The Business Times, 8 September 2001

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Total Pages: 16
1 16 The Business Times
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  • Title Section
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    15 1 THE BUSINESS TIMES MITA (P) 107/Q3/2001 Internet: http://business-times.asial .com.sg/ SINGAPORE SATURDAY, SEPTEMBER 8, 2001 85C
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  • Article
    Lock icon MARKET SUMMARY
    80 1 Dsn U576J6 (-31.05) BT-SRI M 134 (-12.47) ST INDEX FUTURES U*****0 (-24.00) SIMSCI FUTURES 19&80 (-3.30) STOCK MARKET INDICES Friday Change KLSE COMP 696.65 +8.65 NIKKEI 225 10,516.79 -***** BANG SENG 10,***** -280.12 SET INDEX 342.32 -014 JAKARTA COMP __***** -4.88 MANILA COMP _L297.35 +13.61 TAIPEI WPI 4102.16
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  • Article
    Lock icon FINANCE
    83 1 FOREX RATES ust s$ USS (SS per USS) 1.753 £(l'SS/SS per 1.456 1561 EUROfl"SS/SS/E) 0894 1566 DM 2.188 1148 YEN 121J 69.10 RM 3.800 1168 HKS 7.800 4.449 BAHT 44.67 25.48 RUPIAH 9.088 5,184 *SS to KMt unit* PRIME RATES SINGAPORE* 5.80 Kl ALAU'MPIR 7.67 Jakarta men BANGKOK J50
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  • Article, Illustration
    Lock icon OCBC names new management team; Alex Au is chief
    592 1  -  One Keppel Tat Lee stalwart makes it to the 16-person team By Siow Li Sen [SINGAPORE] OCBC Bank yesterday announced its long-awaited new management team and enhanced organisation structure with one Keppel Tat Lee Bank stalwart making it to the senior
    592 words
  • Article, Illustration
    Lock icon Indon Budget targets 5% GDP growth, focuses on stability
    860 1  -  Move to cat fuel subsidies by 40%; analysts see fiscal targets as optimistic From Shoeb Kagda in Jakarta INDONESIAN President Megawati Sukarnoputri yesterday unveiled a state Budget targeted at achieving macroeconomic stability but one that offered little in terms of boosting
    AP  -  860 words
  • Article
    Lock icon SIA revising offer price for 24% stake in Air NZ
    608 1  -  NZ carrier's falling share price, heavy losses prompt review of NZ$l.3l a share bid By Conrad Raj [SINGAPORE] In the face of Air New Zealand's tumbling share price and heavy losses. Singapore Airlines is revising its offer price for another
    608 words
  • Article
    Lock icon Suntec event set to give a fillip to hospitality industry
    368 1  -  BTta^llUHU By Conrad Raj [SINGAPORE] The hospitality industry will get a shot in the arm next month when more than 6,000 delegates descend on Singapore for the annual general meeting of the financial-industry group Swift at Suntec City. It will
    368 words
  • Article, Illustration
    Lock icon SingTel share price takes a triple blow
    380 1  -  Dealers cite delayed reaction to 'arbitrage gap' R Sivanithy [SINGAPORE] Singapore Telecom's shares plunged 13 cents or 7.1 per cent to $1.70 yesterday, hit by a triple whammy. The counter sagged on combined fears of a sell-off when it lists in Australia on
    Source: Bloomberg  -  380 words
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      Lock icon Page 1 Advertisements Column 1
      102 1 INSIDE Motoring Lamborghini Diablo: Last ride with the devil. Pg 14 The Arts How effective are National Arts Council grants? Arts scholars share their experiences. Pg 16 Top Stories Barton Biggs: Bear market only half-over in duration. Pg3 Govt to spend $1b on HDB upgrading this year: Mah Bow Tan.
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      22 1 WRITERS' JOURNAL All eyes on A*,*,*,' US l obless rate Sarawak polls surges to nearly 4-year high Karim Raslan, Page 7 Next
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      12 1 PT Telkom shares rise as talks with Sing Tel confirmed, Next Page
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  • NEXT page
    • Article
      Lock icon US jobless rate surges to near 4-year high
      595 2 WASHINGTON Rate climbs to 4.9% in August as companies slash workers Reuters, Bloomberg THE US unemployment rate surged in August to its highest level in nearly four years as companies hacked 113,000 workers from their payrolls, the government said yesterday in a
      Reuters,; Bloomberg  -  595 words
    • ON THE grapevine
      • Article
        Lock icon Men wanted
        77 2 A SURVEY carried out by DBS Bank on what young single women want revealed at least one thing: they don't want a ladies' club. It seems that the response to the question "Would you like a ladies' club?" was: for goodness' sake, why would young single women want
        77 words
      • Article
        Lock icon New HSBC consumer banking head
        113 2 HSBC Singapore has a new head for its consumer banking business. Fresh from London is Nicholas G Winsor to head HSBC's personal financial services in Singapore. Prior to this, Mr Winsor who joined the banking behemoth in 1983 was senior project manager, global e-business, in
        113 words
    • Article
      Lock icon PT Telkom shares rise as talks with SingTel confirmed
      442 2  -  Deal hopes up as both sides say KPN looking for buyer of Telkomsel stake Fron Shoeb Kagda in Jakarta SHARES of PT Telekomunikasi Indonesia yesterday rose sharply in early trading on confirmation of a BT report that it was in talks
      442 words
    • Article, Illustration
      Lock icon Tokyo agrees to IMF scrutiny of its banking and financial systems
      887 2  -  NPL study could lead to a solution; talks on scope and timing of probe to begin soon From Anthony Rowley in Tokyo JAPAN has agreed to begin "working level discussions" with the International Monetary Fund (IMF) on when the
      AP  -  887 words
    • Article, Illustration
      Lock icon Airport bomb hoaxes don't scare Thaksin
      109 2 Reuters [BANGKOK] Thai Prime Minister Thaksin Shinawatra offered yesterday to sleep overnight at Bangkok airport to show how safe it was after bomb scares delayed Thai Airways International flights. Dr Thaksin said air pas sengers should not be worried by the bomb hoaxes, which
      Reuters  -  109 words
    • Article
      Lock icon Correction
      61 2 IN yesterday's report, "TPV interim profit up 26% to USsl9.Bm", we gave the wrong Figures for TPV Technology's interim dividend and earnings per share. The correct figures are: dividend of 0.26 US cent per share against 0.21 US cent last year, earnings per share of 1.64 US cents against
      61 words
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  • SINGAPORE companies
    • Article, Illustration
      Lock icon Bear market only half-over in duration: Biggs
      491 3  -  Investors showing surprising amount of complacency, says Morgan strategist By Vince Chong MORGAN Stanley senior investment strategist Barton Biggs warned yesterday that the global equities bear market may be just 75 per cent complete in terms of price and only half-over in terms
      FILE PHOTO  -  491 words
    • Article
      Lock icon Chartered shares hit by biggest fall in five months
      256 3 Bloomberg CHARTERED Semiconductor Manufacturing Ltd shares posted their biggest drop in five months on concern the third-largest maker of chips to other companies' design may lose out to bigger rivals as orders fall. The company, whose shares fell 30 cents, or
      Bloomberg  -  256 words
    • Article
      Lock icon All eyes on how Thaksin steers Thai Airways
      900 3  -  loh hui yin PRIME Minister Thaksin Shinawatra's purge of Thai Airways' president and its board of directors was a bold and dramatic move. But their sacking on Thursday must surely be the first step in the overhaul of the national carrier's management.
      900 words
    • Article, Illustration
      Lock icon k1 falls 14% despite new investors
      412 3  -  Market had thought cash-rich firm would be taken private ih David Boey Kl Ventures' announcement that it would expand the scope of its business with new strategic investors failed to excite the market yesterday and the stock tumbled by 3 cents, or 14 per
      Source: Bloomberg  -  412 words
    • Article
      Lock icon Analysts see NOL going back in the red
      612 3 Freight rates seen worsening as global slowdown deepens AFX NEPTUNE Orient Lines is likely to revert to a net loss this year, ending two years of profitability, as freight rates deteriorate further in the second half under the pressure of a protracted
      AFX  -  612 words
    • COMPANY Briefs
      • Article
        Lock icon Stats settles US suit
        117 5 Bloomberg ST ASSEMBLY Test Services Ltd (Stats), Asia's second-largest chip-tester, said it had settled a suit filed by Amkor Technology Inc. which claimed ST Assembly uses a semiconductor packaging technology patented by Amkor. In the settlement for the suit filed in February in a Texas court.
        Bloomberg  -  117 words
      • Article
        Lock icon Prima H1 profit down 61.5% to $2.45m
        46 5 Reuters PRIMA Ltd said first-half2ool net profit was down 61.5 per cent to $2.45 million. Turnover was $96.50 million compared with $94.06 million. The directors do not expect any improvements in the group's results for the second half. Reuters
        Reuters  -  46 words
      • Article
        Lock icon Super Coffeemix H1 earnings up 13%
        83 5 Reuters SUPER Coffeemix Manufacturing said first-half2ool net profit was up 13 per cent to $3.84 million. Turnover rose to $55.72 million from $51.76 million. The directors are of the view that the group's operating results for the rest of 2001 will be better as
        Reuters  -  83 words
      • Article
        Lock icon Hersing interim profits plunge 77%
        55 5 Reuters HERSING Corp's first-half2ool net profit slid 77 per cent to $160,000. Turnover was $21.37 million, down from $24.03 million. The directors expect the group's second-half performance to be broadly similar to that of the first half. Multex Global Estimates has a consensus full-year profit
        Reuters  -  55 words
      • Article
        Lock icon Yongnam slides into $11.2m H1 loss
        50 5 MAINBOARD-listed Yongnam Holdings Ltd, a specialist engineering and construction firm, reported a net loss of $11.2 million for the six months ended June 30 as a result of continued economic slowdown and lower gross margins. Group turnover dropped 37 per cent to $29.4 million.
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      • Article
        Lock icon Adroit $15.8m in the red for FY2001
        79 5 FALLING demand for e-business solutions services, thinner margins and rising costs sent Adroit Innovations into the red to the time of $15.8 million for the full year to end-June 2001. In contrast, the company chalked up earnings of $1.8 million last year. Turnover
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      • Article
        Lock icon Novena Hldgs first-half profit falls 78%
        76 5 THE economic slowdown and the resultant slump in retail spending saw furniture maker Novena Holdings suffering a massive 78 per cent fall in interim earnings to $272,000, from $1.2 million last year. Turnover for the six months to June 30 was flat at $17.1
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    • Article
      Lock icon Investors' group eyes Progen stake
      394 5  -  Deal may be struck near NTA of 22.6 c a share, revalued NTA of 27 JC By Andrea Tan ANOTHER construction-related firm has hit the mergers and acquisitions trail. This time, a group of individual investors is said to be eyeing a substantial stake in
      394 words
    • Article
      Lock icon IPC returns to profit with $4m H1 gain
      299 5  -  Company expects to remain profitable for the fall year Bb Serena Ng LISTED electronics firm IPC Corp, which recently completed a massive debt restructuring programme, is back in the black with an interim net profit of $4.1 million. The result, revealed yesterday,
      299 words
    • Article, Illustration
      Lock icon Snappier name for army vehicle
      220 5  -  By David Boey SINGAPORE Technologies Kinetics' (STK) armoured resupply vehicle, known previously by the initials ATTC for All-Terrain Tracked Carrier, got a less cumbersome name yesterday: the Bronco. And from now on, STK will market the vehicle under this macho moniker, starting with a sales
      FILE PHOTO  -  220 words
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      Lock icon Page 3 Advertisements Column 1
      9 3 Thaksin seeks decisive head for Thai Airways, Pg 8
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      Lock icon Page 3 Advertisements Column 2
      431 3 WW A v v H I mm 11 B1 HI ml I ■UiSmSSJSUS MAKE THE HEADLINES In today's fast-paced world, getting die story released and Tham Khai War is the Executive Vice President of the Marketing published can make a difinncc. Commnmcanng effectively with Division in Singapore Press Holdings. He
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  • SINGAPORE markets
    • Article
      Lock icon Untitled
      341 4 Stocks Volume K1 Ventures 10c 246,600.000 SingTel 15c 56,336,000 Chart Semiconductor 26c 22,570,000 NOL 11,301,000 Asia Food&Prop 10.799,000 PacificCenturylOc 8,727,000 Surface MT HK20c 7,960,000 UniFood HK25c 7.395,000 ParKway H 25c 6,893,000 Omni Ind 10c 5,184,000 Stocks SingTel 15c 98,544,690 Chart Semiconductor 26c 96,153,096 K1 Ventures 10c 57,784,195 UOB 29.222,380 SPH
      341 words
    • Article, Illustration
      Lock icon STI falls below 1.6000 points, ted by SingTel's 7% plunge
      622 4  -  l-l I comment STOCKS r. sivanithy THE local stock yesterday fell victim to Murphy's Law everything that could go wrong did go wrong. Led by a crash in Singapore Telecom shares, the Straits Times Index folded under relentless selling pressure,
      622 words
    • Article, Illustration
      Lock icon Rubberex wrt shows promise
      171 4  -  WARRANT WATCH By R Sivanithy THE Malaysian market is clearly on the mend and more and more warrants are starting to attract interest and liquidity. Today's feature is one that's never appeared in this column before the warrant issued by Rubberex Corp, a maker of rubber
      171 words
    • Article, Illustration
      Lock icon NOL: more downside in near-term
      221 4  -  HOT STOCK By Ven Sreenivasan SHARES of Neptune Orient Lines fell more than 8 per cent yesterday after the company released weak interim results and warned of a possible full-year loss. NOL was the fourth most actively traded stock on the exchange, as it tumbled
      221 words
    • Article, Illustration
      Lock icon Euro corrects higher an fears of US woes spreading
      550 4  -  CURRENCIES Smaller-than-expected contraction in Japan's Q2 GDP checks yen losses larry wee THE euro recovered part of its sharp loss of as much as four US cents this week after overnight US news suggesting that the manufacturing sector's woes may now
      Source: Reuters  -  550 words
  • Article
    Lock icon UNIT TRUSTS & FUNDS
    3348 4 UNIT TRUSTS FUNDS Aberdeen Asset Mgt Asia Ltd Aberdeen Select Portfolio: American Opport Fd 0.730 0.768 Asian Fixed Income Fd 1.098 1.132 China Opportunities Fd!** 0.855 0.899 ContEuroEqtyFd!** 0.899 0.945 Global MNC Fd 0 634 0.666 Global Technology Fd!** 0 468 0.493 Indonesia Equity Fd!** 0.723 0.760 Japan EqtyFd!" 0
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  • Article
    Lock icon BT SHARE information service
    4344 5 Net tarn CPS MIT 22-Aug I 6.6311 0.671 3.02L031 Date TY LY TY IY MOIL USS Ol-Aug I 6-2 2.5 a73 0.32 Cempany ann <Sm> ($m) (cts) <et») MultKhwi 14-Aug I 1.99 4.297 0.6 134 Nam LN 06-Jun I 2.454 2.093 1-32 1.14 Achieva 15-Aug I
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  • SINGAPORE news
    • Article, Illustration
      Lock icon Govt to spend $1b on HDB upgrading this year: Mah
      529 6  -  Sam is twice last year's; contractors glad, economists say effect will be limited By Andrea Tan THE government will spend $1 billion, or twice the amount pumped in last year, on its upgrading programmes for public homes this year, Minister
      FILE PHOTO  -  529 words
    • Article
      Lock icon Monthly indicators are more pertinent
      445 6  -  Bk Anna Teo DATA timeliness is all-important in predicting economic turning points. It is therefore more useful to track monthly indicators like trade performance rather than the quarterly GDP for signals of a rebound, say economists at Overseas Union Bank (OUB). And given current uncertainties,
      445 words
    • Article
      Lock icon NTUC seeks portable benefits for workers
      318 6  -  NTUC working with employers, govt to review existing policies: Boon Heng By Eugene Low THE National Trades Union Congress (NTUC) is making progress towards a portable benefits system for workers, secretary-general Lim Boon Heng said yesterday. Speaking at the NTUC ordinary delegates conference, he
      318 words
    • Article
      Lock icon All banks to issue standardised cheques by year-end
      587 6  -  By Angela Tan THE tedious but mammoth task of clearing 300,000 cheques a day will be significantly eased come September next year when Singapore implements the nationwide cheque truncation system (CTS). The clearing of a single cheque, now requiring handling by as
      587 words
    • Article
      Lock icon China growth may not spell big bucks: Marc Faber
      623 6  -  Distinction has to be made between growth and profit By Teh Hooi Ling GROWTH will be tremendous in China, but that won't necessarily translate into big profits for foreign companies, says maverick fund manager Marc Faber. One way investors can "play"
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    • Article
      Lock icon China-Asean FTA idea seen coming up at AEM
      330 6 CHINA'S proposal for a free trade agreement with Asean and Malaysia's request for a delay in tariff reductions for cars are among issues that will feature during meetings next week involving economic ministers from Asean and their European and East Asian counterparts.
      330 words
    • Article
      Lock icon Read national library books online
      360 6  -  NLB launches website which offers 10,000 free e-books By Chua Hui Min THE National Library Board (NLB) launched a website yesterday which lets library users read books, search library catalogues, join discussion groups and speak to librarians online for free. For a fee, companies and
      360 words
    • Article
      Lock icon StarHub ups the ante with four new plans
      253 6 STARHUB, Singapore's third mobile phone operator, yesterday turned up the heat on its competitors by announcing four new mobile subscription plans. Among the features of the plans are: ♦Airtime Rollover: For the first time in Singapore, mobile customers are able to bring
      253 words
    • Article
      Lock icon UOB not required to make bids for OUB's units: SIC
      310 6  -  MAILI.TTH Wong Nal Seng for Secretary Securities Industry Council I REFER to the letter, "OUT, OUB should have got takeover bids at same time" by Ng Gee Chong (Mailbag, Sept 7). Mr Ng asked why United Overseas Bank (UOB) should
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  • REGIONAL news
    • Article
      Lock icon Time dotCom in talks with investors
      409 7 KUALA LUMPUR New CEO declines to give any details or say if a tie-np may result AP MALAYSIAN telecommunications company Time dotCom Bhd is in talks with potential strategic investors, its new chief executive said yesterday. "There are some discussions going on at a
      AP  -  409 words
    • Article, Illustration
      Lock icon SEA Games starts today
      48 7 [KUALA LUMPUR] Singapore gymnast Hoe Pei Shan going through her training routine under the watchful eyes of her coach He Yue Jin in Kuala Lumpur on Thursday. Malaysia will host s,oooathletes and officials for the South-east Asian Games from today until the 17th REUTERS
      REUTERS  -  48 words
    • Article, Illustration
      Lock icon All eyes on Sarawak polls
      1228 7  -  WRITER S JOURNAL Barisan National can be expected to fight tooth and nail to retain its stronghold there karim raslan THERE'S an "aircraft carrier" floating off the coast of Pahang. Since this is the Age of Democracy, I'll let you in on a secret: this
      1,228 words
    • Article
      Lock icon Malaysia's July industrial output falls 5.9%
      452 7  -  Mitigated by growth in mining, power generation Front Diana Oon Abdullah in Kuala Lumpur MALAYSIA'S July industrial production fell 5.9 per cent year-on-year. The figure was smaller than expected, thanks to growth in the electricity generation and mining sectors. Most economists yesterday said the
      452 words
    • Article
      Lock icon Tanjong shares surge on gambling lax reduction
      348 7 KUALA LUMPUR Blarket expects more govt steps to revive earnings Bloomberg TANJONG Pic shares had their biggest gain in three years after Malaysia cut taxes on its betting business, raising expectations the government will consider other steps to revive corporate earnings. The prospect
      Bloomberg  -  348 words
    • Article
      Lock icon M'sia's DRB-Hicom to sell airline unit AirAsia
      177 7 Reuters [KUALA LUMPUR) Malaysia's DRB-Hicom Bhd said yesterday it has agreed to sell airline unit Air Asia Sdn Bhd to an unlisted firm as the debt-laden diversified group strives to cut losses and trim debts. DRB-Hicom will sell Air Asia for a nominal
      Reuters  -  177 words
    • Article, Illustration
      Lock icon Thaksin seeks decisive head for Thai Airways
      421 8 BANGKOK Transport Minister takes charge; new president to be named next month AFP THAI Prime Minister Thaksin Shinawatra pledged yesterday to recruit a "decisive" leader to head up Thai Airways International after he dismissed the carrier's president and purged its board of directors.
      AFP  -  421 words
    • Article
      Lock icon Thai central bank tightens forex supervision
      339 8 BANGKOK Reuters THE Bank of Thailand (BOT) has tightened supervision of currency remissions and transfers made through commercial banks in the wake of the police discovery of large unauthorised forex transactions in the past week. BOT officials said yesterday the central bank sent a
      Reuters  -  339 words
    • Article
      Lock icon Taiwan links only under 'One China'
      369 8  -  Ministers' meeting is cordial bat unproductive From Audrey Tan in Suzhou CHINA'S Finance Minister Xiang Huaicheng yesterday reiterated Beijing's position that direct links between Taiwan and the mainland were only possible under the One China policy, and said that he did not even discuss
      369 words
    • Article
      Lock icon US may take longer to recover: Richard Hu
      295 8  -  From Audrey Tan in Suzhou THE US economy may take longer to recover than most forecasters think, said Finance Minister Richard Hu yesterday. His Chinese counterpart Xiang Huaicheng agreed with Dr Hu. Meeting a day before the Bth Apec Finance Ministers Meeting
      295 words
    • LATE Briefs
      • Article
        Lock icon Manila drops CSFB as bond manager
        71 8 Bloomberg [MANILA] The Philippines dropped Credit Suisse First Boston as the manager of a planned US$5OO million global bond sale and instead will sell US$25O million of bonds to the investment bank, National Treasurer Sergio Edeza said. "In lieu of the original mandate to
        Bloomberg  -  71 words
      • Article
        Lock icon Pact to cut rubber output
        68 8 Reuters [KUALA LUMPUR] Indonesia, Malaysia and Thailand yesterday agreed to cut back rubber output by 4 per cent in 2002 and 2003 and cut exports by 10 per cent from January 2002. "This will result in production cutbacks of approximately 155,000 tonnes in 2002 and
        Reuters  -  68 words
      • Article
        Lock icon PLDT to sell US$200m off bonds
        39 8 Bloomberg [MANILA] Philippine Long Distance Telephone Co will sell US$25O million of bonds to repay debt, as it tries to refinance US$6OO million of debt maturing in a three-year period starting 2002. Bloomberg
        Bloomberg  -  39 words
      • Article
        Lock icon Two exec directors of MRCB quit
        33 8 Dow Jones Newswires IKUALA LUMPUR] Abdul Rahman Bidin and Lim Ken Huat yesterday quit as executive directors of Malaysian Resources Corp Bhd (MRCB) —Dow Jones News wires
        Dow Jones Newswires  -  33 words
      • Article
        Lock icon M'sia's forex reserves up
        55 8 Bloomberg [KUALA LUMPUR] Malaysia's foreign exchange reserves rose 0.9 per cent in the two weeks ended Aug 30 as revenue from trade increased and foreigners bought more Malaysian stocks. Reserves increased by US$25O million to U5527.7 billion in the two weeks to end-August, its highest since
        Bloomberg  -  55 words
    • Article
      Lock icon US asks China to explain blacklisting of CSFB
      452 9 WASHINGTON US ambassador stayed away from a dinner to promote investment in China, says NTT report AFP, Bloomberg THE United States said Thursday it had asked China to explain reports that it had blacklisted a USbased investment bank a move which apparently
      AFP,; Bloomberg  -  452 words
    • ASIA Notes
      • Article
        Lock icon In hot soup over IPO firms' profits
        95 9 Bloomberg [BEIJING] China's securities regulator may punish two securities companies for inflating profits of firms seeking approval to trade on the stock market. Shanghai-based Guotai Junan faces six months' suspension from underwriting activities for falsifying the earnings of Shenyang Dawn Garments Co and
        Bloomberg  -  95 words
      • Article
        Lock icon China to buy about 30 737s, not 36
        51 9 Reuters [BEIJING] China will sign a deal to buy around 30 Boeing 737 aircraft on Sep 17, and not 36 as earlier reports said, a Chinese aviation official said yesterday. He said the deal would be valued at more than US$l billion.
        Reuters  -  51 words
      • Article
        Lock icon Indon, Filipino labour faces Taiwan ban
        62 9 AFP [TAIPEI] Taiwan may freeze labour imports from Indonesia and the Philippines if the countries refuse to go along with a cut in minimum wages for workers they send to the island, a labour official said. Taiwan has cut by 16 per cent the
        AFP  -  62 words
      • Article
        Lock icon BP won't bid for China pipeline project
        72 9 Bloomberg [BEIJING] BP pic, China's biggest foreign investor, won't bid to help build a US$l4 billion natural gas pipeline. "After careful consideration, BP has decided not to submit an investment proposal for the West to East pipeline project," said David Nicholas, a BP
        Bloomberg  -  72 words
    • Article
      Lock icon India needs sweeping reforms to match China's growth: McKinsey
      351 9 NEWDELHI Need to cot import duties, press ahead with privatisation Reuters INDIA'S economy has the potential to match China's cracking 10 per cent growth rate but the country first needs to introduce sweeping reforms, according to international management consultancy firm McKinsey.
      Reuters  -  351 words
    • Article
      Lock icon TSMC's August sales up 5% to NT$9b from July
      243 9 TAIPEI Rise seen signalling moderate recovery in chip industry AFP TAIWAN Semiconductor Manufacturing Co saw a month-on-month increase of nearly 5 per cent in its August sales, signalling a moderate recovery in the ailing semiconductor industry, the company said yesterday. The
      AFP  -  243 words
    • Article
      Lock icon Taiwan exports fall 25.8%, raising recession risk
      500 9 TAIPEI The August fall, the 6th straight drop, puts pressure on jobs Bloomberg TAIWAN'S exports fell for a sixth straight month in August, putting more jobs at risk and deepening the economy's worst slump in a quarter century. Overseas sales fell 25.8 per
      Bloomberg  -  500 words
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      Lock icon Page 7 Advertisements Column 1
      469 7 Call toll-free 1800 741 ISS3 In the matter of the Companies Act, (Cap. 50) And In the matter of SEE HUP SENG INVESTMENT HOLDINGS PTE LTD (In Members' Voluntary Liquidation) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN PURSUANT TO SECTION 308 (2) of the Companies Act, (Cap SO) that
      469 words
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      Lock icon Page 7 Advertisements Column 2
      82 7 Since 1975 our worldwide staff of over multi-disciplined professionals rt t j including lawyers, chartered accountants a m chartered secretaries and bankers have V A ft provided confidential and cost effective company formation in all the mapr low f jjp Incorporation Fees from USS500 The world's leading Florence Nathan r
      82 words
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  • FINANCE
    • Article
      Lock icon Futures not spared as shares tumble
      315 8  -  OT Zodeac/MSCI STpore Index C K Lau Refco Singapore SINGAPORE shares extended its loss yesterday on weak economic data and fresh earnings warning from technology giant Motorola which dashed hopes of an early economic recovery. At the close, the key Straits Times Index was
      315 words
    • Article
      Lock icon Nasdaq losses put pressure on futures
      237 8  -  MSCI Taiwan Index Daniel Wong Refco Singapore TAIWAN stocks fell for a third day yesterday on concerns that a contraction in the Japanese economy and sluggish US growth may weaken demand for electronics goods. The MSCI Taiwan Stock Index shed 1.56 points, or 0.77
      237 words
    • Article
      Lock icon CURRENCY REPORT
      219 8 Reuters Iiflnjftn THE yen fell a quarter per cent against the US dollar early yesterday, hurt by growing pessimism over the Japanese economy, but as the session moved on, traders focused on key US jobs data ahead. Meanwhile, the euro was steady against the US dollar after briefly
      Reuters  -  219 words
    • Article, Illustration
      Lock icon Untitled
      1186 8 nrrntBAMg cross rates 7 B W Ew Fir P«MK$lwi»» **Uk V» Wow «M NZ$Mih Nm S$ tort Sir CT$ M< Hml USS J"*? 1 0909 j- 309 5 1 3J» 1.136 4.050 24.520 47.187 0.629 6.699 1973 1200 ***** 26.682 0.910 4.393 0.878 17.997 23.195 0.357 0.519 CjiiwU 1-236 5526
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  • Article
    Lock icon COMMODITIES
    1729 9 SICOM FUTURES Sep7 RUBBER (futures closing as at 5.30pm) RSS1C0NTRACT(S centsAg) Close Volume Opm Montfa L®» Sett (toiwos) Interest Oct 01 101.75 Nov 01 102.75 Jan/Mar 02 »5.50 RSS 3 CONTRACT (US ceotsAg) Volume nwi Mo<rth Low Soft (tonnes) hrterest <£01 55-50 55.00 55.25 100 2100 55.50 55.50 5530
    1,729 words
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  • e News
    • Article, Illustration
      Lock icon Motorola cuts Q3 sales forecast, stock dives 15%
      588 10 SCHAUMBURG, Illinois Mobile phone maker aims to axe another 2,ooojobs, bringing total to 32,000 Bloomberg MOTOROLA Inc, the secondbiggest maker of mobile phones, said third-quarter sales will be less than expected and boosted planned job cuts by 2,000, to 32,000. The stock
      Bloomberg; AFP  -  588 words
    • Article
      Lock icon Take a pay cut get a vacation
      217 10 KUALA LUMPUR Bloomberg MOTOROLA Inc. the second-largest maker of mobile phones, said yesterday that it had asked a tenth of its staff in Malaysia to take a 25 per cent cut in salary in return for three months' vacation time because of a
      Bloomberg  -  217 words
    • Article
      Lock icon Amazon.com shares slide to 3-year low
      317 10 NEW YORK Bloomberg AMAZON.COM Inc touts the more than 35 million customers who have bought goods from the largest Internet retailer in its six years in business. Investors are focused on another number: the US$2.7 billion of losses Amazon.com has accumulated in that time.
      Bloomberg  -  317 words
    • Article
      Lock icon Microsoft investors unmoved by US govt breakup decision
      515 10 BOSTON Bloomberg MICROSOFT Corp investors said the US government's decision not to pursue the biggest software maker's breakup does not affect the company's sales and profit prospects. "This is a non-issue for the stock," said Steven Salopek, a money manager at Banc
      Bloomberg  -  515 words
    • Article
      Lock icon Intel says Q3 revenue in line with expectations
      296 10 SAN JOSE, California This shows it hasn't rebounded bnt also isn't sinking further AP, NYT INTEL Corp said Thursday third-quarter revenues are on track with forecasts, indicating the world's largest chipmaker has not yet rebounded from the high-tech slump but also isn't
      AP,; NYT  -  296 words
    • Article
      Lock icon Easy $30m each for Goldman, Salomon in HP merger
      243 10 NEW YORK Bloomberg GOLDMAN Sachs and Salomon Smith Barney may earn more than US$3O million each for advising Hewlett-Packard and Compaq Computer on their merger. It may rate as some of the easiest money they'll make. The two banks weren't hired
      Bloomberg  -  243 words
  • Article
    Lock icon STOCKS asia
    7602 10 HONG KONG Vol S«p7 HKS (OOP) AcrossAsia Multimedia 1.00 -0.02 0 Alpha General 0.03 unch 5900 Amoy Prop 8.45 0.10 2158 AnandaWingOn 0.07 -0.01 ***** Angang New Steel H 0.73 -0.03 7996 Anhui Conch M 1.50 -0.03 1356 Anhui Expressway H 1.22 -0.03 2308 Arcontech Corp 1.14 0.01
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  • WORLD news
    • Article
      Lock icon Koizumi acts as Japan's economy shrinks
      635 11 TOKYO Real GDP down 0.8% in Q2; new budget announced aimed at saving jobs Reuters, Bloomberg JAPAN took a big step towards its fourth recession in a decade yesterday as official figures showed the economy shrank 0.8 per cent in the second quarter, prompting
      Reuters,; Bloomberg  -  635 words
    • WORLD Watch
      • Article
        Lock icon Credit Lyonnais Q2 profit up 10.7%
        73 11 Reuters [PARIS] Credit Lyonnais SA said yesterday its net profit rose a better-than-expected 10.7 per cent in the second quarter of2ool—an increase helped by a steady performance in its domestic retail bank and flattered by a weak comparative quarter. Lyonnais said net attributable profit
        Reuters  -  73 words
      • Article
        Lock icon Coke bottler set to meet profit target
        89 11 Reuters [NEW YORK] Coca-Cola Enterprises Inc, the world's largest bottler of Coca-Cola Co soft drinks, on Thursday said it expects full-year profits to meet earlier targets as the company gears up for new promotions and works to consolidate its North American operations. Chief
        Reuters  -  89 words
      • Article
        Lock icon Swiss Re H1 earnings plunge 55%
        64 11 Bloomberg [ZURICH] Swiss Reinsurance Co, the largest reinsurer, said first-half profit plunged 55 per cent because it earned less from buying and selling securities as markets slumped. Net income fell to 1.35 billion Swiss francs (Ssl.4 billion), or 4.7 francs per share, from three
        Bloomberg  -  64 words
      • Article
        Lock icon GM to idle 800 workers at track plant
        111 11 Bloomberg [DETROIT] General Motors Corp, the largest automaker, said it will idle 800 workers for two weeks starting on Monday at a Janesville, Wisconsin, assembly plant to reduce inventory of medium-duty trucks. The plant will close a production line until Sept 24
        Bloomberg  -  111 words
    • Article
      Lock icon Japan's Asahi, Daiwa banks in merger talks
      393 11 TOKYO Investors sceptical abont merger of weak players Bloomberg ASAHI Bank Ltd and Daiwa Bank Ltd, the only nationwide Japanese lenders without merger partners, are in talks to combine as they struggle to write off bad loans they estimate at 2.1 trillion yen
      Bloomberg  -  393 words
    • Article, Illustration
      Lock icon Household giant Moulinex files for bankruptcy
      485 11 PARIS AFP MOULINEX, a name known in kitchens and homes around the world and a company with roots in the 1920s has filed for bankruptcy as an international giant with 20,000 employees. Everything went wrong from about the time founder Jean Mantelet died without
      AFP; REUTERS  -  485 words
    • Article
      Lock icon Merrill Lynch sued over APP share sale
      250 11 HONGKONG Bloomberg MERRILL Lynch Co is being sued in a US court for failing to conduct adequate due diligence on the 1999 share sale by Asia Pulp Paper Co, which stopped payments on more than US$l2 billion of debt in March. Merrill Lynch,
      Bloomberg  -  250 words
    • Article
      Lock icon Volkswagen names new CEO
      157 11 WOLFSBURG, Germany Bloomberg VOLKSWAGEN AG's supervisory board named Bernd Pischetsrieder to replace Ferdinand Piech as chief executive of Europe's largest carmaker from April 17. Mr Pischetsrieder, 53, currently heads quality control at Volkswagen and runs the carmaker's Spanish unit, Seat. He previously was chief executive of
      Bloomberg  -  157 words
    • Article, Illustration
      Lock icon US investors shun stocks, want proof of profit rebound
      755 12 Until there are signs of a profit recovery, stocks will be stnck near their two-year lows Reuters [NEW YORK] The framework for a stock market recovery is in place, but Wall Street is stuck in the basement and better corporate profits
      Reuters; AP; Source: Bloomberg  -  755 words
    • Article
      Lock icon World Bank economist under disciplinary probe
      419 12 WASHINGTON NYT THE World Bank is conducting a disciplinary investigation of one of its highest-rank-ing economists, who sharply criticised the bank's record on fighting poverty in a recent book and newspaper opinion article. The economist, William Easterly, came under investigation by the bank's office
      NYT  -  419 words
    • Article
      Lock icon Telstra faces fine for wholesale Internet service pricing
      238 12 MELBOURNE Rivals can't compete with its retail prices: regulator Bloomberg TELSTRA Corp, Australia's largest phone company, may be fined by the nation's antitrust regulator unless it cuts the price it supplies high-speed Internet services to rivals. The Australian Competition Consumer Commission said
      Bloomberg  -  238 words
    • Article
      Lock icon P&G pays $10m to settle spy allegations
      277 13 LONDON It had gone through its rival Unilever's rubbish bins for information FT PROCTER Gamble has agreed to pay more than US$lO million to Unilever in compensation for going through its rival's rubbish bins during an intelligence-gathering operation that breached its internal policies.
      FT  -  277 words
    • Article
      Lock icon Citigroup faces class-action suit
      161 13 Bloomberg (NEW YORK] Citigroup Inc, the largest US credit card issuer, faces a lawsuit alleging that its Citibank unit wrongfully disclosed private financial information about cardholders to telemarketers. The suit, which seeks class-action status, was filed in Maricopa County, Arizona, according to plaintiffs' lawyers. The lawsuit
      Bloomberg  -  161 words
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  • Article
    Lock icon SGX clob
    2394 12 BONDS WARRANTS Um W Dif LMtOeste Am mm4 Cw g, t» ftir u fWI IW teyer fc— Ma ImiiMil «aa» Pim lm»|- Left 39.5 26 s ASTIW*****1 26 -0.5 20 26 26 25.5 26.5 27 26.4 I >6 9 148 VJ 47.5 13.5 s Amtek ******0 34.5 l5
    2,394 words
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  • Article
    Lock icon STOCKS sgx
    7101 13 SGXMAINBOARD fir fir /'"■l Last Vol Day LaM QmU Nv Mr TM M Cb tag W» low Cim»») Sate W- (1— I— Bay Or K J hia MULTI-INDUSTRY 1«3 33 c AcmaSOc 34 -0.5 198 34.5 33 33 33 5 0 5 19.9 0.7 8.9 59 35 41
    7,101 words
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  • BT motoring
    • Article, Illustration
      Lock icon Something Wicked
      1014 14  -  Few cars are as brutal, as quick, or as titillating as the legendary Lamborghini Diablo. ADRIAN LOW travels to Italy's Sant' Agata Bolognese unsponsored to take the Bull by its horns ADRIAN LOW Adrian Low is a freelance writer based in Munich. Catch his report on the Frankfurt
      PHOTOS BY ADRIAN LOW  -  1,014 words
    • BUMPER to BUMPER
      • Article
        Lock icon Grey importer recalls Mitsubishi cars
        121 14 THIS is a first. Parallel importer Ezlmport.Com has announced that Mitsubishi Motor has initiated a recall of its Evolution VII, Libero, Pajero 10, Galant, Leenam and Pajero models due to a fault in the clutch master cylinder. According to Ez Import.Com, there is insufficient coating
        121 words
      • Article, Illustration
        Lock icon The Opel of the future?
        82 14 THIS is the Signum2 a wagon-coupe concept that hints of Opels to come. The car, to be shown at the Frankfurt Motor Show next week, will have swivel armchairs, a retractable steering wheel, modern office communications and even an Espresso machine. Size-wise, it sits between
        82 words
      • Article
        Lock icon Daihatsu in deal with Perodua
        84 14 TOYOTA-OWNED Daihatsu is poised to take majority control of Malaysia's Perodua's manufacturing operations. In a recent deal, a new joint holding company will be created in which Daihatsu and Mitsui will together have a 51 per cent stake and Perodua 49 per cent. The new
        84 words
      • Article
        Lock icon More job losses in Japan's car industry
        58 14 UP to 143,000j0bs will be shed in Japan's motor industry by 2005, the Financial Times reported. The Confederation of Japan Automobile Workers' Unions and the highly-rated Mitsubishi Research Institute put the expected decline down to greater foreign competition, a shift in production overseas
        58 words
      • Article
        Lock icon Audi gains popularity in China
        90 14 AUDI sales in China continue to soar. With more than 20,000 cars delivered to customers up to August this year, they have already exceeded full-year delivery of 17,451 units in 2000. The rise is on the back of the recently introduced A 6. Audi has
        90 words
      • Article
        Lock icon Going the hydrogen way
        150 14 FORD Motor has unveiled a new car with a hydrogen internal combustion engine (HICE), following an example set by BMW. The P2OOO concept vehicle offers much lower emission levels and improved engine efficiency. Ease of manufacture and operating similarity to petrol products means HICEs could be
        150 words
      • Article
        Lock icon Better protection for Ford SUVs
        124 14 FORD has installed Safety Canopy rollover protection for its Ford Explorer and Mercury Mountaineer SUVs. The Safety Canopy combines side curtain air-bags and a rollover sensor to provide a level of rollover protection not available on any other vehicle. The curtain air-bags are triggered independently.
        124 words
      • Article
        Lock icon Astra sales could set record
        63 14  -  -Compiled by Christopher Tan MORE than seven million Opel Astras have been sold since the model took over from the Kadett in 1991. The first-generation Astra (1991-98) was the most successful Opel of all time, with 4.42 million built. The current Astra could be heading
        63 words
    • Article, Illustration
      Lock icon Opel likely to go for the X-treme
      295 14  -  By Christopher Tan THE idea of an Opel with a top speed in excess of 300kmh and a O-lOOkmh timing of less than four seconds brings goose bumps to hard-boiled street racers. The possibility of such a car was first raised when GMowned
      295 words
    • Article, Illustration
      Lock icon Speed of light
      334 14  -  Zip along in Porsche's new 911 Taiga and eqjoy a better view of the heavens above By Christopher Tan LET there be light, the Porsche engineers were instructed. And this is what they have created a 911 Targa. Heat-insulated glass takes the place of the 911's hard
      334 words
  • Page 14 Advertisements
    • Advertisement
      Lock icon Page 14 Advertisements Column 1
      85 14 If you have something $100 worth of motor-related to get off vouchers. Prizes are your chest, write to us. q,^| sponsored by We welcome feedback STAMFORD TYRES, and suggestions from JJ 1 ClX#T# 1 Singapore s only readers. listed tyre and auto j The AUTOMOBILE services group. ASSOCIATION OF You
      85 words
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  • BIZ woman
    • Article, Illustration
      Lock icon Love with strings attached
      934 15  -  China classical guitarist Yang Xuefei is bent on turning professional despite parental reservations. Her love and enjoyment of music are what kept her going, chuamg peck mm learns CHUANG PECK MING WE are in a hotel conf e re n c e room with the lights
      CHRIS LOH  -  934 words
  • THE arts
    • Article
      Lock icon THE PROGRAMME
      393 15  -  Compiled bj Aaron Lye EXHIBITIONS Jin mtA RcUCCuOvVS OT ridiufc An exhibition by Malaysian artist Cheah Thien Soong. Until Sept 16, llam-Tpm (Mon-Sat), Uam-spm (Sun), Soobin Art Gallery, 140 Hill Street, MIT A Building, #01-10/12 Rustic Canvasses Malaysian artist Tew Nai Tong features oil-on-canvas artwork, including recent creations
      393 words
    • Article, Illustration
      Lock icon Serving up humour
      349 15  -  Do Not Disturb tickles ghbahui-hooh pink with dry wit and comic lines CHEAH UI-HOON THERE'S nothing quite like a good dose of humour for dessert as those who sampled the recent British Airways Playhouse Dinner Theatre series at the Hilton Singapore will attest. Like a bubbly. Do
      349 words
    • Article
      Lock icon Il Trovatore is more an aural treat
      478 15  -  By Frank DeMeglio OF all the aural arts, opera is by far the most visual, the one that must be viewed as well as listened to. Beautiful voices and lovely turns of phrase are only part of the complete experience. It is telling
      478 words
    • Article, Illustration
      Lock icon Falling under Krall's spell
      584 15  -  By Tan Hwee Hwee WOULD you pay $1,500 to hear someone sing jazz covers for 45 minutes? Last Sunday night, over 360 people did just that, turning up in their gala best to attend the "live" world premiere of Diana Krall's new album, The Look of
      RICHARD CHNG  -  584 words
  • Page 15 Miscellaneous
    • Miscellaneous
      Lock icon Page 15 Miscellaneous Column 1
      288 15 CRYPTIC CROSSWORD ACROSS 6 A maxim which is complete^ 1 It may give a shop a good name unethical (6) (5) 7 He roars in anger and in prices 4 Post one doesn't want-body- (4) guard on vessel (4. 4) 10 Pounds in liquid assets (8) 8 Resort is to
      288 words
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  • EXECUTIVE Arts
    • Article, Illustration
      Lock icon In the service of art
      1612 16  -  Four past Sheil-NAC arts scholars, who have received overseas training and returned to practise their craft in S'pore, share their experiences with tan hwee hwee TAN HWEE HWEE EVERY time the National Arts Council launches a new grant, there is the obligatory round of publicity
      ARTHUR LEE; RICHARD CHNG; FILE PHOTO  -  1,612 words
    • Article, Illustration
      Lock icon Writers Fest hits on winning formula
      706 16  -  Lineup of more popular authors draws crowds but budget constraints didn't allow world-class writers to be invited Tan Hwee Hwee "IT'S the best Writers' Festival ever," said Alvin Pang, a poet and member of the organising committee for the Singapore Writers' Festival. Pang, who's
      ALVIN PANG  -  706 words