The Business Times, 16 June 2001

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1 16 The Business Times
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  • Title Section
    Lock icon Masthead
    16 1 THE BUSINESS TIMES MITA (P) 107/03/2001 SINGAP ORE Internet- h?tp://business-times.asial .com.sg/ SATURDAY, JUNE 16, 2001 85C
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  • Article
    Lock icon MARKET SUMMARY
    77 1 STI 1,***** (+16.60) BT-SBI OML7I (+1.39) ST INDEX FUTURES \jm (+13.00) SUSCIFUTUKES ***** (+2.50) STOCK BASKET INDICES Friday Change KLSE COMP §89.42 11.44 NIKKEI 225 12,790J8 -6618 HANG SENG 13,***** -14*39 SET INDEX ***** +1.73 JAKARTA COMP 417.66 +&82 MANILA COMP 1,479.30 +6.19 TAIPEI WPI 5,158.63 +39.44 SEOUL
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  • Article
    Lock icon FINANCE
    80 1 FOBEX RATES uss s$ t'SS (SS per I'SS) L811 £fUSS/S$ per 1.401 2i38 EURO(USS/S$/E) 0.863 LS64 DM 2.266 li51 YEN 121.4 67.00 RM 3.800 1086 HRS 7.790 4J06 BAHT 46.27 24J9 RUPIAH 11J46 6^08 *S$ to 100 twits PRIME RATES SINGAPORE* 5.80 KUALA LUMPUR 7.67 JAKARTA .39.00 BANGKOK 960
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  • Article, Illustration
    Lock icon Celestica offers US$890m for Omni Industries
    712 1  -  Canadian group puts minimum 19% premium on Omni's pre-snspension price By. David Boey [SINGAPORE] Canada-based Celestica Inc, the world's third largest electronics contract manufacturer, yesterday announced plans to buy Singapore-listed Omni Industries for US$B9O million sparking a run-up in the company's share price and
    ARTHUR LEE; Source: Bloomberg  -  712 words
  • Article
    Lock icon Abdullah quashes rumour of Daim's arrest
    414 1  -  Former finance minister not nnder probe, he says From] Eddie Toh in Kuala Lumpur MALAYSIA'S Deputy Prime Minister Abdullah Ahmad Badawi yesterday quashed strong and persistent rumours that former finance minister Daim Zainuddin had been arrested. "There is no reason why at the moment
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  • Article
    Lock icon Venture shares up after Thursday's hammering
    293 1  -  Byt Angela Tan [SINGAPORE] Venture Manufacturing's shares recovered somewhat yesterday after Thursday's bust-up helped in part by the contract manufacturer's statement dispelling rumours that it had issued a profit warning at a briefmg with selected analysts. "The company wishes to inform SGX that during
    293 words
  • Article
    Lock icon MAS allows hedge funds for retail investors
    876 1  -  But it sets minimnm investment of $100,000 By* Genevieve Cua [SINGAPORE] THE Monetary Authority of Singapore has finally given the thumbsup for hedge funds to be launched as unit trusts for the retail investor, but has set the minimum investment at $100,000. The
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      Lock icon Page 1 Advertisements Column 1
      91 1 DKgPE The Arts Taking the S'pore arts scene to a new 1 of I maturity. BCaJ Back Page Top stories PM Goh: Can S'pore rely on same economic model? Next Page UOBKayHian in acquisition deal with RHB-Cathay Sec. Pg 3 Capita Land $200 m bond issue fully taken up. Pg
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      Lock icon Page 1 Advertisements Column 2
      288 1 two store?? US inflation up 0.4% Karm.Ra.lan < V I*** Lessons from ofHDBs in May: production Huaren 40-storey blocks takeover to cost more (j 0V Vn 0,8% Writers Pg 6 Pg 12 Journal, Pg 7 Diaolosnre oould have been better, Pg 5 "Co ltls 'Time to Give' Back "There is
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  • NEXT page
    • Article, Illustration
      Lock icon PM: Can S'pore rely on same economic model?
      829 2  -  Mr Goh will raise several fundamental issues at National Day Rally speech Hyi Catherine Ong in Washington DC PRIME Minister Goh Chok Tong, who left here last night for a private visit to London, will be mulling several fundamental issues that he
      GEORGE GASCON ST  -  829 words
    • Article
      Lock icon Dr M to speak in Singapore in Sept
      411 2  -  nil exclusive Organiser says SM Lee will also speak at function From] Eddie Toh in Kuala Lumpur A MALAYSIAN think-tank will set the stage for a meeting between Malaysian Prime Minister Dr Mahathir Mohamad and Singapore leaders in the Republic in September.
      411 words
    • ON THE grapevine
      • Article
        Lock icon Getting hammered
        95 2 AT Oracle Corps conference call here yesterday to mark the launch of its latest database product, its vice-president of database marketing seemed to have been carried away by his own rhetoric. In a burst of enthusiastic hyperbole, Rene Bonvanie said that Oracle 9i the software company's latest database
        95 words
      • Article
        Lock icon Listen to the leader
        92 2 HAVE tech stocks in the US fallen far enough and ready for a rebound? Not according to Dell. Kevin Rollins, co-president of the biggest PC maker in the world, recently complained that "We're not seeing any change in the behaviour of our corporate customers. We haven't
        92 words
      • Article
        Lock icon Still hoping
        144 2 PRUDENT Market Decisions, a US investment advisory service, has this to say about the state of the markets: "Stock market volatility continues to confound a sufficient number of investors so as to create a healthy dose of scepticism. Has the Dow bull market resumed? When our long-term market
        144 words
    • Article
      Lock icon STMicro shuts plants here for 3 wks
      355 2  -  1,600 workers sent home on paid leave till end of the month By] David Boey [SINGAPORE] STMicroelectronics has shut its two wafer foundries at Ang Mo Kio until the end of this month to reduce inventory. The Geneva-based company has sent about 1,600
      355 words
    • Article
      Lock icon Solectron and Flextronics said to have also put in bids
      367 2  -  Morgan Stanley's Project 'Oslo' team studied various factors Hy\ David Boey [SINGAPORE] Project Oslo. That's the codename investment bankers at Morgan Stanley picked for their hush-hush search for a winning bid for Omni Industries Ltd. Sources told BT that Omni's
      367 words
    • Article
      Lock icon COE open tender bidding starts next week
      440 2  -  By Ven Sreenivasan [SINGAPORE] The bidding for the newly launched opentender system for open-cate-gory Certificate of Entitlement (COE) will kick off next week, the Land Transport Authority announced yesterday. For a start, the LTA has allocated 671 COEs comprising half of the month's
      440 words
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  • SINGAPORE companies
    • Article
      Lock icon UOBKayHian in acquisition deal with RHB-Cathay Sec
      426 3  -  Terms being finalised to takeover latter's broking business By Ling Su Ann IN another step towards securing its place as one of Singapore's largest brokers, UOBKayHian has agreed to acquire the stockbroking business of RHB-Cathay Securities. In a statement to the Singapore Exchange
      426 words
    • Article, Illustration
      Lock icon CapitaLand Residential's $200m bond issue fully taken up
      560 3  -  More than half the bonds likely to have been taken np by international funds By Vince Chong CAPITALAND Residential's $200 million six-year prog-ress-payment securities bond issue launched on June 11 and completed yesterday was fully taken up, though no numbers were revealed.
      ARTHUR LEE  -  560 words
    • Article
      Lock icon GES warns '01 gain will be lower than expected
      266 3  -  By\ Siow Li Sen GES International, which last month announced it was buying Eltech Electronics, yesterday warned that profits for the 12 months ending June 30 will be lower than expected. Blaming weak business conditions, the computer maker and distributor now
      266 words
    • Article
      Lock icon Top Global launches IPO
      132 3 ROOFING specialist Top Global yesterday launched an initial public offering of 12.5 million new shares for a Sesdaq listing. The offer comprises 11.5 million placement shares and one million reserved shares at 20.5 cents apiece, which represents a historical price earnings ratio of 5.7 times for
      132 words
    • Article
      Lock icon LC Devt raises stake in LCD (Vietnam)
      163 3 PROPERTY firm LC Development Ltd (LCDL) has raised its stake in LCD (Vietnam) Pte Ltd to 80 per cent from 50 per cent. This follows its purchase of a 30 per cent stake from Laurel Properties Pte Ltd for $300,000. Under the share
      163 words
    • Article
      Lock icon Royal Clicks to issue 3.5m new shares
      203 3 SPORTS and fashion goods distributor Royal Clicks said yesterday it plans to issue 3.5 million new shares at 82 cents each which will be subscribed by Trans World Investments. The issue, which is subject to approval by the Singapore Exchange, will increase Royal
      203 words
    • Article
      Lock icon Venture and Omni: disclosure could have been better
      629 3  -  lock siew r sivanithy IT has been an eventful week for technology stocks Venture Manufacturing and Omni Industries. On Thursday, Venture's shares plunged as much as 13 per cent on unfounded rumours that it had issued a profit warning to a handful
      629 words
    • Article
      Lock icon C&W strikes forward deal to sell SingTel shares it may get
      452 5  -  Move reduces market worry of an overhang of shares as C&W could get np to 940 m shares W Teh Hooi Ling CABLE Wireless pic has agreed to sell to an institutional investor most, if not all, of the
      452 words
    • COMPANY Briefs
      • Article
        Lock icon Chemical Ind posts $9.3m annual loss
        109 5 CHEMICAL Industries yesterday reported a $9.3 million loss for the 12 months ended Mar 31, although turnover rose 43 per cent to $49.2 million. For the previous corresponding year, Chemical had a net profit after tax of $861,000. The group attributed the losses to
        109 words
      • Article
        Lock icon Share price jump: SGX queries Beyonics
        42 5 BEYONICS Technology has been queried by the Singapore Exchange over the sharp rise in its price and trading volume yesterday. The company ended 3 cents higher to 23 cents on a volume of 38.8 million shares.
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      • Article
        Lock icon Parkway calls for EGM on July 4
        42 5 PARKWAY Holdings yesterday said an extraordinary general meeting will be held at 10 am on July 4 at The Lecture Theatre, Level 3 Gleneagles Hospital, 6A Napier Road, to consider amending its share option scheme.
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      • Article
        Lock icon Brierley seals Tasman Agri stake sale
        61 5 BRIERLEY Investments Ltd said it has completed the sale of its entire 66 per cent shareholding in Tasman Agriculture to Dairy Holdings for about NZ$ll7 million, against its book value of NZ$92 million. The transaction is not expected to have any material effect on
        61 words
    • Article
      Lock icon Elec & Eltek partial offer becomes unconditional after strong take-up
      231 5 Elec Eltek partial offer becomes unconditional after strong take-up THE partial offer by the parent company of Singaporelisted Elec Eltek International Co (EEIC) for its shares has become unconditional. By 11 am yesterday, Elec Eltek International Holdings (EEIH) had received acceptances for 30.5 million shares representing 41 per cent of
      231 words
    • Article
      Lock icon Eddie Teo named ST Kinetics chairman
      130 5 MAINBOARD-listed Singapore Technologies Engineering (ST Engg) said yesterday it has appointed the Permanent Secretary in the Prime Minister's Office, Eddie Teo, chairman of Singapore Technologies Kinetics (ST Kinetics). Mr Teo succeeds Major- General (NS) Lim Neo Chian, who has held the post since Feb
      130 words
    • Article, Illustration
      Lock icon Air NZ chief hopes for a quick restructuring deal
      516 5 Qantas' move to take stake in rival gets a jolt as SIA suggests alternative plan Reuters [SYDNEY] Air New Zealand Ltd chief executive Gary Toomey said yesterday the carrier was evaluating all options on the table for a radical restructure, but
      Reuters; REUTERS  -  516 words
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      Lock icon Page 3 Advertisements Column 1
      545 3 Br m fa KBBBi p? "v w-fc&' £Z2jm I Yes! I want to subscribe to The Business Times Get Smart with The Business Times and and Standard Chartered Smart Credit-" and I n .Z-T r„ Golf for free for 1 whole month. Standard Chartered Smart Credit today. J Simply fax
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  • SINGAPORE markets
    • Article
      Lock icon Untitled
      333 4 Stocks Volume PCI 25c 53,558,000 Tianjin Zhong 52,382,000 Omni Ind 10c 47,276,000 Beyonics 10c 38,761,000 Frontline 5c 27,023,000 Unidux 6c 22,120,000 SingTel 15c 19,780,000 Keppel Capital 19.443,000 North 22 USlc 18,219,000 AEM-Evertech 5c 16,864,000 Stocks Omni Ind 10c 174,893,940 VentureMfg25c 70,244,380 Keppel Capital 69,650,260 Tianjin Zhong 61,777,887 SIA 57.961.569 DBSGrp
      333 words
    • Article, Illustration
      Lock icon Bid for Omni helps market shake off Nasdaq blues
      627 4  -  STOCKS r. sivanithy TAKEOVER and merger fever gripped the local market yesterday, outweighing the negative drag of more US profit warnings and a weak Wall Street overnight. This came after Omni Industries confirmed rumours that it will be bought by Canada's
      627 words
    • Article, Illustration
      Lock icon Beyonics wit watch the shares
      164 4  -  WARRANT WATCH Py] R Sivanithy SHARES of Beyonics Technology formerly known as Uraco Holdings have been well-supported since the company recently announced a strategic arrangement with Seagate. Beyonics' warrants also have the distinction of being among the few such instruments that are actively traded every
      164 words
    • Article, Illustration
      Lock icon Keppel retreats but $4 still a target
      232 4  -  HOT STOCK By' Ven Sreenivasan KEPPEL Corp has rallied strongly this week in the wake of OCBC Bank's unsolicited cash offer for Keppel's 37 per cent owned unit Keppel Capital. But Keppel Corp's stock succumbed to profit-taking yesterday, giving back 8 cents to
      232 words
    • Article, Illustration
      Lock icon Euro leads gains against US$ on US export worries
      552 4  -  I=ll comment CURRENCIES 87 US cents is the next important test; some Asian nnits modestly np larry wee THE US dollar was looking more vulnerable yesterday than it has for some time, with the euro the main beneficiary, and some Asian
      Source: Reuters  -  552 words
  • Article
    Lock icon UNIT TRUSTS & FUNDS
    3251 4 UNIT TRUSTS FUNDS Ab«rd««n Asset Mgt Asia Ltd Aberdeen Select Portfolio: Global MNC Fd 0.751 0.789 Global Technology Fd!** 0.665 0.699 UK Blue Chip Fd!" 0.752 0 791 American Opport Fd 0.849 0.892 Cont Euro Eqty Fd!** 1.028 1 081 Japan Eqty Fd!** 1.187 1.247 Asian Fixed Income Fd 1.114
    3,251 words
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  • Article
    Lock icon BT SHARE information service
    4463 5 Mataare LowKang*«at 30-Apr P 1387 3353 LA 2.90 £***** SSS >-> Om. lets! «t«, SZT Sm* 1*£ 2 lid U jmj«j r og am a. a, !SS S* JS5 o£ S Bs"sr ss ST £.a S 1 sr a i£i?? SLiEr P now n'2? 2l!? i?2
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  • SINGAPORE news
    • Article
      Lock icon Seats for foreign businesses on SBF
      616 6  -  Up to 5 seats on governing council proposed for foreign chambers' reps By Chuang Peck Ming FOREIGN business interests here will have a voice in the proposed super business chamber the Singapore Business Federation (SBF) which will count at least 15 per cent of
      616 words
    • Article, Illustration
      Lock icon Concern over 3 sinking incidents, probes launched
      456 6  -  By] Beth Jinks THREE sinking incidents involving Singapore-con-nected tankers this week have sparked concern among international organisations, while two government departments have launched investigations. In the latest case, the Maritime and Port Authority of Singapore (MPA) is investigating the cause of a fire
      SHIN MIN  -  456 words
    • Article
      Lock icon Golf club services without hefty membership fees
      456 6  -  SGA Golf Club to maintain handicaps, hold games By Ven Sreenivasan WEEKEND golfers seeking golfing handicaps and regularly scheduled games can now have both by simply joining the Singapore Golf Association's newly established SGA Golf Club Pte Ltd. For a fee of $180
      456 words
    • Article
      Lock icon Singaporeans urged to be cautious while in Philippines
      119 6 IN the wake of recent kidnappings involving Singaporeans, the Singapore Embassy in Manila has advised Singaporeans living in or travelling to the Philippines to exercise caution. The travel advisory added that Singaporeans should keep themselves informed of developments that might affect their
      119 words
    • Article, Illustration
      Lock icon Flats on top 2 storeys of HDB's 40-storey blocks cost 12-15% more
      774 6  -  Mah says more 40-storey HDB blocks may be built By\ Kalpana Rashiwala FLATS on the top two storeys of the maiden batch of 40-sto-rey Housing and Development Board blocks, in Toa Payoh. are priced on average $31,000 to
      ST Photo  -  774 words
    • Article
      Lock icon Muis securitised bonds yield 3.5% semiannually
      299 6 THE Islamic Religious Council of Singapore (Muis) yesterday launched a $25 million bond issue to finance the purchase of a $32 million Beach Road property. The five-year, fixed-rate bonds will pay investors a return of 3.5 per cent per annum on a semi-annual basis.
      299 words
    • Article
      Lock icon Winners of Garden City Awards named
      208 6 NINE landmarks ranging from the Cactus Garden at the airport to the Shaw House/Lido Theatre Roof Garden have clinched top prizes at the inaugural Garden City Awards. Organised by the National Parks Board, the competition aims to promote greenery in developments. A key element
      208 words
    • Article, Illustration
      Lock icon Pace of retail sales eases in April
      270 6  -  the economy retail sales Byi Chuang Peck Ming THE pace of retail sales eased in April with the retail sales index up only 6.4 per cent from a year earlier. In March, the index increased 21.2 per cent. Both the main drivers of
      Source: Dept of Statistics  -  270 words
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  • REGIONAL news
    • Article, Illustration
      Lock icon Consortium led by tycoon bids for Nanyang
      520 7 KUALA LUMPUR Businessmen, community leaders team up; details of offer on Monday Reuters A POTENTIAL buyer has emerged yesterday for a Chi-nese-language newspaper group controversially taken over late last month by Malaysia's main ethnic Chinese political party. Tycoon Lim Guan Teik, who controls
      Reuters; FILE PHOTO  -  520 words
    • Article, Illustration
      Lock icon Lessons from the Huaren takeover
      1162 7  -  WRITER'S JOURNAL karim raslan THERE are three lessons that should be drawn from the on-going struggle in the Malaysian Chinese Association (MCA) over the ill-conceived takeover of Nanyang Siang Pau and China Press, two Chinese-language newspapers. The first concerns the credibility of newspapers and the
      1,162 words
    • Article
      Lock icon World Bank to lend Jakarta US$444m
      407 7 WASHINGTON Balk will go to ftTpflniling social services in villages Bloomberg INDONESIA is in line to get US$444 million in new World Bank loans this month, a show of support for the fourth most-populous country as it faces growing political upheaval and a freeze
      Bloomberg  -  407 words
    • Article
      Lock icon Thailand will improve monitoring of baht trading, says BOT official
      310 7 BANGKOK Reuters THAILAND is determined to improve its monitoring of baht trading and to limit speculation in the currency but needs more time to work out how to do this, a senior central bank official said yesterday. Bank of Thailand
      Reuters  -  310 words
    • Article, Illustration
      Lock icon Malaysia's May inflation in line with expectations
      406 7 KUALA LUMPUR Mannfactnring sales np 2.4% in April AP THE MALAYSIAN government yesterday published mostly positive economic data which showed inflation has stayed low in May and sales in the key manufacturing sector rose year-on-year in April. Malaysia's manufacturing sales rose 2.4 per
      AP  -  406 words
    • Article
      Lock icon China cracks down on illegal forex dealings
      612 8 BEIJING Analysts say move is partly to stem flow of 'hot money' into Hong Kong's stock market Reuters CHINA announced a sweeping crackdown on illegal foreign exchange dealings yesterday, a move analysts said was partly aimed at stemming the flow of "hot money"
      Reuters  -  612 words
    • Article
      Lock icon China to grow 7.5% this year: think-tank
      233 8 BEIJING Research academy sees domestic demand growing Reuters [BEIJING] China's economy is expected to grow 7.5 per cent this year, with the growth rate in the first half of the year estimated at 8 per cent, a leading government think-tank was quoted as
      Reuters  -  233 words
    • Article, Illustration
      Lock icon Untitled
      33 8 Standing together: Chinese human rights activist Wei Jingsheng (left) and the secretary-general of Reporters Without Borders Robert Menard posting in frontT poster depicting handcuffs, symbolising the Olympic rings, in Geneva, on Tuesday AFP
      AFP  -  33 words
    • Article
      Lock icon IOC members receive anti-Beijing threats
      336 8 Reuters [LONDON] International Olympic Committee (IOC) members have received threats from anti-China organisations, warning them of attacks if they vote for Beijing in next month's decision on the venue of the 2008 Olympics. Beijing is the favourite to win the vote on July 13 in
      Reuters  -  336 words
    • Article
      Lock icon China opens fund-management door to more firms
      201 8 SHANGHAI Bloomberg CHINA'S securities regulator said more companies may apply to start fund-management firms, bringing insurers a step closer to entering the market. Any registered company with a good credit standing may apply to start a joint-ven-ture fund management firm with brokerages and
      Bloomberg  -  201 words
    • Article
      Lock icon Hutchison may buy majority stake in ICG Asia
      255 8 HONGKONG Bloomberg HUTCHISON Whampoa Ltd, Hong Kong's biggest diversified business group, may buy a majority stake in ICG Asia Ltd from Internet Capital Group Inc as the US electronic commerce investor shrinks its operating commitments. Hutchison, controlled by billionaire Li Ka-shing, told
      Bloomberg  -  255 words
    • NOTE Book
      • Article
        Lock icon Stanchart plans secondary listing in HK
        99 8 AFP [HONG KONG] London-listed Standard Chartered Bank is considering a secondary listing in Hong Kong by the year-end to show its commitment to the territoryStandard Chartered group chief executive Rana Talwar was quoted yesterday by the Chinese-language Ming Poo daily as saying the group
        AFP  -  99 words
      • Article
        Lock icon Indon House panel clears revised budget
        129 8 Reuters [JAKARTA] The head of Indonesia's parliamentary budget commission said yesterday that the revised 2001 state budget had been approved, a vital step in mending relations with the International Monetary Fund. The IMF froze a US$5 billion loan programme with Indonesia in December over
        Reuters  -  129 words
      • Article
        Lock icon Indon parliament body rejects VAT hike
        75 8 Reuters [JAKARTA] Indonesia's parliamentary budget commission yesterday rejected a proposal to increase the value added tax (VAT) to 12.5 per cent from 10 per cent saying it would hurt the country's already struggling poor. Jakarta, under pressure to revise the budget due to soaring
        Reuters  -  75 words
      • Article
        Lock icon Ekran denies winning Bakun project
        90 8 Reuters [KUALA LUMPUR] Malaysia's construction firm Ekran yesterday denied it had won a part of the controversial US$2.4 billion Bakun hydroelectric dam project. On Tuesday, a newspaper had reported that Ekran subsidiary Global Uphill had been awarded a U5552.63 million contract to build a section
        Reuters  -  90 words
      • Article
        Lock icon Thai Q1 growth seen slowest in 2 years
        106 8 Reuters [BANGKOK] The Thai economy grew at its slowest rate for two years in the first quarter of this year, hit by weak exports and domestic consumption, economists said. Analysts polled by Reuters estimate Thai gross domestic product expanded only about 1.94
        Reuters  -  106 words
      • Article
        Lock icon BOT not easing banks'capital adequacy
        76 8 Reuters [BANGKOK] Bank of Thailand governor Pridiyathorn Devakula said yesterday that he had no plans to change the minimum bank capital adequacy ratio for Thai banks from 8.5 per cent of risk weighted assets. His statement followed a suggestion by a senior government economic adviser
        Reuters  -  76 words
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      Lock icon Page 7 Advertisements Column 1
      408 7 IN THE MATTER OF THE COMPANIES ACT. CAT. M ud IN THE MATTES OF FVTIWA ELECTRONICS A ENGINEERING PTE LTD tan lf«»td«rtoa) NOTICE IS HEREBY GIVEN thai the C reditor, of the abosenamed Company, which n being wound up solununly. arc required on or before 17th July 2001 send in
      408 words
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      203 7 IN THE MATTER OF THE COMPANIES ACT. CAP. SO AND IN THE MATTER OF DURAMETALLIC ASIA PTE LTD (IN MEMBERS' VOLUNTARY LIQUIDATION) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN pursuant to Section 308(1) of the Companies Act. Cap SO that the Final Meeting ot Members of the Company will
      203 words
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      91 7 Since 1975 our worldwide staft cl over multi-disciplined professionals Ijf 1 V includirg lawyers chartered accountants %l chartered secretaries and Bankers have k V provided confidential and cost effective ji company formation in all the major low ."fly* ,a ateas including Incorporation Fees troni US$5OO The world's leading Flconr,. fj
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  • PM GOH'S visit
    • Article, Illustration
      Lock icon PM Goh gives no hint on election date
      1982 9 Prime Minister Goh Chok Tong wrapped up a four-day visit to Washington, DC yesterday with a press conference for Singapore reporters covering his trip. Below are excerpts of the questions and answers. On Singapore's general election MediaCorp (MC): You said elections are
      GEORGE GASCON/ST  -  1,982 words
  • FINANCE
    • Article
      Lock icon Futures ride on takeover rumours
      270 9  -  SGX Derivatives Trading Report ST Index/MSCX STpore Index Daniel Wong Refco Singapore Pte Ltd SINGAPORE stocks ended higher yesterday on a bout of takeover rumours. The Straits Times Index gained 16.6 points, or one per cent, to close at 1,706.10, as 25 counters moved up,
      270 words
    • Article
      Lock icon Futures drift as stocks move up slightly
      238 9  -  MSCI Taiwan Index Wong Ann Chuen Refco Singapore Pte Ltd TAIWAN stocks recovered some lost ground yesterday. The MSCI Taiwan Stock Index added 2.07 points, or 0.88 per cent, to end at 238.59. The turnover for the index fell slightly to 436.89 million,
      238 words
    • Article
      Lock icon CURRENCY REPORT
      230 9 Reuters London THE euro hit new three-week highs against the US dollar yesterday, adding nearly half a per cent to its recent gains after Sweden's central bank intervened to buy the crown. The euro fell one per cent to two-week lows against the Swedish crown on the confirmed
      Reuters  -  230 words
    • Article, Illustration
      Lock icon Untitled
      1244 9 DfTERBAMK CROSS RATES tiro Ffr D» HK$ Iwd is NpHfc Y«w Won H N2$ Prt Is Nso S$ Um4 Sfr W foU USS 0799 4 *J 0 609 1992 LWO 4.098 24.697 59.087 0.638 6.789 1997 1261 33.182 27.103 0.952 4220 0.929 18.099 23.787 0J75 0S2*^ cllllf' o ?ll nmi
      1,244 words
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      Lock icon Page 9 Advertisements Column 1
      30 9 T|| EXECUTIVE ISITE Get up-to-date on the property market, and look out for our new weekly column, interior decor architecture and gardening stories Jr In The Business Times every Thursday.
      30 words
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  • e-NEWS
    • Article, Illustration
      Lock icon Oracle cuts price, unveils new software edition
      523 10 REDWOODCITY,CALIFORNIA Moved aimed at checking market growth of rivals IBM and Microsoft Bloomberg, Reuters ORACLE Corp cut the price of its database software as it unveiled a new edition, in a move it hopes will stem growth in its main market by rivals
      Bloomberg,; Reuters; AP  -  523 words
    • Article
      Lock icon Philips chip unit expects Q2 loss of 175m euros
      351 10 AMSTERDAM Bloomberg ROYAL Philips Electronics NV, Europe's leading consumer electronics maker, said yesterday its semiconductor unit will have a second-quar-ter loss before taxes and interest because of slumping demand for chips used in mobile phones and audio equipment. The unit expects
      Bloomberg  -  351 words
    • Article
      Lock icon Ericsson clinches US$850m China order
      241 10 STOCKHOLM Bloomberg, AFP ERICSSON AB, the biggest maker of wireless networks, won an order worth up to US$B5O million over three years to supply network equipment to three phone companies in China. Jiangsu Mobile Communications Co Ltd. China Unicom Jiangsu Branch and China Telecom Group
      Bloomberg,; AFP  -  241 words
    • e Briefs
      • Article
        Lock icon Sprint confirms talks with Virgin
        104 10 Reuters [KANSAS CITY] Long-distance telephone company Sprint Corp said on Thursday it was in talks for Britain's Vlrgin Group to re-sell telephone services in the United States under the Virgin brand name, and agreements on "preliminary matters" had been reached. Sprint, the No 3 US
        Reuters  -  104 words
      • Article
        Lock icon Acer lays off 700 workers in Malaysia
        98 10 Reuters [KUALA LUMPUR] Taiwan personal computer giant Acer Inc has sacked 700 of the 2,300 workers at its Malaysian plant and paid RMI million (*****,700) in benefits, The Star newspaper reported yesterday. Acer sent letters on Thursday to the affected workers, including 350
        Reuters  -  98 words
      • Article
        Lock icon 1st Silicon raises US$250m from bonds
        86 10 Reuters [LONDON] Ist Silicon Sdn Bhd, a Malaysian maker of silicon wafers used in computer chips, raised US$25O million selling bonds, said Nomura International pic, whidh arranged the sale. The funds will be used to refinance a US$lBO million loan Nomura provided Ist Silicon,
        Reuters  -  86 words
      • Article
        Lock icon eBank gets Japan provisional nod
        80 10 Reuters [TOKYO] Japan's top financial regulator, the Financial Services Agency, yesterday gave a provisional go-ahead to an online banking venture led by trading house Itochu Corp. EBank Corp applied for a preliminary banking licence in March with the aim of starting business in June. It
        Reuters  -  80 words
      • Article
        Lock icon Adobe Systems' Q2 net falls
        80 10 Bloomberg [SAN JOSE] Adobe Systems Inc, the biggest maker of software for creating graphics, said fiscal second-quarter net income fell because sales slowed in North America and Europe and the company lost money on investments. Net income declined to US$6l.3 million, or 25 US cents
        Bloomberg  -  80 words
      • Article
        Lock icon Japan horror game removed from Net
        84 10 Reuters [TOKYO] Japanese police have asked an Internet provider to remove from a website a horror computer game based on the fatal stabbing last week of eight primary schoolchildren by a former mental patient. The game titled Killing Children at Ikeda Elementary School had
        Reuters  -  84 words
  • Article
    Lock icon COMMODITIES
    1873 10 SICOM FUTURES jun 15 RU88ER (Marcs dosing as it 5.30pm) RSS 1C0NTRACT(S ccnts/kg) Close Volume Opto H»g* Low Sett (tows) Interest -W 01 00.75 Aug 01 K».75 S«P 01 m.25 250 Oct/Dec 01 H3.00 RSS 3 CONTRACT (US cents/kg) Volume Open High Low Sett (ton—s) Interest 1 1 6125
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  • WORLD news
    • Article
      Lock icon Xerox to discontinue personal copiers, desktop inkjet printers
      403 11 STAMFORD. Connecticut Closing the ops part of plan to trim USslb costs, cat I,soojobs; HP sees gains from Xerox's exit Bloomberg XEROX Corp plans to stop making personal copiers and desktop inkjet printers as part of its plan to cut US$l billion
      Bloomberg  -  403 words
    • Article, Illustration
      Lock icon Renoir and company Down Under
      73 11 [SYDNEY] A man with an Australian bush hat looking at two paintings by famous French artist Pierre-Auguste Renoir during the exhibition Renoir to Picasso Masterpieces from the Musee de L 'Orangerie in Paris' at the New South Wales Art Gallery in Sydney yesterday. The show
      REITERS  -  73 words
    • Article
      Lock icon BA sells discount carrier Go for £110m
      323 11 Deal with venture capital firm 3i, Go's senior managers NYT [LONDON] After three months of negotiations, British Airways (BA) said on Thursday that it had reached an agreement to sell Go, its discount airline subsidiary, for £110 million (Ss27B million) to 3i, the
      NYT  -  323 words
    • Article
      Lock icon Ex-Goldman chief turned Senator has investments worth up to US$234m
      360 11 Bloomberg [WASHINGTON] Senator Jon Corzine of New Jersey, a former WaU Street trader, has investments worth between US$64 million (Ssll6 miUion) and US$234 miUion. says his Senate financial disclosure form. The investments are in bonds, mutual funds, real estate. Amazon.com
      Bloomberg  -  360 words
    • Article
      Lock icon Major US lenders need more loan reserves: analyst
      516 11 NEW YORK JP Morgan, Bank of America, Citigroup among those cited Bloomberg MAJOR US lenders such as J P Morgan Chase Co, Bank of America Corp and Citigroup Inc are not setting aside enough money to cover possible loan losses, according to
      Bloomberg  -  516 words
    • Article
      Lock icon Goldman buys online investment banking firm
      189 11 Reuters [NEW YORK] Goldman Sachs Group Inc, one of Wall Street's most exclusive investment banks, on Thursday said it signed a deal to buy an online investment banking venture, Epoch Partners, for an undisclosed amount. Goldman, which traditionally has focused on wealthy individuals and
      Reuters  -  189 words
    • Article
      Lock icon US inflation up 0.4% and production down 0.8% in May
      477 12 WASHINGTON, DC Sentiment index shows consumer still nervous AP, Bloomberg, Reuters CONSUMER inflation rose in May, largely reflecting a big jump in gasoline and electricity costs, even as manufacturing activity plunged for the eighth month in a row. The Labor
      AP,; Bloomberg,; Reuters  -  477 words
    • WORLD Watch
      • Article
        Lock icon Troubled Hynix sells US$1.25b of shares
        61 12 Bloomberg [SEOUL] Hynix Semiconductor Inc sold US$l.25 billion of shares to overseas investors, helping it avoid bankruptcy by satisfying conditions imposed by Korean creditors to reschedule US$4.4 billion of debt due this year. The world's third-largest computer-memory chipmaker sold the shares at 3,100 won
        Bloomberg  -  61 words
      • Article
        Lock icon Schwab issues second profit warning
        75 12 Reuters [NEW YORK] Top discount and Internet brokerage Charles Schwab Corp issued its second profit warning this year on Thursday, saying its second-quarter profit is likely to fall short of analysts' expectations due to declines in customer stock trading. Schwab said average daily commission trades
        Reuters  -  75 words
      • Article
        Lock icon Heinz's Q4 profit falls 18%
        59 12 Bloomberg [PITTSBURGH] H J Heinz Co's fiscal fourth-quarter earnings fell 18 per cent because of declining pet-food and tuna sales, weakening currencies and higher costs. Profit this quarter will drop more than expected, the company said. Fiscal first-quarter earnings will come to 60 US cents
        Bloomberg  -  59 words
      • Article
        Lock icon JDS cuts Q4 sales forecast by 14%
        62 12 Bloomberg [SAN JOSE] JDS Uniphase Corp, the biggest maker of parts used in fibre-optic equipment, lowered its fiscal fourth-quarter sales estimate 14 per cent amid slowing demand for telecommunications gear. Sales in the period ending June 30 will be US$6OO million, JDS said
        Bloomberg  -  62 words
      • Article
        Lock icon Suncorp pays A$1.24b for AMP unit
        68 12 Bloomberg [SYDNEY] Suncorp-Metway Ltd will buy AMP Ltd's Australian general insurance business for AJ1.24 billion (Ssl.2 billion), and pay A|l6s million for other joint ventures and share options. AMP will sell its UK general insurance business for As2ll million to Churchill Insurance, a unit
        Bloomberg  -  68 words
      • Article
        Lock icon Tribune reduces Q2 profit estimate
        61 12 Bloomberg [CHICAGO] Tribune Co, publisher of the Los Angeles Times, other US newspapers and owner of 22 TV stations, cut its second-quarter profit forecast 27 per cent and will cut 6 per cent of its workforce because of a decline in advertising sales. The new
        Bloomberg  -  61 words
      • Article
        Lock icon Japan's condition on Kyoto pact
        48 12 Xinhua [TOKYO] Japanese Foreign Minister Makiko Tanaka said yesterday that Japan would not ratify the 1997 Kyoto Protocol to curb global warming if the US stays out of the framework that imposes binding limits on emissions of greenhouse gases, Kyodo News reported. —Xinhua
        Xinhua  -  48 words
    • Article
      Lock icon Nortel expects US$19.2b loss in Q2, plans 10,000 more job cuts
      267 12 BRAMPTON, ONTARIO Bloomberg, AP NORTEL Networks Corp expects a US$l9.2 billion second-quarter loss after charges and will cut 10,000 more jobs and halt dividends on common stock as telecommunications companies stop buying new equipment. The No 1 maker of
      Bloomberg,; AP  -  267 words
    • Article
      Lock icon Proposed Honeywell, GE merger hits EU barrier
      317 12 WASHINGTON LAT-WP. Bloomberg The proposed merger between General Electric Co and Honeywell International Inc is on the verge of becoming the first all-US merger to be killed by European antitrust authorities after passing muster in the United States. GE and Honeywell executives admitted
      LAT-WP.; Bloomberg  -  317 words
    • Article, Illustration
      Lock icon BOJ gets flak for refusing to ease monetary policy
      785 12  -  Bat analysts say the central bank will have to act soon Frorm Anthony Rowley in Tokyo THE Bank of Japan ran into a massive barrage of criticism from economists and some politicians and government officials yesterday after the central bank's Policy
      AFP FILE PHOTO  -  785 words
  • STOCKS asia
    • Article
      Lock icon HK eases as Cathay falls 4.7%
      1215 11 HONGKONG PHangSeng -14&39 HONG KONG stocks ended lower yesterday, led by losses in China's two biggest mobile carriers and the territory's main airline, Cathay Pacific, which was hit by falling traffic volumes and fears of industrial action by pilots. But Chinese shares rebounded from
      1,215 words
    • Article
      Lock icon Untitled
      770 11 TAIPEI Jun T$ COOO) Luion Electronics 30.30 -0.70 2 Macronu M'tl .37.10 unch II ABIT Computer Corp —35.20 -0.80 9 Microelectronics Tech._39.20 0.50 6 AcctonTech 4170 1.00 10 Micro-Star Intl 94.00 -1.00 7 Acer 2100 1.50 51 Mltac lotl .22.10 0.50 9 ACER Comm. i Multi—32.90 0.60 11 Mosei Vltelic
      770 words
    • Article
      Lock icon Tech stocks lead Tokyo's retreat
      1057 11 TOKYO Q Nikkei 225 -KL2B TOKYO stocks slipped yesterday, with technology shares leading a broad-based retreat, after a Wall Street dive hit a market already reeling from concerns over Japan's weakening economy. The benchmark Nikkei average lost 0.44 per cent, or 56.28 points, to 12,790.38,
      1,057 words
    • Article
      Lock icon KL eases 1.9% on profit-taking
      1117 12 KUALA LUMPUR n Composite Index -1L44 MALAYSIAN shares closed 1.9 per cent lower yesterday due to profit-taking in blue chip stocks after recent gains, dealers said. The Kuala Lumpur Stock Exchange Composite Index fell 11.44 points to finish at 589.42. The Second Board Index slipped
      1,117 words
    • Article
      Lock icon Untitled
      2246 12 ■BANGKOK v« -hmlS Bam COOP) ABN Amro Alia 26.50 unch 623 Adkinson Sac 11-25 unch 2039 Advanca Agro PCL 15.25 unch 67 Advancad info 458.00 10.00 63 AdvancadlnfoSaryica.456.00 10.00 63 Asia Cradlt 9.40 -0.10 ***** Ayudhya In*. Trust 6.00 0.20 6236 6angchak Patrol 6.50 unch ***** Bangkok Bank 36 25
      2,246 words
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  • BIZ woman
    • Article, Illustration
      Lock icon At the helm of The Company
      1027 13  -  Neelam Chowdhry talks to parvathi nayak about her inspirations and vexations PARVATHI NAYAR IT wasn't the most propitious beginning to a theatre career, when out of sheer nervousness, she lost her voice at the drama school auditions. But Neelam Man Singh Chowdhry got into
      ARTHUR LEE  -  1,027 words
  • Article
    Lock icon SGX clob
    2520 13 BONDS WARRANTS IS ■t Wn*i t+mj umn 52-Mm* LMt V* Dif liiHtto Am ntmi Cwr Lur Dm <*■•«■» _fcfc_ IHOI M# U. Mw M. Ma Mb) lata ta KM 37 °-5 Acma ******4 0.5 0.5 1 41.0 I 300 701 75.00 I 15 2.5 S AIITech ******7 3
    2,520 words
  • Page 13 Miscellaneous
    • Miscellaneous
      Lock icon Page 13 Miscellaneous Column 1
      334 13 CRVPTIC CROSSWORD P p I [5 I n [5 I 5 |H' wm ■1 U LJ Hr u wm H hbp~i 1 —n ——n H pr ACROSS 5 Bond, an agent with sticking 1 Large thing made to fit a square power (4) comer (5, 5) 6 Straying sheep lead
      334 words
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  • Article
    Lock icon STOCKS sgx
    8175 14 SOimaBOAHD Gr Or M Wt U-M LM V«l Day lart Quote OK Mv TW MM Cm Am Wjli low Cowp—> S* *<- CPU 1— Bmym Sdhr CV Ptt $3 Wa MULTI-INDUSTRY 143 35 t AcmaSOc 37.5 unch 501 37.5 37 37 37.5 0.5 19 9 0 7 9
    8,175 words
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  • THE arts
    • Article, Illustration
      Lock icon A tower of boring babel
      841 15  -  Built on cross cultural lines and stitched together with the abstract threads of time, Urobos was an ambitious project that stumbled along its own path, writes takhweehvee TAN HWEE HWEE A SNAKE biting itself by its tail. That's the ancient symbol for the eternity of
      841 words
    • Article
      Lock icon It's only baroque-n-roll but they like it
      888 15  -  Musica Ficta takes an audience of first-timers into the world of Spanish colonial music. GEOFFREY EU enjoys the ride GEOFFREY EU A BRAVE new musical world was breached on Wednesday night when a Singapore audience was exposed for the first time to the
      888 words
    • Article, Illustration
      Lock icon MPH celebrates alabour of love
      490 15  -  ART BOOK LAUNCH fly' Tan Hwee Hwee MOST of us have probably not heard of the late artist See Cheen Tee. So why are the big shots in Singapore going all out to promote his commemorative art book. See Cheen Tee Artist Extraordinaire? MPH distributes
      490 words
    • Article
      Lock icon the programme
      437 15  -  Compiled by Aaron Lye MUSIC Toxic Audio Award-winning American acapella group comprised of five men and women performing a wide range of musical styles, including contemporary pop, jazz, hip-hop and rock-and-roll. Jun 23-24,5pm, Sentosa Beach Amphitheatre, Tickets priced at $31 and $26 (concession) available from Sistic. Sunday Jazz
      437 words
    • Article, Illustration
      Lock icon SPOTLIGHT
      168 15 The buzz: To Share The Landscape, an art installation by French visual artist Nathalie Junod Ponsard. An installation of "light", it uses open spaces, monochromatic screens and colour filters to produce the colours of the spectrum. During the day, sunlight projects the desired images inside the exhibition space. At
      168 words
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  • The Arts
    • Article, Illustration
      Lock icon CONTACT
      929 16  -  The Asian Arts Mart, an initiative put together by the Esplanade, brought together performers and organisers of arts events in one giant networking opportunity. PARVATHI NAYARand AARON LYE schmooze along in what could become the region's arts social event of the year. PARVATHI NAYAR, AARON LYE WITH the ongoing
      PHOTOS FROM THE ESPLANADE  -  929 words
    • Article
      Lock icon Warm reception for inaugural Arts Mart
      310 16 JUDGING by the opinions from the ground, attending the Mart was a profitable enterprise. Stephen Dee of The Edge, Centre for Convention, Arts and Entertainment, Auckland, spoke for many delegates when he said he was "blown away" by the Mart. He called it a
      310 words
    • Article, Illustration
      Lock icon Close encounter with Philip Glass
      169 16 ALTHOUGH legendary minimalist composer Philip Glass isn't coming to Singapore for the staging of his pieces, you can chat with him via the Singapore Arts Festival 2001 Live Chat Series on MSN Singapore. MSN Singapore which is the online sponsor of the Singapore Arts Festival
      169 words
    • Article, Illustration
      Lock icon Genius unveiled
      797 16  -  The work of contemporary Chinese painter Chang Dai-Chien is now at the ACM r in an exhibition that scores several firsts By i Cheah Ui-Hoon WHILE we usually think of museums as major acquisition and storing houses for the finest of fine art in the world, noteworthy exhibitions
      Lady Red Whisk, CHANG DAI CHIEN, 1945  -  797 words