The Business Times, 20 May 2000

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Total Pages: 28
1 28 The Business Times
  • 14 1 THE BUSINESS TIMES MITA(P) 035/12/1999 85C SINGAPORE Internet: http://business-times.asial .com.sg/ SATURDAY, MAY 20, 2000
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  • 67 1 sn 1992.42 (-19.41) BT-SBI 75L26 (-5.05) smsci futures STOCK MAEEET INDICES Friday Change KLSE COMP 950 62 +2832 NIKKEI 1&86&17 .173.46 HANG SENG 14,***** +155.66 SET INDEX 343.40 +41.01 JAKARTA COMP 509.41 4.45 MANILA COMP 1,478.68 -41S8 TAIPEI WPI 9,119.77 +3156 SEOULCOMP 730.68 >17.73 CLSA CHINA B 831.05
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  • 82 1 FOREX RATES us# s$ US$ 1.728 £(USS/S$ per 1.432 1561 El RO(l'S$/SS/ E) 0.894 1544 DM 1188 0.789 YEN 107.7 1.804 RM 1800 0.466 H K$ 7.790 0122 BAHT 3911 0044 RL'PIAH 8.330 0.021 St to 100 units PKIME RATES SINGAPORE* 5.80 Kl ALA Ll'MPl'R 7.67 JAKARTA .1900 BANGKOK
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  • 614 1  -  COMMENTARY By. Anna Teo KHAW Boon Wan, the Ministry oi Trade Industry's permanent secretary, cut to the chase at yesterday's media briefing on the first-quarter economic results. "The last time we met, three months ago, I served notice that the official preliminary growth forecast was likely
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  • 617 1  -  Richard Branson, founder and chairman of the Virgin Group, spoke yesterday with Catherine Ong on the US$l billion joint-venture with Sing Tel Mobile. Here are excerpts of the interview: Catherine Ong BT: Sing Tel and Virgin, isn't that a chalk and cheese combination? Mr Branson: In some
    ARTHUR LEE  -  617 words
  • 1095 1  -  ItH replicate business model Virgin adopted for its popular UK service By Catherine Ong, Andrew Wee [SINGAPORE] Singapore Telecom yesterday announced a new US$l billion (551.73 billion) joint venture with Richard Branson's Virgin group, which is making a foray into Asia's
    ARTHUR LEE  -  1,095 words
  • 771 1  -  Results meet forecasts; revenue up 14%, EPS np 13% By Wong Wei Kong [SINGAPORE] Singapore Airlines, the Republic's third biggest company by market capitalisation, kept to the script and reported profits that largely met market expectations yesterday. But SIA cautioned that
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  • Page 1 Advertisements
    • 84 1 INSIDE MSCI reweighting Local stocks shrug off market cap boost for Singapore index. Next Page KLCI up 3.1% on confirmation of MSCI re-entry. Next Pmge Rules needed for index change announcements, says R Sivanithy. Pg 4 Top stories E I 1 I* Fiji declares state of emergency after coup bid.
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    • 23 1 Sats, SIAEC post higher group net profits, Pg 4 k EU, China .or toast m WTO deal 'ig jV T REPORT. Pg IS
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    • 29 1 More reports, Pg 3 Virgin aim* to make a bigger splash in Asia, Next Page r«> El I A'"t V j on the 1 (OvS© The Arts, Back Page
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  • NEXT page
    • 686 2  -  MSCIREWEIOBTTWO GDP data ignored too as focus falls on rates fears; Chart Semicon jumps $1.50 By, Jennifer Lien [SINGAPORE] A major boost in the market capitalisation of Morgan Stanley Capital International's (MSCI) Singapore index failed to lift Singapore stocks yesterday, and
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    • 367 2  -  Buying spree conld taper off in next few sessions Prom] Eddie Toh in Kuala Lumpur THE Malaysian market barometer leaped by 3.1 per cent yesterday following the confirmation of KLSE's reentry into the Morgan Stanley Capital International indices at the end of
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    • 499 2 Analysts agree as few fands in India track MSCI indices [NEW DELHI] India expects no adverse fallout in the inflow of funds as a result of changes in the Morgan Stanley Capital International (MSCI) Emerging Markets Free Index. Finance Minister Yashwant Sinha
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    • ON THE grapevine
      • 127 2 CONTRARY to what was reported in this column last week on the application procedures in the prospectuses of SLA Engineering Company (SIAEC) and Singapore Airport Terminal Services (Sats), bankers and lawyers have pointed out that the statements on multiple applications are not contradictory. The statements
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      • 127 2 VIRGIN Group's boss Richard Branson is not one to pass up an opportunity to do something that will grab headlines. Reporters who covered the announcement of a joint venture between Sing Tel Mobile and Virgin Management yesterday were greeted by a lion dance. No big deal, one
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      • 58 2 THAT SingTel-Virgin joint venture sure has got telecoms analyst David Leow excited. Obviously knowing where the action is going to be, the former associate director at HSBC Securities has left to join the Virgin Group, according to his office voicemail. His knowledge of Sing Tel should put
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      • 105 2 ABN Amro Asset Management is losing Lim Meng Tat, who will be leaving to join a rival firm. Judging from a letter he sent to friends and business contacts to thank them for their support, the ABN vice-president for investment fund services must be
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    • 364 2  -  Plans include health clubs, cinemas, Megastores even flying to Singapore By, Andrew Wee [SINGAPORE] UK-based Virgin Group Ltd plans to speed up its expansion in Asia, chairman and founder Richard Branson said yesterday. "It's quite likely within 12 months you could
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  • Page 2 Advertisements

  • Q1 economic survey
    • 751 3  -  MTI ops fall-year forecast 1 pt; wholesale, retail trade, financial services unexpectedly strong By Audrey Tan A much-better-than-expected 9.1 per cem surge in Singapore's economic growth in the first quarter caught the private sector off guard yesterday, as the figure was
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    • IN Brief
      • 72 3 REFLECTING the robust underlying growth momentum, the annualised, seasonally-adjusted quarter-on-quarter growth rate was a strong 12.8 per cent in the first quarter. This means that if the economy continues to expand over the next three quarters at the Ql pace, GDP growth this year would amount to
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      • 50 3 PRODUCTIVITY growth remained strong at 6.1 per cent in Ql. In particular, the wholesale retaU trade sector overtook manufacturing as the most productive, with a 15 per cent productivity jump. Excluding the stiU sluggish construction sector, overall productivity growth would be higher at 6.7 per cent.
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      • 59 3 WITH the sharp productivity gains, price pressures continued to ease in Ql. Unit labour costs feU 4.5 per cent in the manufacturing sector and by 1.6 per cent in the overaU economy. Overall manufacturing unit business costs feU 1 per cent, although the rate of contraction
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      • 111 3 THE capital and financial accounts in the balance of payments saw an outflow of $11 bUlion in Ql as residents' deposits and equity funds moved offshore. Net portfolio outflows doubled to $6.7 biUion as fund managers reallocated foreign funds out of the local equity market during
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      • 78 3 MANUFACTURING investment pledges totalled $2 billion in Ql, 16 per cent more than the amount committed in the same quarter last year. Foreign investors contributed 79 per cent, led by the US with $1.2 billion. And 80 per cent of the total investments were in the
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      • 80 3  -  Compiled by Anna Teo DOUBLE-DIGIT growth can be expected from the life sciences industry over the next few years, MTI said. The industry's output is expected to double to $12 billion by 2005. Last year, the industry contributed $6.3 billion in manufacturing output, a 60
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    • 501 3  -  MTI says 'there may be signs of greater job mismatch in 1999' as unemployment, job offers rise Byi Anna Teo DESPITE the sparkling growth figures, unemployment and retrenchment actuaUy rose in the first quarter because of industry restructuring, pointing to a growing job mismatch in
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    • 371 3  -  By. Audrey Tan A FLURRY of fee-based activity in share and bond issues and unit trust launches lifted growth in the financial services to an unexpected 6.9 per cent in the first quarter, but analysts say this performance is unlikely to be repeated. The sector's
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  • SINGAPORE companies
    • 601 4  -  Sats made $160 m on sales of $790 m; SIAEC, $306 m on sales of $567 m By] Ling Su Ann SINGAPORE Airport Terminal Services and SIA Engineering, the two recently listed units of Singapore Airlines, yesterday reported higher earnings for the year
      File Photo  -  601 words
    • 756 4  -  lock siew r sivanithy THE topic of disclosure has received close attention in the local market in recent months, especially since the authorities are rapidly adopting a hands-off approach to regulation while encouraging companies to shift to a disclo-sure-based regime. Now, although there are
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    • 543 5 Effort part of preparations to submit samples for multi-billion bid for US Army contract Reuters UNITS of Singapore Technologies Engineering and Teledyne Technologies Inc said they had demonstrate the infantry fighting vehicle Bionix's capabilities at an Alabama airport. Land systems unit ST
      Reuters; FILE PHOTO  -  543 words
    • 343 5  -  Building materials supplier seeks to raise $2.7 m By, Jane Cheong BUILDING materials supplier NH Ceramics, the holding company of Nam Huat Tiling Panelling Co Pte Ltd, yesterday launched its initial public offering of 13 million new shares priced at 29
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    • 218 5 FORMER central banker Koh Beng Seng is taking with him to United Overseas Bank his team at Asia Pulp Paper (APP), where he is an adviser, when he joins the bank on June 1. UOB surprised financial circles here early this
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    • 224 5 CYCLE Carriage Ltd said it has on May 17 entered into a sale and purchase agreement with Eurasie SAS (Eurasie), of the Lazard Asia Fund to purchase Eurasie's stake of 103,611,112 shares in PT Astra International for US$5O million (SsB6 million)
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    • 306 8  -  USs2sm tech fund to target early-stage Asia-Pac firms with strong S'pore links Hy Joyce Koh WARBURG Pincus, a major global private equity investor, is teaming up with the National Science and Technology Board (NSTB) to launch a new Singaporebased US$25 million (Ss43 mUlion) technology
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    • COMPANY Briefs
      • 141 8 Reuters HOTEL Properties Ltd said First Capital Corp Ltd has raised its stake in the company to 19.49 per cent from 18.55 per cent. Hotel Properties, which owns some of Singapore's most prestigious hotels including the Four Seasons and Hilton Hotel, said in a
        Reuters  -  141 words
      • 151 8 3i Group pic said it has acquired 18 million shares in Broadway Industrial Group from the company's chairman Wong Sheung Sze. The shares, which represent a 15.7 per cent stake, were priced at 30 cents each, subject to an agreement which adjusts the price
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      • 135 8 ELEC Eltek has incorporated a wholly-owned investment holding company, Elec Eltek Huangpu (Singapore) No. 4 Pte Ltd, which will in turn set up a joint venture with Guangzhou Economic Technological Development District Construction Development Corporation to set up Guangzhou Elec Eltek High Density Interconnect Technology
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      • 79 8 ST Assembly Test Services has signed a 10-year agreement with Infineon Technologies AG under which it will provide wafer sort test services and periodic test programme conversions for integrated circuits manufactured by Infineon and its subsidiaries worldwide. STATS will operate as an extension of Infineon's manufacturing
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      • 70 8 AFX-Asia OAKWELL Engineering said it has entered into a standstill agreement with its creditors, which include ABN-Amro Bank, Fleet National Bank, DBS, Keppel Tatlee Bank, Industrial and Commercial Bank, Malayan Banking Bhd, OCBC Bank, Overseas Union Bank and Hongkong and Shanghai Banking Corporation's Singapore branch. Under
        AFX-Asia  -  70 words
      • 78 8 Bloomberg PACIFIC Internet and Thakral Corp, both based in Singapore, have pulled out of a joint venture to develop high-speed Internet services in India with the Hinduja Group, which owns the South Asian nation's No. 2 cable television network. The decision came as PacNet
        Bloomberg  -  78 words
  • Page 4 Advertisements
    • 1252 4 SATS m (Incorporated in the Republic of Singapore) ANNOUNCEMENT The Board of Directors of Singapore Airport Terminal Services Limited ("SATS") wishes to make the following announcement: 1 AUOfTED RESULTS FOR THE YEAR ENDED 31 MARCH 2000 THE GROUP THE COMPANY 1999-00 1998-99 Change 1999-00 1998-99 Change S$M SIM SSM SSM
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  • Page 5 Advertisements
    • 1333 5 sia EnGinEERinG comPAny liitiited (Incorporated in the Republic of Singapore) ANNOUNCEMENT The Board of Directors of SIA Engineering Company Limited wishes to make the following announcement 1 AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2000 THE GROUP THE COMPANY 1999-00 1998-99 Change 1999-00 1998-99 Change S M SSM S$M
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  • SINGAPORE markets
    • 561 6  -  |:j I comment STOCKS r. sivanithy IT was a disappointing session in many respects yesterday as the stock market fell victim to the adjustments made to the Morgan Stanley Capital International indices. The report of solid first quarter GDP numbers was largely ignored.
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    • 203 6  -  WARRANT WATCH By R Sivanithy IT'S not often we find an in-the-money warrant offering good gearing, has a fair amount of time left before expiry and has slipped into a discount. Such a warrant does exist in the local market, and it would
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    • 252 6  -  HOT STOCK By Wong Wei Kong SHARES of retail group Robinson and Company plunged yesterday on news that the stock has been dropped from the influential MSCI Singapore index. Robinson shares fell 64 cents or 13 per cent to a new 52-week low of
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    • 143 6 ♦SINGTEL Mobile and Virgin Management Ltd announced that the two companies have signed a Memorandum of Understanding to create a billion-dollar venture to offer cellular services throughout most of Asia and Internet services in Singapore. Under the terms of the Memorandum, Sing Tel Mobile and Virgin will negotiate
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    • 343 6  -  hi I comment CURRENCIES larry wee A SHARP Japanese yen rebound against the US dollar hurt US dollar bulls yesterday, prompting profit-taking sales ahead of the weekend against most Asian currencies except the Korean won. The US dollar fell below 108 yen
      Source: R  -  343 words
    • 492 6 Stocks Volume Nat Elec 10c 35,574,000 NatSteel 50c 23,292,000 SingTel 15c 15,485,000 HK Land US10c 9,518,000 Omni Ind 10c 7,696,000 ChewEuHock 20c 7,148,000 Chart Semiconductor 26c 7,069,000 GES Intl Ltd 20c 6.933,000 AirOcean 5c 6,799,000 SembCorpI 25c 6,483.000 Stocks Nat Elec 10c 203,915,641 Chart Semiconductor 26c 98,394,632 NatSteel 50c 58,736,989
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  • Page 6 Advertisements
    • 776 6 fjk BROADWAY NOTICE OF ANNUAL GENERAL MEETING ,HOUST IAI G ou NOTICE IS HEREBY GIVEN that the Annual General Meeting of Broadway Industrial Group Limited will be held at 18 Enterprise Road, Jurong, Singapore *****4 on Monday, 5 June 2000 at 4.00 p.m. for the following purposes:— AS ORDINARY BUSINESS
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    • 23 6 Do you need flexible financing for your share purchases" Call us at 323-3955 and find out what we can do for you BDRSBANK
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  • Page 7 Advertisements
    • 1145 7 Supplying more than ceramic tiles, I 'I 4 H >Tif 7.1 lUH CERAMICS is also one of Singapore's largest stockists for pavers, natural slates, Nl" marble, mosaic... QV|Q (q\ (P JOB REFERENCES OF THE PROJECT TILES SPECIALIST: Factories/Industrial Building Tuas -ifj y fy Avenue Factory Kaki Bukit Tech Park Alexandra
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  • Page 8 Advertisements
    • 2654 8 SinGAPORE AIRLinES lhthted (Incorporated in the Republic of Singapore) ANNOUNCEMENT The Board of Directors of Singapore Airlines Limited wishes to make the following announcement:1. AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2000 THE GROUP THE COMPANY 1999-00 1998-99 Change 1999-00 1998-99 Change SSM SSM SSM S$M Revenue 8.899 4
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  • SINGAPORE news
    • 304 9 Agri-tourism for that real farm experience GOOD news for those who are tired of the urban scenery. The Singapore Tourism Hoard (STB) is introducing a new scheme to allow Singaporeans and tourists to learn about and enjoy real farm experiences. Called agri-tourism, the scheme is a joint effort with the
      304 words
    • 937 9  -  Management quality determines regional competitiveness of Singapore firms Hy Siow Li Sen, Jennifer Lien AT a time when opportunities have never been better for the talented. Deputy Prime Minister Lee Hsien Loong has urged Singapore's young and brightest not
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    • 730 9  -  By Yang Razali Kassim MENTION Jagdish Bhagwati, and two prominent names will invariably come to mind. The first is Paul Krugman, the attention-grabbing economist who made headlines with his pooh-poohing of the East Asian miracle. The second is Larry Summers, the
      FILE PHOTOS  -  730 words
    • 63 9 THERE were several errors in the growth figures for the catering trade in yesterday's Eye On The Economy column. The correct figures are shown in the table below. We are sorry for the errors. S pore catering trade change (Q1'99 to Q1 '00) CURRENT CONSTANT PRICES PRICES
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  • Page 9 Advertisements
    • 25 9 •O PLEASURE BOATS/ SEA SPORTS I Glide your eyes over here if you love a splashing good time. fa I CATAj The Straits Times Classified
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    • 32 9 EARN MORl~—— INVEST OFFSHORE RVitS^lXnn www.united-bank.net tel +423 230 0202 fax +423 230 0708 mfMS\lEtfS VmJllwVV Mm EUR 25 000 or equivalent Deposit rates linked to base rates press in some jurisdictions
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    • 425 9 notices; IN THE MATTER Of THE COMPANIES ACT, CHAPTER 50 AND IN THE MATTER Of THREE PEAKS INVESTMENT PTE LTD (In Voluntary Liquidation) NOTICE Of RESOLUTIONS At on Extraordinary General Meeting of the members of the abovenomed Company duly convened and held at 79 Robinson load. •244)1 CPf Building. Singapore
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    • 1005 9 HOTEL PROPERTIES LIMITED (Incorporated in the Republic of Singapore) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Twentieth Annual General Meeting of the Company wiH be held at the Ballroom 1 A, 3rd floor, Hilton Singapore, 58) Orchard Rood, Singapore *****3 on Friday, June 23, 2000 at
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  • MAIL bag
    • 215 10  -  Denis Distant I REFER to the letter "There's no point making DBS the whipping boy" from Chan Wing Kee (BT, May 12). He intended to give the history of the POSBank for the benefit of those born in post-independent Singapore. However I think he
      FILE PHOTO  -  215 words
    • 495 10  -  Lim Eng Cheng THANK you for the two enlightening articles on diesel vehicles and diesel passenger cars, headlined "Where there's smoke..." and "Diesel passenger cars: strict rules to stay" (BT, May 18). While it appears that the Ministry for the Environment is taking
      495 words
    • 396 10  -  Wu Pei Tong Singapore HAVING read the many letters that appeared in your Mail bag and The Straits Times' Forum page, as well as the statement from DBS and the reply from the Monetary Authority of Singapore (MAS), it is obvious the issue is
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    • 126 10  -  Seah Leong Khai I REFER to Lee Han Shih's article on the People's Association's new-generation community clubs (BT, May 16). Why shower praise on the proposed Tampines CC which will not be completed until 2-3 years later? I suggest he come
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  • 5309 10 Net earn CPS Data TY LY TY LY Company ann ($m) (5m) lets) (cts) ACC Dynamics Mar 23 P 0.797 0.758 0.90 0.99 AHgreen Mar 22 P 97.189 261.67L 10.1 36L Amara Hldgs Mar 28 P 2.252 2.122 039 0.37 Asia Food Mar 27 P 37.042
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  • Page 10 Advertisements
    • 35 10 You can e-mail us at btletter<§)sph.com.sg or fax us at *****71, or mail your letter to: The Business Times, Times House, 390 Kim Seng Road, Singapore*****s. Please give your full name, address and telephone number.
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  • eNews
    • 570 11 TOKYO Better showing in finance sector and listing return prompts revision Reuters LEADING Japanese Internet investor Softbank Corp yesterday raised its earnings forecast for the last business year with a better-than expected performance in the financing sector and a one-off profit
      Reuters  -  570 words
    • e Briefs
      • 93 11 Bloomberg [TOKYO] Toyota Motor Corp, Japan's biggest automaker, has told General Motors Corp it may join an Internet exchange the US company is setting up with Ford Motor Co and DaimlerChrysler AG to cut procurement costs. The exchange, called Covisint, awaits regulatory approval
        Bloomberg  -  93 words
      • 122 11 Reuters [WASHINGTON] International Business Machines Corp is recalling 220,000 AC adaptors that are used with certain models of IBM ThinkPad notebook computers and other mobile devices, the US government <"»1d on Thursday. The Consumer Product Safety Commission (CPSC) announced the IBM recall, saying the adaptors can
        Reuters  -  122 words
      • 85 11 Reuters [WASHINGTON] The Justice Department said on Thursday it was investigating a joint venture funded by five US airlines to sell tickets on the Internet. "The department's antitrust division is investigating the joint venture," said Justice Department spokeswoman Gina Talamona. Still going by
        Reuters  -  85 words
      • 66 11 Reuters [WASHINGTON] America Online and Time Warner said on Thursday their shareholders will vote on June 23 on the proposed US$l24 billion (Ss2l3 billion) merger of the Internet and media giants. The world's biggest Internet services provider, AOL, will hold its shareholders meeting in Vienna,
        Reuters  -  66 words
      • 65 11 Reuters [MUNICH] German insurance giant Allianz yesterday unveiled its long awaited Internet strategy, announcing plans to invest hundreds of millions of euros a year in new technologies. Allianz chief executive Henning-Schulte Noelle told a news conference it also plans to set up a global portal
        Reuters  -  65 words
    • 550 11 LONDON I Virus is spreading via Microsoft's Outlook e-mail program: software firms Bloomberg A NEW version of the "I Love You" email virus that destroys all the files on infected computers is spreading via Microsoft Corp's Outlook e-mail program, anti-virus software makers warned.
      Bloomberg; FILE PHOTO  -  550 words
    • 280 11 HONGKONG Joint move to gain a backdoor listing in Hongkong reports AFP US-BASED Internet giant Yahoo! Inc is planning to join forces with Founder (Hong Kong) Ltd to buy a controlling stake in Management Investment and Technology Holdings (MIT), press reports said yesterday.
      AFP  -  280 words
    • 592 11 NEW YORK Reuters The death of business-to-business e-commerce as a source of hot IPOs has been greatly exaggerated, industry observers say, even though the sector's reign as Wall Street darling has ended as quickly as it began. The pool of well-regarded companies that
      Reuters  -  592 words
    • 326 11 CANBERRA Bloomberg AUSTRALIA'S government will push ahead with plans to place a one-year freeze on issuing new Internet betting licences, even though the majority of state and territory governments have already rejected the proposal. Acting Communications Minister Peter McGauran
      Bloomberg  -  326 words
  • Page 11 Advertisements

  • Page 12 Advertisements
    • 2836 12 I I ill HONG LEONG FINANCE LIMITED I I I and Subsidiaries I I (Incorporated in the Republic of Singapore) I I BALANCE SHEETS AS AT 31 DECEMBER 1999 I The Group The Company The Group The Company H Note 1999 1998 1999 1998 Note 1999 1998 1999 1998 H
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  • Page 13 Advertisements
    • 2515 13 f? V I JSfei hong leong finance limited I and Subsidiaries I '^p§£ v (Incorporated in the Republic of Singapore) 12. FIXED ASSETS (cont'd) Net Book Value The Group The Company 1999 1996 1999 1996 $000 $000 $000 $000 (h) A shop unit at Block 206 Hougang Street 21 *01
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  • Page 14 Advertisements
    • 3033 14 1(1 .qv SINGAPORE FINANCE LIMITED I VfßftV 3(1(1 Subsidiaries I I (Incorporated in the Republic of Singapore) I I Balance Sheets As At 31 December 1999 I The Group The Company The Group The Company H H Note 1999 1998 1999 1998 Note 1999 1998 1999 1996 H $000 000
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  • REGIONAL news
    • MARKET moves
      • 133 15 TIME Engineering, which failed to tie up with Singapore Telecommunications last week, only managed to gain a meagre 2 sen yesterday to RM4.28 although it's a component of the Morgan Stanley Capital International indices. Earlier this week, MSCI confirmed that Malaysia will be back
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      • 172 15  -  Compiled by Eddie Toh CONSTRUCTION stocks also benefited from MSCI's confirmation of Malaysia's reinstatement in its widely tracked indices. United Engineers Malaysia rose 50 sen to RM 10.80, while parent Renong Bhd inched up 8 sen to RM2.66. Analysts said interest in the sector may taper off
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    • 138 15 KUALA LUMPUR Bernama LOWER operating and depreciation costs enabled Telekom Malaysia Bhd to record a higher pre-tax profit of RM367.9 million (*****.2 million) for the quarter ended March 31, 2000, from RM224.3 million in the preceding quarter despite a lower turnover and negative contribution
      Bernama  -  138 words
    • 346 15 KUALA LUMPUR Tong, who's been building a media empire, plays down plans after leaving bank Bloomberg TONG Kooi Ong, chief executive officer of PhileoAllied, one of Malaysia's smallest banks, yesterday said he will step down from his post on May 31, after eight years.
      Bloomberg  -  346 words
    • 49 15 [MANILA] Filipino private security men inspecting bags and packages of shoppers before allowing entry into a mall in Manila. Authorities ordered tightening of security on commercial establishments after a shopping mall in the suburban financial district of Makati was bombed on Wednesday injuring 13people, mostly children. AFP
      AFP  -  49 words
    • 479 15 MANILA Economists say this could support peso, but slow down economic growth Reuters Bloomberg THE Philippines yesterday raised overnight rates by 50 basis points the second time this week in a move which economists and bankers said could support the peso for now
      Reuters; Bloomberg  -  479 words
    • 688 16  -  Economic recovery threatened as rate rises 0.5-point, with more hikes seen From Quak Hiang Whai in Hongkong EMERGING from its worst recession in decades, Hongkong now faces record high real interest rates following another halfpoint hike yesterday, a development that threatens to
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    • 398 16 TAIPEI Beats expectations, expansion is island's fastest in 8 years Bloomberg TAIWAN'S economy raced ahead in the first quarter, clocking its fastest growth in eight years, as semiconductor makers and other manufacturers enjoyed record overseas sales and stepped up their investment spending.
      Bloomberg  -  398 words
    • 442 16  -  Instead, it conld pnt China in a sticky situation: analysts FYorn Macabe Keliher in Ta ipei WITH investors standing firm in the face of tense crossstrait relations, analysts predict Taiwan president-elect Chen Shui-bian's inauguration speech today may not have as much
      REUTERS, AP  -  442 words
    • 402 16 BANGKOK Bloomberg THAI Military Bank Pel, Thailand's sixth-largest bank, said it raised 29.9 billion baht (Ssl.3 billion) from a share sale, with the government becoming the lender's largest shareholder. Thai Military sold all the shares it was aiming to sell even though
      Bloomberg  -  402 words
    • 363 16 Its Ist full-scale Asian plant will produce only for local Thai market for now AFP [RAYONG, Thailand] German auto maker BMW opened its first plant in Thailand yesterday with plans to export to the region once the Asean Free Trade Area (Afta) comes
      AFP; REUTERS  -  363 words
    • 305 16 SHANGHAI Reuters CHINA will gradually allow limited foreign access to its domestic stock markets upon the country's entry to the World Trade Organisation (WTO), a senior China Securities Regulatory Commission official was quoted as saying yesterday. "China will gradually give limited foreign
      Reuters  -  305 words
  • Page 15 Advertisements
    • 1277 15 I M, SINGAPORE FINANCE LIMITED I I \l»vT/ and Subsidiaries I (Incorporated in the Republic of Singapore) I 18. Investments The Group and The Company 1999 1986 rooo sooo Singapore Government Sec unties and Treasury Bills at coat net ol amortisation ol premium or accretion of discount 192,437 163.362 Market
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  • WORLD news
    • 563 17 NEW JERSEY New York chief reveals demand in economy still too strong for Fed's liking Reuters THE Federal Reserve is not yet sure whether this week's half-point rate hike will be enough to prevent the economy from
      Reuters  -  563 words
    • 483 17 SUVA, Fiji Reuters FIJI'S president declared a state of emergency in the South Pacific nation yesterday after a local businessman took the prime minister hostage and claimed power in the name of indigenous Fijians. Coup leader George Speight led about seven armed
      Reuters; REUTERS  -  483 words
    • 425 17 TOKYO Change not likely till later this year Reuters THE Bank of Japan gave its strongest hint yet yesterday that Japan's first interest rate rise in a decade is approaching as the recession-hit economy brightens, but it added
      Reuters  -  425 words
    • 246 17 LONDON Reuters THE planned merger of the London Stock Exchange and Frankfurt's Deutsche Boerse was snared in regional rivalry yesterday following reservations by the German state of Hesse and an attack by a top British business figure. Hesse, which is the Frankfurt bourse regulator
      Reuters  -  246 words
    • 686 17 Reuters (LOS ANGELES] Corporate America is getting a make-over. "The CEO (chief executive officer) image of the gray-haired fellow who's 20 to 30 years into his career has been the standard. But that mode is being broken," said Rhoda Edelman, managing director of Pearl Meyer
      Reuters; FILE PHOTOS  -  686 words
    • 340 17 SEOUL Bloomberg SOUTH Korean Prime Minister Park Tae Joon, who rose to prominence as chairman of the world's largest steelmaker, resigned after just five months in office, engulfed in allegations of tax evasion. Mr Park offered his resignation to President Kim Dae
      Bloomberg; AP  -  340 words
    • 687 18 BEIJING EU fails to clinch similar deal to US in crucial area of telecommunications Reuters CLINKING champagne glasses and smiling broadly, top trade officials from China and the European Union toasted a market opening deal yesterday that removes the last major hurdle
      Reuters; REUTERS  -  687 words
    • 618 18  -  /•Vow Leon Hadar in Washington CLINTON Administration officials seem to be confident that their policy to normalise trade relations with China will win wide Congressional support as the House of Representatives prepares to debate and vote next week on the issue.
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    • 251 18 LONDON Bloomberg THE euro yesterday fell to new lows against the yen and US dollar after Japanese officials hinted they may raise interest rates, and a leaked German report reinforced speculation the European Central Bank (ECB) will not buy euros to support the
      Bloomberg  -  251 words
    • 63 18 HOLLYWOOD] Co-stars Tom Cruise and Thandie Newton posing at the premiere of in Hollywood on Thursday. Cruise portrays special agent Ethan Hunt in the film, a romantic action thriller that plunges him into an international crisis of terrifying magnitude. Newton portrays Nyah Hall, a thief,
      REUTERS  -  63 words
    • 538 18 FRANKFURT It'll take 500 m euro charge; analysts doubtful the bank can stay independent Bloomberg DRESDNER Bank AG said it will slash 5,000 jobs, shut every fourth German branch and take a 500 million euro (Ss77B million) charge after a merger with Deutsche
      Bloomberg  -  538 words
    • 563 18 WASHINGTON Robust consumer demand blamed for record trade deficit Bloomberg THE US trade deficit widened to a record in March as surging consumer demand for imported oil products and automobiles overpowered a second straight monthly increase in exports, govern ment figures
      Bloomberg  -  563 words
    • WORLD Watch
      • 60 18 Reuters [TOKYO) Five major Japanese non-life insurers posted divergent earnings results for the past year. Tokio Marine Fire's results for the year to March 31 was little changed, while Yasuda Marine Fire and Sumitomo Marine Fire reported improved results. But Mitsui Marine Fire and
        Reuters  -  60 words
      • 68 18 Bloomberg (TOKYO) Life Co, a Japanese consumer credit firm affiliated with Long-Term Credit Bank of Japan, has filed for protection from creditors. The Hiroshima-based company said it had debts 0f966.3 billion yen (5515.5 billion) as at end-Mat ch, it posted a 1.8 billion yen net
        Bloomberg  -  68 words
      • 87 18 Bloomberg (TOKYO) Bank of Tokyo-Mitsubishi returned to profit for the year to March, bolstered by gains in the value of its stock holdings. It reported net income of 127.9 billion yen (Ss2.l billion) for the year ended March 31, below the 139 billion yen
        Bloomberg  -  87 words


  • FINANCE & commodities
    • 250 19  -  SGX Derivatives fadingReports MSCI Singapore Index Daphne Tay THE Singapore stock market closed the week on a depressed note, with the benchmark Straits Times Index closing below the psychological 2,000-level. Fears of further Fed rate hikes and losses in bank shares following MSCI's
      250 words
    • 284 19  -  MSCI Taiwan futures -mm- o i Chan Yet San THE Taiwan stock market closed higher as late buying believed to be from some state funds pushed the market up. The Taiex ended at 9,119.77 points, a gain of 32.56 points or 0.36 per cent.
      284 words
    • 163 19 ENERGY REPORT Reuters [LONDON] Surging oil prices held strong at new highs yesterday after hedge fund money led gains on Thursday. London July futures for benchmark Brent blend in early business were 10 US cents up at U5529.02 a barrel while June US light crude
      Reuters  -  163 words
    • 330 19 Reuters London THE euro dropped to record lows against the yen and tested all-time troughs against the dollar yesterday, as investors liquidated euro zone assets across the board in the absence of central bank intervention. This happened soon after a rally of the dollar to 11-year peaks above
      Reuters  -  330 words
    • Article, Illustration
      1272 19 MTERBAMM CROSS RATES iu AS C$ »mb Euro Ffr Dm HK$ Ind Rs Rupiah Yen Won BM WZ$ P«k Rs Peso s$ Band Sfr HT$ Baht Pound US$ Australia 0.859 4.751 0.641 4.202 1.253 4.460 25.174 47.689 0.617 6.429 2.176 1.256 29.683 23.856 0.989 4.109 0.994 17.599 22.388 0.386 0.573
      1,272 words
    • 1942 19 SICOM FUTURES May 19 RUBBER (futures dosing e at 5.30pm) RSS1 CONTRACTS centsAg) Close Volume Open Month Hlqh Low Sett (towns) Interest Jun 00 119.00 Jul 00 120.50 400 Aug 00 121.50 400 Sep 00 123.50 400 RSS 3 CONTRACT (US c«nts/ty) Volume Open Month High Low Sett (tonnes) Interest
      1,942 words

  • STOCKS east asia
    • 2871 20 HONGKONG AFP Qj Hang Seng +155.66 HONGKONG share prices rose 1.1 per cent yesterday on bargain hunting amid portfolio adjustments in the wake of changes to the key international MSCI indices, dealers said. The key Hang Seng Index gained 155.66 points to close
      AFP  -  2,871 words
    • Article, Illustration
      1000 20 Q Shenzhen B Index +(189 CHINA'S hard currency B shares closed up slightly yesterday as domestic brokerages bought large-cap shares to support the market on the eve of the inauguration of Chen Shuibian as Taiwan president, brokers said. The Shanghai B Share Index ended up 0.38 per cent or
      1,000 words
    • 393 20 AFP □WP Index +3156 TAIWAN share prices closed 0.4 per cent higher yesterday in narrow-range trading amid caution before presi-dent-elect Chen Shui-bian's inauguration, dealers said. The Taiwan Stock Exchange Weighted Price Index rose 32.56 points to 9,119.77 on turnover of NT$lll.5B billion. "Investors are waiting to see what Chen
      AFP  -  393 words
    • 2018 20 TOKYO AFP Q Nikkei 225 -173.48 SHARE prices in Tokyo fell one per cent yesterday as investors sold expensive high-technology shares following a dip in the US Nasdaq index, brokers said. But institutional investors hunted for bargains in late trading to slow the pace
      AFP  -  2,018 words
  • Page 20 Advertisements
    • 58 20 HOME IN ON HOB'S J SECOND BOND ISSUE AND I I iNvtsTMENTTORTFouo I u~ u—l IPO. Shares. Bonds. Stocks. Annual Reports. I I Whatever you're offerlnq, we help you reach out I I I to 86.7% of all adults In Slnqapore dally. g*¥ P IHMM The Strajts Times The Business
      58 words

  • STOCKS klse
    • 466 21 AFP PI Composite Index +2&32 SHARES closed 3.1 per cent higher yesterday after confirmation of Malaysia's reinclusion in the Morgan Stanley Capital International indices at the end of this month, dealers said. The Kuala Lumpur Stock Exchange Composite Index ended up 28.32 points at
      AFP  -  466 words
    • 8308 21 INDUSTRIALS I t Consumer products I 2000 Last Vot Day Net Cap -1 High Low Company Sato OOO High L— P/K »<"" 420 310 A|inomoto 372 20.4 150.8 158 91 Angkasa 98.5 15 30 99 96.5 145.2 U 670 290 Apollo Food Hlg 525 5 I 525 525 12.5 210.0
      8,308 words
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  • SGX clob & regional stocks
    • 3523 22 BONDS WARRANTS May 19 Wt WnKi fnm/ ti*r, 12 wt*t Lot V« Oar LastOeete Av« nuM Can tier Otac Htm H*a lo. Um fi-n-T M (000) M# U« bp w* Prtn MhlUk Prtce 1*1 taarta«2 left 80 17 s 3164 Acma W*****4 22.5 unch 175 23.5 22.5 22.5 23 24
      3,523 words
    • Article, Illustration
      785 22 AFP fl SET Index +0.01 THAI shares closed barely changed yesterday in thin trade as investors remained sidelined in the absence of fresh leads, analysts said. The Stock Exchange of Thailand (SET) Composite Index edged up 0.01 of a point to close at 343.40, while the select SET 50
      AFP  -  785 words
    • 304 22 AFP S3 Composite Index -42.68 THE Philippine Stock Exchange Composite Index fell 2.8 per cent or 42.68 points to close at 1,478.68 as the central bank raised interest rates. Turnover rose to 1.47 billion shares worth 1.16 billion pesos from 1.02 billion shares worth 539 million pesos on Thursday.
      AFP  -  304 words
    • Article, Illustration
      731 22 AFP C 3 Composite Index -5.44 INDONESIAN share prices closed one per cent down yesterday on foreign selling, changes in the MSCI indices and amid concern over the continuing rise in domestic interest rates, dealers said. The Jakarta Stock Exchange Composite Index closed 5.44 points lower at 509.41 after
      AFP  -  731 words
    • 277 22 AFP QHZSE-40 -L9l THE NZSE-40 Capital Index closed down 0.1 per cent or 1.91 points at 2,012.33. Total market turnover came to NZ$l73 million. "The index's performance wasn't bad given the currency has been an absolute disaster," said Richard Leggat of Merrill Lynch. AFP MS (000) Advantage HOS 3.10
      AFP  -  277 words
    • 564 22 AFP Pill Ordinaries -CLS AUSTRALIAN share prices fell 0.2 per cent yesterday after a session of extremely light volumes and directionless trade, brokers said. The All Ordinaries Index closed 6.5 points weaker at 3,005.4 while the recently-in-troduced SP/ASX 200 dropped 5.8 points to 3,039.1. Turnover totalled 417.7 million shares
      AFP  -  564 words
    • 308 22 AFP Q Composite Index *17.73 THE Korea Stock Exchange Composite Index closed up 17.73 points at 730.68. Volume was 195 million shares, worth two trillion won. AFP Mi* H Don »mm Sfmi ***** 500 Br tin Tpch 970 30 C«ntr»B*nk *000 45 ChUtComm *****0 1500 OmGuSOMI 1760 40 0»wg
      AFP  -  308 words
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  • 9805 23 Mr* n n- i g-m m- rm —nim* 1 ifif MMw t'i ii —w >' ■■BmawMWir---------SGX MAINBOARD Transaction date: May 19 Gr Or M Wt 52-Wk Last Vol Day List Quote Dlv Dlv VM Net Cap Av« High Law StNo Company Sala COOO) High Law Buyr SlBir CV
    9,805 words
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  • Page 24 Advertisements
    • 298 24 Where to wine, dine and entertain..."""™' < £ss& -Definitely the first card in the world 4545 Select from our extensive a la carte buffet menu featuring 60 superb Sichuan and Cantonese gourmet delights. Lunch: £23 (Adult), 40% discount (Child) Dinner: £26 (Adult), 40% discount (Child) For reservations, please call 290
      298 words
    • 48 24 I WOBK JjtuntJk v 17 -24 MAY 2000 vJfS ome ee e N^J7 y pulse of modern Spanish by |^fc|f s )fcChef Justo M del Amo r?f Revolving Restaurant. Reservations: 831-6288/58 _j=_ Ahuukirin Singapore I 1 1 OiKtfd Koad Singapore *****7. Vm'.T. M 7)7 4411 Fax 7J2 IMI
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  • Page 24 Miscellaneous
    • 888 24 y 11 11» 11 Pj>«»rai 6.00 Growing Up. 4.00 Kekasih Ayah. 10.02 laiwan 2000: A New "Vm v 7.00 Saturday Night Movie: 5.00 Uddyn. Chapter. 8.00 AM Kids Central: 64 Free W illy 2 5.30 Aksi Mat Yoyo. 10.30 At Home With. i m V Zoo Lane/ Animal 9>oo Vested
      888 words
    • 326 24 CRYPTIC CROSSWORD ACROSS 6 Force to speak, getting reward 1 Admit everything, with cry of paj n (5) 7 Shabby home improvements 4 Animal finds plum in courtyard "9 9 CX (9) 10 I abandoned remorse about val--8 Caught, debtor has to cnnge (5) jf/f 9^ dual improvement (13) 9
      326 words

  • Page 25 Advertisements
    • 182 25 Fringe benefits i The Arts Fest isn't all high-brow drama and hoity-toity opera the newly updated fringe programme, Arts On The Move, steps outdoors onto promenades, into town centres, MRT stations and even on the MRT. Together with other fringe mainstays, the activities carry on till the last curtain call
      182 words

  • The Arts
    • COVER STORY: ARTS FESTIVAL
      • 2036 26 WATCH out. The long arm of the arts is out and it's taking no prisoners. Even if you've vowed to avoid the Singapore Arts Festival, prepare to be bombarded by all things arty and fun as Arts on the Move the newly revamped fringe festival branches out to
        2,036 words
      • 1170 26 FESTIVAL VILLAGE Fort Canning Park, June 1-4, 6.30pm10.30pm. Tickets at $15 (adult) and $10 (students and senior citizens) available on site at Fort Canning Security Post and entrance nearest to Drama Centre. Charkula Nritya Avam (India) A folk dance group from Uttar Pradesh. Watch for a multi-tiered
        1,170 words
    • Article, Illustration
      1487 27  -  Compiled by M Yasotha MUSIC Singapore Symphony Orchestra Musical Tributes and Souvenirs The fairy tale ballet Mother Goose and Le Tombeau de Couperin, a salute to 17th and 18th century French court dances as well as friends lost during World War I. get treated to Ravel's colourful orchestrations.
      1,487 words
    • Article, Illustration
      144 27  -  By Aaron Lye The Buzz: An Evening with Javed Akhtar, a poem recital by the renowned Indian scriptwriter, lyricist and poet. Plot and Players; A well-known Urdu poet, Javed Akhtar first started writing Urdu poetry in 1980. His first collection of nazms and ghazals, entitled Tarkash was widely successful.
      144 words
    • 1069 28  -  A mixed bag of events will kick off at Action Theatre's Waterloo St premises, reports aarom lye AARON LYE THE old adage, "expect the unexpected", perhaps, would've been best heeded by attendees at the launch of Action Theatre's latest round of offerings, collectively titled New Crops, Fresh
      1,069 words
    • 721 28  -  5 artists are given the mil of an exhibition space to express themselves By 1 Koh Huiting AS the excitement of the Singapore Arts Festival heats up, the visual arts are not to be neglected either. Young artists get their 15 minutes of
      721 words
    • 357 28  -  By Koh Huiting EVER wondered how those amazing sets seen in worldrenowned musicals like Phantom of the Opera and Cats are made? The Practice Performing Arts School has enlisted Hongkong designer Jacob Yu to reveal the secrets of the trade in
      357 words

  • Page 27 Advertisements
    • 79 27 Vv Y -*IFi| In IMB 3f Unemployment Cover, your I v <3 Jfr 1 ni'iimi iiinf millll i.disappear if your job does. n& V §.llj f W 4 p j|r» jfl Ja&£ HHH Introducing Singapore's first mortgage plan v <. For more Vf Alternatively. our MMBBW l^^"'l IM lltlwllwww<Mlw^ Mglp?BWßa
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  • Page 28 Advertisements
    • 29 28 The exhibition, Splodge!, is on at Plastique Kinetic Worms, off Club Street until June 4. Open Tue-Sun, 12nn- 7pm. For more information, contact Haslinda at 324-3221, or fax: *****34
      29 words
    • 39 28 For more information on ClubEd and the various productions of New Crops, Fresh Pickings, call Action Theatre at 837-0842. Tickets for all productions except ClubEd are available at all Ticketcharge outlets, via its Web site www.ticketcharge.net or hotline 296-2929
      39 words
    • 42 28 Those interested can contact Yuqing at 337-2525, or fax to the Practice Performing Arts School at 337-0779f0r more details. Fees are $250 per person (inclusive of one ticket to the premiere of Cat). Only 25 spaces are available on a first-come-first-served basis
      42 words