The Business Times, 23 March 2005

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Total Pages: 30
1 30 The Business Times
  • 15 1 THE BUSINESS TIMES online at http://business-times.asia 1 .com.sg MICA (P) 089/03/2005 Wednesday, March 23,2005 SINGAPORPoTot!?
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  • 720 1  -  Surge follows migration from public hospitals BT exclusive By ALEXANDRA HO [SINGAPORE] A record 247 doctors quit public hospitals for the private sector last year. And they included 87 specialists also a record. It's a trend alarming enough for Health Minister Khaw Boon Wan to
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  • 854 1  -  Analysts surprised Asian houses, Citigroup lost out By S JAYASANKARAN in Kuala Lumpur, ANGELA TAN in Singapore KUALA Lumpur cautiously opened its capital markets yesterday by awarding stockbroking licences to Ave international investment houses and licensing a British company to
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  • TOP STORIES
    • 344 2  -  New location brings industry members closer to their potential investors By CHEN HUIFEN [SINGAPORE] Bio Singapore has moved to a new location in Market Street to facilitate links between the biomedical science industry and the investing community. "Most of our contacts and network
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    • 465 2  -  Rockeby appoints agent in Italy to sell test device for vaginal thrush By CHEN HUIFEN [SINGAPORE] Homegrown biotechnology company Rockeby Biomed is eyeing the lucrative European market for its rapid fungal infection diagnostic kit for women after clearing a critical hurdle. The company said
      FILE PHOTO  -  465 words
    • 788 2 USslo.sb leveraged buyout for SunGard in the works IN one of the biggest leveraged buyouts for over a decade, a consortium of seven private investment companies is close to a deal to buy SunGard Data Systems for more than US$lO.5 billion. The consortium Silver Lake Partners, Kohlberg Kravis
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    • 593 2  -  By CHUANG PECK MING [SINGAPORE] Indonesian demonstrators attacked the Singapore embassy in Jakarta yesterday morning in a protest against What Indonesian authorities claim to be toxic waste dumped in Batam by Singapore. Watched by local media, the demonstrators of about 20 smeared and damaged the
      593 words
    • 137 4 sn 2,***** (-1.11) ST INDEX FUTURES 2,170.00 (-5.00) siMsa 259.20 (+0.12) SIMSa FUTURES ***** (-1.40) MARKETS Tuesday Chang* KLSE COMP 878.63 -6.99 NIKKEI 225 11,841.97 -37.84 HANG SENG 13,776.47 -57.88 SET INDEX 699.53 -5.50 JAKARTA COMP 1.152.60 4-1.04 MANILA COMP 1.999.15 -34.63 SEOUL COMP 960.41 +1.14 SHENZHEN B
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    • 704 4 PM also calls for greater economic integration within Asean to spur trade Bloomberg [SINGAPORE] Singapore's biggest challenge is to overcome competition from China and India for investment by creating new industries and maintaining businessfriendly policies, Prime Minister Lee Hsien Loong said.
      Bloomberg; FILE PHOTO  -  704 words
    • 545 4 Deal is one of the largest since RJR Nabisco sale in 1989 NYT [NEW YORK] A consortium of seven private investment companies is close to a deal to buy SunGard Data Systems for more than US$lO.5 billion, executives involved in the
      NYT  -  545 words
    • 412 4  -  By ANNA TEO [SINGAPORE] Dipping into foreign exchange reserves for domestic purposes is akin to deficit spending, and Standard Poor's "would view it in that light", the credit ratings agency has warned. While modest fiscal use of foreign exchange reserves will not necessarily
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  • Page 4 Advertisements
    • 642 4 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, ,'J* Jm HKVJpHBHHHHfti C*ll toll-free *****t98SU LIAN BENG GROUP LTD (Incorporated in Singapore) NOTICE OF EXTRAORDINARY GENERAL MEETING NOTICE IS
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    • 16 4 Fresh jobs every day Read our newspapers for a fresh scoop of jobs every day! 1
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  • COMPANY NEWS
    • 638 6  -  No diversion, they say some even ect growth in store commitment ANGELA TAN QRRNATIONAL investmw. houses awarded liby Malaysia to trade pßbs in local companies saiathe move is unlikely to affect their operations and cotamitment to Singapore's own stock market. Yesterday,
      638 words
    • 645 6  -  Berjaya guarantees at least $7m in subscription By SIOW LI SEN BARELY six months after raising $18.8 million from a rights issue, loss-making Informatics Holdings is proposing another round of capital raising, partly for substantial shareholder the Berjaya group to pump
      FILE PHOTO  -  645 words
    • 675 6  -  HOCK LOCK SIEW By WONG WEI KONG WHY is there a rising incidence of directors, substantial shareholders and companies falling short of disclosure requirements? While casual observers may conclude that corporate governance standards at Singapore companies have suddenly slipped in recent months, it
      675 words
    • 220 6 SHARES in mobile phoße servicer Accord Customer Care Solutions (ACCS) and Singapore Post yesterday came under pressure following news that Sing Post and its chairman are helping the Commercial Affairs Department with an ongoing investigation. "The investigation is not in respect
      Source: Bloomberg  -  220 words
    • 368 6 SUN Business Network said the delay in the audit of its subsidiary, Auston International, has meant that it won't be able to hold its annual general meeting within four months of the close of its financial year. That's one of the requirements under
      368 words
    • 495 7  -  AVIATION S'pore jet lessor confident about finding customers for new aircraft By GEORGE JOSEPH IN A vote of confidence for a turnaround in the aircraft market, Singapore Aircraft Leasing Enterprise (Sale) yesterday said it was placing an order potentially worth US$2.6
      495 words
    • 297 7 VALUAIR Ltd, a Singaporebased budget airline, is aiming for a public listing in two years as it seeks more funds for expansion, the airline's chief executive said yesterday. "We hope to go for an initial public offer around 2007-2008, when we will
      297 words
    • 210 7 Bloomberg SILKAIR. the regional unit of Singapore Airlines Ltd, said it will increase capacity by 14 per cent during the northern hemisphere summer to meet grow-" ing travel demand in South-east Asia. The airline will add flights to destinations including the Thai resort island
      Bloomberg  -  210 words
    • 293 9 Company bets on business from firms housing workers for short-term projects ASCOTT Group Ltd, Asia's biggest operator of serviced apartments, expects to increase the number of properties it manages by 81 per cent to 25,000 units over the next five years, by buying assets
      FILE PHOTO  -  293 words
    • 177 9 STARHUB Cable Vision will be halting services to 73 commercial buildings from June 21, Channel News Asia reported yesterday. In a notice to the affected properties on Monday, Star Hub cited a disagreement with Sing Tel over the use of SingTel's network as
      177 words
    • COMPANY BRIEFS
      • 69 9 MAINBOARD-LISTED Daka Designs, a Hong Kong based product design and marketing company, yesterday announced that its subsidiary, Daka Research, has been granted two patents for the world's lightest and smallest folding bike, A-Bike. The A-Bike can be folded and then unfolded within 10 seconds
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      • 78 9 KEPPEL Corporation, Singapore's biggest offshore marine engineering company, said yesterday that it has won an $84 million contract from Marathon Oil Corporation to convert an oil tanker into a ship-based oil rig. The vessel will be delivered at the end of this year to Marathon,
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      • 3 9
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      • 24 9 favourable purchase terms than were available to third party buyers at the time of the transaction. V l"
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      • 113 9 KS TECH has agreed to procure a partially refurbished vintage jack-rig for offshore drilling for a Norwegian client. KS Tech will supply key equipment which will be used in operating the rig. The total cost of the project, including the key equipment,
        113 words
      • 112 9 SESDAQ-LISTED Pan Asian Water Solutions (PA Water), an integrated water piping systems provider, yesterday announced that it has set up a subsidiary in Shanghai to capitalise on opportunities in China's water-related infrastructure. The Shanghai office will be PA Water's procurement base in China
        112 words
      • 35 9 ROBINSON and Company announced yesterday that Shia Yew Peck became the company's joint company secretary with effect from March 21. Victor Tan Chye Huat remains as secretary of the company.
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  • SINGAPORE MARKETS
    • 760 8  -  CURRENCIES But talk about a stronger yuan and ringgit refuses to go away LARRY WEE Senior Correspondent Mjj HILE currency sJB II m moves yesterday II K were circumscribed m M m ahead of the Federal m M flf Reserve Bank's over-*-vl II night
      760 words
    • Article, Illustration
      481 8  -  Compiled by JOYCE KOH Unisteel March 22 dose: $1.76 KIM ENG RESEARCH, March 22 COMPANY is on track to deliver 25-30 per cent year-on-year earnings growth in Ql. Sales were buoyed by strong demand for oneinch and 1.8 inch hard disk drives. However, this was partially offset by
      Source: Bloomberg  -  481 words
    • 442 8  -  STOCKS R SIVANITHY Senior Correspondent IF it isn't the Jardine group or Keppel, it's the banks. Thanks to gains in DBS, UOB and OCBC yesterday, the Straits Times Index was spared a deeper loss than the 1.11 points it did eventually lose to close
      442 words
    • TRADES TO WATCH
      • 83 8 SOJITZ Corporation's deemed stake of 12.21 per cent in LC Development has fallen to zero. This comes after subsidiaries Sojitz Asia Pte Ltd and Bestromont International Pte Ltd sold 59.3 million and 46.6 million shares respectively. The transactions arose from the completion of
        83 words
      • 47 8 ARMOR Capital Management saw its stake in Food Junction Holdings increase from 5.11 per cent to 6.21 per cent in a series of open market purchases,last Friday. Food Junction shares dropped 0.5 cents lower to end at 64.5 cents yesterday.
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      • 49 8 CHONG Thim Pheng, a substantial shareholder of Vita Holdings, bought 500,000 shares in an open market transaction on Monday, increasing his stake from 6.844 per cent to 7.034 per cent or 18,500,000 shares. Vita Holdings' shares were unchanged at 22.5 c6nts apiece yesterday.
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      • 51 8  -  Compiled by NANDE MAN SUBSTANTIAL shareholder Schroder Investment Management Group trimmed its stake in Mobile One Ltd from 7.066 per cent to 6.994 per cent by selling 705,000 in a series of transactions last Friday. Mobile One shares rose three cents to end at $2.01
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    • 290 8  -  CHART POINT By LIM SAY BOON, KEN TAI OCBC Investment Research "DON'T look a gift horse in the mouth," or so the saying goes. But at some risk of being accused of being ungrateful for the recent gift of index
      290 words
    • Article, Illustration
      416 8 OTHER SINGAPORE INDICES Mar 22 VALUE CLOSE BT OB/OS -451.00 -38.00 BTCAPI -*****.00 -121.00 BT 10-day MA -*****.00 -45.00 AH-SG Equities 563.39 -1.54 SG Equities Elect 137.63 +0.27 SG Equities Fin 1648.65 +18.86 SG Equities Prop 568.03 -3.64 259.20 +0.12 SiMSCI Futures 258.20 -1.40 MOST ACTIVE STOCKS VOLUME UniFiber 10c
      416 words

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  • SINGAPORE NEWS
    • 275 10 THE Urban Redevelopment Authority (URA) has launched 10 land sale parcels, all conservation shophouses, in Kampong Glim. Six of the shophouses are onNorth Bridge Road with tHe remaining four on Beach Road. Sizes range from 85.2 sqm to 145.5 sqm. The authority did
      275 words
    • 331 10  -  Vietnam House at Rugis is city's first overseas presence By CAROLYN QUEK HELP has arrived for Singapore companies looking to invest in Vietnam with yesterday's opening of a foreign office here by Ho Chi Minh City's Investment and Trade Promotion Centre. Called Vietnam
      331 words
    • 553 10  -  JLL cites Orchard Rd plans, govt's Reits incentives, tender for big BFC site By KALPANA RASHIWALA INVESTMENT sales of property this year are expected to receive a boost from the government's plans to rejuvenate Orchard Road, recent Budget announcements to enhance
      FILE PHOTO  -  553 words
    • 141 10 THE Singapore Business Federation (SBF) and International Enterprise. Singapore, yesterday hosted a business delegation from Bangladesh to a networking session with representatives of local companies. Bangladesh is Singapore's second biggest trading partner in South Asia, after India. Last year, Singapore's exports to Bangladesh
      141 words
    • 350 10  -  IDA/ILOG project seen generating $10m over 3 years By AMIT ROY CHOUDHURY The Infocomm Development Authority (IDA) of Singapore and ILOG yesterday announced a collaboration which is expected to generate $10 million for the Singapore infocomm industry over the next three years. The project,
      350 words
    • NEWS ROUNDUP
      • 108 10 BUDDING animators now have a chance to showcase their talents in the Q T Storyboard Competition organised by Animax Asia and the Media Development Authority of Singapore (MDA). The competition, open to residents of Singapore, Hong Kong and the Philipines, involves designing a
        108 words
      • 153 10 THE once-a-decade General Household Survey begins tomorrow with about 90,000 households expected to be polled by the Singappre Department of Statistics 30,000 more than in the previous survey. The survey collects information on population and households in Singapore for planning programmes and services for the
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  • ECONOMY WATCH
    • 1773 11  -  Top policy-makers' message at Beijing forum is that the biggest part of the push toward restraint is now over, says STEPHEN ROACH STEPHEN ROACH FORGET about the China slowdown. That was the distinct message I took away from my annual trek to the China Development
      AFP  -  1,773 words
    • 465 11 Economy will be increasingly ruled by interest rates Reuters [BEIJING] China yesterday signalled a shift in economic strategy, saying it planned to rely moflfe heavily on interest rates as a policy tool after a protracted period of investment curbs to rein in growth. Remarks
      Reuters  -  465 words
    • 355 11 [BANGKOK] Prime Minister Thaksin Shinawatra yesterday cut Thailand's 2005 growth forecast by 0.25 percentage point to 5.256.25 per cent after moves to end a costly fuel subsidy scheme aimed at protecting the economy from surging world oil prices. Mr Thaksin said the squeeze
      355 words
    • 249 11 Reuters [WASHINGTON] Big gains in food and energy costs pushed US producer prices up a sharp 0.4 per cent last month, but other prices remained largely in check as vehicle prices slumped, a Labor Department report showed yesterday. It said the core producer price index, which excludes volatile food and
      Reuters  -  249 words
    • 181 11 Bloomberg [HONG KONG] Hong Kong's consumer prices climbed in the first two months of this year as increased spending by residents and tourists gave businesses room to boost prices. From January through February, the consumer price index rose 0.1 per cent from
      Bloomberg  -  181 words

  • MALAYSIA/INDONESIA
    • 550 12 They received free shares, made extra profits from Bursa's high market price [KUALA LUMPUR] The Strong market debut of Bursa Malaysia Bhd has brought a windfall to stock brokerages and remisiers who received free shares in the company, The Star reported yesterday. Bursa's
      550 words
    • 501 12 [KUALA LUMPUR] Former stockbroker Nizam Razak is holding a 4.9 per cent stake in Malaysian Plantations (MPlant), The Edge reports sources as saying. This stake may well pave the way for him to take up a board position, if offered, in any one
      501 words
    • 257 12 [KUALA LUMPUR] Malaysian government lawmakers want Myanmar to be stripped of its turn to lead Southeast Asia's regional grouping next year unless it pursues democratic reform, an official said yesterday. Ruling coalition lawmakers said after meeting Prime Minister Abdullah Ahmad BadaWi that they would table
      AFP  -  257 words
    • 384 12 AP, Bloomberg [JAKARTA] Experts from Indonesia and Malaysia met yesterday to evaluate competing claims to an offshore oil field that sparked military tensions between the countries last month. A foreign ministry official, who spoke on condition of anonymity, said the talks were taking place outside
      AP,; Bloomberg  -  384 words
    • 287 12 [PARIS] Indonesia is committed to developing nuclear power to meet rising energy needs, and has taken all necessary steps to protect facilities against terrorist attacks, an Indonesian official said on Monday. "Indonesia is preparing to operate (an) NPP (nuclear power plant) most likely in
      287 words
    • 4 12
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    • 43 12 I t Lianhe Zaobao I World I I Chinese I I Entrepreneurs I I Convention I I in S Korea I I At least I 100 S'pore I m businesses I I taking part I I io£fEß I I ntiiga*r I I I
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  • GREATER CHINA/INDIA
    • 552 13  -  CHINA INSIGHT Chinese mainland cities simply cannot displace Hong Kong as Asia's financial capital in the foreseeable future JEAN CHUA Reporter IT'S an exciting time to be living in Hong Kong. After years of decline, doom and predictions of how the territory is going
      552 words
    • NOTE BOOK
      • 112 13 Reuters [NEW DELHI] India's government vowed on Tuesday to launch a national value-added tax (VAT), the country's biggest tax reform in years, on its target date of April 1 even though states ruled by the main opposition party are backing out. The new
        Reuters  -  112 words
      • 118 13 NYT [WASHINGTON] Yielding to pressure from President George W Bush and threats of retaliation from Congress, the European Union has put off plans to lift its arms embargo on China this spring and may not press the issue until next year, US
        NYT  -  118 words
      • 80 13 Reuters [KUALA LUMPUR] Malaysian state investment arm Khazanah Nasional will bid with two other Malaysian firms for a 60 per cent stake in a power and water utility project in Saudi Arabia, a source close to the deal said. Khazanah would hold 40 per
        Reuters  -  80 words
      • 100 13 [MUMBAI] Rupert Murdoch is meeting Indian government officials amid expectations that the chairman of News Corp is close to winning a licence to broadcast directly into homes, breaking the monopoly of local cable operators, the Financial Times reported. Executives from Star, Mr Murdoch's
        100 words
    • 520 13 Fund managers say move will allow hedging options Reuters [SHANGHAI] China's stock exchanges plan to launch a common share index by April, paving the way for index futures to help savvy investors hedge risks, sources told Reuters. Under a proposal submitted
      Reuters; Source: Bloomberg  -  520 words
    • 508 13 AFP, AP [BOMBAY] Aid groups fear that a proposed overhaul of India's patent laws would end production of cheap generic drugs, threatening the survival of cancer and Aids patients in the developing world. India's government has introduced legislation that would tighten patent laws to bring
      AFP,; AP  -  508 words
    • 462 13 Lack of supervision cited for ignoring of internal controls Bloomberg [BEIJING] China's banking regulator says it plans to start special investigations of loans for land, fixedasset projects and individual consumption, seeking to tighten risk controls after a series of scandals at stateowned
      Bloomberg  -  462 words
    • 191 13 AP [BANGALORE] India's largest liquor maker; McDowell group announced on Monday it will acquire a majority stake in the country's second-largest liquor company in a US$3OO million deal that will create the world's second-largest spirits maker. McDowell, part of the United Breweries group based
      AP  -  191 words
    • 164 13 AP [SHANGHAI] Wal-Mart plans to move its Asian headquarters to Shenzhen from Hong Kong, it was reported yesterday. A new headquarters for the world's biggest retailer is under construction and will be ready by August 2006, the official Xinhua News Agency reported, citing Wal-Mart's local partner, the
      AP  -  164 words
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  • ASIA-PACIFIC/WORLD
    • 383 14 Winning offer of about US$670 million puts an end to bidding war [CALIFORNIA] A threeweek bidding war for retail software maker Retek Inc has ended with Oracle Corp beating a bid from German rival SAP AG. Oracle will pay Retek about US$67O million.
      383 words
    • 442 14 Results could affect board's stance on Glazer takeover bid AP, Bloomberg [LONDON] Manchester United, the takeover target of US billionaire Malcolm Glazer, said its half-year profit slumped 52 per cent as defeats on the football field eroded
      AP,; Bloomberg  -  442 words
    • 328 14 Bloomberg [NEW YORK] Fannie Mae, the largest buyer of US mortgages, is considering hiring former New York Federal Reserve president William McDonough as chief executive officer, sources said. The government-chartered mortgage finance company has also talked to William Shea, the former chief
      Bloomberg  -  328 words
    • 595 14 He designed many landmarks in a wide range of settings AP, Reuters [TOKYO] Kenzo Tange, the designer of many Tokyo landmarks and a mentor to a generation of groundbreaking Japanese architects. died yesterday of heart failure at his home. He was 91.
      AP,; Reuters; REUTERS  -  595 words
    • Article, Illustration
      61 14 [LONDON] A Christie's employee studies Pablo Picasso's work 'Tete et main de femme' at an auction house on Monday. The 20th century Spanish master's piece will be on display to the public until Thursday before it is auctioned at Christie's in New York on May 4. where
      AP  -  61 words
    • WORLD WATCH
      • 78 14 Reuters [MELBOURNE] A former National Australia Bank (NAB) currency trader pleaded guilty in the Melbourne Magistrates' Court yesterday to charges related to a foreign exchange trading scandal that the bank has said cost it around US$2OO million. Another former trader reserved his plea
        Reuters  -  78 words
      • 98 14 Bloomberg [TOKYO} Prosecutors sought a 100 million yen (SSI.S billion) fine on UFJ Bank Ltd, the commercial banking unit of Japan's fourth-largest lender, and jail terms for three former executives for obstructing regulatory inspections. At a Tokyo District Court hearing yesterday, prosecutors asked
        Bloomberg  -  98 words
      • 70 14 Reuters [FRANKFURT] German state prosecutors have decided not to prosecute Citigroup staffers involved in controversial trades in European government bonds, but regulators may still decide to slap penalties on the company. The Frankfurt prosecutors' office said on Monday it would not pursue employees involved
        Reuters  -  70 words
      • 74 14 AFP [SYDNEY] Australian billionaire Kerry Packer's Publishing Broadcasting Ltd (PBL) expanded its presence in China's premier gambling enclave yesterday by taking a stake in the future Park Hyatt Hotel and Casino on Macau's Taipa Island. PBL i said its casino joint venture with
        AFP  -  74 words
      • 78 14 AP [DUBLIN, Ireland] Bank of Ireland announced yesterday it plans to cut 2,100 jobs over the next four years to slash costs inside the country's second-largest bank. In a trading update to the Irish Stock Exchange, chief executive Brian Coggin
        AP  -  78 words
    • 363 14 Reuters [MANILA] Philippine security forces said yesterday that they arrested an Indonesian suspected of being a bomb expert for regional Jemaah Islamiah (JI) militants who trained local Muslim rebels for a deadly attack in Manila last month. News of the arrest on March
      Reuters  -  363 words
  • Page 14 Advertisements
    • 459 14 HMH Catlttfrfrec 1M0289M22 IN THE MATTER OF J THE INSOLVENCY ACT, 2003 BRITISH VIRGIN ISLANDS AND IN THE MATTER OF CLUB NUANSA LTD (IN LIQUIDATION) NOTICE TO CREDITORS OF FIRST MEETING Notice is hereby given that a Meeting of Creditors of the above company will be held at 2 Bukit
      459 words

  • WORLD
    • 198 15 Reuters [NEW YORK] Public companies spent US$4.4 miUion on average in the first year of complying with new controls over financial reporting, a new survey of finance executives found. This exceeds the US$3.l million they expected to pay when the executives were
      Reuters  -  198 words
    • 622 15 Biggest is software firm SunGard, for sale for US$10.5b Bloomberg Reuters, NYT, [SINGAPORE] Wall Street's expectations of mergers and acquisitions received a boost on Monday when companies announced a number of deals worth at least US$l5 billion. The biggest
      Bloomberg; Reuters,; NYT,  -  622 words
    • 505 15 Unions to meet on March 23 to discuss response to cuts Reuters [LONPON] The BBC is axing another 2,050 jobs, including large numbers from its regional and news operations, paring total staff by 19 per cent when taking into account earlier moves.
      Reuters; AFP  -  505 words
    • 384 15 Reuters [WASHINGTON] U$ Treasury Undersecretary John Taylor, a key player in the Bush administration's international economic policy, will step down effective April 22, the Treasury Department said on Monday. Mr Taylor said in a letter to President George W Bush that it
      Reuters; REUTERS  -  384 words
    • 309 15 Bloomberg [LONDON] Lazard, the privately held investment banking partnership run by veteran Wall Street dealmaker Bruce Wasserstein, said it plans to raise at least US$l.3 billion from an initial public offering and other financing to pay chairman Michel David-Weill
      Bloomberg  -  309 words
    • 506 15 Automaker now faces downgrade to junk bond status Bloomberg, Reuters, FT [NEW YORK] Borrowing costs of General Motors Corp (GM) soared to th6tr highest in almost two years after the carmaker lost financial support from General Electric Co (GE). The Financial Times
      Bloomberg,; Reuters,; FT  -  506 words
    • 288 15 Reuters [NEW YORK] American International Group (AIG) secretly controlled two offshore reinsurance companies and apparently used them to dump underperforming property and casualty insurance policies, the financial weekly Barron's said over the weekend. "By laying off business on these supposedly independent reinsurers, AIG was
      Reuters  -  288 words

  • AVIATION
    • 800 16 Negotiators sought removal of loans, tax breaks given to other side: sources Bloomberg WASHINGTON] The collapse of aircraft subsidy talks between the US and European Union stemmed from EU insistence that Air- bus receive one more government loan for its
      Bloomberg; AP  -  800 words
    • LOGBOOK
      • 124 16 Bloomberg [SINGAPORE] CSA AS, the Czech Republic's state-owned airline, will lease two Airbus SAS A 320 aircraft from Singapore Aircraft Leasing Enterprise (SALE), as part of its fleet expansion plans. SALE delivered the first of the two to the Czech airline earlier this
        Bloomberg  -  124 words
      • 90 16 AFP [SEOUL] South Korea's Asiana Airlines said yesterday it would launch charter flights four times a week between Seoul's Incheon international airport and Weihai in northeast China from next week. The round-trip flights will be offered on Monday, Wednesday, Friday and Sundays between the
        AFP  -  90 words
    • 407 16 Reuters [CHICAGO] Continental Airlines Inc on Monday rescinded last week's fare increase of US$5 per one-way domestic flight in a move that could prompt competing carriers to cut fares as well. The Houston-based carrier declined to give a reason for its decision to rescind
      Reuters  -  407 words
    • 175 16 Bloomberg [BEIJING] Beijing Capital International Airport Co, which operates China's biggest airport, had a 42 per cent increase in second-half profit as economic growth in the region encouraged more people to travel. Net income rose to 411.5 million yuan (5581.4 million) from 289.8 million
      Bloomberg  -  175 words
    • 350 16 Fuel costs eat into budget airline's profit margins Reuters [SYDNEY] Australian discount carrier Virgin Blue Holdings warned yesterday it expected lower profit in 2006 than in 2005 as it pays more for fuel. Virgin Blue's 2006 profit would be slashed by around US$7O
      Reuters; BLOOMBERG  -  350 words
    • 179 16 Reuters [SAO PAULO. Brazil] About 90 per cent of the 145 air* planes Brazil's Embraer expects to deliver this year are firm orders, which increases its chances of meeting the goal, the company's head said on Friday. Speaking to reporters and analysts a day after Embraer
      Reuters  -  179 words
    • 400 16 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:
      400 words

  • SHIPPING
    • 646 17  -  Net profit rises 94.6% from 2003 to US$39.6m; turnover hits US$532.8m By DONALD URQUHART [SINGAPORE] Singamas Container Holdings Ltd, the world's second-largest manufacturer of shipping containers, said profit nearly doubled last year ion the back of global container shipping demand fuelled by China's
      BLOOMBERG  -  646 words
    • 293 17 SGX '000 War 22 S$ W- Vol CH Offshore... 0.35 -0.01 1687 ChuanHup .0.71 -0.01 2031 Cosco Corporation 1.75 -0.01 5764 CWT Distribution 0.63 undi 12 Ezra Hldgs 1.07 -0.03 64 Freightunks 0.08 -0.01 559 Grand Banks Yadit 1.03 0.01 269 Java Holdings 1.06 -0.02 396 K1 Venture.
      293 words
    • 75 17 [IfONG BEACH, California] The Queen Mary, a historic ocean liner that was docked and turned into a tourist attraction 37 years ago, is seen where it still serves as a hotel and exhibit on Monday in Long Beach, California. The ship's operator. Queen's Seaport Development, filed for
      AFP  -  75 words
    • 777 17  -  STRAIT TALK By DAVID HUGHES NOW and again, somebody says something that initially seems trivial but, on second reading, is actually quite profound. That is certainly the case with Monday's report on the Asian Shippers' Council (ASC). In fact, I read
      777 words
    • 285 17  -  Shipping industry veteran was former chairman of NOL By DONALD URQUHART [SINGAPORE] Sembcorp Marine has announced the return of Lua Cheng Eng, with his appointment as non-executive chairman and director on the SembMarine board, effective yesterday. His surprise return to the
      285 words
    • 392 17 Reuters [HONG KONGI China Merchants Holdings (International) reported a 40 per cent rise in 2004 net profit yesterday, driven by higher contributions from a con-tainer-making unit and growth in its port business amid a global trade boom. The Beijing-backed port operator posted
      Reuters  -  392 words
    • 297 17 Bloomberg [LONDON] Oil tanker rates for shipping 80,000 metric tons of crude between ports in the Mediterranean and Black Seas rose to their highest in seven weeks as charterers booked ships before the Easter holidays in Europe. "We could see rates rise a bit
      Bloomberg  -  297 words
  • Page 17 Advertisements
    • 180 17 NOTICE TO MLOs and SOCs SHIPPERS OF SINGAPORE BRUNEI EAST MALAYSIA TRADE 1 IMPLEMENTATION OF BRUNEI EAST MALAYSIA FUEL ADDITIONAL SURCHARGE (E.F.A) In view of the sudden steep escalation in bunker prices and strong likelihood that bunker will further increase in near future, feeder operators have no alternative but to
      180 words

  • EDITORIAL & OPINION
    • 493 18 EDITORIAL IN response to the growing number of local corporate scandals, there have been calls for the authorities to consider introducing legislation similar to the American Sar-banes-Oxley Act (SOX) 2002. Such a law would make top management legally liable for the accuracy of the finan
      493 words
    • 758 18  -  THE BOTTOM LINE FRANK CHING THE delicacy of arrangements to safeguard the high degree of autonomy that Hong Kong is meant to enjoy under the policy of "one country, two systems" has become exposed as never before in the wake of the resignation
      758 words
    • 1339 18  -  There are strong signs of recovery, with minuscule reforms waiting to gather momentum By ROBERT ROUNTREE SOME six months ago, Japan looked tantalisingly close to emerging from its decade-long cycle of sluggish growth and recession. Then, its economic "soft spot" struck. Crossing it
      AFP  -  1,339 words
    • 1480 19  -  State enterprises are being shaken to the core as a poor financing system makes fraud a breeze for employees By DAVID BARBOZA NYT CHINA has been shaken by a series of large-scale bank robberies in recent years, but they are not the Bonnie-and-Clyde type.
      NYT; REUTERS  -  1,480 words
    • 974 19  -  Indian manufacturers will be dismayed while traders rejoice, but tax would only hurt dishonest traders ANDY MUKHERJEE THE biggest change in India's tax code in 50 years has once again become a political football to be kicked around aimlessly as hapless manufacturers watch from the sidelines.
      REUTERS  -  974 words

  • Page 19 Miscellaneous
    • 191 19 CRYPTIC CROSSWORD 12 Restore small model vehicles 15 Bass clef, but understated -SH-—JIB—-JHH——j tion (12) r 24 A manifestation of love from 27 Deal with Sheffield's numbers (5,5) tf.i nawu Bush, perhaps? (8,4) YESTERDAY'S SOLUTION 1 Give cheek in America when 13 f llttlG mo e y plu s f
      191 words

  • 4085 20 STRAITS TIMES INDEX STOCKS s>*—i Wt O— a—» Stmkmmm WW dm a—— Ailgreen 50c 031 1.180 -0-010 Ml 20c 0.63 2-010 >0.030 Ascendasrert 0.97 1.970 >0.030 NOt 1.19 3.860 -0.100 BIL Inti US20c 0-52 1.190 -0.040 Noble Grp HK25c 0.79 1.540 -0.090 Capita Land 1.62 2.570 -0.020 Q3C
    4,085 words

  • 2828 21 FINANCE COMMODITIES MORGAN STANLEY CAPITAL INTERNATIONAL INDICES In local airr In SS In USS dy %yr dy %yr dy Syr Mar 21 Indax Owiy Chang* Chang* Changt Change Ch«ngt World Index Preliminary 8553 -0.4 03 -0.6 -0.9 -0.7 -0.7 EAfE Preliminary 798.5 -0.1 3.4 -a7 0.9 -0.7 1.1 Europe Preliminary
    2,828 words

  • Page 22 Advertisements
    • 1850 22 I TO USA/CANADA 1 I EXPORT I I OTHER DESTINATIONS I VBSB. |vm f»6 WW row TO AUSTRALIA (AUBTRALUABIA EXPRESS 00Q HAMBUJG 10C12 22/03 23/03 I oi/04 14/ M 15/04 13/04 13/TM 104 1 VOY ETA SM IKG fK IMI STB MB AM 00QTWIUX OIEI3 21/03 30/03 I 15/04 21/04
      1,850 words
    • 696 22 [htcrasia roro smvta wmmi M—m rm km u» aw jw srum vwni« 07A» is u 25-24/03 a/03 01/04 04/04 04/04 siurcvnniaoi/Ds is 12 oi-m/m ii/m Ismnswnwtw/Ds is u 2mi/m 23/w 2VM oi/os 03/qs [austrauan roro service 1 1 j wjawpai Iml ah jp m stb m m 1»1 ia »utma/Moisw
      696 words

  • Page 23 Advertisements
    • 977 23 MOi Combines a Kay of shipping modes to ensure timoly, reliable services I'flwriiiy wojof ports in yeorwi America, Europe? Inpcwiy Oceonin. /_>■<?: Hho accipt hfri Aili Qgpsss Ik ItfTftH KTWIiITTftWC j* *i!IAItTaHii lllliniill lTlftiWll IMHttlftff /IBfßffiil/MMffi/ Wi/WWi/ KAOHSIUNG lANGKO* LAM CHAIAHG mXHHBNH PASffi GUOAMG PBIAMO POtT IHAHG __J For Schedules,
      977 words
    • 1025 23 rasa wy sin it TCpr tffl ros rasa wy sin jkt sub hkg usn pus HY VLADIVOSTOK IS4S 14/3 24/3 31/3 2/4 4/4 1/4 4/4 KMTC FOKT KEUMG 504S 27/3 30/3 31/3 S/4 f/4 10/4 HY PtOGtESS 093S 31/3 2/1 7/4 1/4 11/4 IV4 IV4 KMTCSPOK SPSS 3/4 4/4 7/4
      1,025 words
    • 661 23 WEEKLY EXPRESS SAILING SCHEDULE I" ALSO ACCEPTING TO Ml NORTHERN AND WESTERN ICD POINTS I ycsa I VOT ISI IpjQANg|cQU>»o|m.S»«VA Icoummo j I*» AOTIW6 ra. TO COOtK TUTKOKM (VU COtOmO)AW) KAMDU t GOaI (VU N SHFVA) CONNKTMG MOTHB VSIS ID HJMK (HUXSTOWt, ROTTBtDAJ&I HA—O AMP lAST COAST «A (IiWTO^MOCTgOUtOWMBTOiqArMggVAI Vtssa
      661 words

  • Page 24 Advertisements
    • 750 24 Wj(Jl# WALLENIUS WILHELMSEN website: http://www.2wglobol.com vtssa toe —o how m sav mi orf trrc *w _j»oo_ TAROMGA Afso7 3201 m» 6.25 M I 01/04 22/04 30/04 04/05 00/05 07/05 10/05 TAPXXA AfSOS 1 ***** as j 6.3 M I 09/04 04/05 13/05 17/05 21/05 19/05 TAWPai Alii 3 4001 mm
      750 words
    • 1090 24 vssa yoY sm m jassa m *i OF 230. 00«P 25/03 24/03 iIM 2ZZH_ PAC PANDA 1433N 25/03 25/03 Sgfa »/M il/g PMPANDA 1434N tt/03 77/03 PAC PANDA 1435N 27/03 20/03 0*2301 *5? W/M W/03 VBSa 33 iM m ?V«_ HBSH HS $8 M— est 2301 oiooe 30/03 31/03 SK
      1,090 words
    • 54 24 5 WINSTAR SHIPPING PTi LTD (•.■wNilttlMUTN WINSTAR LOGISTIC PH LTD c*.hpih. itMMtnt SI IM BATAM MTAM UNER t Sdfa|* WmUt (Mm Sot) L—fcw ■> J—■ Nrt, J3 Dwr t» Pwr KL/IQ/ (—>d (ap WIH; flmi gj Stfccstto §t JNI TUO A ftARGf CHARTERING, PROJECT CARGO hdr wrvtoh>ii mf» FCL/ICL Tranfth*pm*nt/Cro*strocU
      54 words
    • 563 24 i BSA a. HKsf'Tfs}sir9TEV' l VS 3n9!Sß^^HF MYANMA BBE FIVE STAR LINE (Mv«mht Natiwol Um) Loadii| for Ymjm vtssti voy sm m m phi PAGAN 341W SIB HPA-AN MOW SID IK MALAYSIA: lOUSTEAD SHIPPING AGENCIES KUI/PKL 03-*****300 PEN: 04-*****15 Mmmk ACCEPTIiB CONVENTIONAL CBO HKG SM WG SM PGU PKL KIK
      563 words

  • Page 25 Advertisements
    • 1341 25 nil (j~, p.i cf-nterasia JL,mes u.tmuu/n wSiifie: I SUPER EXPRESS SERVICE TO HONOKONQ JAPAN moloasis wtT nm a/02 01/03 02/03 ra/oT mb 11/03 iyw w» TCTT w wR" jig n/E MOLETBtmrV Wit 07/03 07/03 01/03 09/03 10/03 14/03 11/03 20/03 MJ Jlft 2$ mm. WANHAI 307 NO3O 14/03 14/03 15/03
      1,341 words
    • 1078 25 I fT\ Dft7 I lIVICO »AI»I: TIL 4221-1333 WUL 4271-5272 1 Mrn\ M LI 111 CO CUSTOM SHVU: TIL 4J21-SSHWU: *****100 I M Mw\ OPERATOR COM: PD I &s£Msl SWGAPOtfc TOMG JOO SMffMC m lIS OlMft IV44MMMC WMk www^ifauM Ivssa Irai ailKH lon rasa Ivor Ira»luw jyfßalyw'l |wr a»|»»g|| vcsa
      1,078 words
    • 443 25 ■■■■iisaal^^2M!nwi^^owo^rio^ ■MRmiTIGaSXY 268N 29 30/03 05-07/04 12-13/04 1 UGH WAVE 270 M 02-03/04 01-10/04 14-17/04 MJ j I HMncnwai 271N 05-04/04 12 14/04 19 20/04 1 272* 09-10/04 15-17/04 23-24/04 273W 12 13/04 19-21/04 26-27/04 1 w n2«/03 04-ot/tM 14-15/04 B ■ffMRfMTiGaajFF 266 29 30/03 04-06/04 14-14/041 ■U|UIL|T)GaSnUT 101 02-03/04
      443 words


  • MOTORING
    • 666 27  -  BT exclusive Interest rates may hit 3% or more by year-end By SAMUEL EE CAR loan interest rates are likely to see one or two more increases this year and may rise to 3 per cent or higher by the end of the year.
      ARTHUR LEE  -  666 words
    • Article, Illustration
      433 27  -  By SAMUEL EE GOING from zero to 125,000 cardholders in 16 months was probably due to another set of important figures 0-100 kmh in 4.5 seconds. The DBS Black Card was launched in October 2003 and part of its $1.5 million promotion efforts included this lucky draw
      433 words
  • Page 27 Advertisements
    • 1508 27 sEL J SembCorp y Industries m r SEMBCORP INDUSTRIES LTD Co Regn No. *****2418 D (Incorporated in the Republic of Singapore) NOTICE OF ANNUAL GENERAL MEETING Notice is hereby given that the Seventh Annual General Meeting of the Company will be held at The Theatrette, 60 Admiralty Road West, Singapore
      1,508 words

  • EXECUTIVE MONEY
    • 1241 28  -  The benefits of outsourcing of non-core processes to a shared services provider in S'pore can be better reaped if tax issues are tackled upfront. STEVEN YAP and CHEONG CHOY WAI elaborate YOU AND THE TAXMAN STEVEN YAP, CHEONG CHOY WAI By ERNST YOUNG SINGAPORE is fast becoming
      By ERNST & YOUNG  -  1,241 words
    • 313 28 OfK»d uses actual prices. Curr-chg uses bid-bid agraTt syad Tty value of yaur trite nay 90 Source: S&P For true befevers in efficient maftet theory loacfing up on index-tracking fur»ds woidd be the easiest and most cost-effective approach to plugging into the performance of the largest fisted companies in the
      Source: S&P  -  313 words
    • 1362 29  -  Investing CPF monies via an investment administrator means substantial savings. WONG SUI JAU explains WONG SUI JAU EVERY once in a while, something that really benefits consumers crops up. And when that happens, it is best to show just how much savings
      1,362 words
    • 41 29 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
    • 858 30  -  Privately managed pension plans may not be needed if CPF mandates a low sales charge instead of letting market forces set fees GENEVIEVE CUA Personal Finance Editor SO, it seems that privately managed pension plans (PPPs) are dead or, they are in deep freeze. From the
      858 words
    • 717 30  -  By GENEVIEVE CUA THERE may still be life in global bonds, even as US short-term rates are expected to hit 3.5 to 3.75 per cent by the end of the year. Richard Horlick, Schroders' UK-based head of investment, says the firm is "slightly more
      Source: MSC, Bloomberg; FILE PHOTO  -  717 words
  • Page 28 Advertisements
    • 251 28 i... ■>. I^HB '-"v. t y J1 'f4 'j Iyi k t .v *'.«#-> *H«* '5 *W n H M j W" pR HH I HH [H| IH I H H HH mm IHI Vb t Hfj H II I llv m^l v >[ t /":T&' t£s '""w% |f 1
      251 words

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