The Business Times, 28 August 1999

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Microfilm: NL21522
Total Pages: 20
1 20 The Business Times
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  • Title Section
    Lock icon Masthead
    19 1 THE BUSINESS TIMES M!TA (P) 04(V 12/98 85c SINGAPORE In qusufess- 1 imes.as ia I.com.sg/ SATURDAY, AUGUST 28, 1999
    19 words
  • Article
    Lock icon MARKET SUMMARY
    63 1 m *****3 (-7.91) BT-SRI 796J6 (-4.36) SIMSCI FETCHES 2MLBO (-2.40) STOCK MA&EBTIHMCBS Friday Change KLSE COMP 764.79 +J.04 NIKKEI 17,***** -66.92 HANO SENO *****1J -***** SET INDEX 467*4 +1.47 JAKARTA COMP ***** -&84 MANILA COMP _H2114 -16.47 TAIPEI WPI 8,***** -4160 SEOUL COMP ***** +0.40 CLSA CHINA B
    63 words
  • Article
    Lock icon FINANCE
    72 1 FOKEX BATES us$ .s$ £(liS$/S$per£) LMeZZlS! EL'RO(USS/SS per E) 1.044 1.7«4 DM 1574 0.902 YEN 11 LI 1.615 KM 3.800 8.445 RKS 7.766 0.218 BAtfT 8812 0.044 RCP1AH 7,806 8.822 •SStoMwitU NUMERATES SINGAPORE* 5.80 KUALA LUMPUR 715 JAKARTA 40.00 BANGKOK 10.60 MANILA 11J HONGKONG 8.26 TAIPEI ...8.07 SYDNEY 7.95
    72 words
  • Article, Illustration
    Lock icon 47% jump in private property deals in Q2
    817 1  -  Secondary market sales accounted for 58% of caveats lodged, np from 40% Marissa Chew [SINGAPORE] The second quarter, traditionally the most active time for the Singapore property market, has lived up to expectations this year with a 47 per cent jump in
    Source: SISV Services, ET & Co Research  -  817 words
  • Article, Illustration
    Lock icon Sand, sea and Beemers
    117 1 [SINGAPORE] 7T was an evening of fun, sea and sex appeal when the new BMW 3-series coupe made its local debut at Europa Sailing Club last night. A crowd ofsoo turned up for the beach party by BMW agent Performance Motors. Athletic dancers, free-flowing drinks, Beemer
    CHRIS LOH  -  117 words
  • Article
    Lock icon Wall St cautious after remarks by Greenspan on stock prices
    356 1 Bloomberg [JACKSON HOLE, Wyoming] Worried about another interest rate hike, the US stock market sat up and took notice yesterday as US central bank chairman Alan Greenspan said that the increasingly important role of stock prices and real estate values
    Bloomberg  -  356 words
  • Article
    Lock icon 10 new component stocks in STI after annual review
    595 1  -  By' Wong Wei Kong [SlNGAPOßE] Ten stocks were dropped and 10 added in the annual review of the Straits Times Index (STI), the main benchmark of the Singapore stock market. The new index stocks are: hotel group Amara Holdings; electronics firms
    595 words
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      Lock icon Page 1 Advertisements Column 1
      121 1 nCSTOE tl 1 Cutback At US electronics giant Compaq Corp said yesterday that 1,600 people, about 62% of its workforce, will be made redundant, Pg3 HE GDP up <X 5% After five consecutive quarters of negative growth, the Hongkong economy bounced back into positive territory in the second quarter, with
      121 words
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      16 1 The new additions, Pg 12 Thai PM denies govt plan to build Kra canal Pg 5
      16 words
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      Lock icon Page 1 Advertisements Column 3
      43 1 Full text, Pg 6 More Fed rate hikes coming, says report, Pg 7 VERSACE WATCHES AVAILABLE AT GIANNI VERSACE BOUTIQUES ANO AU SELECTED RETAHERS IN SINGAPORE KUALA LUMPUR BANGKOK JAKARTA TAIPEI FOR INFO CAU GVD SINGAPORE PTE LTD. TEL *65 438 89 23
      43 words
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  • SINGAPORE AT HOME & ABROAD
    • Article, Illustration
      Lock icon Final report on SilkAir probe expected soon, says ministry
      563 2  -  Ministry rejects calls for another independent investigation Hit Conrad Raj THL final report on the probe into the crash of Silk Air MIIBS in December 1997, killing all 104 passengers and crew while on its way to Singapore. is expected soon,
      PHOTOS BY ARTHUR LEE  -  563 words
    • Article
      Lock icon Pidemco back in the black with $18.5m H1 profit
      449 2  -  $20m extraordinary profit from sale of Albert Complex, Peranakan Place By Lee Han Shih GOVERNMENT-OWNED Pidemco Land, which could go tor a listing in the near future, returned to the black in the first half of the year with a net
      449 words
    • Article
      Lock icon River Valley site seen fetching $50.5m in collective sale
      352 2  -  iiy Marissa Chew A SITE in Shanghai Road, in the central River Valley area, is coming up for collective sale next month with the owners expecting to get about $50 5 million. The site comes in two parts one being a
      352 words
    • Article
      Lock icon DePfa makes debut in S$ bond market with $100m issue
      247 2 7-year bonds underwritten by Citicorp DEPFA Deutsche Pfandbrief AG of Germany, Europe's largest private debt issuer, has made its debut in the Sin-gapore-dollar bond market with a $100 million issue of seven-year bonds. The bonds, with a coupon of 4.75
      247 words
    • Article, Illustration
      Lock icon Will knowledge-based activities pull TFP rate back up?
      855 2  -  EYE ON THE ECONOMY By, Anna Teo DOES he today stand by his 1994 thesis about the long-term growth ability of Asian economies like Singapore?, Paul Krugman was asked two days ago when he was in town. The widely-quoted Massachusetts Institute of
      Source: Dept of Statistics  -  855 words
    • Article, Illustration
      Lock icon Banks need more foreign talent: Hng Kiang
      316 2  -  By\ Siow Li Sen SINGAPORE'S financial sector needs to build up a critical pool of specialists and the quickest way is to recruit more international talent, said Lim Hng Kiang, Minister for Health and Second Minister for Finance, yesterday. A survey of almost
      ARTHUR LEE  -  316 words
    • Article
      Lock icon Int'l award for exceptional, innovative management skills
      203 2 THE Singapore Productivity and Standards Board (PSB) has tied up with the UK-based Institute of Management (IM) to give an international award to individuals with exceptional and innovative management skills here and around the world, starting next year. The two parties signed a
      203 words
    • Article
      Lock icon Compaq to shed 1,600 workers in two phases by next March
      677 3  -  Figure represents 62% of workforce; company closing down PCBA lines to outsource operations By] David Boey US electronics heavyweight Compaq Computer Corp said yesterday about 1,600 people, representing 62 per cent of its workforce, will be made redundant in
      677 words
    • Article, Illustration
      Lock icon Out of a job
      144 3 ft The ministry notes that even as we recover from last year s recession, the process of economic restructuring may result in the displacement of workers. Ministry of Manpower uut mi a juu Downsizing electronics majors Compaq Computer SwuhlMmloff Western Digital Date: Aug 27 Date: Aug
      144 words
    • Article
      Lock icon S'pore finns plan SES listing of China assets in 2-3 years
      766 3  -  BG YEO IN CHINA Four companies say they've proven themselves in China Reports from Teh Hooi Ling inZhengzhou HAVING invested in China for a few years now and having established a track record, a number of Singapore companies are
      766 words
    • Article
      Lock icon S'pore and Henan find good scope to pursue tourism projects
      424 3 [ZHENGZHOU] There is potential for Singapore and China's Henan province to work more closely together in tourism projects, Minister for Trade Industry George Yeo said in a meeting with Henan Governor Li Ke Qiang yesterday. Agreeing, Mr Li said Henan's
      424 words
    • Article
      Lock icon Enough jobs but worry is how to retrain: EDB chief
      271 3 Comments come amid restructuring in electronics sector Reuters ECONOMIC Development Board (EDB) chairman Philip Yeo said yesterday he did not see an unemployment problem arising from restructuring in the electronics sector. "There is no shortage of jobs, our unemployment now
      Reuters  -  271 words
    • Article
      Lock icon CAM founder gets another 42 months for CBT, forgery
      503 3 THE former managing director and chairman of listed CAM International Holdings (CIHL), who is already serving a 48-month term in prison, received another 42month jail sentence yesterday for criminal breach of trust and conspiracy to commit forgery. Raymond Chew Chuan Seng,
      503 words
    • Article
      Lock icon Developers'plea at expense of the public
      361 3  -  MAILBAG Lawrence Tan Singapore via Internet I READ with utmost disgust your report, "Developers urge govt to be cautious in land sales" (BT, Aug 26). I cannot understand why developers, especially Ng Teng Fong of Far East Organization (FEO), would put up such a
      361 words
    • Article
      Lock icon Share options, Singapore style?
      113 3  -  Denis Distant Singapore via Internet I REFER to "Share options for Seksun director at 79% discount to closing price" (BT, Aug 25) and wonder if the rationale for giving share options to directors here is different from other places where these are given as incentive for
      113 words
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  • ASIA ON THE MEND
    • Article, Illustration
      Lock icon M'sia crosses swords with Krugman
      469 4  -  Both sides agree capital controls were necessary but differ on when they shonld be lifted From Eddie Toh in Kuala Lumpur MALAYSIA and American economist Paul Krugman clashed yesterday on how long the country's capital controls should be kept although both sides agreed that they
      AFP  -  469 words
    • Article
      Lock icon M'sia not out of the woods yet: Dr M
      363 4 Reuters [KUALA LUMPUR] Two days after Malaysia confirmed its worst recession in four decades was over, Prime Minister Mahathir Mohamad said he was now worried citizens were throwing caution to the wind, threatening recovery. "I have begun to worry people may
      Reuters  -  363 words
    • Article
      Lock icon Tokyo economy approaching recovery, says EPA chief
      473 4 Signs all indicate things are on the mend in Japan Bridge News, Bloomberg [TOKYO] Japan's Economic Planning Agency chief Taichi Sakaiya said yesterday that Japan was at a stage where it was approaching an economic recovery, supported by government measures, even though the
      Bridge News,; Bloomberg  -  473 words
    • Article, Illustration
      Lock icon Worst is over for HK's economy
      613 4  -  0.5% growth in Q2 is a 'distinct rebound' says govt economist Reports from Quak Hiang Whai in Hongkong AFTER five consecutive quarters of negative growth, the Hongkong economy bounced back into positive territory in the second quarter, with the government declaring yesterday that the
      613 words
    • Article
      Lock icon Hongkong's 2nd-qtr GDP figure surprises analysts
      423 4 Govt says they may have overlooked the higher exports ANALYSTS were generally surprised by Hongkong's latest economic figures which point to an end to recession. Vincent Kwan, head of economic research at Hang Seng Bank, told BT the second quarter GDP figure was better
      423 words
    • Article, Illustration
      Lock icon Yen flat on talk Japan seeking help to stem its rise
      536 4 Bloomberg [LONDON) The yen was little changed against the US dollar and the euro amid speculation Japan may seek support from other nations to stem the yen's recent rise to a sev-en-month high against the US currency. Japanese Vice-Finance
      Bloomberg; AFP  -  536 words
    • Article
      Lock icon No yuan devaluation in '99: ABN-Amro
      314 4 Bridge News [SHANGHAI] China's current fixed exchange rate policy is "unsustainable" in the longer term, but an adjustment in the policy is unlikely in 1999, Chan Chia Lin, ABNAmro's head of Asian economic research said yesterday in Shanghai. There is, however, a 70 per
      Bridge News  -  314 words
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  • THE REGION
    • Article, Illustration
      Lock icon Results of Suharto probe out in Sept
      421 5 JAKARTA Reuters, AFX-Asia, AFP THE Indonesian government will announce the results of a graft investigation into former president Suharto in the first week of next month, Justice Minister Muladi said yesterday. "I say it will be completed in the first week of September
      Reuters,; AFX-Asia,; AFP  -  421 words
    • Article
      Lock icon Taiwan minister out to create a US$100b bank by year-end
      755 5  -  Land Bank and Bank of Taiwan top finance minister's merger list /•Yom Macabe Keliher in Taipei TAIWAN Minister of Finance Paul Chiu has said it again and this time, he gave a deadline. He wants to create a bank with
      755 words
    • Article, Illustration
      Lock icon Thai PM denies govt plans to build Kra canal
      377 5 BANGKOK Matter is not a simple issne and is still being studied AFP, Reuters THAI Prime Minister Chuan Leekpai yesterday denied reports that his government planned a canal across southern Thailand which would bypass the busy Malacca Straits shipping lane. "There
      AFP,; Reuters  -  377 words
    • Article
      Lock icon Seagate plans Thai expansion, gets tax break
      377 5 BANGKOK Bloomberg, AFP SEAGATE Technology Inc, the world's largest independent maker of computer disk drives, plans to invest about US$lOO million (Ssl7o million) to expand four plants in Thailand, for which the government said it will provide tax concessions. The expansion plan, announced
      Bloomberg,; AFP  -  377 words
    • Article
      Lock icon Philippine GNP surges 3.8% in Q2
      362 5  -  Sharp rebound in agriculture and service sectors Promt Al Labita in Manila THE Philippine economy made a dash in the second quarter, beating analysts' forecasts with an impressive 3.8 per cent growth, thanks to a sharp rebound in the agriculture and service sectors, an
      362 words
    • Article, Illustration
      Lock icon A real beauty
      51 5 [BANGKOK] A Thai model standing next to the new Ferrari 360Modena at a hotel in Bangkok on Thursday. The new Modena sells here for 15.3 million baht(Ss674,oU), and despite the ongoing economic recession, the local Ferrari dealer claims that three Thais have placed orders for the car.
      AFP  -  51 words
    • Article
      Lock icon Krung Thai AMC gets nod
      179 5 MBANGKOK Reuters A UNIT of the Thai central bank said yesterday it had approved "in principle" state-run Krung Thai Bank's plan to set up an asset management company (AMC) to deal with its nonperforming loans. Chaktip Nitibhon, manager of the Financial Institutions Development Fund told
      Reuters  -  179 words
    • Article, Illustration
      Lock icon San Miguel chief has US$2b to spend and appetite to match
      686 5 MANILA Bat Cojuangco refuses to identify potential targets Bloomberg EDUARDO Cojuangco, dubbed "Mr Pacman" by the Philippine press in the 1980s for his tendency to gobble up every company in his path, has almost US$2 billion (553.4 billion) in
      Bloomberg  -  686 words
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  • FOCUS
    • Article, Illustration
      Lock icon The task ahead for central bankers
      2342 6 This is the text of Federal Reserve chairman Alan Greenspan's "New Challenges for Monetary Policy" speech in Washington yesterday Reuters AS the value of assets and liabilities have risen relative to income, we have been confronted with the potential for our economies to exhibit
      Reuters; FILE PHOTO  -  2,342 words
    • Article, Illustration
      Lock icon Deadly cocktail of politics and poor banking
      1161 8  -  Krung Thai's bad loans saga and the subsequent shake-up prove banks should be run by bankers, not bureaucrats, reports HARISH MEHTA from Bangkok HARISH MEHTA NOW that the Thai government has swept away most of the board of Krung Thai Bank (KTB) following
      1,161 words
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  • REGION/WORLD
    • Article
      Lock icon Fed not finished with rate hikes: report
      522 7 LONDON Next rise may come shortly after Oct; inflation data said to show ominons signs Bridge News, Reuters THE US Federal Reserve isn't finished with hiking interest rates, yesterday's Internet edition of the New York Post reported, without naming its sources. The two
      Bridge News,; Reuters  -  522 words
    • Article, Illustration
      Lock icon Virus in e-mail message leaves Fuji Bank with egg on its face
      321 7 TOKYO FT ONE of Japan's higgest banks has embarrassed itself and risked insulting some of its key investors by emailing a computer virus to dozens of fund managers worldwide. The e-mailed memo was part of a public relations
      FT; FILE PHOTO  -  321 words
    • Article
      Lock icon Shareholders reject SK Telecom stock split
      585 7 SEOUL Tiger food's plan fails by oarrow margin Bloomberg Reuters SK TELECOM, South Korea's biggest mobile phone provider, said its shareholders had rejected a proposed 50-for-l split of the nation's most expensive stock by a narrow margin. Tiger Management LLC, SK Telecom's third-largest shareholder
      Bloomberg; Reuters  -  585 words
    • Article
      Lock icon BoE deputy all for early interest rate moves
      301 7 LONDON Reuters SWIFT and sharp moves in interest rates reduced the volatility of both inflation and output, providing a compelling case for pre-emptive moves in monetary policy, Bank of England Deputy Governor Mervyn King said yesterday. Speaking to a conference on New
      Reuters  -  301 words
    • Article
      Lock icon GM told to pay record US$1.2b damages in accident case
      470 7 LOS ANGELES Gas tank was in a position where it could explode: judge Reuters A LOS Angeles judge cut a record US$4.9 billion (SsB.3 billion) product liability judgment against General Motors Corp to a still-record US$l.2 billion on Thursday as
      Reuters  -  470 words
    • Article
      Lock icon Income rises fuel consumer spending in US
      392 7 WASHINGTON Consumer again the main driver of growth in US Bloomberg CONSUMER spending, a driving force behind the US economy, accelerated last month as incomes rose for a seventh straight month, government figures showed. Spending increased 0.4 per cent in July after an
      Bloomberg  -  392 words
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      Lock icon Page 7 Advertisements Column 1
      610 7 Keppel Telecommunications I Transportation Ltd B (Incorporated in the Republic of Singapore) H Notice of Extraordinary General Meeting I NOTICE IS HEREBY GIVEN THAT an Extraordinary General Meeting of the Shareholders of the Company will be B held at the New Conference Room, 325 Telok Blangah Road, Singapore *****1 on
      610 words
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      Lock icon Page 8 Advertisements Column 1
      1008 8 «^T D Westdeutsche Landesbank Girozentrale VV G St L D (Incorporated in Federal Republic of Germany) ■■—i Group Balance Sheet as at December 31, 1998 Group Statement of Income 31.12.1997 for the year ended December 31,1998 1.1.-31.12.1917 Assets DM DM DM DM thousands UaMltttos DM DM DM DM thousands DM
      1,008 words
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  • EXECUTIVE LIFESTYLE
    • Article, Illustration
      Lock icon A buoyancy in Aussie art
      820 9  -  The '80s were marked by speculative investment but this time things are different, says micbael perry MICHAEL PERRY Reuters THE Australian art market is booming, but unlike the heady days of the 80s, gone are the speculators who used paintings as trophies to show off
      Reuters  -  820 words
    • Article, Illustration
      Lock icon Skin care with Precision
      490 10  -  Chanel is focusing on the individual with its new line, says parvathi mayar PARVATHI NAYAR NEXT week Chanel takes the plunge in Singapore into a market that's big beauty business but in which they have not been major players. But that may soon change, with the
      490 words
    • Article
      Lock icon Understanding skin better
      219 10 CE.R.I.E.S (Epidermal and Sensory Research and Investigation Centre) was founded by Chanel in 1991 to research, unusually, the behaviour of healthy skin. Traditionally dermatology is about "sick" skin, or skin with pathology, or skins which are malfunctioning, while cosmetology is about making healthy skin continue to look
      219 words
    • Article, Illustration
      Lock icon Winning works by Singapore artists
      574 10  -  The Philip Morris awards showcase artists' ongoing concerns By. Parvathi Nayar [SINGAPORE] Painting competitions are a good ground for emerging and established artists to meet and display their ongoing artistic concerns. While it should not be the only such arena, and certainly will not provide
      574 words
  • Page 9 Miscellaneous
    • Miscellaneous
      Lock icon Page 9 Miscellaneous Column 1
      1681 9 CRYPTIC CROSSWORD trance flfl 26 Notices silver in military din- gj— 27 A number of men become representatives (6) 8 Somewhat sooner (6) YESTERDAY'S SOLUTION 9 Occasionally serving consecu- I^BcTolulplolElQlßiAlclgW 1 Court official makes suggestive sentences? (4,4,2,4) tion to employees (8) 15 Relation of a bishop in the pfmß[nT[qßßßCTc»(]u|pp 2
      1,681 words
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  • Page 10 Advertisements
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      Lock icon Page 10 Advertisements Column 1
      444 10 Where to wine, dine and (SlfisSßr ir HMHHHHHH Eat across the region with signature dishes such as Hong Kong's famous Shark's Fin Soup, spicy Thai Tom Yam Soup, hearty Penang Char Kway Teow, crispy Japanese lempura, delicious Sichuan Dan Dan Noodles and tasty Wanton Noodles from Singapore. Lunch/Dinner: £22.50 (Adult),
      444 words
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      Lock icon Page 10 Advertisements Column 2
      38 10 jW \f w—m A MID-AUTUMN CELEBRATION WITH OUR MANDARIN MILLENNIUM MOONCAKES 27 August to 24 September 1999 Telephone Hotline: 835 4220 <s> *•■■>•» fc«i Santa Singapore 33 J Orchard Road, Singapore *****7 V.'.'.TT Tel: 737 4411 Fax: 7J2 2J61
      38 words
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  • COMPANIES & MARKETS
    • Article
      Lock icon Pause for DBS shares as stock merger takes effect
      500 11  -  21-cent fall from theoretical ex-bonus $19.81; UOB re-rating continues By Siow Li Sen [SINGAPORE] The two-week run-up in DBS Bank shares seems to be taking a breather, with the stock closing yesterday at $19.60, down 21 cents from its blended ex-bonus
      500 words
    • Article
      Lock icon Solid 190% H1 profit jump for NatSteel
      480 11  -  It posts $33.6 m net against analysts' $18-s2om forecast By David Boey NATSTEEL busted analysts' forecasts of its half-time performance by a wide margin when it said yesterday that its interim earnings had jumped a hefty 190 per cent to $33.6 million. The
      480 words
    • Article
      Lock icon Electronic contract notes a first for SES
      251 11 [SINGAPORE] The Stock Exchange of Singapore has become the first securities exchange in Asia to go fully electronic in its trading and settlement system, following its implementation of Electronic Contract Notes. While 95 per cent of Singapore brokers and dealers are already on
      251 words
    • Article
      Lock icon Sea View stake: DBS Land likely to have a trump card
      703 11  -  HOCK LOCK SIEW Lee Han Shih ON the surface, DBS Land's entry into the sleepy Sea View Hotel goes against everything its chief executive Han Cheng Fong believes in. DBS Land was badly scathed during the Asian economic crisis
      703 words
    • Article, Illustration
      Lock icon YHS selling F&B ops to M'sian associate in $58m deal
      527 11  -  YHS stake in YHS M 'sia to be raised to 60.7%; it will seek takeover waiver From Ruth Wong in Kuala Lumpur SINGAPORE'S Yeo Hiap Seng (YHS) will sell most of its food and beverage (F&B) manufacturing business to its
      FILE PHOTO  -  527 words
    • Article, Illustration
      Lock icon HPL makes $67.5m provision for Planet Hollywood
      356 11 Provision posted as extraordinary loss this year [SINGAPORE) Hotel Properties Ltd (HPL) will make a $67.5 million provision for its investment in the beleaguered Planet Hollywood group of companies, with the provision to be recorded as extraordinary loss in the current financial year.
      FILE PHOTO  -  356 words
    • Article
      Lock icon UOB closer to stake in Radanasin Bank?
      361 11 UNITED Overseas Bank (UOB) seems to be one step closer to getting a Thai bank, although the bank yesterday issued a statement that it was still awaiting the outcome of its bid. Yesterday, Bridge News carried a Thai newspaper report which said UOB
      361 words
    • SINGAPORE & MALAYSIAN COMPANIES
      • Article, Illustration
        Lock icon Robinson's full-year profit drops 23.8% to $22.6m
        359 12  -  But results better than expected as consensus forecast was for a 47% plunge By< Carol Eng [SINGAPORE] Robinson and Co, which for years has outperformed the other listed retailers, yesterday reported a rare 23.8 per cent profit drop to $22.6 million, which was
        359 words
      • Article
        Lock icon Asiamedic soars 60% on nod for rights
        296 12 SES terms say major shareholders must hold on to their stocks for a year [SINGAPORE] Asiamedic shares jumped by as much as 60 per cent yesterday, following the stock exchange's inprinciple approval for its rights issue subject to attached conditions. The stock exchange
        296 words
      • Article
        Lock icon The new stats
        150 12 SECTOR TOTAL MARKET REVISED ST INDEX FROM AUG 30 JUL 30 99 YR TO JUL 30 99 JUL 30 99 YR TO JUL 30 *99 MKT TOTAL MKT TOTAL CAP OF TRADED OF CAP OF TRADED OF (Sbn) MKT VALUE ($bn) MKT ($bn) INOEX VALUE ($bn) INDEX
        150 words
      • Article
        Lock icon Interest bill sinks Sin Soon Huat into red
        223 12 AT A GLANCE [SINGAPORE] Sin Soon Huat sank into the red with a $2.95 million loss for the year ended May 31, as it chalked up an interest bill of more than three times its operating profits. A drop in sales of
        223 words
      • Article
        Lock icon Teledata profits up 29% despite drop in turnover
        208 12 [SINGAPORE] Teledata (Singapore) yesterday said its net profits for the half-year ended June 30 jumped 29 per cent to $260,000 despite its shrinking turnover. The group's revenue contracted 15 per cent to $34.9 million, leading to a 73 per cent drop in
        208 words
      • Article
        Lock icon Cost-cutting helps ITE Electric reduce H1 losses
        186 12 [SINGAPORE] Cost-cutting measures and lower interest costs have helped to staunch the flow of red ink at ITE Electric for the first half of this year. Interim net loss fell to $974,000, down 20 per cent from $1.2 million in the same period
        186 words
      • Article
        Lock icon The new additions
        493 12 Thumbnail sketches of the 10 new STI component stocks Amara Holdings Sector: Hotels Restaurants Listing: Sesdaq Listing date: Aug 15,1997 Market cap: $377.9 million Ave daily traded value: $4.2 million Ranking: 79th overall, Ist in the sector Business: Hotel investment and management; Property investment and development; Specialty
        493 words
      • Article
        Lock icon Half-time score
        127 12 JiSSSSISSfifc As of yesterday, 83 SES-listed companies had released their financial results for the six months ended June 30, 1999 They recorded a combined $2,764.6m in group profits, up 93.4% over the same period last year. The total included sovon foreign companies listed here. Excluding them, the increase
        127 words
      • Article
        Lock icon Tianjin Zhong Xin posts 14% fall in interim profit
        176 12 [SINGAPORE] Tianjin Zhong Xin Pharmaceutical Group yesterday reported a 14 per cent drop in net profit to $74.8 million for the half year to June from a year ago as income from associate companies fell. Turnover, however, rose 13 per cent
        176 words
      • COMPANY Briefs
        • Article
          Lock icon PCRD picks up two companies
          47 12 [SINGAPORE] Pacific Century Regional Developments (PCRD) has acquired Blackwood Management Corp and 65 per cent of Asia Power Consultants. Blackwood, with paid-up capital of US$5O,OOO (S$85,000), is a dormant investment holding company. Asia Power, with paid-up capital of US$lOO, provides consultancy services.
          47 words
        • Article
          Lock icon Metro buys half of Indon operator
          53 12 (SINGAPORE] Metro has acquired 50 per cent of PT Metropolitan Retailmart (MRM), which has been running two Metro department stores in Jakarta under a special licence and technical assistance agreement with Metro since 1991. The 10 billion rupiah (552.2 million) purchase will be funded
          53 words
        • Article
          Lock icon Allied Comp ups stake in Indon unit
          46 12 [SINGAPORE] Allied Components has raised its stake in subsidiary PT Padi Trust Component to 58.5 per cent, from 55 per cent. It bought 875 Padi shares of US$lOO par value from Inabata Singapore for US$l7O,BOO or U*****.19 per share.
          46 words
        • Article
          Lock icon Seksun buys Penang property for RM1m
          52 12 [SINGAPORE] Seksun Precision Engineering has sold its property at Prai Industrial Estate in Penang for 1.16 million Malaysian ringgit (*****,504), subject to approval from Malaysian authorities. Seksun incurred a RM300.000 loss on the sale, which came about because Seksun has moved to a new
          52 words
        • Article
          Lock icon Tai Sin buys JB land for RM5.2m
          48 12 [SINGAPORE] Tai Sin Electric Cables Manufacturer has agreed to buy two plots of land in Johor Bahru with factory buildings for a total RM5.2 million. The acquisition will allow its subsidiary, Tai SiaElectric Cables (Malaysia), to move in from rented premises.
          48 words
        • Article
          Lock icon Thakral picks Arthur Andersen
          47 12 [SINGAPORE] Thakral Corp has appointed Arthur Andersen its financial adviser for developing strategic plans to improve its performance and enhance shareholder value. Arthur Andersen will also help the company recapitalise. The consultancy team will be led by one of its partners, Nicky Tan.
          47 words
        • Article
          Lock icon Rely in joint venture with US firm
          70 12 [SINGAPORE] Roly International is taking a 35 per cent stake in a joint venture with a US investment firm to set up an online retail operation. The venture, iHomedecor.com, Inc, has initial capital of US$l million and will retail a range of home
          70 words
        • Article
          Lock icon Ingram gets 99% acceptances
          74 12 [SINGAPORE] Ingram Micro Asia Holdings has received acceptances representing about 99.4 per cent of the share capital of Ingram Micro Asia Ltd (IMA), formerly Electronic Resources, at the close of its unconditional voluntary cash offer for IMA. Ingram will now excercise its right of compulsory acquisition.
          74 words
    • COMPANIES
      • GLOBAL Briefs
        • Article
          Lock icon 12% H1 profit drop at Caltex Australia
          133 13 Bloomberg [SYDNEY] Caltex Australia said its first-half profit fell 12.1 per cent from a year ago, hit by earnings from refining Asian crude oil reaching record lows amid weak demand for fuel and over-capacity in the refining Industry. Australia's largest refiner and retailer's
          Bloomberg  -  133 words
        • Article
          Lock icon China Airlines posts NT$1.3b HI1 pre-tax
          80 13 Reuters [TAIPEI] Taiwan's top carrier China Airlines yesterday said it posted a pre-tax profit of NTsl-3 billion (5568.8 million) in the first six months, but would not raise the fUll-year profit forecast as planned after a crash in Hongkong. This compared with a loss
          Reuters  -  80 words
        • Article
          Lock icon Exxon, Mobil seek time for asset sales
          87 13 Bloomberg [BRUSSELS] Exxon Corp and Mobil Corp are demanding more time to complete asset sales required for approval of their planned US$BB billion (*****.8 billion) merger than European Union regulators are willing to concede, an EU official said. Talks between the companies and
          Bloomberg  -  87 words
        • Article
          Lock icon Fortis interim profit soars 31%
          69 13 Reuters [AMSTERDAM] Financial group Fort is said first-half net profit jumped a strong 31 per cent as its key insurance business boomed, and added it was on course to raise 1999 net by 20-25 per cent. Hie Dutch-Belgian company, whose recent buys have included American
          Reuters  -  69 words
        • Article
          Lock icon Acer H1 profit doubles to NT$2.7b
          82 13 AFP [TAIPEI] Taiwan's largest personal computer maker Acer Inc yesterday said its net profit doubled to NTS2.7I billion (*****.4 million) in the six months to June from a year earlier. Sales also surged 52.2 per cent year-on-year to NT566.94 billion, it said. Brisk business
          AFP  -  82 words
        • Article
          Lock icon Swiss firm Novartis to buy back shares
          57 13 Bloomberg [BASEL] Novartis AG, the world's second biggest drugmaker, said it will buy back as much as 4 billion Swiss francs (554.4 billion) of shares. The Basel, Switzerland-based maker of the painkiller Voltaren said it will buy the shares with about 35 per
          Bloomberg  -  57 words
      • Article
        Lock icon Toys 'R' Us CEO is latest exec to leave the company
        310 13 Reuters [NEW YORK] Toys 'R* Us Inc said on Thursday that its chief executive is stepping down, the latest in a series of management changes at the once-dominant toy retailer, which has been struggling to regain leadership in the
        Reuters  -  310 words
      • Article
        Lock icon MPHB beats forecasts with RM100m H1 profit
        380 13  -  Analysts had forecast RM6B.5m gain for the gronp for the fall year From Diana Oon Abdullah in Kiuila Lumpur MULTI-PURPOSE Holdings Bhd (MPHB) turned in net profit of just under 100 million Malaysian ringgit (5544.4 million) for the first half of this year,
        380 words
      • Article
        Lock icon KFC board moves to try and end 4-way tussle for control
        279 13 Meeting likely to announce new executive committee Bloomberg [KUALA LUMPUR] KFC Holdings Bhd was to hold a board meeting yesterday to announce a new executive committee in a bid to resolve a four-way tussle for control of the nation's
        Bloomberg  -  279 words
      • Article, Illustration
        Lock icon A little light magic
        93 13 [KAWASAKI, Japan] The new robot RIOOon Thursday lighting up as it says "hello "after receiving a pat on its head from engineers Toshihiro Nishizawa and Nobuyuki Yamashita. NEC Corp, whose Incubation Centre in Kawasaki is developing the robots, says that the prototype is the first of
        REUTERS  -  93 words
      • Article
        Lock icon Cisco, Lucent others likely to keep buying networking start-ups
        425 13 Bloomberg [NEW YORK] Cisco Systems Inc, Lucent Technologies Inc and Nortel Networks Corp have been snapping up start-up networking companies at a breathtaking pace, spending billions to buy new technologies to speed Internet traffic. The race isn't over, analysts said. Cisco's
        Bloomberg  -  425 words
      • Article
        Lock icon Int'l Press Softcom IPO 82.3 times subscribed
        304 13 [SINGAPORE] International Press Softcom (IPS) has secured a subscription rate of 82.3 times for the public tranche of its initial public offer. The software contract manufacturer and commercial printer launched its IPO on Aug 18 at 55 cents per share. For the 12.95
        304 words
      • Article
        Lock icon Tokyo appoints three to manage NTT issue
        281 13 Bloomberg [TOKYO] Japan's Ministry of Finance said Goldman Sachs Ltd, Nikko Salomon Smith Barney Ltd and Warburg Dillon Read Ltd will manage a fifth sale of government-held shares in Nippon Telegraph Telephone Corp, which may raise more than one trillion yen (Ssls billion).
        Bloomberg  -  281 words
      • Article
        Lock icon C&C net earnings forecasts upgraded
        549 13 Analysts cheered by strong interim results AFX-Asia [SINGAPORE] Analysts said they have upgraded their 1999 net profit before extraordinaries forecasts for Cycle Carriage Ltd (C&C) to between $90.5 million and $106 million from between $67 million and $100 million after the company and its unit
        AFX-Asia  -  549 words
      • Article
        Lock icon Cheung Kong to sell China Telecom stake
        196 13 Bloomberg [HONGKONG] Cheung Kong (Holdings), one of Hongkong's largest real estate developers, said it may sell all of its remaining stake in China Telecom (Hongkong), the Hongkong-listed arm of China's major phone company. Cheung Kong, one of 12 strategic investors in China' Telecom,
        Bloomberg  -  196 words
    • FINANCE & COMMODITIES
      • Article
        Lock icon Tokyo-Mitsubishi Bank to buy stake in securities house: report
        430 14 Move is to help bank catch up with rivals in retail broking field, says paper AFP [TOKYO] Japan's biggest financial player. Bank of Tokyo-Mitsubishi Ltd. plans to buy a stake in a major securities house amid a wave of banking consolidations,
        AFP  -  430 words
      • Article
        Lock icon Higher loans boost Canada's National Bank Q3 profit 6%
        233 14 Bloomberg [MONTREAL] National Bank of Canada's fiscal third-quar-ter profit rose 6 per cent as Canada's sixth-largest bank benefited from higher loans. Net income for the period ended July 31 rose to Cslo4 million (*****.4 million), or C 50.57 a share, from
        Bloomberg  -  233 words
      • Article
        Lock icon Japan mutual fund assets up as share prices rise
        269 14 Funds targeting selected sectors have shown sharp growth Reuters [TOKYO) Japan's four major mutual funds, which invest in a wide range of shares in the stock market, are growing steadily on the back of a 28 per cent rise in share
        Reuters  -  269 words
      • Article, Illustration
        Lock icon Bulls return to greenback
        496 14 Euro/USS: The unit took a turn for the worse, plunging to a low of 1.0393 on Tuesday, more than erasing the gains made towards the end of last week. Subsequently, all was quiet on the battlefront between the greenback and the European single currency, leaving euro/US$
        Source: DBS Bank  -  496 words
      • Article
        Lock icon Short-covering helps to pare futures losses
        270 15  -  g nar Reports MSd Singapore Index Daphne Tay, Jardine Fleming THE Singapore stock market fell yesterday, derailed by the 128-point overnight loss on Wall Street and devoid of fresh leads. The positive industrial production data which showed year-on-year growth of 17.4 per cent was
        270 words
      • Article
        Lock icon Futures fall for second consecutive day
        156 15  -  MSCI Taiwan fntures Cecilia Loh Refco Singapore THE Simex MSCI Taiwan Stock Index futures contract yesterday extended its fall for two consecutive days, easing 1.1 points on the back of Nasdaq's decline. The benchmark Taiwan Stock Exchange Weighted Price Index slipped 43.6 points on
        156 words
      • Article
        Lock icon Steady oil prices show resilience of this year's rally
        207 15 ENERGY REPORT Reuters [LONDON] Oil prices steadied yesterday after two days of volatile trade, underlining for dealers the resilience of this year's rally. International benchmark Brent crude in London traded down 15 US cents at U5520.41 a barrel after repairing on
        Reuters  -  207 words
      • Article
        Lock icon CURRENCY REPORT
        329 15 Reuters London THE yen held its fire in Europe yesterday after rising to seven-month highs against the US dollar and all-time highs against the euro earlier this week, but analysts said the currency may further test the Bank of Japan's resolve. Position-squaring ahead of a holiday in London
        Reuters  -  329 words
      • Article, Illustration
        Lock icon Untitled
        1255 15 nfTERBAWE CROSS RATES Aug27 A$ C$ Eto Ffr Dm HRS Ind Bi Nptofc Yaw Won KM N2S Pali t» Peso SS Band sfr UTS Innrt tftj Australia 0.944 6.171 0.607 1961 1.187 4.919 27.555 ***** 0.707 7.493 2.407 1234 32J53 25.163 1070 3.861 0.972 ***** ***** 0 400 0 634
        1,255 words
      • Article
        Lock icon Untitled
        1828 15 SICOM FUTURES Aug 27 RUBBER (Mures closing as «t 5.30pm) RSS1 CONTRACTUS cents/kg) Close Volunw Open Month High Low Sett (tows) Interest Sep 99 90.00 Oct 99 93.25 1200 No* 99 94.75 300 Dec 99 97.25 300 Jan/Mar 00 W125 300 Apr/Jun 00 104.75 Jul/Sep 00 107.75 RSS 3 CONTRACT
        1,828 words
    • Article
      Lock icon BT SHARE INFORMATION SERVICE
      4607 14 Net earn en No»l Gifts Mar 31 I 1.3991 1.262L 2.1L 1.9L Oat* TY LY TY LY NobelOesign Mar 30 P 1.334L 0.731 L3L 0.73 Company ann <$m) ($m) (ctf) lets) NobleGrp (USS) Mar 26 P 7.7271 0.208 3.2L 0.10 ~~~Omni Ind Aug 18 I 10.708
      4,607 words
    • Article, Illustration
      Lock icon HONGKONG
      1428 16 AFP Q Hang Seng -22*25 HONGKONG share prices closed down 1.7 per cent yesterday on profit-taking and weaker overseas markets including Wall Street, dealers said. "The fall is in response to weaker overseas markets," said Alex Tang, research director at Core PacificrYamaichi. He said most investors were sidelined before
      AFP  -  1,428 words
    • Article, Illustration
      Lock icon CHINA
      601 16 Reuters CI Shenzhen B Index -0.55 SHENZHEN'S B shares ended marginally lower yesterday as the recent release of some weak interim results dampened market sentiment. But analysts said that with most B share companies having announced their interim earnings, attention might turn to whether the state would take steps
      Reuters; Source: Credit Lyonnsis Securities(Asia) Ltd  -  601 words
    • Article
      Lock icon TAIPEI
      353 16 AFP □wp Index -43.6 TAIWAN share prices closed 0.5 per cent lower yesterday in the absence of new leads, dealers said. "There is heavy selling pressure at the 8,200 level as the market lacks new leads to push the index upside." said Michael Hsu, an analyst with Fubon Securities.
      AFP  -  353 words
    • Article
      Lock icon WORLD STOCK MARKETS
      2333 16 LOHPOH Industrials Aaq 26 foul* 31 Group 8.53 -0.02 Abbey National 11.09 0.57 A Foods 4 38 0.25 A B Ports 3.48 unch AstraZeneca 25.18 0.13 Alliance Leicester 8.77 0.25 Allied Domacq 5.68 0.06 Allied Zurich. 8.19 0.29 Anglo American Gold 4X70 unch ASDA Group 2 JO
      2,333 words
    • Article
      Lock icon TOKYO
      1659 16 AFP Nikkei 225 -MJ92 SHARE prices in Tokyo closed 0.4 per cent lower yesterday on late profit-taking, brokers said. The Nikkei 225 index on the Tokyo Stock Exchange fell 66.92 points to finish at 17,599.37. The index rose by more than 200 points in the morning session, with investors
      AFP  -  1,659 words
    • KUALA LUMPUR STOCK MARKET
      • Article
        Lock icon Untitled
        8510 17 INDUSTRIALS Consumer products 1999 Last Vol Day Met Cap High Low Company Sale OOP High Low P/E Smll 440 255 Ajinomoto 320 20.3 129.7 T74 46 Angkasa 112 2 99 )13 106 165.1 404 220 Apollo Food Hlg 318 -2 2 318 316 11.1 127.2 294 W Berjaya Land 218
        8,510 words
      • Article, Illustration
        Lock icon Shares rise on light buying of selected counters
        427 17 M Composite Index +3.04 MALAYSIAN share prices closed 0.4 per cent higher yesterday on light buying support for selected stocks, dealers said. The Kuala Lumpur Stock Exchange Composite Index rose 3.04 points to 764.79. The Second Board Index added 0.93 point to
        427 words
      • WARRANTS, OPTIONS & REGIONAL MARKETS
        • Article
          Lock icon MTD Capital wrt: two new leases of life
          187 18  -  WARRANT WATCH -By R Sivanithy MALAYSIAN companies have proven to be. innovative in their recent warrant deals and today's feature is yet another novelty MTD Capital. The company's warrant was due to expire in November 2000 but has now not one, but
          187 words
        • Article
          Lock icon Untitled
          2193 18 BONDS, LOANS ft WARRANTS wt 52-Wfc Lot Vol Day Last OuoU A»g High Law St no Company Sala *or- COOO) High Low Buyar Sallar Prka 104 3 s 3160 "Acar ******1USS 55.5 *2 184 5VS 51 55 56 80 4.5 s 3164 Acma ******4 41 *1 69 41 40 40.5
          2,193 words
        • Article
          Lock icon CLOB INTERNATIONAL
          219 18 HONGKONG STOCKS Gr O 52-W* Lnt Vol LMt Ouott Otv Dtv YM N*t M Cap High L— Stno Company $«K COOP) H>» tot Buyor Sa9af CV >/t VrJ 365 173 5123 CDU2000)MK 280 Cd 275 8 3.7 2.9 9.5 5539.6 5124 Catftay Pac 20c HK_720 id 265 2.1
          219 words
        • Article, Illustration
          Lock icon JAKARTA
          674 18 AFP P Composite Index -&84 INDONESIAN share prices closed yesterday down 1.5 per cent as fears surrounding the Bank Bali scandal continued to dog the market in light preweekend trade, dealers said. "The ongoing concerns about the Bank Bali scandal remained a major negative factor for the market," a
          AFP  -  674 words
        • Article, Illustration
          Lock icon BANGKOK
          881 18 AFP n SET Index +L 47 THAI share prices closed 0.3 per cent higher yesterday in range-bound trade with prof-it-taking eroding early gains, dealers said. Trade was relatively quiet with no fresh leads to spur the market and many investors were sidelined before the release next week of economic
          AFP  -  881 words
        • Article
          Lock icon MANILA
          333 18 AFP n Manila -15.47 PHILIPPINE share prices closed 0.7 per cent lower yesterday on profit-taking, with investors doubting whether economic growth in the three months to June could be sustained for the whole year, brokers said. The Composite Index fell 15.47 points to close at 2,221.24. Turnover reached 1.56
          AFP  -  333 words
        • Article
          Lock icon SEOUL
          408 18 AFP PI Composite Index +0.4 SOUTH Korean share prices edged up 0.04 per cent yesterday after recouping earlier losses suffered in reaction to the decision by Daewoo creditors to freeze debt repayments by the troubled group. The Composite Index closed up 0.4 point at 960.28. Volume was 319.9 million
          AFP  -  408 words
        • Article
          Lock icon SYDNEY
          656 18 AFP Q All Ordinaries -2&S AUSTRALIAN share prices took a dive in late trade yesterday, closing 0.8 per cent lower on profit-taking and a sell-off on the futures market, brokers said. The All Ordinaries Index ended 25.9 points weaker at 3,020.20. The All Industrials Index dropped 30.2 points to
          AFP  -  656 words
        • Article
          Lock icon WELLINGTON
          289 18 AFP P| Wellington +2.72 THE New Zealand share market finished marginally higher yesterday alter a late recovery by Telecom, which rose nine cents to NZ$B.49. The NZSE-40 Capital Index closed up 2.72 points or 0.1 per cent at 2,147.37 on turnover of NZ$7B million. A««27 WS 1000) Advantaq* MOS
          AFP  -  289 words
      • Article
        Lock icon STOCK EXCHANGE OF SINGAPORE: MAIN BOARD
        7494 19 Transaction date: 27 Gr Gr HWt 52-** Last Vol Day Last Ouott Olv (Mv YM Net Cap Avg "W Low StNo Company Solo COOP) High Low Buyer Seller H C'yr P/C Smll Price MULTI-INDUSTRY 182 17.5 m b IOOO Acma 50c 130 *1 73
        7,494 words
      • Article
        Lock icon SESDAQ
        1525 19 Gr Gf M WX L**' v«I Day Last Ouott Ot» Mv Yld Net Cap Avg L MM* Cwim M» COOP) H» Law 8»yr MNr It Cw W >1 Ww mmnamm 218 43 e 2049 AS Auto Kk 200 *5 506 202 191 200 201 10 N 0.5 228.4 193
        1,525 words
    • STOCK EXCHANGE OF SINGAPORE
      • Article
        Lock icon Untitled
        386 20 Stacks Volume •Gentinglnt 37,267,000 Asia Food&Prop USS 26,318,000 Golden Agri USIOc 21,075,000 Eagle Brand Hldgs HK75C 16,462,000 Hotung lnvHT5 14,875,000 PCI 25c 9,877,000 DragonLand 10c 9,562,000 Roly Int USIOc 9,006,000 LionAsiapac25c 8,901,000 Leong Hin 20c 7,472,000 Stocks DBS 48,636,722 OCBC Foreign 26,190,914 DBS Land 21,639,735 UOB 21,614,965 UOB Foreign 20,977,750
        386 words
      • Article, Illustration
        Lock icon Dow fall hits market, but late buying lifts shares off lows
        613 20  -  STOCK MARKET COMMENTARY Sentiment also dampened by weakness in HK, Japan; final-hour surge could be due to short-covering By R Sivanithy TRADERS yesterday had to deal with a nervous market that lacked any conviction on the upside for most
        613 words
      • ON THE GRAPEVINE
        • Article
          Lock icon SilkAir's Mak Swee Wah promoted
          83 20 A FEW days ago, we reported that Silk Air's general manager, Mak Swee Wah, was tipped to take up a new position as head of SlA's personnel department. This has now been changed. SIA informed us yesterday that Mr Mak has been promoted to divisional
          83 words
        • Article
          Lock icon Due diligence
          116 20 A FORMER banker said some of the due diligence in pre-crisis days consisted of a syndicate of bankers sitting around a table discussing the client "Someone would ask if there were any objections to the client or any problems that needed to be discussed and if there were
          116 words
        • Article
          Lock icon Hot paper
          92 20 THIS newspaper was a main reference material for participants at the Malaysian Business Forecast seminar featuring American economist Paul Krugman in Kuala Lumpur yesterday. Malaysian Education Minister Najib Razak dismissed Mr Krugman's allegation as reported in BT yesterday that "in terms of economic policy, the biggest danger right
          92 words
        • Article
          Lock icon Singlish understanding
          72 20 RECENTLY a BT correspondent got a first-hand understanding of how Singlish can be a hurdle for some. Employing an English decorator to help with her renovations, she found that she often had to translate between the decorator and contractor. "I can understand English, no problem, but his English
          72 words
        • Article
          Lock icon $1 generosity
          72 20 HERE'S an indication that Singaporeans care. Seems that in a recent International Herald Tribune survey, businessmen in Singapore and Hongkong were given the option of responding to a questionnaire in return for either a crisp, new US one-dollar note or a one-dollar donation to charity by the IHT.
          72 words
      • Article, Illustration
        Lock icon HOT STOCK
        62 20  -  -By Wong Wei Kong PCI Ltd shares rose 4.5 cents to $0,835 yesterday with 9.88 million shares traded, compared with its 10-day traded average of 5.69 million units. The RSI, Stochastics and MACD charts indicate more room for the stock to move higher in the medium term. PCI
        62 words
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