The Business Times, 14 September 2004

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Total Pages: 32
1 32 The Business Times
  • 15 1 THE BUSINESS TIMES SINGAPORE 85 cents online at http://business-times.asial.com.sg MITA (P) 023/03/2004 Tuesday September 14,2004
    15 words
  • 134 1 sn 1.985.79 (+18.09) ST INDEX FUTURES 1,983.00 (+18.00) siMsa 239.55 (+2.68) SIMSa FUTURES 239.50 (+2.20) MARKETS Monday Change KLSECOMP 857.25 +6.96 NIKKEI 225 11,253.11 +169.88 HANG SENG 13.139.57 +135 58 SET INDEX 649.93 +9.33 JAKARTA COMP Posed TAIPEI WPI 5,928.22 +82.03 AUST ALL ORD 3,615.50 +12.90 BOMBAY IND
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  • 31 1 TOP STORIES ...PG 2-3 COMPANIES ...PG 4-9 SINGAPORE PGIO-11 ECONOMY ..PG 12-13 FOREIGN PG 14-19 AVIATION PG 20 EDITORIAL PG 22 STOCKS PG 24-25 SHIPPING ....PG 26-29 PROPERTY.. PG 30-32
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  • 552 1  -  Business is good, but poaching from outside industry fuels staff turnover By JOYCE KOH [SINGAPORE] The Big Four accounting firms have embarked on a hiring binge sparked not only by a surge in business but also high staff turnover as
    Compiled by BT  -  552 words
  • 729 1  -  Banks still lending at super-low rates, but can they keep it up as cost of funds goes up? By SIOW LI SEN [SINGAPORE] Will home buyers be caught short as the days of low mortgage rates draw to a close? While new borrowers
    Source: Bloomberg  -  729 words
  • Page 1 Advertisements
    • 66 1 HjHHHjjj SHIPPING Shippers hit out at unfair w■! practices of shipping lines re 21 TOP REAPS Home sales picking up Developers may launch more projects now that the Ghost Month is over. PG 30 London property Where even billions can't buy you a dream home. PG3I Jakarta property Consultants say
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    • 28 1 COMPANIES Ttemasek marches towards 50% stake in NOL PG4 1 —0 i:i> JAQUET DROZ u THE HOUR GLASS I I I I .1 I'll HI II I 8
      28 words
    • 10 1 aviation wmmrnrnm^mk Turbulent times for US airline companies pg 20
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  • TOP STORIES
    • 776 2  -  Bukom project may go ahead even if Sumitomo decides not to join in By RONNIE LIM [SINGAPORE] Shell Chemicals may go it alone on a third US$l billion, one-mil-lion-tonnes-a-year petrochemical cracker here if long-time Japanese partner Sumitomo Chemical decides not to join
      776 words
    • 432 2  -  By EDDIE TOH in Kuala Lumpur MALAYSIAN stocks jumped yesterday to their highest level in more than four months following the government's bullish economic forecasts in Friday's budget and its decision to allow foreigners to buy 100 per cent of local
      AP  -  432 words
    • 35 2 THR report "New showflats for home buyers today" in BT Weekend incorrectly named Wing Tai as the developer for the Ris Grandeur project. The developer is Centrepoint Properties. We are sorry for the error.
      35 words
    • 922 2 Indonesia must move against extremist elements now WITH public opinion changing following the latest bomb blast in Indonesia, the government should take the opportunity to move against radical and extremist elements within the country's religious schools system before more and more people subscribe to their extremist teachings which
      922 words
    • 523 3  -  Government's decision for a fast cable rollout cited as a factor in tussle By TANG WENG FAI [SINGAPORE] The court battle between Singapore's largest telco SingTel and Star Hub Cable Vision (SCV), the cable-TV division of the Republic's smallest telco, got
      523 words
    • 661 3  -  INDONESIA INSIGHT But after latest attack, govt is expected to be able to act more decisively SHOEB KAGDA Jakarta Correspondent AS Indonesians struggle to come to terms with another major terrorist attack, frustration is growing among ordinary people. Besides the 2002 Bali
      AFP  -  661 words
  • Page 2 Advertisements
    • 61 2 Incorporation services in all major jurisdictions Global network of offices Ready-made companies available Management and administration services China business registration Accounting and trade support services Virtual office solutions Personal and corporate bank introductions TO ARRANGE A FREE CONSULTATION CONTACT: Simonne Toh T:+6s 6535 3382 F:+6s 6535 3991 E: singapore@ocra.com.sg 24
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    • 49 2 childcare services? I OUESJ W 08* Reach out to more readers by I advertising in The Straits Times I Classified. Call our C.A.T.S. hotline at 1800-289-9988 and our friendly sales personnel will serve you. «ajj^t I i Buy It. Sell It. Find It. d T*T"f■"■"jirii r, "'rrif;"" s vw-v*
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  • Page 3 Advertisements
    • 19 3 CHARTING DIRECTIONS Place your AGM and EGM notices in our newspapers. Call 1800 289 8822 or email notices@sph.com.sg. Notices
      19 words
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  • COMPANY NEWS
    • 1118 4  -  Market buys, acceptances give it 43% interest 2 days before offer closes By WONG WEI KONG AS hopes of potential rival bids faded, Temasek Holdings took its stake in Neptune Orient Lines (NOL) to nearly 43 per cent yesterday, two days before its
      Source: Bloomberg  -  1,118 words
    • 497 4  -  HOCK LOCK SIEW By JOYCE KOH THEY are young, some say too young. But increasingly, accountants are leaving after working three or four years in the audit industry to head the finance departments of newly-listed companies. This is a trend that bears watching as
      497 words
    • 261 4  -  CHANGES AT THE TOP By KALPANA RASHIWALA MCL Land has appointed Koh Teck Chuan to the newly created post of chief executive officer. Mr Koh, who will also sit on MCL's board, will replace the company's outgoing managing director Lim Ee Seng, whose resignation
      261 words
    • 256 4 UNITED Fiber System is appointing Kishore Dass as its new CEO and an executive director from today. Incumbent Sven Gosta Thordsson Edstrom will relinquish the CEO's post but will remain as chairman. Mr Dass had been with Kvaerner Pulping Pte Ltd in Singapore since
      256 words
    • 185 4  -  By TANG WENG FAI CHIP-TESTER Stats ChipPac has appointed Wan Choong Hoe, a semiconductor veteran from National Semiconductor, as its chief operating officer. Mr Wan's appointment at Stats ChipPac has been the subject of industry speculation for the last two weeks, according to a
      185 words
    • 564 5  -  They continue to warn of weak industry demand, inventory build-ups By KENNETH LIM INVESTORS chased up semiconductor stocks yesterday after major chip users gave positive guidance last week, but analysts continue to doubt the basis of that optimism. Semiconductor plays United Test
      Source: Bloomberg  -  564 words
    • 236 5 YET another construction company is struggling with debt Wee Poh Holdings yesterday remained in negative equity with net liability of 0.68 cent a share as it warned of outstanding issues in a planned reverse takeover. Wee Poh, which had delayed its results announcement
      236 words
    • COMPANY BRIEFS
      • 57 5 EMIRATES Group unit Dnata is considering Changi International Airport Services as a platform for expanding into China and the rest of the region. Dnata president Gary Chapman told Channel News Asia this in an exclusive interview in Dubai. Dnata is buying Temasek
        57 words
      • 89 5 OCBC to issue US$3OO-500m tier one bonds says report Reuters SINGAPORE'S Oversea-Chinese Banking Corp has mandated Citigroup and Deutsche Bank for a US$3OO million to US$5OO million hybrid tier one bond, debt market news service Basis Point said yesterday. Basis Point said the issue's timing was still being finalised. It
        Reuters  -  89 words
      • 84 5 EAGLE Brand Holdings' second-quarter group net loss has narrowed to 7.1 million yuan (Ssl .5 million) from 24.2 million yuan in the previous period on the back of an improvement in turnover and lower distribution costs and general and administrative expenses, among
        84 words
      • 98 5 POPULAR Holdings reported a 35.3 per cent drop in Q1 group net profit for the three months ended July 31,2004, to $4.9 million. Popular said publishing profit decreased due to cost incurred for the development of new titles which were
        98 words
      • 105 5 ADDVALUE Technologies' subsidiary Addvalue Communications entered into a product supply and distribution agreement with Inmarsat Ltd on Aug 28,2004, to supply terrestrial satellite modems (Broad Band Global Area Network or BGAN Terminals). Sales of the BGAN Terminals are expected to contribute significantly
        105 words
    • 404 6  -  Move set to make it one of the largest independent trust companies in Asia By GENEVIEVE CUA HOMEGROWN trust company Portcullis has acquired the Trust Net group of trust companies, a move which is expected to make it one of the largest independent
      404 words
    • 226 6 MAINBOARD-LISTED Jackspeed Corporation Limited has secured a RMSS million (5524.5 million) contract from Naza Automotive Manufacturing Sdn Bhd. The contract is the third and also the single largest that Naza Automotive has awarded to Jackspeed, which makes custom-fitted automotive leather trim for car seats and leather
      226 words
    • 229 6  -  By GENEVIEVE CUA NAMES of errant financial advisers found guilty of a breach of the regulations may be made public, said the Monetary Authority of Singapore, in an apparent reversal of its stance against publicity on disciplinary actions. The MAS said it "sees
      229 words
    • 658 6  -  List disciplinary actions taken against errant financial advisers on the MAS website GENEVIEVE CUA Personal Finance Editor INVESTOR protection has never had it so good. Laws are in place, for one, to ensure a certain level of disclosure when it comes to the sale
      658 words
    • 4067 6 UNIT TRUSTS FUNDS Credit Agricoie AM Mgt S pore Ltd CAAM Asia Vision Fund!**. 1 038/1 091 AIM Amro Asset Mgt (S'pore) DM Awt Mat Star Europe Eqty 1 0.723/ Shenton Twin Gfc 1419/1476 Star Europe Bond. 1.261/ Japan Growth!*' 0.895/0931 Star Europe M._ 1.041/ Mendaki Cap Pro Fd ..0.9777/
      4,067 words
    • 419 7  -  It's investing $47m in joint venture with state-owned enterprise By JEAN CHUA SINGAPORE'S SembCorp Industries has penetrated Shanghai's US$4OO million waste-management market, with an estimated investment of Ss47 million in a joint venture with a stateowned enterprise. The investment, through wholly owned SembCorp Environmental Management,
      419 words
    • 474 7  -  Revenue from exports rising; new plant starting soon By KENNETH LIM NEWLY-LISTED Zhongguo Power Plus plans to fix a dividend policy next year in time for 2006, group finance manager Hau Khee Wee said yesterday as the agricultural equipment maker posted an almost
      474 words
    • 307 7  -  By TAILA KRISHNAKUMAR SESDAQ-LISTED Sinwa Limited has set up three units in Australia in a move to enter the marine supply market Down Under. Since listing in 2003, the regional marine supply and logistics provider has emphasised its global
      307 words
  • Page 4 Advertisements
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  • Page 5 Advertisements
    • 612 5 V Recruit the one you want for any position you have Call 1800 289 8822 or email reavH@sph.com.sg for your recruitment solutions IdaUilliliJ d BYour plans for the future could ensure theirs is brighter The United Global UNIFEM Singapore Fund While looking for a fund that reaps good returns, you
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  • Page 7 Advertisements
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  • SINGAPORE MARKETS
    • 538 8  -  STOCKS Widespread bullish sentiment on good volumes seems to augur well for a push upwards from present levels TEH HOOI LING Senior Correspondent SUDDENLY everything seems to have taken a bullish bent stocks, properties and perhaps even general business sentiment. There were cheers in
      Source: Bloomberg  -  538 words
    • Article, Illustration
      961 8  -  Compiled by KENNETH LIM Mufti-Chem Sept 13 dose: $0,305 FOLLOWING our visit to MultiChem's plants in Suzhou and Wuxi we believe demand for the PCB drilling service provider is robust as key customers continued to outsource drilling services amid strong PCB momentum in China. Q3 was a little lukewarm
      Source: Bloomberg  -  961 words
    • Article, Illustration
      430 8 OTHER SINGAPORE INDICES Sep 13 VALUE CLOSE BT OB/OS 471.00 +307.00 BTCAPI -*****.00 +173.00 BT 10-day MA -*****.00 +47.00 All-SG Equities 517.91 +5.68 SG Equities Elect 161.11 +1.09 SG Equities Fin 1629.27 +14.07 SG Equities Prop 483.02 +7.83 SIMSCI 239.55 +2.68 SiMSCI Futures 239.50 +2.20 MOST ACTIVE STOCKS VOLUME NOL
      430 words
    • 499 8  -  CURRENCIES LARRY WEE Senior Correspondent THE US dollar took it squarely on the chin late last week after a senior Fed official made an unusually frank remark about its trajectory last Thursday and, thereafter, Friday's softer August price number added to selling pressure. San Francisco
      Source: Reuters  -  499 words
    • TRADES TO WATCH
      • 85 8 ASJ Holdings non-executive chairman Chia Soon Loi saw his deemed stake in the electrical resistors supplier increase again on Friday last week after open-market purchases by a nominee account. Mr Chia now controls 10.04 per cent of ASJ's shares, from 9.62 per cent previously, after
        85 words
      • 108 8 ATLANTIS Investment Management, through its funds, has divested its stake in hard disk drive component maker Magnecomp International and now holds just a 6.67 per cent deemed stake from 7.2 per cent previously. On Sept 1, Atlantis Asian Recovery Fund sold one million shares, then
        108 words
      • 100 8 JONATHAN Cheng Shing Hey, a member of the family that controls diversified group Wing Tai Holdings, is no longer deemed to control any Wing Tai shares after the Cheng family's 39 per cent holdings were transferred on Friday last week to another
        100 words
      • 107 8 FALMAC independent director Siew Chee Meng sold his entire 89,000-share stake on the open market on Friday last week at 8.5 cents apiece, or about $7,565 in total. Those shares represent 0.12 per cent of Falmac's issued share capital. Falmac, a supplier of knitting machines,
        107 words
      • 74 8  -  Compiled by KENNETH LIM CHINA Food Industries managing director Lim Seek Yeow bought 53,000 shares on the open market last Friday at 26 cents apiece, giving him his first 0.03 per cent direct stake in the pig farm operator and frozen meat supplier. Mr
        74 words

  • SMALL CAPS
    • 858 9  -  Sesdaq aspirant Hosen is trying hard but it may struggle to stand out, reports JOYCE KOH JOYCE KOH LOYALTY with a personal touch used to be how Sesdaq aspirant Hosen Group conducted its business. But the old ways of doing business are fast
      FILE PHOTO  -  858 words
    • 430 9  -  By TEH HOOI LING OUR small cap portfolio performed superbly this week as market sentiment turned slightly bullish and interest returned to second- and third-line stocks. It advanced 5.1 per cent compared with the UOB Sesdaq Index's 2.8 per cent gain, and the Straits Times
      430 words
  • Page 9 Advertisements
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    • 196 9 Sensational Korean Favourites Prepared by Masterchefs from Korea 9-26 September 2004 Something different to whet your palate this September... Cafe Plaza has lined up an anay of Korean specialities as part of the Euro-Asian Buffet. Savour and enjoy dishes Hke Steamed Stuffed Mandarin Fish. Kim Chi, Fried Big Frog, Steamed
      196 words
    • 75 9 J V ?7ry our most popular Seafood KwayTeow Beef Kway Teow @$6.9o+++ Served with special black bean sauce Mon~Sun: Lunch from 1130 am onwards For reservations, Please call *****138 <fo. Call (65) 6343 0088 Fax: (65) 6343 0033 v. HOTEL 401 MacPherson Road, Windsor Singapore *****5 f a*«« (Owned by
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    • 142 9 [~1 MERITUS MANDARIN SINGAPORE I*. Celestial BMpC. Mid-Autumn Hf* mats jft vmMeritus 29 Aug 28 Sep 2004 Savour our splendid new mooncake creations of Romancing Mooncake and Black Sesame Walnut Mini Mooncake as well as our traditional signature favorites. Hotline: 6831 6069 Fax: 6737 7334 MEmrs MANDARIN A division of
      142 words

  • SINGAPORE NEWS
    • 757 10  -  BT Exclusive Occupancy and room rates seen improving on boost from upcoming international conferences By DANIEL BUENAS THE hotel industry will get a shot in the arm from the slew of international conferences that will be held here over the next
      FILE PHOTO  -  757 words
    • 514 10  -  By CHEN HUIFEN CONCERNED that the shortcomings,in construction works that led to the Nicoll Highway incident may be "common" in the construction industry, the Committee of Inquiry (COI) has submitted an interim report with recommendations of corrective measures. In a letter to Manpower Minister Ng Eng
      514 words
    • 245 10 IN a bid to win a slice of the global automotive pie, a delegation of 11 Singaporebased electronics and engineering companies will be heading to Europe this month to sell their capabilities at two key industry events for this sector. The companies will
      245 words
    • 220 10 WATSON Wyatt yesterday announced that it has appointed Patrick Huang as managing director for Greater China based in Shanghai, and Doreen Thang as director of its Asia-Pacific Research and Information Centre (Aric) in Singapore. Both appointments took effect two weeks ago, on Sept 1.
      220 words
    • NEWS ROUNDUP
      • 81 10 THE American Chamber of Commerce (AmCham) in Singapore is holding its annual Corporate Community Day on Sept 25. This year, the US Embassy will be presenting a special award The Corporate Stewardship Award to AmCham Corporate Community Day participants. This is a new
        81 words
      • 63 10 NINE members of the elite Singapore Administrative Service will embark on a 700 km, nine-day bike journey from Chiang Mai to Luang Prabang, over tough and undulating terrain during the height of the monsoon season. The aim of their journey is to raise
        63 words
      • 122 10 MYANMAR Prime Minister General Khin Nyunt met Singapore PM Lee Hsien Loong yesterday morning. The Myanmese Premier was here on a one-day working visit as part of his introductory visit to Asean capitals. The two leaders reviewed the state of bilateral relations and had a
        122 words
      • 75 10 MINISTER Mentor Lee Kuan Yew begins a visit to France and New York from today. In Paris, Mr Lee will call on French President Jacques Chirac, and attend the International Advisory Board meeting of French oil group Total. In New York, Mr Lee
        75 words
  • Page 10 Advertisements
    • 1140 10 Notices IN THE MATTER OF THE COMPANIES ACT (CHAPTER 50) AND IN THE MATTER OF TRANSCENDENTAL PTE LTD (In Creditors' Voluntary Liquidation) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN that pursuant to Section 308 of the Companies Act, Cap. 50, the Final Meeting of the Company and the creditors
      1,140 words
    • 192 10 IN THE MATTER Of THE COMPANIES ACT, CAP. 50 AND IN THE MATTER OF CONNEXXION MARITIME LOGISTICS PTE LTD (IN MEMBERS' VOLUNTARY LIQUIDATION) (COMPANY NO.: *****7858G) FINAL MEETING NOTICE IS HEREBY GIVEN, pursuant to Section 308 of the Companies Act, Cap. 50, that the FINAL MEETING of the members of
      192 words
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  • FOCUS: INDUSTRIES
    • 1149 11  -  The bustling S'pore bioscience scene may be nowhere compared to regional big boys like China and India but the surge in the number of new players and ventures is encouraging. CHEN HUIFEN reports CHEN HUIFEN THE year 2005 could be a threshold year in affirming
      FILE PHOTOS  -  1,149 words
  • Page 11 Advertisements
    • 364 11 To advertise call toll-free 1800 289 8822 Email: notices@sph.com.sg CENTRAL PROPERTIES LIMITED (THE "COMPANY") (In Members' Voluntary Liquidation) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be held at 10 Collyer Quay, 29th floor. The Straits Room, Ocean Building, Singapore
      364 words
    • 7 11 C.A.T.S. Buy It. Sell It. Find It.
      7 words
    • 35 11 For Travel between Ist October till 15th November 2004 BLUESKYEARgs Return 'ares from Singapore via Brunei to LONDON from r SGDS7S9 Fares exclude airport taxes insurance fuel surcharges Seats are limited Terms and conditions apply
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  • ECONOMY WATCH
    • 678 12  -  Industry players say Piatt's system works fine for S'pore RONNIE LIM Energy Editor HOW does the Singapore industry "discover", or establish, the market price for various oil products and crude oil traded here daily? The most commonly used way, say traders, is through Mean of Platts
      678 words
    • 725 12  -  They must ensure that the focus is on the economic, not political agenda By CHUANG PECK MING [SINGAPORE] Asian nations should think twice about following Singapore in rushing to do free trade deals. Even as Singapore is held up as a
      AFP  -  725 words
    • 490 12 Bloomberg, Reuters [BEIJING] The Chinese currency hit a 3-month high in the forward market after US Treasury Department official Paul Speltz said his country wants China to speed up efforts to ease its currency peg. "They are working on the procedures," Mr
      Bloomberg,; Reuters; BLOOMBERG NEWS  -  490 words
    • 189 12 Reuters [BASEL, Switzerland] A soft landing for the Chinese economy should be possible and policy is currently focused on maintaining stability, the deputy governor of China's central bank said yesterday. "If we continue effective policy, we think a soft landing is possible," Wu
      Reuters  -  189 words
    • 631 12 Case getting stronger for increase in interest rates, lending curbs [BEIJING] China's inflation probably accelerated to a seven-year high in August, boosting the case for the first interest-rate increase since 1995 or tighter restrictions on lending and investment. Consumer prices likely rose 5.4 per
      631 words
    • 366 13  -  Rise aided by low inflation, robust foreign reserves, stable lending rates By AL LABITA in Manila SINGLE-DIGIT inflation, robust foreign reserves, and stable lending and exchange rates have sustained the inflow of foreign funds into the Philippines' financial markets. In the first eight
      366 words
    • 701 13 AFP [WASHINGTON] The upbeat outlook from Federal Reserve chairman Alan Greenspan has failed to convince many economists, who argue that the United States is likely to see tepid growth at best in the near future. Mr Greenspan last Wednesday said the economy appears
      AFP  -  701 words
    • 246 13 Reuters [KUAI.A LUMPUR] Malaysia said yesterday it would not meet its goal to eliminate its chronic budget deficit by 2006, and that such an ambitious target could hurt economic growth. Prime Minister Abdullah Ahmad Badawi, who last week unveiled the country's eighth straight fiscal
      Reuters  -  246 words
    • 490 13 Bernama [KUALA LUMPUR] Datuk Mustapa Mohamed, the Minister in the Prime Minister's Department, says that the projected 7.0 per cent growth for the Malaysian economy this year puts it back on track in line with the country's long-term growth
      Bernama  -  490 words

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  • MALAYSIA COMPANIES
    • 528 14 Price to yield up to 1.15 percentage points more than 10-year T-bonds Bloomberg [KUALA LUMPUR] Telekom Malaysia Bhd is offering US$5OO million of 10-year bonds, an e-mail sent to investors by one of the sale's arrangers said. The Kuala Lumpurbased company was
      Bloomberg; BLOOMBERG  -  528 words
    • 2261 14 VOL FTEC Resources 0.5S unch 1961 Sap 13 M* f888) Furqan Bus. Org .0.36 0.01 494 Gadang ..1.35 0.01 790 AAMRealty 1.42 0.05 283 Gamuda ,_5J0 0.05 263 Abric —.051 0.01 25 Genera) Corp .0.52 unch 114 ACP Industries 136 0.01 135 Genting 17.00 -0.30 789
      2,261 words
    • 336 14 Bernama [KUALA LUMPUR] Shareholders have approved QSR Brands Bhd's proposal to increase its stake in KFC Holdings (M) Bhd up to 32.9 per cent via the open market, said group managing director, Johari Abdul Ghani. QSR is currently the single largest
      Bernama  -  336 words
    • 291 14 It'll also sell off its 360-ha Sepang estate by year-end Bernama (KUALA LUMPUR] Maika Holdings Bhd, the investment arm of the Malaysian Indian Congress (MIC), is aiming to list its 77 per cent-owned insurance arm, Oriental Capital Assurance Bhd, on the main
      Bernama  -  291 words
    • 573 14 [KUALA LUMPUR] United Engineers (M) Bhd's new head is banking on UEM's three subsidiaries as part of its strategy to optimise the group's growth, says a report in The Star. Ahmad Pardas Senin, who took over as managing director and chief executive
      573 words
  • Page 14 Advertisements
    • 146 14 adv E A minimal 5 years experience in corporate finance advisory work, including K IPOs is required for this position. Successful candidates will lead teams in the due diligence process and for drafting the fairness opinion. a K f Assistant Vice Pnsktents and Management Sf> Candidates with less than 5
      146 words

  • MALAYSIA/INDONESIA
    • 404 15 KL-listed foreign firms could switch to int'l standard by year-end Bernama [KUALA LUMPUR] Foreign companies listed on Bursa Malaysia could switch to the International Financial Reporting Standard (IFRS) by year-end. Currently they have to adhere to the local standards. Malaysian Accounting Standards Board (MASB) executive
      Bernama  -  404 words
    • 401 15 Bloomberg Reuters [JAKARTA] Indonesian President Megawati Sukarnoputri ordered increased security and put the country on "full alert" before next week's presidential run-off election following Thursday's bomb blast in Jakarta. About 200,000 policemen will be deployed before and during the election, National Police Chief Dai
      Bloomberg; Reuters; REUTERS  -  401 words
    • 432 15 Situation under control despite fresh cases: official AFP. Reuters [KUALA LUMPUR] Malaysia was seeking talks with Thailand as another villager from the north-eastern state of Kelantan close to the border was hospitalised for bird flu tests, officials said yesterday. "This is an
      AFP.; Reuters; REUTERS  -  432 words
    • 367 15 Bernama [KUALA LUMPUR] Morgan Stanley says reversion to a managed float system would be a suitable alternative for Malaysia in the long term because it allows a trade-dependent economy to adjust more quickly to international currency misalignment. This compares with the
      Bernama  -  367 words
    • 499 15 China's BGP and its Norwegian partner to do seismic study Reuters [SINGAPORE] East Timor will award a seismic survey contract this month to prepare for the launch of its maiden oil and gas exploration licensing round to foreign companies next year, an
      Reuters  -  499 words
    • 489 15 Bloomberg [KUALA LUMPUR] British American Tobacco Bhd (BAT) and JT International Bhd raised cigarette prices by as much as a quarter, their biggest increase, after Malaysia boosted duties by record amounts. BAT Malaysia stock fell to a fourmonth low. BAT Malaysia
      Bloomberg  -  489 words
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  • GREATER CHINA
    • 588 16  -  Deals jump 39% to US$2.2b in H1 and account for 5% of foreign investment By JEAN CHUA FOREIGN capital in the form of private equity will continue flowing into China, as merger and acquisition activity cranks up over the next few years.
      588 words
    • 206 16 CATHAY Financial Holding Co, Taiwan's biggest financial services company, is in talks to acquire smaller rival Lucky Bank Taiwan Inc through a share swap, the Economic Daily News reported yesterday. The paper said Cathay Financial may acquire Lucky by the end of the
      206 words
    • 636 16 Bloomberg CHINA'S stock indexes had their biggest drop in about two months after a report showed inflation held at a sev-en-year high in August, fuelling concern that the government may raise interest rates to slow the economy. The Shanghai Composite Index slumped 2.1 per
      Bloomberg; AFP  -  636 words
    • 402 16 Bloomberg [HONG KONG] Billionaire Li Ka-shing's Cheung Kong Infrastructure Holdings will sell 19.9 per cent of a UK gas distribution network, a stake worth £104 million (Ss3lB million), to affiliate Hongkong Electric Holdings Ltd. The sale would cut Cheung Kong
      Bloomberg  -  402 words
    • 350 16 LATWP. AFP. Reuters PRO-DEMOCRACY candidates gained seats in Hong Kong's legislature but failed to take control of the body in Sunday's elections. The democrats won 18 of the 30 council seats filled by direct elections, just one more than in the last
      LATWP.; AFP.; Reuters  -  350 words
    • 466 16  -  Banks and utilities rated highest in study of 168 firms By JEAN CHUA LARGE Hang Seng constituents have emerged tops in a corporate governance study in Hong Kong, indicating that share price performance and quality of governance are linked. City University of
      466 words
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  • INDIA
    • 631 17 Central bank move to drain surplus funds right move, says plan panel Bloomberg [NEW DELHI] India's government is concerned about accelerating inflation, the deputy chairman of the country's top economic policy making agency said. The central bank's decision to raise the cash
      Bloomberg  -  631 words
    • 346 17 Bloomberg [NEW DELHI] Indian industry is "upbeat" on growth prospects and is investing to increase capacity, the Confederation of Indian Industry said. This will help boost the economy of the world's second-most populous nation after China, it said. India's manufacturing businesses may grow, led by automobiles,
      Bloomberg; AFP  -  346 words
    • 426 17 It wants to curb inflation but also support growth Bloomberg [BOMBAY] India's central bank, which unexpectedly raised the cash reserve requirement on Saturday in a bid to curb inflation, may refrain from raising its key interest rate next month to support growth, economists said.
      Bloomberg  -  426 words
  • Page 17 Advertisements
    • 112 17 Organised by: Put V° ur best foot forward at The Bull Run 2004, a charity fun run open to all from Distance 2.Bkm Sji&jHJLL Singapore's financial industry and SGX-listed companies. Every small step you take will Categories Boss Challenge go a long way in helping children and youths in need.
      112 words

  • ASIA-PACIFIC
    • 552 18 Shareholders will sell their entire stakes of 138.8 million shares Reuters [TOKYO] J-Power, Japan's biggest power wholesaler, said on Monday it would raise up to U553.43 billion in its initial public offering, making it the world's sec-ond-biggest IPO this year.
      Reuters  -  552 words
    • Article, Illustration
      36 18 [MANILA] Sixty-eight-year-old Socorro Pestelos playing with her grandchildren at a park here on Sunday. Many Filipinos went out to parks and malls over the weekend in observance of Grandparents' Day in the country. AP
      AP  -  36 words
    • 278 18 Move comes as nation's financial woes increase AP [MANILA] The national treasurer, a key member of President Gloria Macapagal Arroyo's economic team, has offered to resign as the government struggles with mounting economic woes, officials said yesterday. Mina Figueroa, who oversees the government's finances and
      AP  -  278 words
    • 349 18 AP THAILAND'S main stock exchange said yesterday it has no evidence that government officials manipulated the market for personal gains last month, despite new claims of fraud by a flamboyant tycoon. The Stock Exchange of Thailand said its investigation
      AP  -  349 words
  • Page 18 Advertisements
    • 280 18 SUBSCRIBE NOW AND STAY COOL ALL YEAR ROUND. *P§Pf». Mm 'iM: i 1 jJfe^^gafßßW A stylish mini-fridge is yours (while stocks last) if you subscribe to ——-1 The Business Times. Plus, you'll enjoy 10% off when you sign up for one year. To subscribe, call 6388 3838 or complete and
      280 words

  • WORLD
    • 518 19 Already pumping at full capacity, Opec is not expected to raise quotas Reuters, Bloomberg [LONDON] World oil prices shot higher yesterday as companies operating in the US Gulf of Mexico braced for output disruptions from powerful Hurricane Ivan. US light crude jumped US$l.54
      Reuters,; Bloomberg  -  518 words
    • 274 19 LAT [NEW YORK] There wasn't any competition, only perfection at the US Open on Sunday (US time). There wasn't an opponent except history for top-seeded Roger Federer (above) in his championship match against fourth-seeded Lleyton Hewitt in Arthur Ashe Stadium. The
      LAT; AFP  -  274 words
    • WORLD WATCH
      • 124 19 Bloomberg [LONDON] London Clubs pic, the British owner of 11 casinos, promoted executive director Bill Timmins, a 30-year casino industry veteran, to chief executive after he brought a Las Vegas unit out of Chapter 11 bankruptcy and sold it. Mr Timmins, 57, has
        Bloomberg  -  124 words
      • 88 19 Bloomberg [LONDON] Bayer AG, Germany's second-biggest pharmaceutical and chemical maker, formed a partnership with US rival Schering-Plough Corp to market some of Bayer's biggest drugs after sales lagged in the second quarter. Schering-Plough, maker of the Claritin allergy pill, will sell Bayer products
        Bloomberg  -  88 words
      • 112 19 Bloomberg [TOKYO] Global sales of chip-making equipment rose 86.4 per cent in July from a year earlier, led by increasing demand in Taiwan and South Korea, two industry groups said. Sales of the equipment rose to U553.49 billion from US$l.B7 billion a year
        Bloomberg  -  112 words
      • 77 19 Reuters [LONDON] British manufacturers' core output prices rose at their sharpest monthly rate in nine years last month, in a sign that the soaring cost of commodities is pushing up inflationary pressures. The Office for National Statistics yesterday said that producer output prices excluding
        Reuters  -  77 words
      • 100 19 Reuters [WASHINGTON] Global Crossing Ltd yesterday said it had asked Nasdaq for a two-week extension of a deadline for filing financial statements with US market regulators. The company also said that it had raised the amount of unreported costs in its 2003 earnings
        Reuters  -  100 words
    • 631 19 Bloomberg [LONDON] Morgan Stanley and Goldman Sachs Group, Europe's largest stock underwriters, are finding governments to be their best customers as the more lucrative market for initial public offerings dries up. Italy hired the New York-based securities firms on Sept 9 to
      Bloomberg; AFP  -  631 words
    • 425 19 [LONDON] The head of KPMG has forecast that the accounting firm could transform into a single global partnership within 10 years. The radical reform would be a lasting solution to regulators' concerns that the big accounting firms offer inconsistent standards of audit work across
      425 words
    • 248 19 [LONDON] Three of the UK's biggest accounting bodies are likely to announce today that they will merge into one larger body, representing 200,000 accountants and 80,000 students, The Guardian reports. The paper said the Institute of Chartered Accountants in England Wales (ICEAW), the Chartered
      248 words
    • 482 19 Five years ago, hedge fund investors were almost entirely wealthy individuals and families, and inflows from pension funds were negligible. [NEW YORK] US institutional investors, mostly pension funds, could pour US$25O billion into hedge funds in the next four years, and by 2008 could
      482 words

  • AVIATION
    • 277 20 Bloomberg [KUALA LUMPUR] Malaysian Airline System, the country's biggest carrier, said it has hedged its fuel needs until the end of its fiscal year and won't impose a second surcharge to counter high oil prices. Malaysian Air has hedged 45
      Bloomberg  -  277 words
    • 1885 20 CITY FLIGHT FT* FLIGHT FTP Delhi SQ407 0710 IC856 1145 Adelaide BA7382 2215 IC855 1025 SQ408 1850 QF82 2215 DenpasarBali SQ141 1145 SQ142 0935 LH9770 2300 SQ143 1535 SQ146 1640 5Q229 2300 GA840 1725 GA841 1825 Amsterdam SQ323 0615 GA974 0130 SQ147 2230 SQ148 1900 KL837
      1,885 words
    • 388 20 US AIRLINES IN TROUBLE Major carriers continue massive layoffs as they fight for survival AFP [NEW YORK] Storms, skyrocketing fuel prices, cutthroat competition and labour costs have shaped turbulent times for US airlines, and the troubles are starting to trickle down to the low-cost
      AFP; REUTERS  -  388 words
    • 638 20 AFP. Reuters [NEW YORK] US Airways entered Chapter 11 bankruptcy protection on Sunday for the second time in two years. Squeezed severely by low-cost rivals and soaring fuel prices and failing in its drive for new labour concessions, the United States' seventh
      AFP.; Reuters; AP  -  638 words
    • 486 20  -  No compromise yet on compensation for construction By Al LABITA in Manila [MANILA] Prospects of opening Manila's new US$65O million international airport terminal look bleak as the government and the contractors continue to dispute the compensation issue despite their arbitration hearings in Singapore.
      486 words
    • 216 20 AFP [MANILA] Flag carrier Philippine Airlines is likely to move out of a 10-year rehabilitation plan this year or early next year, way ahead of schedule, a report said yesterday. All of the airlines' creditors are expected to approve the move, which
      AFP  -  216 words

  • SHIPPING
    • 704 21  -  Liner conference system responsible for most of the problems, they say By GEORGE JOSEPH [SINGAPORE] Asian shippers made another desperate call for regulatory protection against the "monopolistic practices" of shipping lines yesterday and made a veiled threat to band together to
      FILE PHOTO  -  704 words
    • 498 21 Bloomberg [SINGAPORE] Shares of Malaysia International Shipping Corp, whose tankers deliver about a tenth of US oil imports, may extend this year's 11 per cent gain as rising demand for fuel boosts the company's income from hiring out ships. Tanker earnings have surged
      Bloomberg  -  498 words
    • 448 21  -  This is essential if ISPS Code measures are to be effective By GEORGE JOSEPH [SINGAPORE] The port and shipping sectors will have to look at how cargo is assembled, packaged, placed in containers and transported across the world in the new security environment that
      448 words
    • 232 21 Bloomberg [SINGAPORE] The cost of shipping gasoline, jet fuel and other so-called clean petroleum products around Asia may rise this week after oil companies and traders hired more ships to export fuel from South Korea. The price of hiring a so-called medium range,
      Bloomberg  -  232 words
    • 285 21 SGX '000 Sep 13 SS W- Vol CH Offshore 039 0.01 1149 ChuanHup _0.58 0.02 4881 Cosco Investment 0.88 0.02 ***** CWT Distribution 0.49 unch 10 Ezra Hldgs 1.04 0.07 3S2 Freight Links .0.10 unch 289 Grand Banks Yacht 0.81 0.01 36 Java Holdings .0.93 0.02 ***** Kl
      285 words
    • 287 21 Bloomberg [HONG KONG] Hutchison Whampoa Ltd and other port operators in the southern Chinese city of Shenzhen will be levied a special fee to finance expansion of facilities at waterfronts clogged with cargo. The Ministry of Communications will charge 120 yuan (5524.90) construction
      Bloomberg; FILE PHOTO  -  287 words
    • 172 21 Bloomberg [HONG KONG] Hong Kong's Hutchison Whampoa, Cosco Pacific and other port operators handled 8 per cent more cargo in the second quarter as demand from the US and Europe for Chinese-made goods continued to expand. Hong Kong's port, the world's busiest,
      Bloomberg  -  172 words
  • Page 21 Advertisements
    • 37 21 In over 175 countries around the world, Menlo Worldwide stands for efficiency. We offer a broad portfolio of transportation, logistics and supply chain solutions to help businesses of all kinds MENLO achieve operational excellence, www.menloworldwide.com WORLDWI DE
      37 words

  • EDITORIAL & OPINION
    • 534 22 EDITORIAL THERE was little surprise in Malaysian Prime Minister Abdullah Ahmad Badawi's first tabling of the Budget last week. The premier, who is also the Finance Minister, unveiled a government expenditure that is broadly in line with industry players' wish-lists. The business-as-usual Budget document is
      534 words
    • 767 22  -  BOTTOM LINE KEVIN CLARKE Copy Editor AUSTRALIANS don't go to the polls until Saturday, Oct 9. But the result of the election was more or less decided on Thursday, Sept 9. And the winners are set to be incumbent Prime Minister John
      767 words
    • 1501 22  -  MNCs flock to set up research laboratories there, tapping into its abundant talent pool By CHRIS BUCKLEY NYT HARRY Shum's office may be one of the best places to witness the next stage of China's rise as an economic powerhouse. Set in the heart of the
      NYT; AP  -  1,501 words
    • 1047 23  -  The people of Laos deserve the same chance as others everywhere to build a better life. Will they get it? PETER STEPHENS LAOS one of the poorest countries in the world, whose people have an average income of US$32O a year has become the unlikely ground
      FILE PHOTO  -  1,047 words
    • 714 23  -  ANTHONY ROWLEY Tokyo Correspondent IN the absence of true political leadership, economic integration in Asia is in danger of becoming a Hydra-like creature with multiple heads incapable of thinking or acting together. This has been made obvious by recent events, with Asean setting timetables
      AFP  -  714 words

  • Page 23 Advertisements
    • 103 23 HAVE YOUR SAY Fax your letters to 6319-8277 or email them to bttetteresph.coni.sg or write to: The Business Times, SPH HQ, 1000 Toa Payoh North, Podium Level 3, Singapore *****4. We need your full name, address and telephone number for verification. Please use temperate language, and bear in mind libel
      103 words
  • Page 23 Miscellaneous
    • 344 23 CRYPTIC CROSSWORD ACROSS nar y wharf? (4.2,4) 1f i 5 Curry favour with supporter, 1 Criminal out of house and welcoming centre-forward (4) home v/) 6 Arabist roadmap protecting litfs? en p ayed P singer tie eating house (6) r 7 French painter supporting half 0 Super not even breaking
      344 words

  • 7513 24 STRAITS TIMES INDEX STOCKS smmm wt Om, g-9« stodi—». m am* Qmm Allgreen 50c 033 1150 *Ol 202 2 800 BlimauSMt 047 >000 «C0M OC8C 1Q.T8 14 000 +0 100 CjprtaUnd 1.18 1.740 <0.030 Partway M 25c 063 1330 -0 020 Chart SawnCond 26c 084 1Q90 +Q.Q20 People
    7,513 words

  • 5832 25 FINANCE COMMODITIES MORGAN STANLEY CAPITAL INTERNATIONAL INDICES In local am In SS In UM dy yr Sdy %yr \yr &«p 10 'nd*» Change Ownq« Ownqe Change Puny Chang* World Index Preliminary 792 5 0.1 1.8 03 0.9 <X4_ IjO I EAFt PmWnay 72&9 Q1 3.7 0J 1.8 U) 13 Europe
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  • Page 26 Advertisements
    • 1150 26 I IMPORT I I NORTH AMERICA AUSTRALIA/NEW ZEALAND I SUPER SHUTTLE EXPRESS (S3X) |AUSTRAUA ASIA EXPRESS (AAX) I vtssa yor lgs sw pkg 1 11 1 I PtO NEDUOYD SOUTHAMPTON 44W35 01/09 19/09 21/09 !5I s!® 51 S? OOCL NINGBO 03W36 10/09 27/09 28/09 mKO W/M J, M 02/09 M/
      1,150 words
    • 853 26 jINTEKASIA RORO SCRVKI VPSa/VOT MWfffT) tCGHTW PKG KOI 13 SW JCT STRAITS VENTURE /10 15 II 07/W 11/W STRAITS VENTURE/II IS 3.2 19/09 22/09 29/09 01/10 03/10 STRAITS VENTURE/It IS 3 07/10 10/10 11/10 |WHT ASIA/UNOAi RORO IVS YESSa/VOT RAMfffT) HHOHT(M) you «l KHH Wit SW PKG HCW CGf HAi
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  • Page 27 Advertisements
    • 777 27 MOL Combines v. a range of shippina modes to ensure timely, reliable services covering major ports in > Norih America, Europe, Japan, Asia, Africa Oceania. Abi eccapt hhe-Asle Cvjns to: ss^gysj^/ s or Schedule s BL Searches, ond Container Tracking, visit on our Home Page: www.rwolsin.com.sg www.homburflsud.toni ASA? SKVKI (tXfWT)
      777 words
    • 1185 27 VESSEL 1 VOY SIM PGU HCM VESSEL VOYTSIN PKG GQLPEH TRADE 4Q7N IV9 I 15/9 I 17/9 I HEW DYNAMIC 06»A 16/T lft/9 mm QO9N 21/9 I 22/9 I 24/9 I I PERTH BRIDGE 063* 23/9 25/9 1 GOLDEN GATE 1431N I 78/9 129 9 1 1/10 I -1. j
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    • 929 27 I £f<3iiSSW WEEKLY EXPRESS SAILING SCHEDULE ALSO ACCEPTING TO ALL NORTHERN AND WESTERN ICQ POINTS rose. vor SIX pjuanq cotomo In. sheva Colombo KOIA PtIWHA YPWO4V 13 Sg IS SEP 18 S3- 21 SfF 24 SEP IWDtKA GAMDHI 0086W 20 SEP SEP 25 SEP ?»SEP 01 OCT Ismmm oomw 27sep
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  • Page 28 Advertisements
    • 991 28 lAMAI wallenius wilhelmsen W website: http://www.2wglobfll.com I'VESsa I voY ramp i height |sm lk mo how mi* sav »al ore hyc new mq« vSw AG4OI 1201 MS S.7SM I 16/09 13/10 TAR AGO AMI! 320TMS 6.4 M I 21/09 21/10 21/10 29/10 02/11 01/11 04/11 25/10 TEXAS AMI 9 4201
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    • 476 28 BSA it. MYANMA PQ FIVE STAR LINE (Mvamaor National Um) Loading for Yang oh WSSII VOY SIN PKI PEN PGU PAGAN 332W SU) HPA-AN 376W 11/09 IN MALAYSIA: lOUSTEAD SHIPPING AGENCIES Kill: 03-*****300 PKL 03-*****101 PIN: 04-2****** accepting conventional cbo H" 6 MN HKG SIN PGU PKI KUC JACARANDA ACE
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  • THE BUSINESS TIMES SHIPPING TIMES
    • 6238 29 ETA ETA Advertoer Vessel Voyage Telephone ETA ETA Advertker Vessel Vy«f Telephone SM Dest'n Name Name Nwaber Number SIN Oeit'n Name Name To DURBAN (DUR) 2118 South Africa To ABIDJAN (ABJ) 2003 Cote D'lvoire 21/09 05/10 HamburgSud EVER GUlDt 022W *****133 22/09 28/10 CMACGM
      6,238 words

  • PROPERTY
    • 489 30  -  Developers may launch more projects now that the Ghost Month is over, reports ANDREA TAN ANDREA TAN WITH the Hungry Ghost Month out of the way, developers are pushing out their projects and hoping buyers will bite as they did with Kovan Melody and Ris Grandeur.
      489 words
    • 507 30  -  By KALPANA RASHIWALA THE collective sales market in Katong is hotting up again. CB Richard Ellis launches today a collective sale of Maryland Park, with a reserve price said to be about $257 million. This works out to $380 per square foot
      507 words
    • 1018 31 London has long been a favourite destination for the world's very rich, but now there is a shortage of the properties they love to collect FT LONDON has more billionaires than any other city in the world, but even the super
      FT; AP  -  1,018 words
    • 717 32  -  FOREIGN PROPERTY Consultants say terrorism won't keep the buoyant residential sector down for long, especially if Megawati wins. VINCE CHONG reports VINCE CHONG THE property market in Jakarta has been on a roll in the past few years, led by a surge in condominium
      FILE PHOTO  -  717 words
    • 583 32 Bloomberg [HONG KONG] Asian real-estate stocks such as Cheung Kong (Holdings) Ltd and Capita Land Ltd, among this quarter's best performers, may rise further as economic growth spurs demand for homes. "Property stocks are ripe for outperformance," said Elizabeth Soon, who man?
      Bloomberg  -  583 words
  • Page 30 Advertisements
    • 127 30 7 ■9fcr w ■R *trm 0r HH&ftv iafl^BS^ 1■ if A J ;|M ,-h?» T*;' ->o# T' l Mj^g' q<#ii\ku MjßMf ■IHB B miw„ ,*^L,.. r ,Mtd? ■^■^n I i^My &?^Mw^^BKßSS^^^B^Sri' r: "^Bßßl^^^^^H^^A,^H^HlßH^H^nnßß^Hi I (IT* »iiw iAi wbii Al3? There are other options. Like renting out. Or re-developing. The Business
      127 words

  • Page 31 Advertisements
    • 136 31 ET S i, GOOD CLASS BUNGALOW LAND AT CORNWALL GARDENS 2 Plots of Good Class Bungalow Land V T 1 31A Plot 1: 20,692 sq ft (approx.); Plot 2:22,768 sq ft (approx.) 29 L-pJ— Option to Acquire Both Sites -t T TT^ Prestigious Address Within District 10 Close Proximity to
      136 words
    • 41 31 To advertise your Notices Call toll-free 1800 289 8822 or email notices@sph.com.sg To advertise your ftlof irpc Call toll-free 1800 289 8822 v or email recruit@sph.com.sg To advertise your irpc Call toll-free 1800 289 8822 I I 9 or email recruit@sph.com.sg
      41 words
    • 67 31 MARYLAND PARK _FOR SALE BY TENDER :ree^°'ci Mm! Approximately246,ooosqft Plot ratio 2.8 Excellent unobstructed 75AMSL Tel: 6224 8181 CB richard ellis FACTORY IN GUL VICINITY FOR SALE LEASE 3 blocks of purpose-built factory with mezz office Tenure Remaining 14 yrs Land Area Approx. 365,000 sq ft GFA Approx. 184,500 sq
      67 words

  • Page 32 Advertisements
    • 236 32 En-bloc Sale of Coral Island To Developer. YOUR BLUEPRINT FOR SUCCESS. A Ready Pool of International Buyers Awaits \our Unique New Oevelopment. An invitation to tender. This unique en-bloc island sale offers the from Singapore's Central Business District, it is also within easy reach successful developer, for the first time,
      236 words