The Business Times, 16 March 2005

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Microfilm: NL26150
Total Pages: 28
1 28 The Business Times
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  • Title Section
    Lock icon Masthead
    17 1 THE BUSINESS TIMES online at http://business-times.asia 1 .com.sg MICA (P) *****/2005 Wednesday, March 16,2005 SINGAPORE 85 cents
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  • Article
    Lock icon Another CPF scheme to go private?
    532 1  -  Home Protection Scheme being considered By GENEVIEVE CUA [SINGAPORE] The CPF Board will consider tendering out its mortgage protection portfolio, thereby completing the privatisation of all its insurance schemes, officials said yesterday. The Home Protection Scheme is the largest of the insurance funds managed
    532 words
  • Article
    Lock icon MARKETS DIGEST
    137 1 sti 2,163.93 (-5.04) ST INDEX FUTURES 2,171.00 (+7.00) SIMSCI 256.02 (-0.58) SIMSCI FUTURES 255.80 (-0.30) MARKETS Tuesday Change KLSECOMP 898.20 -3.44 NIKKEI 225 11,821.09 -29.16 HANG SENG 13.816.75 -90.10 SET INDEX 696.84 -3.38 JAKARTA COMP 1.119.00 -4.48 MANILA COMP 2.106.31 -9.30 SEOUL COMP 993.13 -26.56 SHENZHEN B 267.73
    137 words
  • Article
    Lock icon CrimsonLogic under CPIB investigation
    421 1  -  BT exclusive Probe related to Carrefour case involving bribes to secure a project By JOYCE KOH [SINGAPORE] The information technology company Crimson Logic is being probed by the Corrupt Practices Investigation Bureau (CPIB) as part of the fall-out from the Carrefour case, involving bribes to secure
    421 words
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      107 1 CASINO DEBATE Integrated resort in S'pore could be worth over $8b MOTORING Citroen to launch 3 models this year KIDNAP-FOR-RANSOM Japanese-owned tug incident sparks diplomatic concerns TOl5 VISITING 10 DOWNING STREET 0 SMGoh in London for Singapore Season PG8 DULLNESS PAYS Boring high-quality stocks outperform PG7 EXECUTIVE MONEY Commodities the
      107 words
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      43 1 HKH PROFILE EXITS Chiefs salt packing by'! i assertive directors pg 13 BT ONLINE Access to BT Online is free after 6pm each day. But print subscribers can access our online news anytime. Call 6388-3838 to subscribe and activate your online account nr
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  • TOP STORIES
    • Article, Illustration
      Lock icon Integrated resort could be worth over $8 billion
      593 2  -  CASINO DEBATE Report from Merrill Lynch also predicts first year Ebitda of $730 million Reports by DANIEL BUENAS [SINGAPORE] An integrated resort in Singapore could have an enterprise value of property "TWTfffSfllW'W* cause they would be the leading candidates to take advantage
      PHOTO MORGOU  -  593 words
    • Article
      Lock icon Wynn Resorts offers to spend US$1.5b on S'pore project
      536 2 [SINGAPORE] Wynn Resorts of Las Vegas, one of the companies that had turned in concept proposals for a Singapore Integrated Resort (IR), has offered to spend as much as US$l.5 billion to win the right to build and run Singapore's first
      536 words
    • Article
      Lock icon THREE-MINUTE DIGEST
      708 2 S'pore job creation stronger than expected MORE jobs were created last year than first thought, figtofes show. Job gains totalled 71,400 2004 enough to wipe out twice oy6r the losses in the previous according to the Ministry ofManpower. While its annual state of the labour market report paints
      708 words
    • Article, Illustration
      Lock icon Coming soon: movies via broadband from the USA
      652 2  -  By RAJU CHELLAM (SINGAPORE] la a unique experiment, the Singapore government is working with movie and technology players in America to deliver the latest titles from production houses in the US direct to movie theatres in Asia via high-speed broadband Internet connections.
      652 words
    • Article, Illustration
      Lock icon S'pore's job growth last year stronger than expected
      566 4  -  Manufacturing records strongest employment growth in 16 years By CHUANG PECK MING [SINGAPORE] More jobs were created last year than first thought. Figures released yesterday by the Ministry of Manpower (MOM) show the economy added 71,400 jobs in 2004 more than double
      Source:  -  566 words
    • Article
      Lock icon Singapore oil traders shrug off 'Geneva threat'
      479 4  -  By RONNIE LIM [SINGAPORE] Singapore will face competition as an oil trading hub from regional centres such as Shanghai and Bangkok, rather than from newly-emerging Geneva, traders here said yesterday. "Geneva challenges London. Singapore will be more concerned with a trading hub emerging
      479 words
    • Article
      Lock icon Prebon considers suing 51 employees who quit
      511 4  -  By MICHELLE QUAN [SINGAPORE] Money broker Prebon Yamane is considering whether to sue 51 employees who resigned en masse last month to join its rival BGC Partners. Prebon said yesterday it will look "very carefully" it suing the former employees for damages after
      511 words
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      27 4 Singapore Press GSmSsmM A joint project by: Holdings access ail possibilities To find out where the nearest AXS station is, call *****727 (Bam-10pm) daily. Terms conditions apply.
      27 words
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      877 4 .\of ici's iM 1 IN THE MATTM OF TWf COMPANIES ACT (CHAPTER SO) AND IN THE MATTER OF |1) CREATE DEVELOPMENT* ENERGYPTE UD (ca REG. Na ********** 12) K ALUMINIUM J. GLASS CONTRACTOR PTE 00 (CO REG. NO. *****351fW) |3) SiN HING H€NG 6UILDBI PTE LID (CO REG. NO *****3939N)
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      178 4 CATHAY APARTMENTS THE MANAGEMENT CORPORATION STRATA TITLE PLAN NO. 1148 (In Liquidation) NOTICE IS HEREBY GIVEN that the creditors of The Management Corporation Strata Title Plan No. 1148 ("MCST 1148") known as Cathay Apartments which is being terminated are required on or before the 16 th day of April 2005
      178 words
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  • COMPANY NEWS
    • Article, Illustration
      Lock icon OCBC's David Conner sees pay rise of $1m
      425 5  -  CEO, who joined bank in 2002, took home at least $4.5m last year By JOYCE KOH BUOYED by the bank's bet-ter-than-expected 2004 performance, OCBC Bank's chief executive David Conner saw his remuneration band move up by $1 million last year. This was
      425 words
    • Article
      Lock icon Fragmented interest hurts SCI share price
      636 5  -  HOCK LOCK SIEW By WONG WEI KONG THE disparity between the share price performance of Keppel Corp (KepCorp) and SembCorp Industries (SCI) is often attributed to the more consistent earnings performance of KepCorp. While that may be the case, there could be another factor
      636 words
    • Article
      Lock icon The duller, the more profitable
      1113 7  -  Very often, boring high-quality stocks outperform while 'sizzlers' fizzle out By TEH HOOI LING COMMON sense and finance theories tell us that for taking on high risks, investors should be rewarded with higher returns. In other words, for a high-quality portfolio with low volatility, one
      1,113 words
    • Article
      Lock icon Wheelock in £7.6m deal to raise Hamptons stake
      290 7  -  By ALEXANDRA HO IN a move to broaden its asset and earnings base, Wheelock Properties (Singapore) has entered into a £7.6 million ($23.7 million) deal to take its stake in London-based associate Hamptons Group beyond 50 per cent. The mainboard-hsted company, formerly
      290 words
    • Article
      Lock icon Maybank maintaining home loan rates for now
      352 7  -  By JOSEPHINE TAY HOUSING mortgage rates are on the rise in Singapore, but Maybank yesterday announced that it would hold on to its existing board rates for private property and HDB home loan packages. "Maybank will continue to maintain our competitive home loan
      352 words
    • COMPANY BRIEFS
      • Article
        Lock icon StarHub forms new subsidiary
        42 7 STARHUB has incorporated a wholly owned subsidiary known as Star Hub Online Pte Ltd. The principal activities of the subsidiary, which has a registered capital of $100 million, are the provision of info-communications services, including Internet broadband access.
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      • Article
        Lock icon KepLand pays $2.4m acquisition premium
        117 7 KEPPEL Land, which recently acquired a 50 per cent stake in China World Investment for $4.9 million, said yesterday that the premium paid for the stake in the property development company was $2.4 million. This was based on 50 per cent of the net tangible
        117 words
      • Article
        Lock icon Transview appoints independent director
        75 7 TRANSVIEW Holdings has appointed Yee Weng Phei as a non-executive and independent director from yesterday to replace Reggie Shiu, who is still missing in the aftermath of the tsunami last December. He was holidaying with his family in Khao Lak, Thailand, when the disaster struck. His
        75 words
      • Article
        Lock icon Kim Eng unit opens Seoul liaison office
        52 7 KIM Eng Research, an indirect wholly-owned subsidiary of Kim Eng Holdings, has established a liaison office in Seoul, South Korea, under the name Kim Eng Research, Korea Liaison Office. The office's principal activity is the conduct of research activities related to the Korean
        52 words
    • Article, Illustration
      Lock icon Keppel looking around for foreign shipyards
      666 7 Reuters KEPPEL Corp Ltd, the world's largest shallow-wa-ter oil rig maker, is on the prowl for foreign shipyard acquisitions, as record high oil prices ignite industry expectations for a rig building boom. The 32-per cent stateowned conglomerate, Singapore's largest by market capitalisation, is in
      Reuters; FILE PHOTO  -  666 words
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      454 5 Citibank nan komo «m«nw ttiw Tel: &*****00 TW: 6220 7890 TW: 6220 5333 fundsypermaft.com BUs v Tel: 6557 2853 Tel: 1800-538 9889 Tel: 1800 800 8000 HSBC<» Q *12i55£*****1i» Tel: 1800 786 6666 TM: 6557 2898 Tel: 6336 2001 iMaybink IPimiWUmi HiPhflNpCapiM Your Partner In Flimiio* An Aviv* Company mm
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  • SINGAPORE MARKETS
    • Article, Illustration
      Lock icon First assault on US$'s key supports repelled
      685 6  -  CURRENCIES Some short-term retracement targets to look out for LARRY WEE Senior Correspondent YOU have to sense that not everything was going entirely right for US dollar bears last week when an unsavoury combination of sky-high oil and commodity prices, horrible trade number,
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    • Article, Illustration
      Lock icon BROKERS' TAKE
      448 6  -  Compiled by JOYCE KOH KEPPEL. Offshore 9k Marine has been awarded an order to build four jack-up rigs for AP Mollerr Maersk worth more than $990 million., the largest series of jackup contracts that offshore rig building subsidiary KepFels has ever secured. KepFels was awarded the new contract
      Source: Bloomberg  -  448 words
    • Article, Illustration
      Lock icon What a boring trading day
      387 6  -  STOCKS R SIVANITNY Senior Correspondent IT'D be difficult to describe yester- day's stock market session as anything other than boring, so we'Q have to call a spade a spade ano say it was one of the most boring days in recent memory. :> .71TT71. >;;iu
      387 words
    • TRADES TO WATCH
      • Article
        Lock icon FMR, Fidelity sell Yellow Pages shares
        68 6 FMR Corp and Fidelity International Ltd, on behalf of the managed accounts of direct and indirect subsidiaries, have reduced their deemed stake in Yellow Pages (Singapore) to about 8.27 million shares or a stake of 5.23 per cent, from 6.93 per cent earlier. This
        68 words
      • Article
        Lock icon Harvey Norman raises stake in Pertama
        156 6 HARVEY Norman Singapore has raised its direct stake in Pertama Holdings to 9.29 per cent, up from 8.89 per cent. This came after a purchase of 961,000 shares through a series of open-markfet transactions on Wednesday last week at prices ranging from 28 to
        156 words
      • Article
        Lock icon Lloyd George Inv buys Raffles Edu shares
        57 6 LLOYD George Investment Management (Bermuda) Limited made an investment purchase of Raffles Education Corp shares on Friday. Its deemed interest in the education group rose to 33.07 million shares or 6.54 per cent, up from 5.43 per cent. Raffles Education shares yesterday closed
        57 words
      • Article
        Lock icon CAM-GTF trims stake in Spindex
        61 6  -  Compiled by ALEXANDRA HO CAM-GTF Limited, through HSBC (Singapore) Nominees Pte Ltd, sold 29,000 shares in Spindex Industries on the open market on Thursday last week. CAM-GTF, whose direct stake fell to 8.41 per cent from 8.44 per cent, now holds about 9.71 million shares.
        61 words
    • Article, Illustration
      Lock icon The Big Tease could come to an end soon
      295 6  -  CHART POINT By LIM SAY BOON, KEN TAI THE Big Tease continues on the Singapore market, driving short-term traders to distraction. But for investors with a slightly longer time frame of a bit more than a month the charts speak of
      295 words
    • Article, Illustration
      Lock icon Untitled
      433 6 OTHER SINGAPORE INDICES Mar 15 VALUE CLOSE BT OB/OS -55.00 +44.00 BT CADI -*****.00 -74.00 BT 10-day MA -*****.00 -6.00 AH-SG Equities 559.75 -1.67 SG Equities Elect 142.11 -0.92 SG Equities Fin 1618.21 +5.08 SG Equities Prop 563.89 -1.28 SIMSCI 256.02 -0.58 SiMSCI Futures 255.80 -0.30 MOST ACTIVE STOCKS VOLUME
      433 words
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      32 7 1 125 Years iOjmWOUnij^ Ask us about Corporate, Individual or Group Instruction, j Call Berlitz today 6733-7472 or visit www.bwtltz.com j| 501 Orchard Road 005-03/04 Wheelock Place Singapore *****0 iscam. QH vmi
      32 words
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  • SINGAPORE NEWS
    • Article
      Lock icon HK's Titan still considering building S'pore oil storage
      401 8  -  This is despite plans for second floating facility off Johor, says exec director By RONNIE LIM HONG Kong-listed Titan Petrochemicals Group is still considering building on-shore oil storage in Singapore. even though it is considering a second floating facility off Johor. Titan
      401 words
    • Article
      Lock icon Poorest households see biggest CPI rise
      387 8 LOWER income households are finding it increasingly expensive to live in Singapore, with costlier cigarettes and cooked food some of the reasons behind this. According to figures released by the Department of Statistics yesterday, in July and December last year, the consumer price index
      387 words
    • Article, Illustration
      Lock icon SM explains how schools will help Singapore win out
      470 8  -  By CHEAH UI-HOON, NEIL BEHRMANN in London SINGAPORE'S creativity and entrepreneurial instinct should improve in coming years to spur the economy and counter competitors such as China. This was a key theme of Senior Minister Goh Chok Tong in a speech
      470 words
    • Article
      Lock icon SCCCI to matchmaker for its members
      268 8 MATCHMAKING is the latest service the Singapore Chinese Chamber of Commerce and Industry (SCCCI) hopes to offer to its 4,000 corporate and individual members. However, what is in prospect is not a nuptial contract, but a business opportunity overseas. During the installation ceremony of
      268 words
    • Article, Illustration
      Lock icon EXCHANGING VIEWS
      149 8 SENIOR Minister Goh Chok Tong's official visit to London, as patron of the tnaugural Singapore Season in London, kicked off with a visit to 10 Downing Street on Monday afternoon. British Prime Minister Tony Blair made the rare gesture of receiving Mr Goh at the front door, before
      JOYCE FANG/ST  -  149 words
    • Article, Illustration
      Lock icon Cirque du Soleil to expand its Big Top in Asia
      657 8  -  By LIZA LIN MYSTERY, theatre and colourful costumes. These are the hallmarks of a Cirque du Soleil circus act Dazzled by the glitz of Cirque's fascinating performances, it is easy to lose yourself in their shows and forget that the
      CHRIS LOH  -  657 words
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      39 8 For more information call your travel agent or Royal Brunei Airlines at 6235 4672 or visit www.bruneiair.com tip <RgYAL BRUNEI pTSI I l quitting Shanghai Mb flip I J I I I mzxm® I HHh M J* I H
      39 words
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  • ECONOMY WATCH
    • Article, Illustration
      Lock icon IMF: Private investors help fund US deficit
      453 9 Central banks account for just a third of purchases of US securities Bhoomberg [HONG KONG] Foreign private investors are more important than central banks in the funding of the US current account deficit, said International Monetary Fund chief economist Raghuram Rajan. Overseas central
      Bhoomberg; FILE PHOTO  -  453 words
    • Article, Illustration
      Lock icon Malaysia's currency is undervalued: IMF
      250 9 It calls for greater flexibility in the exchange rate MALAYSIA'S currency is undervalued and greater flexibility in the ringgit's exchange rate would help the nation better manage the risk of market disruptions, the International Monetary Fund (IMF) said. "In due course, a wellprepared move to
      AFP  -  250 words
    • Article
      Lock icon M'sia revaluation won't hit ratings: S&P
      340 9 Reuters [KUALA LUMPUR] A revaluation in Malaysia's currency peg would not on its own affect the country's ratings because the economy was on a solid footing, ratings agency Standard Poor's (S&P) said yesterday. Although Prime Minister Abdullah Ahmad Badawi said last month the peg
      Reuters  -  340 words
    • Article
      Lock icon Good time now for China to move on yuan: IMF head
      312 9 Reuters [SHANGHAI] The managing director of the International Monetary Fund, Rodrigo Rato. said yesterday that now was a good time for China to move gradually towards a more flexible exchange rate system because its economy was in a position
      Reuters  -  312 words
    • Article
      Lock icon Opec considers raising oil output to cap price surge
      360 9 Reuters, Bloomberg [ISFAHAN. Iran] Opec producers yesterday considered a Saudi proposal for a modest increase in oil output but warned they could not guarantee to cap record prices. The Organisation of the Petroleum Exporting Countries, meeting today, is under pressure from
      Reuters,; Bloomberg  -  360 words
    • Article
      Lock icon China to meet US, EU officials over exports
      257 9 NYT [BEIJINGI China plans to hold talks with the United States and Europe to try to avoid trouble over its rapidly growing exports of clothing, the government-run New China News Agency reported. A delegation from the Chinese government will visit Washington and
      NYT  -  257 words
  • Page 9 Advertisements
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      359 9 THOMSON SWEET a MAXWELL ASIA r *j ,*< m j fIMHBH^H K 4fr' il St IB A. jfsHjf i |ia j v I India, ndeed, is the next fastest growing region in the world, after China. Drawn by the explosive growth and a potential market of one billion people, investors
      359 words
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  • MALAYSIA/INDONESIA
    • Article, Illustration
      Lock icon Fund managers call for more incentives for Reits
      549 10  -  M'sia could do more to convince investors of viability of Reits By PAUUNE NG in Kuala Lumpur MALAYSIA already has the relevant infrastructure in place to launch Reits, or real estate investment trusts, but it will need to boost its incentives and
      REUTERS  -  549 words
    • Article, Illustration
      Lock icon Bakun unlikely to be completed on time in '07: M'sia
      344 10 Bloomberg [KUALA LUMPUR] Malaysia doesn't expect the US$2.4 billion Bakun hydroelectric project, under construction in the state of Sarawak on Borneo island, to be completed on time in 2007. "There's a slight delay," Izzuddin Dali, secretarygeneral of Treasury at the
      Bloomberg; BLOOMBERG  -  344 words
    • Article
      Lock icon HSBC to market landmark Islamic bond
      367 10 [KUALA LUMPUR] Malaysia's national mortgage firm has chosen the world's second-largest bank, HSBC, to market a landmark Islamic bond to global investors, the bank's Malaysian chief said yesterday. HSBC and local investment bank CIMB Bhd will handle the issue of up to RMI.S billion
      367 words
    • Article
      Lock icon Indonesia to build 25 lighthouses
      164 10 AFP [JAKARTA] Smarting from the loss of two islands to Malaysia and a renewed border dispute with its neighbour, Indonesia said yesterday it plans to build 25 lighthouses to assert its control of outlying islands. "A lighthouse is not only for guiding sea navigation but
      AFP  -  164 words
    • Article
      Lock icon PSCI surges amid hopes of takeover by GLC
      479 10 [KUALA LUMPUR] PSC Industries Bhd (PSCI) is being chased by investors amid hopes of a takeover by a government-linked company (GLC), says a report in The Star. On Monday, for instance, PSCI surged 24 sen, or 21 per cent, to RM1.39 with
      479 words
    • Article
      Lock icon KUALA LUMPUR STOCK EXCHANGE
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  • GREATER CHINA/INDIA
    • Article, Illustration
      Lock icon Business will prevail aver rhetoric
      548 11  -  CHINA INSIGHT The anti-secession Bill merely formalises what has been Beijing policy for decades JEAN CHUA Reporter NEVER mind that the US, Japan and the European Union have voiced their concern over China's possible anti-secession law and urged Beijing and Taiwan to resolve their 56-year
      548 words
    • Article, Illustration
      Lock icon China sacks Construction Bank CEO
      782 11 IPO bid of China's No 3 lender may be delayed: analysts Bloomberg, Reuters, AFP [BEIJING] Zhang Enzhao, chief executive of China Construction Bank, which is planning a US$5 billion initial public offering (IPO) this year, was fired as part of a corruption probe, the South
      Bloomberg,; Reuters,; AFP  -  782 words
    • Article
      Lock icon CSFB close to joint deal in China: report
      318 11 [HONG KONG] Credit Suisse First Boston (CSFB) is in advanced talks with Industrial and Commercial Bank of China (ICBC), the country's largest lender, to set up the first asset management venture between a foreign institution and a Chinese bank, according to a
      318 words
    • Article
      Lock icon China PM stresses importance of Sino-Indian ties
      304 11 [BEIJING) Chinese Premier Wen Jiabao on Monday announced that he yvill visit India soon With a three-point agenda, including enhancing bilateral ties to strategic levels and to seek a "fair" resolution to the vexed boundary issue on the basis of "mutual accommodation and
      304 words
    • Article
      Lock icon Indian outsourcing firms plan to increase workers
      461 11 Bloomberg [NEW DELHI] The Indian unit of UK computer-ser-vices provider Xansa Pic, whose clients include Walt Disney Co and BT Group Pic, plans a fourfold increase in workers in India to serve customers in the US and Europe. Xansa India is looking to
      Bloomberg  -  461 words
    • NOTE BOOK
      • Article
        Lock icon Infosys, Wipro HQs evacuated over bomb scares
        98 11 Reuters [BANGALORE] The head offices of top Indian software firms Infosys and Wipro were evacuated overnight after bomb hoaxes, police and company officials said yesterday, a week after a hoax at Wipro that was traced to an employee. Work at the Bangalore campuses
        Reuters  -  98 words
      • Article
        Lock icon Tenaga, Malakoff may win Saudi plant contract
        98 11 Bloomberg [DUBAI] Tenaga Nasional and Malakoff, Malaysia's two largest power companies, may win a contract to build and run a US$2.3 billion power and water-desalination plant in Saudi Arabia after no other companies bid for the venture. The Kuala Lumpur-based companies, in partnership
        Bloomberg  -  98 words
      • Article
        Lock icon Wharf posts 24% increase in annual earnings
        103 11 Reuters [HONG KONG] Hong Kong conglomerate Wharf Holdings posted a 24 per cent rise in annual earnings yesterday thanks to a property market revival that is pushing up rents at its office and retail properties. The firm notched up a net profit of
        Reuters  -  103 words
      • Article
        Lock icon Citic Pacific's earnings in H2 jump 151%
        145 11 Reuters [HONG KONG] Beijing-backed conglomerate Citic Pacific Co Ltd posted a better-than-expected 151 per cent jump in second-half earnings on booming travel and metals demand, and forecast profits to rise by 10 per cent this year. The outlook for the company, which has
        Reuters  -  145 words
      • Article
        Lock icon New World Development's H1 profit surges 4 times
        94 11 Bloomoerg [HONG KONG] New World Development Co, a Hong Kong-listed property developer owned by billionaire Cheng Yu-tung, reported first-half profit surged more than four times. Net income rose to HK$l.l3 billion (*****.6 million), or 33 HK cents a share, for the six
        Bloomoerg  -  94 words
      • Article
        Lock icon Dah Sing Financial's 2004 profit rises 16%
        93 11 Reuters [HONG KONG] Dah Sing Financial Holdings Ltd, which controls small Hong Kong lender Dah Sing Bank, said yesterday its 2004 profit rose 16 per cent as the territory's credit quality improved amid an economic rebound. Excluding the one-time gain from last year's
        Reuters  -  93 words
      • Article
        Lock icon Latest China coal mine tragedy kills 16
        97 11 Reuters [BEIJING] Sixteen miners trapped after a coal mine gas explosion in northeast China were found dead yesterday, Xinhua news agency reported, the latest in a series of disasters in the world's deadliest mining industry. The accident happened yesterday at a mine in
        Reuters  -  97 words
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  • ASIA-PACIFIC/WORLD
    • Article
      Lock icon Korean official warns Asia of financial crisis
      398 12  -  'Hot money' flows undermine govt control over capital account he warns By ANTHONY ROWLEY in Tokyo ANOTHER regional financial crisis could erupt in Asia, because of increasing flows of "hot money" around the region, a senior financial official warned in Tokyo yesterday. Apart
      398 words
    • Article
      Lock icon Stanchart execs detained by irate Manila legislators
      416 12  -  By AL LABITA in Manila TWELVE senior executives, five of them expatriates, of a British multinational bank, were detained yesterday after they drew the ire of legislators investigating the bank's alleged illegal sale of unregistered securities in the Philippines. Locked up inside the
      416 words
    • Article
      Lock icon No big drop in bank bond revenues: JP Morgan report
      276 12 Reuters [LONDON] Fears that a slowdown in booming fixed income markets will hit bank revenues this year are misplaced, according to a report published yesterday. The report, produced by JP Morgan Chase Co, sees further growth in high margin fixed
      Reuters  -  276 words
    • Article
      Lock icon Budget gaps threaten US growth: Greenspan
      151 12 Reuters [WASHINGTON] Federal Reserve chairman Alan Greenspan warned yesterday that rising budget deficits posed a major threat to US economic growth, and called for a swift review of commitments to a rising tide of retirees. "Failure to address the imbalances between our promises to
      Reuters  -  151 words
    • Article
      Lock icon Asian chip firms lead growth
      244 12 Bloomberg [SEOUL] Samsung Electronics Co, the world's sec-ond-largest chipmaker, and Taiwan Semiconductor Manufacturing Co were among four companies in the world's top 10 chipmakers to beat industry sales growth last year, according to market researcher IC Insights. Samsung of South Korea, Texas Instruments of the
      Bloomberg  -  244 words
    • Article
      Lock icon Feb retail sales rise 0.5%, Jan revised up
      448 12 LATEST US DATA Jan net capital inflows surged to US$91.5b in Jan Reuters [WASHINGTON] US retail sales rose 0.5 per cent in February as the auto sector rebounded from a weak January, while net inflows of capital into US assets surged to
      Reuters  -  448 words
    • Article, Illustration
      Lock icon TURNING HEADS IN SOUTH KOREA
      56 12 [SEOUL] South Korean models showing off the new3CMOS digital camcorder 'DCR-PClooo'from Sony during the product's unveiling in Seoul last week. The newcamcorder is equipped with three complementary metal-oxide semiconductors (CMOS) on its image sensor and Sony Korea Co will put ttsn the South Korean market
      AFP  -  56 words
    • WORLD WATCH
      • Article
        Lock icon Lloyd's settles with reinsurers
        137 12 Bloomberg [LONDON] Lloyd's of London, the world's biggest insurance market, said its central fund will lose £226 million (Ss7o4 million) after it settled with six reinsurers over the payment of a claim related to terrorism. The decline in the fund, which pays out in the event
        Bloomberg  -  137 words
      • Article
        Lock icon Lehman Q1 profit beats forecasts
        83 12 AP [NEW YORK] The brokerage house Lehman Brothers Holdings yesterday blew past Wall Street's forecasts for its first quarter profit, posting a 32 per cent rise in earnings thanks to record revenues in investment banking. Lehman earned USSB7S million, or USS2.9I per share, in the
        AP  -  83 words
      • Article
        Lock icon Ford CEO gets US$18m in shares
        122 12 Reuters [DETROIT] Ford Motor Co granted chairman and chief executive Bill Ford US$lB million in restricted shares and stock options in compensation last week, the automaker said on Monday. For last year's performance when Ford saw its net income rise seven-fold to US$3.4B billion,
        Reuters  -  122 words
      • Article
        Lock icon Euronext bids for bond market
        90 12 Reuters [PARIS] Pan-European bourse operator Euronext yesterday said it had made an offer for electronic bond market MTS together with Borsa Italiana. "We hope to be selected," Euronext chairman Jean-Francois Theodore told a news conference, without giving the amount of the bid. Preliminary offers had
        Reuters  -  90 words
      • Article
        Lock icon Thai bank merger report denied
        116 12 Reuters [BANGKOK] The Bank of Thailand yesterday said no bank mergers were planned soon following a newspaper report that two Thai banks were considering joining forces in line with a government policy of consolidating the sector. "There is nothing now, don't get excited. Mergers are
        Reuters  -  116 words
      • Article
        Lock icon EU drops Microsoft deal probe
        103 12 AFP [BRUSSELS] The European Commission yesterday dropped a probe into the acquisition by software giant Microsoft and media group Time Warner of digital rights management firm Content Guard, after the deal was restructured. After an initial inquiry, the European Union executive arm had opened an
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      • Article
        Lock icon Tesco in £366m property deal
        62 12 Reuters [LONDON] Tesco pic, Britain's biggest supermarket operator, yesterday said it was forming a 50/50 joint venture to realise £366 million (SSI .1 billion) from its British property portfolio. The transaction will include 12 Tesco stores and two distribution centres, accounting for around 1.5 per
        Reuters  -  62 words
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  • WORLD
    • Article, Illustration
      Lock icon Chiefs sent packing by assertive directors
      735 13 AIG FIASCO Changing culture, newfound vigilance may see more heads rolling NYT [NEW YORK] With the ouster of American International Group (AIG) chief executive Maurice Greenberg, the turnover at the top of American companies is starting to look like a 10-car pile-up. The upheaval
      NYT  -  735 words
    • Article
      Lock icon Greenberg steps down at AIG after 38 years
      583 13 Sullivan takes over, aims to settle govt investigations fast Bloomberg, Reuters [NEW YORK] It now falls to Martin Sullivan to restore investor confidence in the world's biggest insurer amid regulatory probes. Maurice "Hank" Greenberg, 79, has stepped down as chief executive of
      Bloomberg,; Reuters  -  583 words
    • Article
      Lock icon Motorola CEO gets first-year pay package of US$28.7m
      289 13 Bloomberg [NEW YORK] Mobile phone maker Motorola gave Edward Zander a US$2B.7 million pay package in his first year as CEO. Mr Zander's 2004 pay included US$6.l million in salary and bonus, US$9.l5 million in restricted stock and 2.6 million options worth
      Bloomberg  -  289 words
    • Article, Illustration
      Lock icon Defiant Greenberg meets nemesis in Spitzer
      455 13 NYT [NEW YORK] Last Wednesday, lawyers for American International Group (AIG) and its chief executive. Maurice R Greenberg, paid a visit to the Manhattan office of the New York attor-ney-general, Eliot Spitzer. Robert Morvillo, who represents Mr Greenberg. had a request: would Mr Spitzer
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    • Article
      Lock icon Calpers alters proxy voting system for company directors
      310 13 Bloomberg [LOS ANGELES] The California Public Employees' Retirement System (Calpers) has adopted new guidelines for how it casts protest proxy votes for company directors with connections to auditing firms. Calpers, with US$lBO billion in assets, said it will scrap last year's policy
      Bloomberg  -  310 words
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  • AVIATION
    • Article
      Lock icon Swiss Air seeks shareholder nod for Lufthansa deal
      657 14 SWISS AIR TAKEOVER It may involve 50m-60m euros for free-float shares and token sum for big shareholders Reuters [ZURICH/FRANKFURT] Swiss International Air Lines asked shareholders to back a takeover by Lufthansa on Monday as the unprofitable carrier attempts a tie-up with its
      Reuters  -  657 words
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      Lock icon Qantas joins SIA in fare slashing
      430 14  -  By VEN SREENIVASAN [SINGAPORE] A day after Singapore Airlines announced $98 return fares to several regional destinations, rival Qantas jumped on the bandwagon with its own $98 return fare to Perth. The Australian carrier is offering the cut-rate tickets until 5 pm tomorrow. The
      AFP  -  430 words
    • Article
      Lock icon Patrick Corp extends bid for Virgin Blue
      382 14 Bloomberg [SYDNEY] Patrick Corp, Australia's largest port handler, said it's extended the period of its A$ 1.1 billion (Ssl.4 billion) hostile bid for Virgin Blue Holdings Ltd, the country's secondlargest airline. Patrick in January offered to pay A 51.90 a share for the
      Bloomberg  -  382 words
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      Lock icon SIA hopeful of Australia-US access in 12-18 months
      511 14 [SYDNEY] Singapore Airlines Ltd chief executive Chew Choon Seng said he hopes to get permission to fly between Australia and the US in the next 12 to 18 months, a move opposed by Qantas Airways Ltd chief executive Geoff Dixon. "Things are
      AP  -  511 words
    • Article
      Lock icon AIRCRAFT ARRIVALS AND DEPARTURES
      400 14 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:
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  • SHIPPING
    • Article, Illustration
      Lock icon Stakes raised in Malacca Strait with first Japanese victims
      753 15  -  TUG CREW KIDNAP Tokyo calls for united response by Singapore, Jakarta and KL authorities By DONALD URQUHART [SINGAPORE] Malacca Strait pirates are being hunted down in an unprecedented response after sparking diplomatic and naval fury by kidnapping two Japanese and one
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    • Article
      Lock icon TRANSPORT STOCKS
      293 15 SCX '000 M»f15 S$ Vol CH Offshore 0.36 -0.01 251 Chuan Hup 0.72 -0.01 2018 Cosco Corporation 1.67 -0.03 6850 CWT Distribution 0.65 unch 134 Ezra Hldgs 1.10 -0.02 179 Freight Links 0 09 0.01 461 Grand Banks Yacht 1.14 0.03 Java Holdings 1.06 -0.01 166 K1 Venture
      293 words
    • Article
      Lock icon HK's Feb container traffic up 2.6% on China trade
      270 15 Bloomberg [HONG KONG] Hutchison Whampoa Ltd, Cosco Pacific Ltd and other operators of Hong Kong's port handled 2.6 per cent more containers last month as China's growing trade with the US and Europe boosted shipments. Hong Kong, the world's busiest container
      Bloomberg  -  270 words
    • Article
      Lock icon Norway's map agency charged
      215 15 AP [OSLO] The national map service has been charged for failing to point out underwater rocks blamed in the capsizing of a Norwegian freighter that claimed 18 lives, prosecutors said on Monday. The 166-metre Rocknes ran aground and capsized on Jan 19, 2004, in an inlet
      AP  -  215 words
    • Article
      Lock icon Attack will redouble Tokyo's efforts
      763 15  -  STRAIT TALK By DAVID HUGHES THE chances are that senior diplomats in the Japanese embassy in Jakarta have had little rest over the past couple of days. They will have been doing all they can to obtain the release of three seafarers, including two Japanese
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    • Article
      Lock icon India's ship scrap prices surpass Bangladesh's
      334 15 Bloomberg [SINGAPORE] The price paid for ships to be scrapped in India rose last week, surpassing prices in Bangladesh for the first time since 2003 because of higher demand for recycled steel plates. The crude oil tanker Everton. which will yield 17,015 metric tons
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  • EDITORIAL & OPINION
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      Lock icon Supply onus is on Opec
      547 16 EDITORIAL CRUDE oil prices are up nearly 30 per cent this year. Prices this month even came two cents short of the record U5555.67 peak last October for a barrel of oil. While the usual suspects such as hedge funds, and seasonal elements such as
      547 words
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      Lock icon Opec ministers set for historic Iran meeting
      1296 16  -  Business has been good for Opec members, and they are looking at controlling prices By JAD MOUAWAD NYT TRADING its usual meeting place along the blue waters of the Danube in Vienna, Austria, for the muddy waters of the Zayandeh River in Isfahan,
      NYT; AFP  -  1,296 words
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      Lock icon Will China's new antisecession law backfire?
      751 16  -  THE BOTTOM LINE FRANK CHING THE impact of the adoption by China of the Anti-Seces-sion Law, widely criticised in Taiwan as well as in the West even before it was unveiled on Monday, may well be the opposite of the intention of the drafters
      751 words
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      Lock icon Yuan change not imminent
      833 17  -  But speculators won't give up as many believe flexibility is in China's own interests ANDY MUKHERJEE CHINA'S Premier Wen Jiabao created a minor flutter in the foreign-exchange market on Monday when he said that measures to make the pegged Chinese currency more flexible may be announced
      AFP  -  833 words
    • Article
      Lock icon Let firms link their names to MRT stations
      308 17  -  LETTER TO THE EDITOR Leong Sze Hian Singapore I REFER to the articles "SMRT looking to expand into retail sector" (BT, Feb 24). and "SMRT Q3 profits boosted by lower taxes and costs" (BT, Jan 29-30). In Kuala Lumpur, the Monorail stations
      308 words
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      Lock icon Don't forget lessons from bubble
      632 17  -  By FLOYD NORRIS NYT Five years later, the great bubble of 2000 does not look so bad. The conventional wisdom now is that it was not all that important, certainly nothing like the great bubbles of 20th century stock market history—those of the United States
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    • Article
      Lock icon Untitled
      1587 17 STRAITS TIMES INDEX STOCKS Stodnmw m don Owge Stocfc ram* m Oo«* Change Allgreen 50c 0.30 1.170 NOl 2.76 4.120 *0.020 6IL Inti US20c 0.49 1.130 OCBC 9.62 13.800 Capita Land 1.64 2.610 +0.050 Parkway Hldgs 25c 0.71 1.620 -0.050 Chart SemiCond 26c 0.78 1.090 -0.040 People's Food HK50c 0.33
      1,587 words
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      103 17 HAVE YOUR SAY Fax your letters to 6319-8277 or email them to btietterOsph.com.sg or write to: The Business Times, SPH HQ, 1000 Toa Payoh North, Podium Level 3, Singapore *****4. We need your fuH name, address and telephone number for verification. Please use temperate language, and bear in mind libel
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  • Page 17 Miscellaneous
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      213 17 CRYPTIC CROSSWORD Strange clues to a word meaning "Kiss" (8) before Sunday (10) n 11 An attack on the entree is part Across: 1 Purple patch, 7 Shrivel, 8 DOWN of the soldier's training (7,6) Tally-ho, 10 Drive, 11 Pantomime, 1 Footballers on the way to be- 13 Forecast pressure
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  • Article
    Lock icon SINGAPORE STOCKS
    2430 18 SGX XTRANET n-Wk Td List Vol Day lact Quota GrDtv Otv GrVM MM MCap M0I Low Ca4« Clipn S* W- (WO> HW» Low Warm Sdtar Cw Hi So* 6065 Diamond* US2060 2120 6095 ISDJUSTedl US3740 6097 IS MSO Spore OS5S5 6101 fSS4P500 USB270 6170 SPDKS US***** 2190 1775
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      65 18 jSSft> Audemars Piglet Le maitre de I'horlogerie depuis 1875 m Mm K' i wMM J M^ va a kl c m iI Sole Distributor Service Centre: AUDEMARS PI6UET (SINGAPORE) PRIVATE LIMITED. COftlflS W3tCh 541 Orchard Road #17-00 Liat Towers Singapore *****1. Tel: 6238 6678 Fax: 6238 6676. Espace Boutique Millenia
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  • Article
    Lock icon FINANCE & COMMODITIES
    2845 19 FINANCE COMMODITIES MORGAN STANLEY CAPITAL INTERNATIONAL INDICES In local curr In SS In USS dy yr dy yr dy *yr Mar 14 lnd«» Change Change Change Change Change Change World Index Preliminary 864.2 0.1 1.4 0.0 0-2 -03 0.8 EAFE Preliminary 801.7 -0.1 3.8 -0.6 1J -0.9 2.4 Europe Preliminary
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      769 22 WUI WALLENIUS WILHELMSEN website: http://www.2wglobal.com VESSEL|WT|SS|IgiITp« IK mo HOW BBA SAV BAL ORf NTt WW WOO TALISMAN AISM THMh I 4.4 M IMPORT 17/04 11/04 25/04 14/04 27/04 TARONGA Afso7 3201 MS 6.25 M I 01/04 22/04 30/04 04/0$ 01/05 07/0$ 10/0$ TAPIOU AISOO ***** m 6.3 M 09/04 04/0$
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  • THE BUSINESS TIMES SHIPPING TIMES
    • Article
      Lock icon THE BUSINESS TIMES SHIPPING GUIDES EXPORT
      5734 24 rr* M..UW vmm) Vry J* *U2T bZ? y r>> 30(03 05/04 Garnamn OCMAYHOMIO MSL17II *****662 lb ABIDJAN (ABJ) 2003 Cote D'lvoir* 3003 QUO* wgHn mown MSLOSN 4J*****6 2AC3 3004 ChlnaShw PERTHBRIDGE 076A *****898 31/03 07/04 EPCAARIl* 8RASTMI3 015* (222 778* Wll 30AM OmuStog KOTAMUTIARA
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      93 24 One-Stop Shipping Services Ship Registrations Ship Classifications Radio Accounting Tuvalu, Mongolia, Panama, Quality, Safety, Security S6rvlC©B Belize and many other flags Surveys and Consultants Accounting Authority RSO6 I Advantages Most competitive fees low taxes <-* 24-hour efficient service, 365 days a year Worldwide network of surveyors v r t No
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  • MOTORING
    • Article, Illustration
      Lock icon Citroen to launch 3 new models this year
      731 25  -  It plans to roll out the revamped C5, compact C4 and top-end C6 By SAMUEL EE AFTER languishing for almost a year with only one passenger car model on sale in Singapore, Citroen looks set to dramatically boost its range with the
      CHRIS LOH  -  731 words
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      Lock icon Big car COE premiums surge nearly $5,000
      469 25  -  By SAMUEL EE PREMIUMS in all COE categories soared yesterday in a shortened tender delayed because of computer glitches which occurred during last month's two bidding exercises. Category B for cars above 1,600 cc jumped almost $5,000. A certificate of entitlement rose from
      469 words
  • Page 25 Advertisements
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      148 25 Vorsprung durch Technik www.audi.com.sg Audi Progressive, sporty and sophisticated. It's another way of saying the new Audi A 6 isn't just a luxury car. Experience it now witt* our generous over-trade. Some luxury cars just can't help but to blend in Inconspicuously. Not the Audi A 6. The Audi A
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  • EXECUTIVE MONEY
    • Article
      Lock icon Plugging the gaps in transfer pricing
      1059 26  -  YOU AND THE TAXMAN LISA LIM and POK SOY YOONG highlight the transfer pricing issues faced by global companies and discuss some of the lessons learnt LISA LIM, POK SOY YOONG ERNST YOUNG ONE of the most controversial and often least understood issues in
      ERNST & YOUNG  -  1,059 words
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      Lock icon FundWatch: Capital protected funds
      421 26  -  By Chua Boon Lee, Standard Poor's Associate Fund Services A weekly highlight of the top ftrid sectors over a 12-month period. Data from Standard Poor's Fund Services. At to bright of the capital protected funds boom In Singapore several years aga much dfecussion was generated in
      421 words
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      Lock icon Managing your mortgage
      973 27  -  What type of package is the best for you? Is it time to refinance? MONEY MATTERS GARY LIM WHETHER it is a $300,000 HDB flat or a $3 million freehold bungalow, your home could be the single largest outlay you make in your life time. And with
      973 words
    • Article
      Lock icon Tech funds still bleed, 5 years after bust
      415 27  -  S'pore fund sizes a far cry from heyday as losses continue to exert drain By GENEVIEVE CUA IT has been five years since the bursting of the technology bubble, and investment losses are still unrelenting for locally registered global technology, media, and
      415 words
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      Lock icon UNIT TRUSTS & FUNDS
      41 27 UNIT TRUSTS FUNDS Legend: All prices are indicative: Broadly Diversified: I Narrowly Focused: Lower Risk:^ Low to Medium Risk: Medium to High Risk: Higher Risk open-ended: Before subdivision of units: After subdivision of unit: SP after stock split: N.A.-Non Dealing Day
      41 words
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      Lock icon CPF shelves plans for private pension schemes
      347 28  -  Risk of investment losses looms large, while industry players raise distribution issues By GENEVIEVE CUA PLANS for privately managed pension schemes (PPPs) under the CPF umbrella have been shelved, and their fate may hang in the balance, the Business Times understands. In a
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      Lock icon Well mined
      949 28  -  A group of Australian mining companies will be in town next week for an investment roadshow. GENEVIEVE CUA finds out if they are worth a look GENEVIEVE CUA COMMODITIES are increasingly cited by advisers as one of the key themes of the decade, but how and where do
      Source: Research, Bloomberg  -  949 words
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      Lock icon The mountain that should not have been climbed
      666 28  -  By CHET CURRIER Bloomberg SOMETHING compels people to turn the ups and downs of the investment markets into a stick-figure morality play. In the standard script, an upsurge in prices such as the bull market of the late 1990s becomes the embodiment
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      159 26 Read our newspapers for a fresh set of jobs everyday! m Bfei <^B Jill d^^H- WV v rIV aiA.T T(nS/\ A f TT f H Br i/i A JEW .^B I•Af < \j?» M i^—ii^^B H, »ft IBA w Xv r 4 rL& iJB^ ■■■<? "f .-SppSr .»1?' wl_ rTP
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      132 28 Booster Capital Guaranteed Fund SGDRID 03/03/05 9,67 SGO /H_ A 9 Presented Diners Club Credit Card To apply, call: 6416 0980 I Where to wine, dine and entertain... A World of Exclusive Privileges Treats figgjjj 1 MERITUS MANDARIN SINGAPORE ?wm vm fftßft vm ~Ddight in a heady and exotic mix
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      7 28 HpSsKoii?6yju!Viii.yiroySssißsy^*om^| Oxford Hotel 218 Queer Street *****
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      97 28 New Park Hotel SINGAPORE THE PERFECT BRIDAL SHOW 19 March 2005 $15 nett per couple, with High Tea Need advice on how to plan for the perfect wedding? Head down to our Perfect Bridal Show and enjoy a sumptuous high tea, a display of the latest in bridal fashion and
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      28 28 MONEY IjgK MATTERS pSfl Managing your t"" ■"■a mortgage PG27 f® wf/' Cfl Fresh jobs everyday Read our newspapers for a fresh set of jobs everyday! s I
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