's military. Adm Widodo, currently chief of staff of the navy, will be officially installed in a ceremony today. HeAFP - 80 words
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75 1999-07-17 6 AFP [SYDNEY] An Australian shipbuilding consortium yesterday denied a report blaming it for a decision by Thailand to abandon plans for seven more patrol boats after delays in finishing the first three. The Australian Financial Review said in a report from Bangkok that theAFP - 75 words
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80 1999-07-17 6 Reuters [BEIJING] China hopes to develop the technology to send a man into space by the beginning of next year, the official Xinhua news agency reported yesterday. China will try to make "a breakthrough in this technological research by the end ofReuters - 80 words
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406 1999-07-17 7 BOMBAY Country's on strong recovery path despite political upheaval, Kashmir Reuters DEUTSCHE Bank said yesterday it expects India to be one of the fastest growing economies in the world over the next two years. The Indian economy is on a strong recovery pathReuters - 406 words
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207 1999-07-17 7 SEOUL He's alleged to have taken 100 m won bribe from a bank Bloomberg SOUTH Korean prosecutors said yesterday they issued an arrest warrant for former finance and economy minister Lim Chang Yuel, who confessed to taking a bribe from an insolvent bank seekingBloomberg - 207 words
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350 1999-07-17 7 TOKYO New management of collapsed bank to file complaint: report AFP THE new management of collapsed Nippon Credit Bank is likely to seek criminal charges against former executives for allegedly covering up bad loans, a report said yesterday. The management is expected toAFP - 350 words
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Article, Illustration234 1999-07-17 7 Surinder Singh - From Surinder Singh in Sydney THE shiny jerseys used by soccer giant Manchester United are soon going to be a thing of the past. Australian wool company, Woolmark, announced in Sydney on Wednesday that it had tied up a deal with234 words
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SHIPS IN PORT
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Article430 1999-07-17 7 tort Voy Wo Barth Arrival Dtpartara JN|M East Uft* P*241 J17 14/07/735 17/07/530 P* 2507 1807 JH 16/07/7:45 17/07/630 Bt 0anc1pta2 ***** J01 16/07/8:10 17/07/23:59 It P*tr» 8*1 ***** JOl I6/07/KW5 17/07/130 Bt P» Trior 2 ***** JOl 16/07/12.10 16/07/21:00 AU» SfflJOfl 9922 J14 17/07/130 20/07/2330 Marcopoto 48430 words
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Article1490 1999-07-17 7 RECEIVING OF EXPORT Fa CONTAINERS AND LCL CARGO Boofclng/Balanct Rstts SWp Voy Mo Itb/Btr Poftod frow To frw MaStaH C042W H/BOO M H/BOO H/H51 H/BOO h/boo h/hsi fc-^oc U H/700 17/0*59 -"(HOC II H/700 7/0451 17/0900 J n/o roo ir/n» 4oc 4 7/1200 7,1491 7/700 5w5 Si a/aoo1,490 words
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THE WORLD
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Article603 1999-07-17 8 PARIS Analysts see August as traditional time when markets collapse Reuters WALL Street is likely to be the flashpoint for any European stock market correction this summer, analysts say, although Argentina or Japan may provide a few alarms. August is traditionally the time whenReuters - 603 words
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Article, Illustration54 1999-07-17 8 [BREGENZ, Austria] Singers performing on a giant stage on Lake Constance during a rehearsal of Giuseppe Verdi's opera EinMaskenbaM (A Masked Ball) on Thursday. The design of the stage in the lake shows "Death reading the book of life. The annual Bregenz festival will openREUTERS - 54 words
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432 1999-07-17 8 BANGKOK AFP THAILAND opened the door yesterday for New Zealand's Mike Moore to lead the World Trade Organisation (WTO) ahead of its own candidate, boosting hopes that a termsharing compromise will end a deadlocked leadership race. Foreign Minister Surin Pitsuwan saidAFP - 432 words
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364 1999-07-17 8 MOSCOW Borodin controls perks awarded to Kremlim elite LATWP SWISS prosecutors have joined Russian counterparts in investigating one of President Boris Yeltsin's most powerful aides: the low-key but influential boss of Kremlin perks and privileges, Pavel Borodin. Swiss prosecutorsLATWP - 364 words
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444 1999-07-17 8 LONDON Bloomberg GOLD rose 1.1 per cent, its first gain in more than a week, after an International Monetary Fund official said the IMF may back down from plans to sell 10 per cent of its gold reserves to investors, offering itBloomberg - 444 words
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533 1999-07-17 8 FRANKFURT Bat analysts divided on whether its talk has teeth Reuters THE European Central Bank put some teeth into its efforts to underpin the euro this week with talk of higher interest rates and an attempt to downplay concernReuters - 533 words
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300 1999-07-17 8 MEXICO CITY Reuters MEXICO is braced for the publication of a probe into a US$65 billion (*****.6 billion) bailout of its banks, with opposition lawmakers claiming it will cast light on massive fraud while government supporters say it will prove the bailout saved theReuters - 300 words
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WORLD Watch
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Article39 1999-07-17 8 AFP [PRAGUE] The UN Security Council could be reformed within six or 12 months, UN Secretary General Kofi Annan said yesterday. This will allow nine countries to overcome the veto by a single country. —AFPAFP - 39 words
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Article47 1999-07-17 8 AFX-Asia WASHINGTON] J Alfred Broaddus, the president of the Federal Reserve Bank of Richmond, said he is comforted by the lack of inflation in the US in May and June, and that the sharp rise in consumer prices in April was an anomaly. —AFX-AsiaAFX-Asia - 47 words
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Article44 1999-07-17 8 Reuters [WASHINGTON] Production by US factories, mines and utilities strengthened in June as the second-quarter growth rate in output accelerated to its fastest pace in 1-1/2 years, the Federal Reserve said yesterday. Total industrial production rose 0.2 per cent. —ReutersReuters - 44 words
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Article64 1999-07-17 8 Reuters [NEW YORK] Morgan Stanley Dean Witter said yesterday its US investment strategist Peter Canelo raised his forecast for profit growth at large US corporations in 1999, citing improving global economic conditions. He now predicts operating profits at Standard Poor's 500 companies will rise by 14Reuters - 64 words
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EXECUTIVE LIFESTYLE
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Article, Illustration819 1999-07-17 9 BRITISH OPEN Cabrera 'The Duck' is right behind, with Woods and Norman following*** Reuters [CARNOUSTIE, Scotland] The beast of Carnoustie bared its fangs again yesterday as Frenchman Jean Van de Velde seized the early second round lead of the British Open with AngelReuters; AFP - 819 words
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Article, Illustration1193 1999-07-17 10 DAVE LARSEN - After the premiere of Eyes Wide Shut, the star will be back in the theatres with a vengeance in upcoming thrillers, dave larsen has the details. DAVE LARSEN NYT TOM Cruise has enjoyed a seemingly charmed career. The two-time Oscar nominee has more than US$l billion (Ssl.7NYT; REUTERS FILE PHOTOS - 1,193 words
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Page 9 Miscellaneous
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Miscellaneous1610 1999-07-17 9 CRYPTIC CROSSWORD 1 Go overseas officially to ex--12 Star model represented by 20 Many fish to display rounded by blossoms (9) is 28 Rushed off, despite being riddled with bullets (4,7) Indian stew (8) YESTERDAY'S SOLUTION DOWN 9 Manager seems distressed M iIsIaIqIeBaIsIsIoIrItIeIdI 2 Watered and weeded about loudmouthed comaround1,610 words
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Page 10 Advertisements
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Advertisement407 1999-07-17 10 Where to wine, dine and entertain...™ <>> r > °o i V l <$Sw HOTEL GRAND CENTRAL UMITEO 22 Orchard Road/Cavenagh Road. Singapore *****7 Tat: 737 9944 Ext 400/02 Fax; 733 3175 i|y& "1212" LUNCH PROMOTION (From 12 noon 2.30 pm daily) Come and try our value for money "1212"407 words
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Advertisement37 1999-07-17 10 A rV WHINING COURT DINING At Pine Court Chinese Restaurant LUNCH 12 noon 2.30pm DINNER 6.30pm 10.30pm gg Reservations: 831-6262 I Mandarin B Singapore HS& 133 Orchard Road Singapore 2 ***** Tel: 7)7 4411 Fax: 732 236137 words
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COMPANIES & MARKETS
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Article, Illustration296 1999-07-17 11 David Boey - 'Overwhelming majority' support; it will apply for High Court approval By'. David Boey [SINGAPORE] Debt-laden IPC Corp has won a reprieve from its creditors, securing approval by "an overwhelming majority" for a scheme of arrangement with its preferential and unsecured credi- tors yesterday.Source: Bloomberg - 296 words
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294 1999-07-17 11 Clarissa Tan - By Clarissa Tan [SINGAPORE] Guidelines for the fast-changing local fund management industry have been set out for the first time in a code of ethics and best practices put together by the Investment Management Association of Singapore (IMAS). IMAS will distribute the294 words
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Article, Illustration262 1999-07-17 11 Corinne Kerk - Raffles Holdings' authorised capital $2b, op from $300 m By i Corinne Kerk [SINGAPORE] DBS Land has increased the capital of two wholly-owned subsidiaries, Raffles Holdings, a hotel and leisure unit, and Stamford Holdings, a service apartment operator. DBS Land yesterday saidFILE PHOTO - 262 words
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Article, Illustration275 1999-07-17 11 Audrey Tan - Extension is for short-term: energy transportation firm By, Audrey Tan [SINGAPORE] Osprey Maritime confirmed yesterday that its bankers have agreed to extend the part of its outstanding loan facilities maturing on July 20. But the energy transportation company added thatFILE PHOTO - 275 words
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262 1999-07-17 11 Marissa Chew - By: Marissa Chew [SINGAPORE] Stamford Holdings, a wholly-owned subsidiary of DBS Land, will be making a general offer for the remaining shares in Scotts Holdings, after DBS Land yesterday exercised its final option to purchase 10.55 per cent of Scotts. After the purchase,262 words
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135 1999-07-17 11 [SINGAPORE] DBS Bank has been awarded long-term credit ratings by Moody's Investors Service, Standard Poor's and Fitch IBCA. It DBS received a rating of Aa2 from Moody's, A+ from S&P and AA- from Fitch. DBS said in a statement that it is the first Singapore135 words
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677 1999-07-17 11 Conrad Raj - HOCK LOCK SIEW Conrad Raj AFTER more than a year of vacillation during which the stock languished around the 40-cent level, Jack Chia-MPH appears to have finally found a saviour in property deal-maker Simon Cheong. It is probably the best thing677 words
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COMPANIES
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375 1999-07-17 12 Exercise price goes from RM5.45 to RM6.80 to enconr&ge early exercise Reuters [KUALA LUMPUR] Minority shareholders of Malaysia's United Engineers (M) Bhd will have three years to exercise 99.62 million warrants proposed by the company. Detailing the terms of theReuters - 375 words
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169 1999-07-17 12 [SINGAPORE] DBS Bank and US-based State Street Bank and Trust Company have teamed up to provide services to the unit trust industry in Singapore. State Street Bank and Trust Company is the principal subsidiary of State Street Corporation, a global leader in169 words
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511 1999-07-17 12 Ruth Wong - Property group said to be keen on gaming and power interests From, Ruth Wong in Kuala Lumpur PROPERTY-BASED Country Heights Holdings Bhd is in talks with tycoon T Ananda Krishnan's Usaha Tegas Sdn Bhd on possible ventures on "viable projects", but Country Heights511 words
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Article, Illustration321 1999-07-17 12 Teh Hooi Ling - Exchange wants firm to disclose the basis for the forecast By' Teh Hooi Ling [SINGAPORE] The Stock Exchange of Singapore yesterday asked CM Telecom to clarify its chairman Tony Hau's statement to BT that he expected the company to post double-digit earnings321 words
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399 1999-07-17 12 Group may also take other nnits private in downturn: analyst AFX-Asia [HONGKONG] Wharf (Holdings) is likely to have its net asset value enhanced in the event of a privatisation of Harbour Centre Development, South China Brokerage analyst Kenny Lau said. Harbour Centre wasAFX-Asia - 399 words
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Article, Illustration316 1999-07-17 12 It sells 12.56% of Indofood or 230 m shares at 8,390 rupiah each Bloomberg, Reuters [JAKARTA] Indonesia's Salim Group raised 1.9 trillion rupiah (*****.8 million) from its sale of a 12.56 per cent stake in PT Indofood Sukses Makmur. The company soldBloomberg,; Reuters; FILE PHOTO - 316 words
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COMPANY Briefs
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Article86 1999-07-17 12 [SINGAPORE] Singapore Press Holdings shareholders yesterday approved all the company's proposals relating to share buy backs and the granting of employee share options. At an extraordinary general meeting held at the company's News Centre headquarters, shareholders gave the green light to management to buy back86 words
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Article68 1999-07-17 12 [SINGAPORE] Econ International said it signed an agreement yesterday with Korea Highway Corporation (KHC) and Hyundai Engineering Construction for KHC to become a shareholder in Econ and Hyundai's Joint venture company, Hangdarm Island Development. Hangdarm will develop and operate a US$l6O million (***** million) highway rest68 words
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Article90 1999-07-17 12 [SINGAPORE] Wah Shing International Holdings yesterday reported a 57 per cent jump in turnover to HKS6S2 million (Ssl43 million) for the half year ended June 30. Net profits surged 336 per cent to HKJ6O.6 million, leading earnings per share to rise to 16 HK cents90 words
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89 1999-07-17 12 [SINGAPORE] DBS Bank yesterday announced that all $193 million Visor fixed-rate secured bonds have been fUlly taken up. Visor is the company set up to buy Robinson Point from DBS Land. The issue comprises $125 million in Senior Bonds and $68 million in Junior Bonds.89 words
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Article74 1999-07-17 12 AFX-Asia [KUALA LUMPUR] Metroplex Bhd said it has no intention to acquire Philippine state-run Mimosa Regency Casino. In a statement to the Kuala Lumpur Stock Exchange, Metroplex said it has never "been in discussion with any party whatsoever for its (Mimosa) takeover". A Manila report hadAFX-Asia - 74 words
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INTERNATIONAL COMPANIES
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Article, Illustration629 1999-07-17 13 Jennifer Lien - Group doing fresh review of its worldwide operations By. Jennifer Lien [SINGAPORE] "Ridiculous" price-cutting in the disk drive industry may cause market leader Seagate Technology to post a loss this quarter, Seagate chief financial officer Charles Pope said. And just a yearFILE PHOTO - 629 words
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259 1999-07-17 13 NYT [NEW YORK] The Gillette Co, reeling from weakness in its international business and the dismal performance of some product lines, reported second-quarter earnings on Thursday that matched Wall Street's previously lowered expectations. Gillette, the maker of razors and blades, postedNYT - 259 words
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572 1999-07-17 13 Only 2 pore Asian Net firms have had their shares floated IHT [HONGKONG] Asia has almost everything needed to set off a boom in Internet stocks just like the one that has swept the United States: a large numberIHT - 572 words
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569 1999-07-17 13 Bat analysts wary of looming slowdown in production LATWP [SEATTLE] Boeing Co said Thursday that its secondquarter profit more than doubled compared with last year, exceeding Wall Street's expectations and adding more evidence that the giant aircraft maker hasLATWP - 569 words
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187 1999-07-17 13 FT [LONDON] France Telecom on Thursday invested US$l billion (Ssl.7 billion) in return for a 10 per cent stake in NTL to support the Nas-daq-listed UK cable operator's planned £8 billion (5521.4 billion) bid for the residential cable assets of Cable Wireless Communications.FT - 187 words
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Article, Illustration389 1999-07-17 13 They quit in surprise move after string of box office flops Bloomberg [NEW YORK] Time Warner's Robert Daly and Terry Semel quit unexpectedly as cochairmen and chief executives of the Warner Bros movie studio and Warner Music Group after several years of expensive box-officeBloomberg; FILE PHOTO - 389 words
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448 1999-07-17 13 Reuters [HONGKONG] Advisers to Hongkong's stock and futures exchanges appeared still far apart yesterday in their respective valuations for a proposed merger as the territory's government urged them to come to an agreement. In a statement, a Financial Services Bureau spokesman saidReuters - 448 words
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FINANCE & COMMODITIES
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Article, Illustration655 1999-07-17 14 Fnnd is now larger than all funds in 1985 but Vanguard may soon overtake it Reuters, Bloomberg [NEW YORK] A combination of new money, a rising stock market and astute stock picking combined to make Fidelity Investments' Magellan Fund the firstReuters,; Bloomberg; FILE PHOTO - 655 words
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412 1999-07-17 14 CEO says these are also not included in cost-cutting plan Bloomberg [SINGAPORE] BP Amoco Pic, Europe's second-biggest oil company, said its refineries in Australia and Singapore are not included in the costcutting programme, its chief executive John Browne announced on Thursday. BP Amoco'sBloomberg - 412 words
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Article, Illustration433 1999-07-17 14 Euro/US$: Euro/US$ started the week on a soft tone, trading to a new historical low of 1.0108 on Tuesday before embarking on a recovery track on the same day, touching a high of 1.0252 by Thursday. The next upside target isSource: - 433 words
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Article4615 1999-07-17 14 Net tarn CPS No* Gifti Mar 31 I L399L 1.262L III 191 Date TY LV TY LV NobelOaslgn Mar 30 P 1.334L 0.731 1.31 0.73 Cempany am <Sm> ($m) (eta) Ccttf NobleCrp (USS) Mar 26 P 7.727L 0.208 3JL 0.10 Oak wall Mar 25 P 0.6224,615 words
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Article, Illustration1095 1999-07-17 15 INTERBANK CROSS RATES Jul 16 SI— »"b Uro Ffr P» HK$ ladtoBupUH Yw Wen tM MS Pafc »s Ptto S$ »—d Sfr KT$ Batt Rob* US$ 0 978 0 M7 4244 1.265 5.125 28.563 44.481 0.799 7.810 2.510 1261 34.251 25.312 1.125 4 060 1 039 21.385 24.539 0 4211,095 words
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Article1847 1999-07-17 15 S1C0M FUTUHES ,hil 16 RUBBER (futures closing as it 5.30pm) BSS1 CONTRACTS centsAg) ClOM VotUflM Open Mo«tl» Hhjh Low Sett (tonnes) Interest Aug 99 1 94l5 300 S«P 99 96.50 900 Oct 99 98.75 300 No* 99 100.25 300 99 KJ2.00 300 00 105.00 300 RSS 3 CONTRACT (US cMWkg)1,847 words
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208 1999-07-17 15 Daphne Tay, Jardine Fleming - SIMEX Reports MSCI Singapore Index Daphne Tay, Jardine Fleming IT was another weak day for the Singapore bourse yesterday. The downward revision of Singapore's 1999 growth figures foUowing the adoption of a new methodology and reports of heightened ChinaTaiwan tensions stung208 words
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157 1999-07-17 15 Charlie Kuo Refco Singapore - MS& Taiwan fixtures Charlie Kuo Refco Singapore THE Simex MSCI Taiwan Stock Index futures plunged yesterday amid concerns over the worsening crossstrait relations between China and Taiwan. The July '99 contract failed to hold up above the 340.0 level during the last trading hour, falling157 words
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280 1999-07-17 15 ENERGY REPORT Reuters, Bloomberg [LONDON] Oil prices hovered near 20-month highs yesterday, shaking off a bout of profit-taking amid concerns over summer supplies of petrol in the United States. London September Brent blend futures were valued at U5519.05 a barrel, downReuters,; Bloomberg - 280 words
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Article325 1999-07-17 15 Reuters London TRADERS were left wondering whether the euro was heading higher or still on course for parity as it ended firm against the US dollar yesterday, having narrowly avoided a fall to US$l earlier in the week. Despite the euro's rise past US$l.O2 after sliding to justReuters - 325 words
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Article, Illustration1444 1999-07-17 16 AFP Q Hang Seng -213.66 HONGKONG share prices closed 1.6 per cent lower yesterday as investors fretted about tensions between China and Taiwan, dealers said. "Since the handover of Hongkong to China (two years ago), such tensions across the Taiwan Strait have started to affect market sentiment here, justAFP - 1,444 words
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Article, Illustration567 1999-07-17 16 Reuters Shenzhen B Index -&86 SHENZHEN'S B shares closed down 4.27 per cent yesterday, led by selling by foreign investors jittery about the tension between Beijing and Taipei. The B share index fell 3.86 points to 86.58 on turnover of HKSS4 million, compared with HK$B9 million on Thursday. "OverseasReuters; Source: Credit Lyonnsis Securities(Asia) Ltd - 567 words
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Article370 1999-07-17 16 AFP QWP Index -506.46 STOCK markets in Taipei, Hongkong and Tokyo plummeted yesterday as investors were hit by fears of a military confrontation between China and Taiwan, dealers said. The Taiwan Stock Exchange Weighted Price Index tumbled 6.4 per cent, shedding 506.46 points to 7,411.58 in the largest dropAFP - 370 words
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Article2212 1999-07-17 16 LONDON Industrials Jui 16 Pound 34 Group 8.48 -0.03 Abbey Nation*) 12.10 -0.12 A 8 Foods .4.21 -0.04 A 3 Ports 3.04 unch AstraZeneca 22.88 -0.18 Allianct Laic aster 8.32 -0.11 Allied Domecq 5.74 -0.12 Allied Zurich 7.74 -0.20 Anqlo American Gold 43.70 unch AS DA Group2,212 words
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Article1636 1999-07-17 16 AFP □Nikkei 225 -***** TOKYO'S key stock index fell one per cent yesterday on profit-taking accelerated by declines in Hongkong and Taiwan share prices amid concerns over tensions between Beijing and Taipei, brokers said. Investors locked profits, especially in hightech and blue-chip issues, after the Nikkei stock average ofAFP - 1,636 words
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KUALA LUMPUR STOCK MARKET
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Article8398 1999-07-17 17 INDUSTRIALS ConsiMMf products 1999 Last Vo« Day Net Cap Hlg» Low Company Sal* OOO High Low P/t Smll ♦40 255 AJinomoto 370 -10 t 370 370 23.5 150.0 174 46 Angkasa 159 -8 1317 174 150 234 4 404 220 Apollo Food Hlg 370 -8 108 384 368 12.9 1488,398 words
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Article, Illustration417 1999-07-17 17 AFP CI Composite Index -L 74 MALAYSIAN share prices closed 0.2 per cent lower in heavy trade yesterday due to continued program-selling by foreign investors, aggravated by weaker regional bourses, dealers said. A senior analyst with a local brokerage said investors were selling down aheadAFP - 417 words
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WARRANTS,OPTIONS & REGIONAL MARKETS
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Article2147 1999-07-17 18 BONOS. LOANS ft WARRANTS wt 52-*k Last Vol Day Laat Quota Mtgh Low Stno Company Sal* »or- COOO) Htqh Law Buyar Sallar Prlca 104 3 s 3160 "Acer ******1USS 52 7 9 591 63 5 49 52 53 80 4.5 s 3164 Acma ******4 39.5 -2.5 1288 42 37 39.52,147 words
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Article232 1999-07-17 18 HONGKONG STOCKS Cr Gr 32-Wk Last Vol Day Lot Oust* Mv Wv YM MM M Cap HUH Low Stno Company S<k fOOO) Mtgh Lew Buyer >««« Cw X P/E 5m4 365 173 5123 COL (2000) MK 300 300 8 X7 2.7 10.2 5808.5 5124 Cathay Pk 20c HK_720232 words
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Article175 1999-07-17 18 R Sivanithy - WARRANT WATCH By R Sivanithy WITH the rest of the region seemingly going to pot in the wake of the China-Tai-wan situation, Malaysia continues to power ahead. The latest play is on Bolton Bhd, after a recent announcement that it is to take over175 words
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Article285 1999-07-17 18 AFP P Wellington -3.02 NEW Zealand's share market ended a disappointing week on a soggy note yesterday. The blue-chip NZSE-40 Capital Index closed the day 3.02 points or 0.1 per cent down at 2,182.22. Turnover was worth NZ$9l million. AFP MM «tt (000) Advantage MOS 2.75 -0.07 139 AirAFP - 285 words
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Article, Illustration852 1999-07-17 18 AFP PI SET Index -BJ9 THAI shares slipped 1.6 per cent yesterday in cautious trade, tracking weaker regional sentiment amid tensions between China and Taiwan, dealers said. Dealers said trade was thin without any positive leads to spur buying and with persistent worries over the state of Thai banks'AFP - 852 words
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Article419 1999-07-17 18 AFP Composite Index +3&iEB SOUTH Korea share prices leapt 3.9 per cent yesterday to close above the 1,000-point level on foreign interest and active buying by institutions following rosy economic forecasts, dealers said. "Sentiment suddenly turned positive after the release of positive banking data (and) boosted economic growth figuresAFP - 419 words
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Article658 1999-07-17 18 AFP n All Ordinaries -I(UE AUSTRALIAN share prices closed down 0.3 per cent yesterday as a rally in copper stocks failed to spur broader gains in the market, brokers said. The All Ordinaries Index finished down 10.6 points at 3,054.40. The All Resources Index finished up 9.8 points atAFP - 658 words
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Article, Illustration710 1999-07-17 18 AFP fl Composite Index +LB3 INDONESIAN shares closed 0.3 per cent higher yesterday in volatile trade with rises in retail and pharmaceutical stocks offsetting declines in selected big cap stocks, dealers said. Market players were also digesting the results of the final Indonesian election vote count, they said. "Second-linersAFP - 710 words
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Article325 1999-07-17 18 AFP n Manila -M 136 PHILIPPINE share prices closed 0.2 per cent higher yesterday due largely to speculative buying, analysts said. The Philippine Stock Exchange Composite Index rose 6.36 points to close at 2,585.69 points. Volume rose to 2.31 billion shares worth 3.05 billion pesos from 2.19 billion sharesAFP - 325 words
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7131 1999-07-17 19 Transaction date: JiU 1G f 6» M Wt Mi-fc Vol Doy Loot Ouot* Wv Olv YW Nat Cap Avg Low StNo Com pony Soto <000) High Low Buyor tjgK H C»r H P/t $mll Prica MULTI-INDUSTRY 182 17.5 m D 1000 Acmo 50c 1307,131 words
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Article1480 1999-07-17 19 Of 0f M Wt Vol Ooy Last Owd Mv Mv YM Not Ca» A», L— ««W C$mtmr SH rooot wm> U» 8»yor U—r Cw W $W Prtco HANUFACTUHM 218 30 C 2049 AS Auto Kk 169 -7 1514 177 163 >68 169 10 N 0.6 193 177 HZ 551,480 words
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STOCK EXCHANGE OF SINGAPORE
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Article370 1999-07-17 20 Stocks Votam Hotung Inv NT5 48,471.000 Asia FoodiProp 45.232,000 Golden Agri USIOc 25.679,000 *G«nting Int 23,6K),000 IPC Corpn 5c 23,550,000 GES Intl Ltd 20c 21,354,000 UOLR 16,472,000 Frt Links 20c 15,826,000 Eagle Brand Hldgs HK75c 15.073,000 ICT HK10C 13,974,000 Stocks SPH 73,921,181 DBS Foreign 41.029,072 GES M Ltd 20c 33,293,035370 words
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Article, Illustration592 1999-07-17 20 R Sivanithy - STI fall would have been worse if not for SPH's $1.60 rise; small caps hardest hit STOCK MAUBT COMMENTARY By R Sivanithy LOCAL stocks threatened a near-total collapse yesterday after a 6.4 per cent crash in the Taiwan market brought on concerted592 words
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ON THE GRAPEVINE
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Article90 1999-07-17 20 ORCHARD Road may turn into a sea erf red today. For its third instalment of surprises this weekend to celebrate 120 years of telecommunications, Sing Tel is giving away 12,000 red umbrellas. All you have to do is show up at Comcentre between noon and 4pm with90 words
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Article94 1999-07-17 20 A REMISIER was overheard pacifying a client in Teochew. "Don't worry. Slowly, it will come back up," said the remisier, referring obviously to the stock market Be patient, though. "When they come 19, they climb the stairs. But when they go down, they take the94 words
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Article163 1999-07-17 20 MALAYSIANS seem to be enamoured of the new-yet-affordable Korean car, Kia Sephia, judging from the numbers that have been spotted zipping around Kuala Lumpur lately. But according to motor indurtry sources, national car maker Proton ami its distributor EON were unhappy with Kia as163 words
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Article68 1999-07-17 20 MADONNA is considering taking Marko Milosevic, son of Yugoslav President Slobodan Milosevic, to court for naming a club after her, according to a recent report from news agency AFP. which quoted the New York Daily News. '1 hope he has a good lawyer," Liz Rosenberg, spokeswoman for68 words
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Article, Illustration87 1999-07-17 20 Teh Hooi Ling - ■by Teh Hooi Ling GES International shares fell three cents to $1.54 yesterday on a volume of 21.4 million shares, compared to the 10-day average of 16.4 million. This is a bearish sign. A few other indicators also hint at a lower price. The counter appears to be87 words
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