The Business Times, 6 October 2004

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Total Pages: 32
1 32 The Business Times
  • 14 1 THE BUSINESS TIMES SINGAPORE 85 cents online at http://business-times.asial.com.sg MITA(P) 023/03/2004 Wednesday, October 6,2004
    14 words
  • 784 1  -  Ministry refutes S&P report that Singapore's strategies yielded poorer returns than those of HK By DANIEL BUENAS [SINGAPORE] The Ministry of Finance yesterday refuted a report by ratings agency Standard Poor's which said that Singapore's investment strategies had yielded "markedly inferior" returns
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  • 130 1 STI 2.011.74 (-2.15) ST INDEX FUTURES 2,015.00 (-22.00) siMsa 241.65 (-0.54) SIMSa FUTURES 242.70 (unch) MARKETS Tuesday Change KISECOMP 861.56 -3.51 NIKKEI 225 11.281.83 +2.20 HANG SENG 13,331.10 -28.15 SET INDEX 673.88 -5.25 JAKARTA COMP 861.31 +4.86 MANILA COMP 1,833.35 -18.25 SEOUL COMP 884.84 +4.00 SHENZHEN B dostd
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  • 54 1 TOP STORIES... PG 2,3 COMPANIES... PG 4-7 MARKETS PG 8 SINGAPORE ..PG 9,10 ECONOMY PG 11 M'SIA CO PG 12 M'SIA/INDON.. PG 14 CHINA PG 15 INDIA PG 16 WORLD PG 17 AVIATION PG 18 SHIPPING PG 19 EDITORIAL ..PG 20,21 LETTERS PG 21 STOCKS PG 22,23 MOTORING PG
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  • 437 1  -  Bank says it will honour all legitimate claims By SIOW LI SEN [SINGAPORE] A DBS Bank branch in Hong Kong accidentally destroyed 83 safe deposit boxes during renovations over the weekend and will honour all customer claims. The incident happened at
    437 words
  • Page 1 Advertisements
    • 66 1 Who's wEW J92\ atTeledata PG4 B'j y B 8 II Spontaneous. The Opel Vectra GTS Sports Sedan. V The Opel Vectra GTS 2.2A Sports Sedan AUTO EIROMRS Ubi Showroom 6 Service Centre: 5 Ubi Close, Singapore *****5. Tel: 6749 4333 Fax: 6746 0660 Showroom Hours: Mon-Sat 8 30am to 6
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    • 14 1 SHIPPING Surge in demand and oil costs may push up freight rates pg 19
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    • 71 1 XJ|r EXEC MONEY r Do you need to set up a trust to protect your wealth and your family? PG32 $1 C0E? 0 y .i f ,i f> Why it could happen when tender closes at 4pm today MOTORING PG 29 BT ONLINE Why wait till 6pm to access BTOnline?
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  • TOP STORIES
    • 747 2  -  Just as MAS discreetly discloses its financial performance every year, Temasek and GIC could do the same HOCK LOCK SIEW By WONG WEI KONG THE apparent disagreement between the Singapore government and international credit ratings agency Standard Poor's over the returns of statemanaged assets
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    • 735 2 AMD's earnings guidance adds to electronics woes HIGH oil prices, falling demand for electronic goods and computers, and a looming supply glut may see the semiconductor sector get worse before it gets better, both globally and in Singapore. Adding to the woes are the latest tepid third-quarter guidance
      735 words
    • 243 2 Sale fuels talk of speculation in high-end properties Reuters [HONG KONG] A luxury apartment in Hong Kong's MidLevels district has been sold for a record HK528,139 (556,078) per square foot, fuelling talk of a speculative bubble at the high end of the city's
      Reuters  -  243 words
    • 575 3  -  New agreement on avoidance of double taxation signed By CHUANG PECK MING in Kuala Lumpur WARMER ties under new leaders yesterday paved the way for Singapore and Malaysia to talk of cooperation in new fields such as tourism and transport to spur
      DESMOND WEE/ST  -  575 words
    • 474 3  -  By EDDIE TOH in Kuala Lumpur GREATER cooperation in the skies could be one feature of the renewed pledge to enhance relations between Singapore and Malaysia, leaders of the two countries said yesterday. Singapore Prime Minister Lee Hsien Loong, in Malaysia as part
      474 words
  • Page 2 Advertisements
    • 327 2 Canny Guide to Foreign Exchange Risk Management Dates Why 18-19 November 2004 With globalisation and cross-border trading, managing foreign 9.00 am to 5.00pm exchange exposures cannot be left to chance. This workshop initiates Venue P art c ip ants t^ie rudiments of currency risk management and Orchard Hotel Singapore provides
      327 words
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  • Page 3 Advertisements
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  • COMPANY NEWS
    • 658 4  -  AMD lowers Q3 guidance amid supply glut, falling electronics demand By RAJU CHELLAM HIGH oil prices, falling demand for electronics goods and computers, and a looming supply glut may see the semiconductor sector getting worse before it gets better, both globally and
      Source: Bloomberg  -  658 words
    • 431 4  -  By KENNETH LIM SINGAPORE businessman Quek Chek Lan has gained board control at Teledata after winning a boardroom coup at an extraordinary general meeting yesterday. Esmond Goei, who was Teledata's independent and non-executive chairman, was ousted by a 55.6 per cent-to-44.4 per cent
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    • 269 4 Bloomberg VENTURE Corp, the biggest electronics maker listed on the Singapore Exchange, said it is raising some product prices to help compensate for increased component costs. Venture, which makes computer printers and cell phones for customers such as Hewlett-Packard, has suffered from higher prices
      Bloomberg  -  269 words
    • 584 5 It says move is in line with strategy to dispose of non-core holdings AFP SINGAPORE Airlines (SIA) sold its 6.3 per cent stake in Air New Zealand for NZ$6l.7 million (Ss7o million) yesterday, ending a costly, failed foray into the Australasian market. SIA
      AFP  -  584 words
    • 113 5 Bernama [KUALA LUMPUR] Silk Air, Singapore Airlines' wholly-owned subsidiary and its regional wing, will launch three flights weekly to Danang, Vietnam's fourth largest city, starting on Jan 3. The flights will operate via Siem Reap, in Cambodia, every Monday, Wednesday and Saturday, using Silk Air's
      Bernama  -  113 words
    • 395 5  -  By SIOW LI SEN TARGET Asia Fund which piled into Singapore Press Holdings last October has seen its fund almost triple in size in the last 12 months, on more subscriptions and also the performance of its portfolio. Run by home grown Target
      395 words
    • 285 6  -  By JEAN CHUA FOOD trader and retailer PSC Corp is broadening the scope of its business, saying yesterday that it will be working with an Indonesian company to build medical facilities in Indonesia. PSC, through subsidiary Health Solutions (Malaysia), has signed a
      285 words
    • 493 6  -  Bank hires former exec of fast-food chain for POSB's network strategy By SIOW LI SEN DESPITE banks spending millions of dollars on customer relationship management tools and listening to gurus, their customers aren't quite getting satisfaction, or so it would seem to Edmund Koh, DBS
      493 words
    • 530 6  -  By JOYCE KOH MORE than 150 people thronged APS Asset Management's first-of-its-kind AGM last night in an event marked by calm deliberation and thoughtful exchanges. From old men to young executives. investors grabbed the chance to question APS' chief investment officer
      530 words
    • COMPANY BRIEFS
      • 73 6 DARCO Water Technologies said yesterday that subsidiary Darco Environmental (Taiwan) Inc (Deti) has won a NT$69 million (553.48 million) contract for the construction of a waste water treatment system for ProMOS Technologies Inc's waferfab factory in Taichung, Taiwan. As 75 per cent of the
        73 words
      • 48 6 JARDINE Cycle Carriage said yesterday that it has established Thai subsidiary C&C Mitsu (Thailand) with an issued and paid-up capital of 25 million baht (551.02 million). It will focus on motor vehicle dealership, the group said, with investment funded by internal resources.
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      • 48 6 TECHNICS Group Holdings said yesterday that its trading halt is connected to the fact that it is negotiating a memorandum of understanding (MOU) with a party, the outcome of which is expected to be out today. The group will make an announcement thereafter.
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      • 83 6 NEW Lakeside Holdings said yesterday that China authorities had informed its subsidiary Sanmenxia Lakeside Fruit Juice that the US Food and Drug Administration (FDA) is expected to conduct an inspection of its production facilities and processes around mid-October. The inspection also applies to
        83 words
      • 75 6 CONSUMER goods brand development company Hosen Group posted a proforma net profit of $409,000 for the interim period ended June 30. The 16.5 per cent earnings hike against the corresponding period last year was matched by a 3.1 per cent increase in revenue to $28.8
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    • 296 7 BENG Kuang Marine Limited, a hullside corrosion prevention service provider serving customers mainly in the marine and oil and gas industries, yesterday launched its initial public offer of 21 million shares at 23 cents each. To be listed on SGX-Sesdaq, BKM said
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    • 465 7  -  Virtela deal brings IP network services in areas including US and Europe By AMIT ROY CHOUDHURY SINGAPORE Telecom has signed an agreement with Virtela Communications Inc, a global network solutions company, to provide seamless Internet Protocol (IP) network services to its customers who need
      FILE PHOTO  -  465 words
    • 629 7 Bloomberg STARHUB Ltd, Singapore's second-largest phone company, is poised to price its first public share sale today, as some of the company's biggest shareholders cut their stakes amid concerns about expansion opportunities. Stakeholders including BT Group and Nippon Telegraph Telephone Corp plan to
      Bloomberg  -  629 words
  • Page 4 Advertisements
    • 147 4 ASIA-PACIFIC EXECUTIVE Prograa Hlgkllglts Top ranked as a fully Asian to a the a focus your Pi Two residential segments held IZ! partially in India and China jij^ fMHirtnn Murrain Bachelor's Degree Minimum 10 years'full-time work experience, preferably in senior management position Program Fees a s s sB Tuition covers
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    • 127 4 if xx* PHILIPS S Help your company save 20% on energy bills. Improving a company's profitability can be a challenging LIFEMAX also makes colours look better, lasts longer task Unless, of course, you've been introduced to the and is environmentally friendly. To find out how your new TLD 30W LIFEMAX
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  • Page 5 Advertisements
    • 61 5 IF I fe r ;'n? f "U.'•**££££&£* ?*Stefejfc IjljjMj mt '.'W-i ,nfc- '*■< 'H,!* ma ,..j» *?L"-. llbf&sr wlSPi iov 2 -Ip Hi- j •?£ZX£-* mm 2r MB Mmm Uigli i -|P* IMII i ii MK- 1 JHjH" i J I f j.i 4 1 ii<tea Your employees are making
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  • Page 6 Advertisements
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  • Page 7 Advertisements
    • 192 7 Employability starts here. RMIT Master's Programme at SIM MBA International Management Awarded by RMIT University and supported by the Asian Association of Management Organisations 22nd intake commencing January 2005 This programme offers a unique approach to management education. It is conducted concurrently in four countries (Australia, Singapore, Hong Kong and
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  • SINGAPORE MARKETS
    • 885 8  -  CURRENCIES US$ has been forced onto the defensive against Asian units other than Japan's LARRY WEE Senior Correspondent CURRENCY traders had to be satisfied with a supporting role over the past week, as hedge funds and other big investors turned their attention to prime-time
      885 words
    • Article, Illustration
      489 8  -  Compiled by QUAK HIANG WHAI Food Empire Oct 5 dose: 37 cents SIAS RESEARCH. Oct 1 FOOD Empire, famed for selling instant beverages in emerging markets, is making its maiden foray into Indonesia. It will hold a 49 per cent stake in a newly formed company, ABC Future
      Source: Bloomberg  -  489 words
    • Article, Illustration
      434 8 OTHER SINGAPORE INDICES Oct 5 VALUE CLOSE BT OB/OS -40.00 -69.00 BT CADI -*****.00 -11.00 BT 10-day MA -*****.00 -4.00 All-SG Equities 523.82 -1.18 SG Equities Elect 162.04 +0.44 SG Equities Fin 1625.30 +0.27 SG Equities Prop 481.21 -0.90 SIMSCI 241.65 -0.54 SiMSCI Futures 242.70 unch MOST ACTIVE STOCKS VOLUME
      434 words
    • 411 8  -  STOCKS R SIVANITHY Senior Correspondent IF there's one thing which traders in stock markets have to watch out for, it's complacency. Both on Wall Street as well as here, the signs are growing that players are growing too comfortable with riding the upward momentum while ignoring
      411 words
    • TRADES TO WATCH
      • 76 8 A NEW substantial shareholder has emerged at Leong Hin Holdings. This comes after Ng Ah Hua bought 9.5 million shares in the open market at 16 cents each, or $1.52 million, taking his direct stake in the construction company to 9.4 per cent from
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      • 51 8 GREAT Eastern Holdings' director Peter Husum the outgoing chief executive officer of retail group Robinson has sold all of his 19,000 shares in the insurance group at $11.80 each in the open market. Shares of Great Eastern closed unchanged yesterday at $11.80
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      • 84 8 HORIZON Education and Technologies' substantial stakeholder Legg Mason Asset Management (Asia) has increased its deemed stake to 7.02 per cent, from 6.91 per cent, after buying 600,000 shares on Sept 28 in the open market. Legg Mason has also increased its substantial shareholding
        84 words
      • 48 8 VENTURE capitalist group Schroder Investment Management Group has further raised its substantial stakeholding in telecommunications group Mobile One to about 7.33 per cent, from 7.31 per cent, in a series of share purchases. Ml shares Closed yesterday at $1.56, down one cent.
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      • 77 8  -  Compiled by VINCE CHONG HONG Leong Asia non-executive director and former CEO Wrixon Frank Gasteen has sold all of his 950,000 shares, or a stake of 0.25 per cent, on Oct 1 in the open market at $1.51 each, or a
        77 words
    • 341 8  -  CHART POINT By K AJITH and LIM SAY BOON OCBC Investment Research THE Straits Times Index (STI) continues to look pretty solid, notwithstanding the slight pullback yesterday. The consolidation yesterday was textbook stuff; with the STI retracing 38 per cent of the surge
      Source: Bloomberg  -  341 words

  • SINGAPORE NEWS
    • 574 9  -  STB figures show they spent $1,160 on average, double that of locals By VINCE CHONG TOURIST spending in this year's Great Singapore Sale (GSS) improved by almost 10 per cent to $1,160 a shopper on average against 2002 numbers, underlining the government's efforts to
      Source: Master Card & GSS  -  574 words
    • 571 9  -  By CHEN HUIFEN MOBILE phones, cars and laptops are the three most desirable items among Singapore's elite, according to the findings of a recent survey on the lifestyles of the region's affluent. Through phone interviews with 450 people in 11 countries in Asia, market
      571 words
    • SINGAPORE ROUNDUP
      • 91 9 ONLINE graduate business school Universitas 21 Global, which is headquartered in Singapore, has signed up over 400 students from more than 25 countries since its inception a year ago. Currently, it said in a release yesterday, the school is processing over 1,400 applications, with
        91 words
      • 63 9 FOR the first time since its launch in 1997, foreign companies operating here can apply for this year's Singapore Environmental Achievement Award. The Singapore Environment Council said yesterday that more awards will be given this time round. Foreign companies can now apply under the
        63 words
      • 53 9 SEMBCORP Industries said yesterday that it has won a $335.4 million civil works Mass Rapid Transit Circle Line contract through wholly owned subsidiary SembCorp Engineers Constructors. The group said the work, which will not affect its performance this year, should start later this year and
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    • 416 9 AFP [SINGAPORE] French President Jacques Chirac will visit Singapore today seeking to enhance historically warm bilateral ties, with France's efforts to secure a billion-dollar contract for the Rafale fighter jet high on the agenda. Mr Chirac's spokesman, Jerome Bonnafont, told a
      AFP  -  416 words
    • 243 9  -  By NANDE KHIN FREE or subsidised food and drinks provided by employers to employees, as well as free transport between pick-up points and the workplace, now enjoy tax concessions, the Inland Revenue Authority of Singapore said yesterday. Under the law, every benefit
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  • Page 9 Advertisements
    • 183 9 1 .41 ■I I dflHk ■r l > will I JE4j|wV« Wf gum? v B fl '15 H A j4Sb A p|v V If H^V VI H v n §W| M JHR IFBPP^IP** V 'fIKAk V M tA 1 ■fc. m l* HT JMfc, Men's model in steel, automatic movement
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  • S'PORE
    • 499 10  -  BT exclusive The Blueprint Initiative to add staff in 5-year, $20m investment Reports by CHEN HUIFEN CANADA'S database company The Blueprint Initiative has earmarked $20 million over the next five years to expand its operations in Singapore, driven by the growing pool of biomedical sciences
      SUSAN MOORE  -  499 words
    • 261 10 A*STAR'S commercialisation arm, Exploit Technologies Pte Ltd (ETPL), yesterday said it will be investing another $3 million by year-end to help companies and research organisations here bring their ideas to prototype stage. Already, some $2 million has been invested in 11 projects under its
      261 words
    • 252 10  -  By DANIEL BUENAS THE National University of Singapore Business School and the Nanyang Technological University Nanyang Business School have been named the top two MBA schools in South-east Asia for 2004 by Asia Inc. NUS Business School continues to top
      252 words
  • Page 10 Advertisements
    • 1530 10 EU YAN SANG INTERNATIONAL LTD (Company Registration Number: *****2179H) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be held at East India Rooms, Raffles Hotel, Singapore! ***** (entrance via Beach Road) on 21 October 2004 at 3pm for the following
      1,530 words

  • ECONOMY WATCH
    • 574 11  -  By ANTHONY ROWLEY in Washington THE world is running a huge risk by allowing a growing US current account deficit financed mainly by Asian central banks to persist, and the sooner that "co-ordinated" actions are taken to correct the situation the
      574 words
    • 196 11 AFP [BRUSSELS] The eurozone economy is likely to maintain its first-half growth pace in the second half of the year, but the economic recovery remains timid, the European Commission said yesterday. Eurozone GDP grew by 0.5 per cent in the second quarter and
      AFP  -  196 words
    • 772 11 Slower money growth masks informal loan boom: economists Reuters [SINGAPORE] Asian policy makers worried about a hard landing in China are crossing their fingers that a slowdown in money supply growth is proof that the economy is responding to Beijing's orders to cut credit and
      Reuters; AP  -  772 words
    • 337 11 Bloomberg [BERLIN] Germany's unemployment rate unexpectedly rose to 10.7 per cent, the highest since February 1999, as a shrinking domestic economy spurred companies to demand more from existing staff rather than adding workers. The number of people without work rose a seasonally
      Bloomberg  -  337 words
    • 419 11 Populist move could lower prices and win votes Bloomberg [WASHINGTON] The Organisation of Petroleum Exporting Countries expects US President George W Bush to release crude oil from the nation's emergency stockpile to lower prices and win votes in next month's election, Opec
      Bloomberg  -  419 words
    • 226 11 Bloomberg. Reuters [WASHINGTON] US services business activity fell for a second month in September to the lowest level since May of last year, a private survey showed The Institute for Supply Management's measure of non-manu-facturing business for September rose to 56.7 from
      Bloomberg.; Reuters  -  226 words
    • 304 11 Reuters [NEW YORK] White House economists expect that this week's revisions to nonfarm payrolls data, the last released before the Nov 2 presidential elections, may show substantial labour market gains for the March 2003 to March 2004 period, the Wall Street
      Reuters  -  304 words
  • Page 11 Advertisements
    • 207 11 Call toll-free 1800 289 8822 IN THE HIGH COURT OF THE REPUBLIC OF SINGAPORE Companies Winding Up No. 194/2004/ M In the Matter of the Companies Act (Cap. 50) Ana In the Matter of PRESTIGE OFFICE GENERAL SUPPLIES PTE LTD (ACRA NO. *****3326E) NOTICE OF WINDING UP ORDER In the
      207 words

  • MALAYSIA COMPANIES
    • 596 12 GOING ABROAD It will also continue to overhaul other state-owned firms to boost returns Bloomberg [KUALA LUMPUR] Malayan Banking, Commerce AssetHolding and RHB Capital, Malaysia's biggest statebacked lenders, may buy overseas banks as the government tries to boost returns on its
      Bloomberg  -  596 words
    • 315 12 Bloomberg [KUALA LUMPUR] AMMB Holdings Bhd, Malaysia's fifth-largest lender, may go abroad to expand its banking, stockbroking and insurance businesses to bolster earnings amid rising domestic competition, chairman Azman Hashim said. "That should be the future plan, once we have really anchored ourselves down here,
      Bloomberg  -  315 words
    • 459 12 It's also in talks with Volkswagen on technical ties Bloomberg [KUALA LUMPUR] Proton Holdings Bhd, Malaysia's biggest carmaker, says its profit will rise by 40 per cent in the year ending March 2005, as it sells more Gen.2 compact cars and it stops
      Bloomberg; BLOOMBERG  -  459 words
    • 4 12
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    • 225 12 Bernama [KUALA LUMPUR] KNM Group Bhd, a manufacturer of process equipment for the petrochemical industry, expects to secure more orders from West Asia after the completion of its 50 per cent acquisition of a Dubaibased plant owned by FBMHudson Italiana SpA (FBM)
      Bernama  -  225 words
  • Page 12 Advertisements
    • 1220 12 SANTAKn SANTAK HOLDINGS LIMITED Co. Reg. No. *****1065H (Incorporated in the Republic of Singapore with limited liability) NOTICE IS HEREBY GIVEN that the Fourth Annual General Meeting of Santak Holdings Limited ("the Company") will be held at 31 Senoko South Road Woodlands East Industrial Estate Singapore *****4 on Tuesday 26
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  • Page 13 Advertisements
    • 4499 13 To advertise call toll-free 1800 289 8822 Email: notices@sph.com.sg GATES ELECTRONICS LIMITED (Incorporated in Singapore with limited liability) NOTICE IS HEREBY GIVEN that the First Annual General Meeting of GATES ELECTRONICS LIMITED ("the Company") will be held at Grand Mercure Roxy Hotel, Roxy 3, Level 4, 50 East Coast Road,
      4,499 words

  • M'SIA/INDONESIA
    • 389 14 Consumer and business demand falls below expectations Bloomberg [KUALA LUMPUR] Intel Corp, Dell Inc and other US electronics makers have more than halved full-year growth projections for their exports from Malaysia, said Tim Garland, the president of the American Malaysian Chamber of Commerce.
      Bloomberg  -  389 words
    • 491 14 It will try to boost FDI and create jobs, says adviser AP, AFP [JAKARTA] Indonesia's president-elect Susilo Bambang Yudhoyono will continue the current government's efforts to reduce the state budget deficit, and aim to eliminate investment barriers to create more jobs, his
      AP,; AFP; REUTERS  -  491 words
    • 183 14 Bloomberg [JAKARTA] Indonesia's credit-rating outlook was lifted to positive after the conclusion of the nation's presidential elections by Fitch Ratings, which cited lower political risk and an improving economy. "The completion of a six-month cycle of free and fair elections marks a major step forward
      Bloomberg  -  183 words
    • 349 14 Bernama [WASHINGTON] Malaysia is ready to push forward its biotechnology industry with a series of collaborations and joint-ventures with international biotechnology companies before the end of the year, Science, Technology and Innovation Minister, Jamaludin Jaijis, said here on Monday. In an interview,
      Bernama  -  349 words
  • Page 14 Advertisements
    • 1842 14 k1 Ventures Limited (Incorporated in the Republic of Singapore) NOTICE OF ANNUAL GENERAL MEETING ALL MEMBERS ARE CORDIALLY INVITED TO ATTEND the Annual General Meeting of k1 Ventures Limited (the "Company") which will be held at Four Seasons Hotel, Crescent Ballroom (Level 2), 190 Orchard Boulevard, Singapore *****6 on Thursday,
      1,842 words

  • GREATER CHINA
    • 584 15  -  CHINA INSIGHT Oil and coal have their limits as energy sources. China needs alternative sources fast JEAN CHUA Reporter WITH crude oil prices staying near the US$5O mark and c o a 1 burning making Chinese cities among the most polluted in the world, it
      584 words
    • 421 15 AFP [PARIS] President Jacques Chirac embarked on an eight-day Asian tour yesterday aimed at winning France a bigger slice of China's super-hot economic pie by playing on political and cultural relations that have grown closer. Mr Chirac and 50 corporate chiefs flew
      AFP  -  421 words
    • 237 15 AFP [HONG KONG] A dozen Asians have been included in the latest Fortune list of the 50 most powerful businesswomen in the world outside of the United States, the magazine said yesterday. Xie Qihua, chairman and president of China's largest steelmaker Shanghai
      AFP; PHOTOS: APPLE DAILY, FILE PHOTO  -  237 words
    • 501 15 Second downsizing follows tepid investor response Reuters [HONG KONG] Hutchison Telecommunications International Ltd (HTIL) cut the size of its IPO for a second time to bolster interest in its shares, reducing the sale's value by about 7 per cent to between US$B9O million and
      Reuters  -  501 words
    • 139 15 AP [HONG KONG] An eccentric heiress who hoards trash and leftover food in her home despite inheriting HK$33 million (Ss7.l million) from a will that was eventually determined to be fake is resisting sharing the money with her sister, the South China Morning Post reported
      AP  -  139 words
  • Page 15 Advertisements
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      44 words

  • INDIA/ASIA-PACIFIC
    • 484 16 First stage of US$2b capital management programme Reuters [MELBOURNE] BHP Billiton, the world's largest diversified miner, said yesterday that it would buy back up to A$ 1.5 billion (Ssl .8 billion) of its shares at a discount to the market price. The news helped
      Reuters; AFP  -  484 words
    • 362 16 New Delhi aims to double bilateral trade to 10b euros AFP [NEW DELHI] India and Germany have put trade on top of the agenda for this week's visit by Chancellor Gerhard Schroeder in a bid to beat last year's five billion euro (5510.4
      AFP  -  362 words
    • 398 16 Reuters [HONG KONG] Asian companies are still looking to hire executives in the next few months but do not appear as confident about the outlook as they did three months ago, according to a survey by Hudson Global Resources. "We're at a
      Reuters  -  398 words
    • 680 16 More multinationals are setting up call-centres in the Philippines as a backup plan RAMAN Roy, the chief executive of Indian Call centre Wipro Spectramind Ltd, is one of the pioneers who made India the locus of the global outsourcing phenomenon. But now Mr Roy is discovering
      FILE PHOTO  -  680 words
    • 280 16 Reuters [BANGKOK] Asia's electricity sector needs hundreds of billions of dollars and must speed up and broaden reforms or risk losing out on financing from private investors, the International Finance Corp (IFC) said yesterday. Power firms in East Asia, mostly state-owned,
      Reuters  -  280 words
  • Page 16 Advertisements
    • 36 16 1 As ing 1 car? I Reach out to more readers by advertising in The Straits Times Classified. Call our C.A.T.S. hotline at 1800-289-9988 and our friendly sales personnel Buv lt- Se !t Fmd !t serve
      36 words
    • 153 16 Drake Executive Search provides you with the expertise to match quality executives Professionals and Managers from middle to senior management positions, within your industry Our consultants bring a wealth of experience, assisting you in your search for the highest calibre of professionals and managers while allowing you to remain focused
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  • WORLD
    • 506 17 Linux software being tested as an alternative Bloomberg [NEW YORK] AT&T Corp is testing Linux software as a replacement for Microsoft Corp's Windows operating system, which runs the 70,000 personal computers used by its employees. A decision by AT&T to abandon Windows would
      Bloomberg  -  506 words
    • 418 17 Bloomberg [NEW YORK] Better risk management and risk measurement are essential for banks' success, and helped limit loan losses in the 2001 recession, Federal Reserve Chairman Alan Greenspan said yesterday. "Better risk measurement and better risk management were noticeably important in moderating overall credit
      Bloomberg; AFP  -  418 words
    • 416 17 Bloomberg [NEW YORK] Billionaire George Soros is handing greater control of his US$l2.B billion money management firm to his sons, Robert and Jonathan, and spinning off his real estate, credit and buyout units, a memo sent to investors and staff said. Mr
      Bloomberg  -  416 words
    • 329 17 Reuters [NEW YORK] Most Americans are planning to curb their holiday spending this year, making it a challenging shopping season for US retailers, according to a holiday buying survey by The NPD Group. Nine out of 10 consumers said they will spend
      Reuters  -  329 words
    • 501 17 Bloomberg WALL Street bonuses will increase about 10 per cent this year, half as much as bankers expected as recently as May, after companies including Morgan Stanley reported declining third-quarter revenue, compensation consultants said. "Everyone came charging out of the gate at the beginning
      Bloomberg  -  501 words
    • 323 17 [LONDON] Corporate profitability reached its highest level in almost five years in the second quarter, official figures showed on Monday, amid growing signs that earnings among listed UK companies may have peaked. The Financial Times reported. The net rate of return for non-financial companies
      323 words
    • 287 17 Reuters [LONDON] Oil prices hit a new record above US$5O a barrel yesterday as a prolonged US production outage following Hurricane Ivan attracted fresh speculative buying. US light crude climbed 75 cents to U5550.66 a barrel and London Brent crude rose
      Reuters  -  287 words
  • Page 17 Advertisements

  • AVIATION
    • Article, Illustration
      66 18 [MOJAVE. California] Members oftheMojave Aerospace Ventures Team Richard Branson, Paul Allen and Burt Rutan look up as SpaceShipOne rockets into space. Pilots Mike Melvill and Brian Binnie celebrate (right) after winning the US$lO million Ansari X Prize awarded to the first commercial spaceship to reach suborbit; and (far
      REUTERS, AFF,AP  -  66 words
    • 434 18 AirTran chief says industry needs significant cut in capacity Reuters. AP [ATLANTA] Record high fuel costs may be enough to drive some airlines out of business, the chief executive of low-fare carrier AirTran Holdings said. "1 think that fuel at US$5O a barrel is,
      Reuters.; AP  -  434 words
    • 390 18 AIRLINE CODES: AA: American Airlines (AAL), AF Air France (AFR), AI: Air India (AK), AY Finnair Oy (FIN), AZ: Alitalia Airlines (AZA),BA: British Airways Public Ltd Co (BAW), BG Biman Bangladesh Airlines (BBC), BI: Royal Brunei Airlines Sdn Bhd (RBA), BO Bouraq Airlines (BOU), BR EVA
      390 words
    • LOG BOOK
      • 67 18 Reuters [TRIPOLI] Libya plans to buy 24 new aircraft worth US$l.5 billion to renew the fleet of flag carrier Libyan Arab Airlines, the company's chief executive said. Hussein Dabnoun said the airline wants planes from both Airbus and Boeing, including Airbus 330s and Boeing 7775.
        Reuters  -  67 words
      • 114 18 Bloomberg [HONG KONG] Air Macau, the sole airline based in the former Portuguese colony, is in talks to lease two passenger planes, said Seattle-based aircraft leasing company AWAS. "We are in negotiations with Air Macau to provide them with additional aircraft to support
        Bloomberg  -  114 words
    • 302 18 AFP [PARIS] European Union trade commissioner Pascal Lamy warned yesterday that the EU executive commission could challenge subsidies for Boeing's new passenger jet, the 7E7, if Washington continued to attack aid for Airbus. "I am ready for both systems," the outgoing trade commissioner
      AFP  -  302 words
    • 551 18 NYT [NEW YORK] US Airways said it was cutting 10 per cent of its top salaried and management jobs, and reducing the pay and benefits of white-collar workers, in an effort to save US$45 million a year. But chief executive Bruce R
      NYT  -  551 words
    • 350 18 Bloomberg [NEW DELHI] Deccan Aviation Pvt, which runs India's only low-cost airline, plans to spend US$2OO million over the next five years to increase its fleet five-fold to meet growing demand in Asia's fourth-biggest economy. Air Deccan, which has 12 planes now, expects to
      Bloomberg  -  350 words

  • SHIPPING
    • Article, Illustration
      47 19 [MARSEILLE] French fishing boats and trawlers blockade the Port de Bouc oil terminal on Monday demanding compensation for a surge in fuel costs. Fishermen blockaded the Mediterranean ports of Marseille and Toulon and two nearby oil terminals to draw government attention to their plight REUTERS
      REUTERS  -  47 words
    • 287 19 SGX '000 Oct 5 Si ♦<- Vol CH Offshore 0.40 unch 2462 ChuanHup 0.63 unch 5197 Cosco Investment 1.02 -0.01 ***** CWT Distribution 0.56 unch 174 Ezra Hldgs 1.11 -0.01 295 Freight Links 0.10 unch 199 Grand Banks Yacht 0.80 unch 14 Java Holdings 1.03 unch 2791 K1
      287 words
    • 622 19  -  Some owners are recommissioning old ships to meet demand: analysts By VEN SREENIVASAN [SINGAPORE] Rising US and European imports are enabling container lines to charge more for cargo space and this, coupled with high oil prices, could push freight rates
      622 words
    • 371 19 [LONDON] The Maritime and Coastguard Agency (MCA) of Britain detained 11 foreign-flagged ships in UK ports in August, along with four other ships still under detention from previous months. This represents an increase of six new detentions compared to July. Among the
      371 words
    • 166 19 Reuters [LONDON] China's Huaneng Power International Inc has bought the entire 16-strong fleet of dry-bulk carriers owned by China's Cofco for US$395 million, online shipping publication Tradewinds and specialist brokers reported. The second-hand vessels, owned by China National Cereals, Oil and
      Reuters  -  166 words
    • 860 19  -  STRAIT TALK By DAVID HUGHES LAST Thursday, ships in ports around the globe sounded their whistles at noon local time in support of the joint industry and union campaign to draw attention to the plight of seafarers denied shore leave, most notably in the US.
      860 words
    • 205 19 Bloomberg [PRINCETON] Royal Caribbean Cruises, the world's No 2 vacation-cruise company, said recent hurricanes off the US coast will reduce earnings in the second half of the year. Trip cancellations and increased costs cut thirdquarter profit by 10 US cents a
      Bloomberg  -  205 words
  • Page 19 Advertisements
    • 92 19 SINGAPORE PORT KLANG TO KARACHI COLOMBO TO KARACHI NOTICE TO TRADE RATE RESTORATION The following feeder operators wish to inform the trade that a Rate Restoration will be implemented on 1 November 2004. The following minimum rates shall apply for all SOC shipments with effect from 1 November 2004: SINGAPORE/PORT
      92 words

  • EDITORIAL & OPINION
    • 510 20 EDITORIAL BY all accounts, the hedge fund industry is growing at a phenomenal rate. According to a recent JP Morgan study, the number of hedge funds has multiplied fourfold between 1990 and 2003, while assets under management have risen 20 times to US$Bl7 billion. This
      510 words
    • 60 20 'China isn't just about imitation, it's about innovative imitation. I wouldn't be surprised if in a few years' time the Chinese sell a fully-equipped Volkswagen Golf-type car on the German market for 6,000 euros and really irk their old VW partners.' Eberhard Sandschneider, sinologist and director of
      60 words
    • 1162 20  -  Japanese financial regulators are getting tougher on errant banks as they liberalise the financial sector By TODD ZAUN NYT JAPANESE regulators have never had the reputation of being particularly tough, but after the surprisingly harsh penalty imposed against Citigroup in Japan last month, that may change. Getting in
      NYT; REUTERS; AFP  -  1,162 words
    • 637 20  -  THE BOTTOM LINE FRANK CHING CHINA'S invitation to meet finance ministers and central bankers from the Group of Seven industrialised countries last weekend in Washington DC shows the extent to which the country, which was poverty stricken only 25 years
      637 words
    • 787 21  -  Kirk Kerkorian, who is poised to sell the MGM film company for a third time, shuns publicity CHRISTOPHER REED BILLIONAIRE Kirk Kerkorian will complete a unique Hollywood hat-trick when the expected sale to a Sony consortium of his film company MGM goes through, but the man himself
      AFP  -  787 words
    • 328 21  -  Donald Low Director (Fiscal Policy) Ministry of Finance THE article "HK's investment strategy beats Singapore's: S&P" (BT, Oct 1) referred to a Standard Poor's report that questioned whether the government could have done more to cushion the economy from shocks and whether funds could be
      328 words
    • 472 21  -  LETTERS TO THE EDITOR Tristan Sim Assistant Director, Media Relations Singapore Police Force I REFER to The Business Times articles "Money laundering poses growing threat in S'pore" (Sept 30) and "Police confirm spike in dubious dealings" (Oct 1). In the Sept 30
      472 words
    • 227 21  -  Lee Eng Managing Director Progen Holdings Ltd We refer to the article "China Credit CEO sets his eyes on S'pore firms" (Oct 5) and in particular to the paragraph, "He was again in the news recently when he pressured Progen in which he has a
      227 words
    • 941 21  -  Jason Wee, CFA London, via Internet I AM surprised by a recent survey which showed that 47 per cent of respondents oppose the setting up of a casino in Singapore. It amazes me that despite the dogged dismissal of this concept
      941 words

  • Page 21 Advertisements
    • 118 21 HAVE YOUR SAY Fax your letters to 6319-8277 or email them to btletter@sph.com.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
      118 words
  • Page 21 Miscellaneous
    • 289 21 CRYPTIC CROSSWORD ACROSS 4 They drop the bricklayer's 8 Corporal ignited gas before flrn used in carpentry (7) 9 Aga left Guatemala replace- mnt charm (6) 6 of deflation en route 10 Nothing in available charge 7 grains Maureen f()und jn 11 /q\ saline concoction (8) I tn nrPupnt iii
      289 words

  • 3835 22 STRAITS TIMES INDEX STOCKS Stock rum* m Clow Chang* Stock nm> Wt Ow Chug# Allgreen 50c 0.31 1.100 +0.010 NOL 2.10 2.940 +0.040 BIL Intl US20c 0.47 0.995 -0.005 OCBC 10.69 14.100 -0.100 CapitaLand 1.19 1.770 -0.010 Parkway H 25c 0.63 1.350 Chart SemiCond 26c 0.85 1.110 +0.010
    3,835 words

  • 2816 23 FINANCE COMMODITIES MORGAN STANLEY CAPITAL INTERNATIONAL INDICES In tool an In SS In USS dy jit dy %yr dy Syr Oct4 lnd«» Change Chnngt CKioae Oupqg Change Chnngn Wofld Index Preliminary 810.1 0.8 4.0 0.6 2 3 0.4 30 IEAFE Preliminary 7460 12 6.4 0.5 3.3 0.3 3.9 turope Preliminary
    2,816 words

  • Page 24 Advertisements
    • 1931 24 I TO USA/CANADA 1 I EXPORT 1 I OTHER DESTINATIONS faiia Ivqy I pkg I ETA S)nl LOWG BtAOll DALLASIHOUSTONIMEMPHISI CHICAGO INFW YORK TO AUSTRALIA (AUSTRALIA ASIA EXPRESS) 00a HAMBURG 06mT OMIT 04/10 I 22/10 28/10 29/10 27/10 27/10 30/10 VESSEL VOT HA SIN PKG FrT" gg SVP *?L_ PiO
      1,931 words
    • 907 24 IINTIRASIA RORO SIRVKE vtssa/vor mawm hbghhmi pko kh ig s* STRAITS VEKTURE /12 IS 3.i 02/10 07/10 10/10 12/10 STRAITS VENTURE /13 15 3.2 14/10 16/10 21/10 M/ 10 26/10 STRAITS VEWTURE /14 15 3.2 21/10 31/10 04/11 0?/" M/n I WIST ASIA/HNOAL RORO SVS VESSa/VOY RAMfIKT) HUGHTQW) TOK Kit
      907 words

  • Page 25 Advertisements
    • 1063 25 MOL Combines o range of shipping modes to ensure timely, refcable services cawing major ports in Norm America, Europe, Japan, Asia, Africa Oceania. Also saapt btro-Ariß Carpn to: For Schedules, BL Searches, and Container Tracking, visit on our Home Poge: www.homburgsud.com H ASAf StRVKI (EIPQtm «-H- .SAFI SERVICE (EXPORT) »*kH
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    • 1337 25 VESSEL VQY S!N Jig HKG KHH INC KYM PUS VtSSEL VOY SIN JKT SUE HKG USN PUS HY VLADIVOSTOK UK 7/10 VW 14/10 14/10 11/10 20/10 20/10 KMTC KEELUNG 414S 10/10 13/10 14/10 19/10 23/10 24/10 HY PtOGRESS MSS 14/10 16/10 21/10 23/10 25/10 27/10 27/10 KMTC SINGAPORE 414S 17/10
      1,337 words
    • 978 25 S)C329Sm WEEKLY EXPRESS SAILING SCHEDULE ALSO ACCEPTING TO ALL NORTHERN AND WESTERN ICQ POINTS VESSEL VOY SIN P.KLANC COLOMBO It SHEVA COLOMBO mmm jsbl <hqct _img ww jm —\m— AUSTRALIA BRIDGE 0080W )l OCT 13 00 It OH HOC 1100 KOTAfttWm TfWOSi 18 00 MOO 23 OCT 26 OCT BJKI
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  • Page 26 Advertisements
    • 1326 26 Uul WALLENIUS WILHELMSEN website: http://www.2wglobal.com VESSEL VOT RAMP L»C ~MAO~ HOU« MIA SAV Ml ORE NYC NEW MOR TOM Al4lO 4001 ms 6.3 M I 07/10 10/11 13/11 IJ/" »6/ll TAMERLANE AM2O 320T0« MM I 16/10 09/11 18/11 25/11 26/11 01/12 29/11 03/12 22/11 TAIKO AE42I 420T0m 6.4 M 01/11
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    • 1527 26 VKStt X2I S?— EB! _YBS£L YQI SH JKL p>c ianda \m £/i$ ezzio wiau uas fitm lazifi at ?30i 0040P fiZ/lfi 09/10 AMMIAYH 7 #iIZ 11/111 14/lfl PAC lANPA 1313N M/ 10 01/10 PAt MUM 2268 li/IH liOll >"■»" UM MS IMl_ Iwiii ,m I um IZjSI PAC lANDA *****
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    • 537 26 BSAi MYANMA SB FIVE STAR LINE (Myanmar National Line) Loading for Yang on VESSEL VOY SIN PKI PIN PGU PAGAN 332W SU) HPA-AN 326W 26/09 IN MALAYSIA: IOUSTEAD SHIPPING AGfNCIES KUL 03-*****300 PKL 03-*****101 PIN: 04-*****02 JHHA ACCEPTING CONVENTIONAL CSO HKG SIN HKG SIN PGU PKL KUC DON HURT 121
      537 words

  • Page 27 Advertisements
    • 1400 27 I\ m I /I S pore Agents lAI Skua* M PL**,? 6SW9^) 2) \*m (I 180 Bangkok Bank BuMna. Smgapore *****6 cs-nierasia JLLines u >323-4444/77 fo» 43T3-4433 **>»»»: www.i»t.nsniiM».<»« SUPER EXPRESS vera Itoy qsk koi| s« tyo ram«CTntt|SGn vtssa Ivor Ira |s» iw» |o» f"» r° r 0 I WANHAI3O7
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    • 782 27 rj- n|%*7 I lIVICC MAIM; TIL 6221-1333 FAX: 6221-5272 /rh iUL LINCO opERATORCOOC pD TEL: 622,-5596 FAX: 6227-8190 SINGAPORE: TOMG XX) SHIPfIMG PTI LTD CI NO: *****M0000C WeWtr www-pdifao i.coe KI6UIAI COWTJUIiIKUiP SIKVICM TO MALAYSIA, IWMII, MYJUUMI AMP ¥HETIMMI_ HJHCA was 1 4077" 07/ir "w/iT GISWH 4057 13/10 15/10 MCAIMS6
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    • 218 27 mo linf bfokbulk »«rYK« S.E. A»iq/USA vk* vwto SPECIALISE IN HEAVY LIFTS A PROJECT CARGO SRMTORt pMftttw MVMUSTCUtOttMP H/iO BTK*, L«I Ml. Vmb* HOUSTON Dw*»*w MV MUSTVUi MTTTK 22/10 Othars porti in USA, Maxko, Cambaon A South Amtrico on inducmm*. lINOAPORI MALAYSIA Hk» Woo. Shippteg (S) Pt. Ltd fowl Sdn
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    • 493 27 222»^^7%^^1?n/101T2c710l TIGER PEARL 223N 09 10/10 15-17/10 23-24/10 ■MLUllfl TIGER SOT 224N 12-13/10 19-21/10 26-27/10 li 'WTIGERSa 225N 17-18/10 22-24/10 30-31/10 TIGER WAVE 226N 19-20/10 26-28/10 02-03/11 I TIGER PEARL 227W 23-24/10 29-31/10 06-07/11 B^^^H?iGasmi^^o9^onri^Ti6/i^«s^^ ■WWfINIPHUTAN 304 1 0-11/10 11-20/10 28-29/10 I ■Ittllj BALSAM 163 16-17/10 23-25/10 02-03/11 BMHBM ACHIEVER
      493 words


  • MOTORING
    • 808 29  -  SAMUEL EE looks at why the bidding exercise which closes today may see ultra-low COE levels SAMUEL EE COE premiums for passenger cars could very well plunge to $1 by the end of today's tender for one simple reason the number of certificates of
      808 words
    • 682 29  -  By SAMUEL EE THE Toyota juggernaut continued to power ahead in the third quarter and has extended its lead over its nearest competitor. But like the current Formula One season, the real action seems to be taking place behind the
      682 words
    • 211 29  -  By Samuel Ee KAH Motor has reopened a refurbished Honda showroom, becoming the latest in a string of companies which have recently built or upgraded their motor facilities in the Übi area. The newly renovated showroom coincides with today's official launch of the facelifted Jazz,
      CHRIS LOH  -  211 words
  • Page 29 Advertisements
    • 1702 29 To advertise call toll-free 1800 289 8822 Email: notices@sph.com.sg Shining Corporation Ltd (Company Registration No. *****4729G) NOTICE OF EXTRAORDINARY GENERAL MEETING NOTICE IS HEREBY GIVEN THAT an Extraordinary General Meeting ("EGM") of the Company will be held at 11 Changi South Street 3, #04-01, Builders Centre Singapore *****2 on 22
      1,702 words

  • EXECUTIVE MONEY
    • 1014 30  -  YOU AND THE TAXMAN With the new accounting rules on options, the govt should review the tax treatment of adding back such expenses for tax purposes By POK SOY YOONG, CHAI SUI FUN A recent decision of the Council on Corporate Disclosure and Governance (CCDG) has
      1,014 words
    • 368 30  -  By Chua Boon Lee A weekly height of the top fund sectors over a 12-month period. Data from Standard At Poor's Fund Services. Sept 26 *03 Sept 24 "04, Bid-Bid, Rarwested, based in Singapore doHai Calculation Index Much to the deight of Singapore equity investor* the local
      368 words
    • Article, Illustration
      1484 31  -  MONEY MATTERS Adequate insurance is critical when a medical crisis hits, as hospital expenses and loss of income can be a heavy burden CHRISTOPHER TAN SOMETIME in September last year, The Business Times reported that the average insurance coverage of a Singaporean is equivalent to only one year
      1,484 words
    • 34 31 UNIT TRUSTS FUNDS LEGEND:All prices are indicative;Broadly Diversified; Narowly Focused;$ Lower Risk;^ Low to Medium Risk;& Medium to High Risk;** Higher Risk;open-ended;+Before subdivision of units;After subdivision of units;SP after stock split N.A-Non Dealing Day
      34 words
    • Article, Illustration
      974 32  -  In these uncertain times, more Singaporeans are looking to lock up their assets in a trust. GENEVIEVE CUA looks at the issues involved GENEVIEVE CUA WEALTH takes a lifetime to build but can be destroyed in a twinkling. Mindful of financial crises, potential litigation and a myriad
      974 words
    • 687 32  -  By SENEVIEVE CUA EFFORTS to cultivate the private banking market have paid off for Pioneer Investments, which has raised more than US$35O million into its offshore range of funds from wealthy South-east Asian clients, since it began marketing them in early 2003. Since
      Source: Pioneer Alternative Investments  -  687 words
  • Page 30 Advertisements
    • 345 30 ENTERPRISE EXCHANGE It all happens here masm BEBSBBSB hesssssqi iiiB!S3BEiflii Commemorating SEEDS Ceremony 2004 the 1st LEAP YEAR DR vivian balakrTshnan Community Guest of Honour; (Acting Minister for Community EntrepreneurSMp MR HENG CHEE how GES Making (Minister of State tor Trade Industry) Trade Industry) Connections §t Guest of Honour: -u
      345 words
    • 21 30 Recruit the one you want for any position you have Call 1800 289 8822 or email recruit@sph.com.sg for your recruitment solutions
      21 words