The Business Times, 30 March 2005

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Total Pages: 32
1 32 The Business Times
  • 15 1 THE BUSINESS TIMES SINGAPORE 85 cents online at http://business-times.asial.com.sg MICA (P) 089/03/2005 Wednesday, March 30,2005
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  • 512 1  -  They will share 78 machines; local banks have 1,400 By ANGELA TAN [SINGAPORE] After three years of tough on-off talks, foreign banks in Singapore will soon share one ATM network and intensify the competition for the consumer dollar. Together, the five of them
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  • 1068 1  -  Report notes unwillingness to recognise losses and 'management readiness' to override controls By WONG WEI KONG [SINGAPORE] China Aviation Oil (Singapore) was sinking deeper into the red when it wowed the market with impressive earnings last year. According to a PricewaterhouseCoopers
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  • 131 1 STI 2,127.71 (-16.65) ST INDEX FUTURES £121.00 (-25.00) simso ***** (-237) SIMSa FUTURES 251.40 (-3.70) MARKETS Tuesday Change IOSECOMP W117 -3.57 NKKEI225 11.599.82 -192.48 HANG SENG 13.411.88 -185J2 SET INDEX 676.91 -6.07 1AKAKTACOMP 1.***** -29.94 MANILA COMP 1.931.98 -54.97 SEOUL COMP 958.96 -18.74 SHENZHEN 8 261.21 +132 BOMBAY
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  • Page 1 Advertisements
    • 34 1 COMPANIES Global Active WJM suspends CEO IPG2' 1 > II 111 8 '*****1'*****4 ■fe'^HßßHttK96Bßii£ftHßßSfii9KS§yE^)K£c9y££3@sBl£itttt£9E£l!^^^^HHßS(B v B Tj CTiTiliira■ i■ cimkwjliitiaiiii^ MjßaßraM Trff 'j^^^B^VBISHMMHi^V B :W R BF P* H fWH^^K,p |e aM call 1622. <- -■■<rn*&mß^^^^B^K^^^^^B
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    • 12 1 COMPANIES fljjß Vincent Tan's loan MK saved Informatics I franchise deals PG6
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    • 16 1 v *> *v <$, 4 4 v EXEC MONEY Over 70% of protected funds are underwater re 32
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    • 33 1 H—mH SUMATRA EARTHQUAKE Financial markets MORE REPORTS TheCAO scandal explained PG4 CAO defends itself against someofPwC's foldings PG4 m#*** ?v For the full text of the PricewaterhouseCoopers report, log on to http://business-times.asial .com.sg
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  • TOP STORIES
    • 581 2  -  SUMATRA EARTHQUAKE Panic erupts in stock market while rupiah gets sold down By SHOEB KAGDA in Jakarta INDONESIA'S financial markets were rocked yesterday by another giant undersea earthquake off Sumatra, just three months after the mega quake and tsunami that ravaged North
      AP  -  581 words
    • 152 2 [SINGAPORE] Singapore despatched three Chinook helicopters with a Singapore Armed Forces (SAF) medical team and a Singapore Civil Defence Force (SCDF) disaster, assistance and rescue team to the quake-hit areas on Nias island yesterday afternoon. In addition, a medical emergency team from the Singapore
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    • 553 2  -  Move comes as company issues profit warning By JOYCE KOH [SINGAPORE] Global Active late last night announced that it has suspended its chief executive, Cynthia Poa, because of a new profit warning. The company said it could record a marginal profit or a loss for this
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    • 654 2 PwC lifts the lid on the. CAO scandal THE PricewaterhouseCoopers (PwC) report on the China Aviation Oil (CAO) scandal has lifted tfie lid on how and why the company's massive losses weren't reflected in its financial statements —and how investors were kept in the dark. PwC has found
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    • 928 4  -  It cites poor risk management and accounting By MICHELLE QUAH [SINGAPORE] The PricewaterhouseCoopers (PwC) report on the China Aviation Oil (CAO) scandal has lifted the lid on how and why the company's massive losses weren't reflected in its financial statements and how
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    • 518 4  -  Market could reach £4.5b despite high stamp duty charges By NEIL BEHRMANN in London 75RRTSH banks and bttffifing societies acHfv^ 1 mortgaged, aiming to attract business from about 1.8 million Muslims in the country. The banks climbing on the
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    • 420 4  -  By JOYCE KOH [SINGAPORE] China Aviation Oil (Singapore) moved quickly yesterday to respond to some of the points brought up by PricewaterhouseCoopers (PwC) in its report. But although the Chinabased jet fuel trader defended itself in some areas, it said it reserved comment
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  • Page 2 Advertisements
    • 594 2 Public Seminar Changes in Financial Reporting Standards. Are you ready for 2005? 19 20 April 2005, The Swissotel Merchant Court* Singapore In tandem with changes in the International accounting standards, the Singapore Council of Corporate Disclosure and Governance has made significant changes to the Financial Reporting Standards (FRS) in 2004.
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  • Page 3 Advertisements
    • 293 3 u Vi ;V ''^lIhI^II fer V 1 ÜBBBBK 9k m v,^3H|i I ipp p" P^' SH J I«M imH^H I hWm^^K^^Kk Mfrngm m tMmm ///fnk. WmfrM J| All credit cards are created equal, right? Wrong. The American Express® Platinum Credit Card is packed with jfmTfi fir substantial benefits. For starters,
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  • Page 4 Advertisements
    • 167 4 fjjjfc L '3TWLjnWIW a I jfl L 4 1 J Company Formation Foreign Direct Investment Virtual Offices Since 1975 OCRA Worldwide has been providing offshore incorporation and administration solutions for Asian and International businesses. We have been at the forefront of corporate and financial trends in China and lead the
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  • COMPANY NEWS
    • 634 6  -  TROUBLED COMPANIES If not for Vincent Tan's loan, pacts with universities would've been lost By JOYCE KOH INFORMATICS Holdings yesterday said it faced losing franchise agreements with its university partners last November because it could not meet payments until Malaysian tycoon Vincent Tan stepped
      CHRIS LOH  -  634 words
    • 427 6 GREATRONIC, which reported a suspected fraud in its Malaysian subsidiary last month, yesterday said it chalked up a net loss of $3.1 million for 2004. This compared with a net profit of $2.4 million a year previously. Revenues slipped 2.6 per cent
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    • 215 6 Reuters CONTRACT chipmaker Chartered Semiconductor Manufacturing will ask shareholders to approve up to 50 per cent more shares in a move analysts say could help it raise cash to weather an industry downturn and pay for investments. Singapore-based Chartered, the world's fourth-largest supplier of
      Reuters  -  215 words
    • 267 6  -  AIRPORT DEALS By DALENA LEE INTER-ROLLER Engineering yesterday announced that it had bagged four contracts worth a total of $103 million. The company, which specialises in airport and industrial logistics systems, has secured two projects each in the Middle East and Asia to
      267 words
    • 195 6 Bloomberg [NEW DELHI] The Indian government expects to announce in six months the winning bids for stakes in the Mumbai and New Delhi airports, the country's two biggest. The facilities may need as much as US$3.5 billion of investment to upgrade.
      Bloomberg  -  195 words
  • Page 6 Advertisements
    • 12 6 rr t L ■41 i* v, V I V r y' SUISSE
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    • 204 6 Philosophy is good advice. Wisdom is the conqueror of fortune. What has classical Chinese philosophy to offer modern business leaders in Singapore? 2500 years ago, Confucius worked out an important principle called it" (Zhong Yong Zhi Dao), or the "Principle of Core Competency". Today, this principle is still highly relevant
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  • Page 7 Advertisements
    • 335 7 sag*^-'. I THE TO MOVE PEO PLE WITH EAS E. j- v K jfc jiT J^jHSH RS Pv \Jm THE TO ACCOMMODAT E ANY GIVEN SITUATION y.'l I V i i i ■MHBK: 9KttKtKKBK THE i j i\^ j TO APPRECIATE THE FINER THINGS IN LIFE Available in Presage Presage
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  • SINGAPORE MARKETS
    • 773 8  -  CURRENCIES Greenback threatens to challenge still higher levels LARRY WEE Senior Correspondent IT was certainly no picnic for US dollar bears over the past one week, as the currency forced its way to highs not seen in a month or more smashing
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    • 130 8  -  By VEN SREENIVASAN ANG Yee Lim, through his investment vehicle CHY Regalia, has purchased a total of 68 million of the shares from Leek Kim Song, while the remaining 4' million wert purchased from An$ LianTiong. I The transaction reduced Ang Lian
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    • 638 8 SUBSTANTIAL SHAREHOLDER/DIRECTOR TRANSACTIONS Subsantial No of Prk* SHAREHOLDING Shareholder Buy I Share* Per Before After Stock Tram Date Director Sell '000 Shr < ('000) fBBB) MTQ Corpn 28-Mar-OS Kuah Kok Kim Buy 10 0.37 10 0.01 20 0.02 Lasseters Intl 28-Mar-05 Kuan Peng Ching Buy 102 0.25
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    • 288 8  -  Compiled by JOYCE KOH JIM Fu Yu Corporation March 29 close: 85.5< KIM ENG RESEARCH, March 29 WE are upgrading Fu Yu Corp to "buy" on valuation. The 15 per cent decline in share price following our downgrade in mid-February has brought valuation to an attractive level again. Hie
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    • 394 8  -  STOCKS R SIVANITHY Senior Correspondent IN the northern hemisphere, the start of the second quarter coincides with the commencement of spring a time to celebrate the end of winter, the passing of the vernal equinox and the birth of a new season. Schools and universities traditionally
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    • 318 8  -  CHART POINT By LIM SAY BOON,KEN TAI OCBC Investment Research REMEMBER that "gift horse" we spoke about last week as a metaphor for the market? We spent a bit of time looking it in the mouth and found it a bit old. Well, the old
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  • COMPANY NEWS
    • 420 9  -  It says latest rise in mortgage rates, more curbs increase risk of downturn Reports by ARTHUR SIM MARKET analysts continue to look for signs of a possible downturn in the Chinese property market with Citigroup Smith Barney (CSB) the latest to raise the
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    • 215 9 MCL Land has bought a freehold condominium development site in the East Coast for $40.5 million en hloc. Currently, the five-storey development at St Patrick's Road Marine Parade Garden has 48 apartment units in three blocks. The units range from 861 to 1,561
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    • COMPANY BRIEFS
      • 46 9 LABROY Marine Ltd has bagged a contract worth US$B.4 million to build a supply vessel for delivery in the third quarter of next year. Labroy's shipbuilding order book stands at $276 million and will keep the shipbuilding department busy till next year.
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      • 39 9 HESHE Holdings Ltd has appointed Goh Poh Kee its chief financial officer. It said yesterday that the post entails providing strategic direction to the finance team, and overseeing the financial and accounting affairs of the group.
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      • 61 9 810-TREAT Technology Ltd has secured two projects worth 178 million yuan (5535.5 million) in China. The biotechnology waste and wastewater treatment specialist will build, own and operate a water supply plant and a wastewater treatment plant in Suqian City, Jiangsu province for 30 years. Construction will
        61 words
      • 46 9 GP Batteries has agreed to buy 40 per cent of battery producer Jetview Ltd for US$5.B million. The Jetview group designs and assembles Lithium ion and Lithium polymer battery packs for notebook computers and other electronic devices in Taiwan and China.
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      • 43 9 FUNG Choi Printing and Packaging Group and Times Publishing have agreed to explore the,setting up of joint ventures to carry out publishing and retail and distribution activities in Hong Kong and China. The agreement is non-binding and lasts six months.
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    • 216 9  -  By SAMUEL EE THE chief operating officer of Comfort Transportation and Yellow-Top Cab has been promoted to chief executive officer with effect from the start of this year. John Lee Kah Wah will continue to report to ComfortDelGro's managing director and group CEO
      216 words
    • 275 9  -  Latest disclosure updates deemed interest in KepLand By SIOW LI SEN IT seems an old fax number has gotten Temasek Holdings and its deemed subsidiary Keppel Land into another late disclosure of shareholdings. In a statement yesterday, KepLand said Temasek's deemed stake
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    • 121 9 OCBC to boost Bank NISP stake to 51 by April 1 Bloomberg SINGAPORE'S OverseaChinese Banking Corp (OCBC) says it plans to complete the purchase of an additional 28.5 per cent stake in PT Bank NISP by April 1. OCBC, the city-state's smallest bank by assets, last year paid $119 million
      Bloomberg  -  121 words
  • Page 9 Advertisements
    • 144 9 1 II 'f-fiOrYi I A I ■Ha v -P s I IH m |h I afifW*' X »jT**T<oan.) ■Hi I P &SSS&HBB&- jWe know how complicated importing can be. DHL Import Express makes it simple with just one phone call, whether you are shipping between countries or importing from a
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  • SINGAPORE NEWS
    • 742 10  -  REJUVENATING ORCHARD ROAD No glut of prime retail space seen, though some malls may feel the heat Reports by KALPANA RASHIWALA ORCHARD Road's 8.6 million sq ft stock of shop and entertainment space is set to increase by about 10 per cent under plans
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    • 569 10 THE project that will come up on the site above Orchard MRT Station could be up to 40 storeys high the tallest in Singapore's prime shopping district. And to make sure that the public will get a chance to enjoy the panoramic
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    • 497 10  -  Junction 8 office tower's six floors to be handed over rent-free By ARTHUR SIM ALL six floors of the office tower at Junction 8 in Bishan will be handed over rent-free to the National Council of Social Services (NCSS). In what the Minister of
      497 words
    • 480 11  -  PM Lee assures Lao counterpart of S'pore technical assistance By JEAN CHUA in Vientiane SINGAPORE will continue to extend technical assistance to Laos, one of the newest members of the 10member Association of Southeast Asian Nations (Asean), and the two nations will
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    • 263 11  -  By CHUANG PECK MING in Hong Kong MINISTER Mentor Lee Kuan Yew kicked off a week-long visit to Hong Kong yesterday by meeting the territory's Acting Chief Executive Donald Tsang. Mr Lee is the first Singapore leader to meet Mr Tsang since the
      LIM WUIUANG/ST  -  263 words
    • 330 11  -  By CHEN HUIFEN EXPERIENCED professionals in financial services and contract IT personnel in Singapore can expect better pay this year as the country moves into higher-value areas, says global recruitment firm Robert Walters. "Market conditions improved at the start of 2004 and we
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    • 353 11  -  By LIZA LIN STRONG partnerships between governments have to be formed to strengthen homeland security, said Minister for Home Affairs Wong Kan Seng at the Global Security Asia 2005 exhibition and conference. The transnational nature of terrorism makes it crucial to forge such partnerships,
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    • 235 11  -  By ROLAND LIM WITH Singaporeans becoming increasingly Inter-net-sawy and the advent of more high-speed wireless Internet access technologies such as 3G mobile networks, the National Internet Advisory Committee (NIAC) has reiterated the need to inculcate "Cyber Wellness" values and practices, especially among teenage Internet users. In
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    • 440 11  -  By RAJU CHELLAM [SINGAPORE] The humble e-mail has put the seemingly relentless advance of the mobile phone on hold at least in the business world. A global survey by the Economist Intelligence Unit (EIU) and American networking giant Cisco Systems has found
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  • Page 10 Advertisements
    • 11 10 Organised by: Sponsored by: BALL The Business Times off,c, l wl*™"
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    • 922 10 ®YHI INTERNATIONAL LIMITED (Company No: *****7456H) (Incofporwfd In toe Wapuofc of Singapore on 26 August 2000) YHI NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN THAT toe Annual General Meeting of YHI tntonwOonal Limited wilbthtWil Jurong Country Club, 0 Science Conlra Rood Singapore *****8 on Monday, 18 April 2006
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  • Page 11 Advertisements
    • 199 11 r SINGAPORE MANAGEMENT" UNIVERSITY Singapore Management University Announces The Master of Science Programs In ECONOMICS FINANCE APPLIED ECONOMICS To Be Offered In July 2005 m 1 1 n —li —I i i.X HP WZgKm? SjK Wai AMI Program Features v Enquiries The programs are designed to equip graduates with in-
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  • ECONOMY WATCH
    • 388 12 LATEST US INDICATORS Reuters. Bloomberg [NEW YORK] US consumer confidence ebbed in March as higher gasoline prices dampened the mood of carreliant Americans, a report said yesterday. As gas pump costs soared, the Conference Board said its gauge of 1 sentiment eased to
      Reuters.; Bloomberg; REUTERS  -  388 words
    • 1462 12  -  Greenspan's efforts may slow US consumer spending, stemming a major driver of China's runaway growth, says STEPHEN S ROACH STEPHEN S ROACH BECAUSE of its currency peg, China does not have an independent central bank. Having elected to fix the yuan to the dollar,
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  • Page 12 Advertisements
    • 2377 12 Not I CCS I P WAHSHINGINTERNATIONALHOLDINGSUMITED (Incorporated in Bermuda with limited liability) NOTICE IS HEREBY GIVEN that the Annual General Meeting of Wah Shing International Holdings Limited (the "Company") will be held at Prince 1, Level 13,141 Market Street, #01-00 AEC Centre, Singapore *****4 on 23 April 2005, Saturday at
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  • MALAYSIA/INDONESIA
    • 485 13  -  It's offering RM3.46 a share for remaining 28.26% stake, above last traded price of RM2.55 By PAULINE NG in Kuala Lumpur SIME Darby yesterday announced it would take its heavy equipment subsidiary Tractors Malaysia Holding private in a deal that is likely to please
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    • 424 13  -  By S JAYASANKARAN in Kuala Lumpur MALAYSIA'S powerful tobacco lobby gained another year for itself, successfully delaying the ban on small cigarette packs to 2006. In an unpublicised letter dated Feb 28 to Andrew Gray, the chief executive of BAT
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    • 2270 13 VOL FraserSNeave .5.15 unch 134 M»M Ml W- <*080) FSBM 1.20 -0.03 86 FTEC Resources .0.30 -0.02 917 A&M Realty 1.55 unch 425 FurqanBus.Org 0.31 -0.01 841 Abric 0.38 -0.01 216 Gadang 1.40 -0.02 1379 ACP Industries 1.01 unch 13 Gamuda A76 unch 744 Advance Synergy
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    • 396 13 MALAYSIA'S move to ease foreign exchange controls may result in funds moving as much as RM20.4 billion (SsB.9 billion) from the country's stock market to exchanges overseas, JPMorgan Chase Co said. The move "could result in a compression of Malaysia's premium to the region
      AFP  -  396 words
    • 235 13 Reuters [JAKARTA] Indonesia cancelled plans to sell two trillion rupiah (***** million) in 12-year bonds yesterday alter balking at the yields demanded by investors to offset the risk that inflation will push up interest rates. Rate worries also forced Jakarta last week
      Reuters  -  235 words
  • Page 13 Advertisements
    • 131 13 The National Council of Social Service is pleased to invite nominations for the ?_^^wara2oos Conferred by the office of the President of the Republic of Singapore, the PSSA honours and recognises outstanding voluntary contributions to the social service sector. AWARD CATEGORIES Individual Informal Group Formal Group Non-Profit or Public Sector
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  • GREATER CHINA
    • 631 14  -  CHINA INSIGHT The challenge is to prevent an overheating of the property sector in places like Shanghai and Beijing without stifling it JEAN CHUA Reporter THERE is a saying that goes: to really know how a country's economy is doing, look at its property sector.
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    • 299 14 Bloomberg tion Bank and Agricultural Bank of China have been implicated in the past week in fraud cases in which more than US$2B million has gone missing, according to reports by the official Xinhua News Agency and the China Banking Regulatory Commission.
      Bloomberg  -  299 words
    • 525 14 But SMIC forecasts a business rebound in Q2 this year Reuters [HONG KONG] SMIC, China's largest chipmaker, forecast yesterday that its business would start to rebound in the second quarter of the year from a downcycle, as it posted a fourth-quarter loss due to
      Reuters  -  525 words
  • Page 14 Advertisements
    • 1165 14 WvfSfflnl To call toll frtt 1800 *****22 /Eaail: ootice»»»ph coa.ag RafflesMedicalGroup (Incorporated in the Republic of Singapore) Notice of Annual General Meeting NOTICE IS HEREBY GIVEN that the 16th Annual General Meeting of the Company will be held at 585 North Bridge Road, Raffles Hospital #11 -00, Singapore *****0 on
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    • 1099 14 1^— I I Notices c Creative Master W Bermuda Limited (Incorporated in Barmuda with limitad liability) NOTICE 5 HEREBY GIVEN that the 2005 Annual General Meeting of the Company will be held at The Board Room of Aetna Limited, 17 Jurong Port Road, Singapore *****2, on 22 April 2005, at
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  • INDIA
    • 477 15 Focus on expats is an extension of domestic strategy, banks told Bloomberg [MUMBAI] ICICI Bank Ltd CEO KV Kamath says India's 58 banks, with fewer assets than China's largest lender, need to look beyond their borders and tap its 25million diaspora for growth.
      Bloomberg  -  477 words
    • 239 15 Reuters [BANGALORE] Ailing US computer services firm Unisys Corp plans to boost investment and hiring in India over the next three years as it cuts costs and strengthens cheaper offshore units, company officials said. Cal Killen, vice-president of global sourcing at Unisys,
      Reuters  -  239 words
    • NOTE BOOK
      • 84 15 Reuters [HONG KONG] China's largest offshore oil and gas producer, CNOOC Ltd, said yesterday that its second-half net profit jumped 76 per cent due to higher output and soaring prices, but its costs are i poised to rise as it steps up development
        Reuters  -  84 words
      • 66 15 AFP [BEIJING] China, whose booming economy is expected to see record demand for oil this year, plans to expand its refining capacity by more than a third within the next five years, state media said yesterday. By 2010, it aims to add
        AFP  -  66 words
      • 68 15 Bloomberg [NEW DELHI] India, Asia's third-largest oil consumer, will seek long-term crude oil supply agreements with Saudi Arabia in place of the annual agreements it has now, Oil Minister Mani Shankar Aiyar said yesterday. "We want to have an even greater assurance for
        Bloomberg  -  68 words
      • 61 15 Reuters [BEIJING] Chinese city planners expect about 90 per cent of the people of Beijing to be living in 11 new satellite towns within 15 years, Xinhua news agency said on Monday. "Beijing will limit the population in its old downtown and
        Reuters  -  61 words
      • 64 15 Bloomberg [BEIJING] Aluminum Corp of China Ltd, the country's biggest producer of the metal, had a 42 per cent increase in second-half profit after it raised prices of alumina, a semi-processed material it sells to other smelters. Net income rose to 2.82 billion yuan (*****
        Bloomberg  -  64 words
      • 56 15 Reuters [KUALA LUMPUR] Shares in Commerce Asset-Holding Bhd, Malaysia's second biggest banking group, hit their highest in over a week yesterday after state investment arm Khazanah nearly doubled its stake in the group. Commerce Asset-Hoiding shares rose as much as 2.2 per cent to
        Reuters  -  56 words
      • 70 15 Bloomberg [JAKARTA] PT Bank Rakyat Indonesia, the country's fourth-largest lender, said that net income rose 41 per cent last year as an expanding economy spurred companies and individuals to borrow more. The profit exceeded its own forecast. Net income last year rose to 3.63
        Bloomberg  -  70 words
    • 272 15 Reuters [MUMBAI] Indian drug maker Dr Roddy's Laboratories Ltd has agreed to a US$56 million partnership with ICICI Venture to ease the financial burden of developing generic drugs for the US market ICICI Venture is the largest Indian private equity and venture capital
      Reuters  -  272 words
  • Page 15 Advertisements
    • 3064 15 Ml MHV Singapore Food Industries Limited 4HF{lncorporated in the Republic of Singapore) Company Registration No. *****0678G NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN THAT the 31st Annual General Meeting of the Company will be held at The Forum, 234 Pandan Loop, Singapore *****2 on Thursday, 14 April 2005
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  • ASIA-PACIFIC/WORLD
    • 414 16  -  Bourse plunges 1.6% on fears of hitch in recovery By ANTHONY ROWLEY in Tokyo THE Tokyo stock market plunged by nearly 2 per cent yesterday to a sixweek low as a rise in Japan's unemployment rate and'a drop in household spending raised fears
      414 words
    • 472 16 Reuters. Bloomberg [CANBERRA] Investment bank ÜBS and the Sydney merger advisory firm Caliburn Partnership won the mandate to evaluate the sale of the Australian government's As 33 billion (5542.1 billion) stake in Telstra Corp. The pair beat a dozen rivals that local media said
      Reuters.; Bloomberg  -  472 words
    • 222 16 NYT [NEW YORK] Morgan Stanley, under pressure from investors and an impatient board to revive its lagging stock price, announced on Monday that two senior executives had been promoted to co-presidents, reporting to the chief executive Philip J Purcell. The status of Stephan F Newhouse,
      NYT  -  222 words
    • Article, Illustration
      66 16 [TOKYO] Japanese Prime Minister Junichiro Koizumi had only one request when American actor Richard Gere visited his office yesterday: 'Shall we dance?' Gere, in Japan to promote his latest movie, a Hollywood remake of the Japanese box-office hit 'Shall We Dance', accepted the invitation, but insisted that he
      AP  -  66 words
    • WORLD WATCH
      • 54 16 Reuters [WASHINGTON] MCI Inc said yesterda/it has accepted a revised takeover bid from Verizon Communications Inc worth about US$7.6 billion, rejecting a US$B.45 billion offer from Qwest Communications. MCI said Verizon's revised offer includes US$B.75 per MCI share in cash and U5514.75 per MCI share
        Reuters  -  54 words
      • 57 16 Reuters [NEW YORK] The New York Stock Exchange's leading candidate to succeed departing chairman John Reed is former State Street Corp CEO Marshall Carter, the Wall Street Journal reported yesterday. The decision is expected to be finalised by a vote of the NYSE
        Reuters  -  57 words
      • 51 16 Bloomberg [PARIS] Galeries Lafayette's Moulin family has agreed to buy out other in a 2.15 billion euro (554.6 billion) transaction that provides an exit for their cousins, the Meyers. BNP Paribas, which owns almost half of Galeries Lafayette's consumer credit business, backed the Moulin plan.
        Bloomberg  -  51 words
  • Page 16 Advertisements

  • FOCUS: AIG SAGA
    • 478 17 He will not run for re-election as a director after his term expires in May NYT AMERICAN International Group (AIG) severed all ties on Monday night with Maurice R Greenberg, the irascible executive who had built the company into a global giant over four
      NYT; BLOOMBERG  -  478 words
    • 254 17 Bloomberg [NEW YORK] American International Group used private, offshore companies for six times more reinsurance than any of its nine biggest US competitors, state regulatory filings from 2003 show. Transactions with private reinsurers in countries such as Barbados may be more prone to
      Bloomberg  -  254 words
    • 297 17 2001. Reuters, Bloomberg [NEW YORK] US regulators have called Warren Buffett to answer questions next month about any involvement he might have had in an insurance transaction between a unit of his company, Berkshire Hathaway, and American International Group (AIG), the Wall Street Journal
      2001. — Reuters, Bloomberg  -  297 words
  • Page 17 Advertisements
    • 2955 17 Not iccs A MEGACHEM LIMITED (Company Registration Number: *****3293 M) MegaChem (Incorporated in the Republic of Singapore) r-■ NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be held at 132 Pioneer Road. Singapore *****8 on 15 April 2005 at 10.00
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  • AVIATION
    • 731 18 Report: Logistics outsourcing market in China growing 30% annually Reuters [SHANGHAI] Along China's busy coast, port, road and air expansions are under way opening the door for global distribution and warehouse companies to enter the world's thirdlargest trading nation. An influx of multinationals seeking
      Reuters; FILE PHOTO  -  731 words
    • 1860 18 CITY FLIGHT ETA FLIGHT ETD UL312 1530 1855 AdoWdo LH9771 1845 LH9770 2300 SQ230 1845 S0229 2300 Copanhagan *g51 0530 SK972 2155 BA7381 liso DaNang MI633 2255 MI633 1425 QF81 1850 SQ5024 2255 5Q5024 1425 Ahrnadabad SQ443 1410 SQ442 0200 Darwin AF8067 1850 A***** 2215 Amsterdam
      1,860 words
    • 357 18 AFP [SYDNEY! Australian Foreign Minister Alexander Downer defended yesterday the airport security checks carried out on Papua New Guinea Prime Minister Michael Somare, saying such practices were normal and necessary. Mr Somare plans to make a formal complaint to Australia after airport officers in
      AFP  -  357 words
    • LOG BOOK
      • 122 18 Bloomberg [HONG KONG] Hong Kong Dragon Airlines Ltd, the city's second-biggest carrier, said it aims to start cargo flights to two cities in eastern China later this year to tap rising demand for air freight as trade expands. Dragonair, plans to use a
        Bloomberg  -  122 words
      • 105 18 Reuters [TEL AVIV] El A 1 Israel Airlines posted a fourth-quarter loss yesterday compared with a year-earlier profit due to sharply higher fuel prices and one-time expenses for an early retirement plan. National carrier El A 1 posted a net loss
        Reuters  -  105 words
    • 382 18 AFP. AP [TOKYO] Japanese authorities yesterday opened an investigation into an incident of air turbulence that left 48 people injured aboard a Taiwanese jetliner, and said they would consider whether the pilot or crew had been professionally negligent. The passengers were
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  • Page 18 Advertisements
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    • 19 18 Releasing a financial statement? Call 1800 289 8822 or email noticesOsph.com.sg to book your advertisement in our newspapers now.
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  • SHIPPING
    • 357 19 [SINGAPORE] Japanese shipping company Nippon Yusen Kaisha (NYK) will install specially developed powerful searchlights on its vessels in an effort to combat piracy and possible acts of terrorism. NYK tied up with a specialty manufacturer to jointly develop a durable, high-illumination
      357 words
    • 523 19  -  Fibre optic hydrophone array can help in war against terrorism, say experts By DONALD URQUHART [SINGAPORE] High-tech sonar arrays laid on the seabed across the Malacca Strait or around Singapore's port and other maritime installations would help provide added security against maritime piracy
      523 words
    • 822 19  -  STRAIT TALK By DAVID HUGHES IT is quite an achievement to galvanise the shipowners, the seafarer unions and even the salvors into action to oppose something, but that is what the European Union (EU) has done with its ill-judged plans to make negligent or
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    • 492 19  -  By VEN SREENIVASAN [SINGAPORE] After undergoing six months of extensive refurbishment at Keppel Shipyard in Singapore, Greek entrepreneur Stelios Haji-loannou's latest venture, easy Cruise, is set to sail the French and Italian Rivieras. Though the ship, formerly a 15-year-old Italian luxury cruise liner called
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  • Page 19 Advertisements
    • 371 19 .r, l. v a. BE PART OF A DYNAMIC MEDIA COMPANY •i. ;i J,' I M Wok :r s HH ill SPH is Singapore's premier news content publisher with a mission to inform, educate and entertain. Our quality products and services bring pulses of the world to our customers. The
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  • EDITORIAL & OPINION
    • 512 20 EDITORIAL IT would be easy but unfair to see the US Supreme Court hearing this week of a case that pits such entertainment industry giants as Walt Disney Co and General Electric and the file-sharing Internet entity Grokster as one between the purveyors of content and
      512 words
    • 1001 20  -  Gap between its lofty ideals and the crude interests it advances will be exposed sooner or later LEON HADAR Washington Correspondent DURING her meetings with foreign leaders in Washington and the many world capitals she has visited recently, US Secretary of State Condoleeza Rice
      AP  -  1,001 words
    • 797 20  -  THE BOTTOM LINE FRANK CHING AS the Chinese economy continues to power ahead, everyone in the country is pleased with the visible improvement In standards of living, but very few people are counting the cost in terms of the loss
      797 words
    • 2470 21  -  Developing countries must embrace free trade and start to take on more active roles in international decision making By K KESAVAPANY DESPITE the fact that the definition of globalisation has been attempted by hundreds of authors and distinguished speakers on the topic, the word continues
      REUTERS; AFP  -  2,470 words
  • Page 20 Miscellaneous
    • 259 20 CRYPTIC CROSSWORD 1 Cross the Royal Mail must bear drinking rum HTIH(6,4) f( I (4) 4 Globes that are only round but- jjjHl JH[ 11 Serving dish bearing signature 7 Returns dnnks and stumblL LhJ—engraved in (5-5) BHHj HI 12 TV programme with which the 10 Young men accept northern
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  • Page 21 Advertisements
    • 952 21 I To ceßtefl free 1800 289 8822/BeMdl: aotice«»epfccoMHg C>j|S| Colorland Animation Ltd. NOTICE S HEREBY GIVEN that the Fifth Annual General Meeting of the Company will be held at 105 Cecil Street #12-01, The Octagon Singapore *****4 on 22 April 2005 at 3.00 p.m. to transact 1 To receive and
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  • 9794 22 SGX MAINBOARD Transaction date: Mar 29 52-Wk T«i Last Vol Day Lact Quota GrfMv Dtv GrVM Not MCap High Low Codo Company Solo +L ("MO) High low Buyer SoBof Cvr HI %m 19 4 5716 1st Software Sc 4 unch 1970 4 4 3.5 4 162 34.5 15.5
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  • 5862 23 FINANCE COMMODITIES MORGAN STANLEY CAPITAL INTERNATIONAL INDICES to tool am htt i» USS dy %yr dy %yt dy «yr Mw 21 lnd«» Ch«n9» Ch»ng« Chang* Oxng* Ch*ng« Chang* World Index Preliminary 8S3-3 03 01 05 <)7 ftl -1.8 > EAR Pwhwran 7973 0.0 33 -01 01 -0.5 -ID b»opePttfcm»Y IQHuO
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  • Page 24 Advertisements
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  • Page 27 Advertisements
    • 1348 27 [™xE% (Tl 7)- affsr I \K m VI M. 9 I/ lou vjoi >irtn, w\ i-vj —Mm rai iwnnfl, xnopon iiotjw Y crnterasia u.im-uu/n hn iim433 w.4iTt«:www.i.t.r.iiaii». t .<o«l I VBSB w* *w «p m m mm mm WANHAJ3O7 $031 04/ M 04/04 05/04 04/04 07/04 11/04 15/04 17/04 ROEEIERNdY
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    • 445 27 TIGER PEARL 271N 05-06/04 12-14/04 19-20/04 1 M TIGER SEA 272N 09-10/04 15-17/04 23-24/04 1 IIGBSKY 273N 12-13/04 19-21/04 26-27/04 1 THHWAVE 274N 16 17/04 22-24/04 30-01/05 1 BreaftAHl ***** 19-20/04 26-21/04 03-04/05 1 ■MMRMTIGBI SPIRIT 101 05-04/04 13-15/04 23-24/041 ■WUIIfIPHUUN 313 06-07/04 14-16/04 24-25/04 I PMdOW6 FORTUNE 03» 09-10/04
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  • THE BUSINESS TIMES SHIPPING TIMES
    • 6624 28 ETA ETA Advertiser VmmI Voyage T«l«p>ioni ETA ETA ktnurtkm VmmI Voyage Tilipfcam SIN Dtsfa Nam# Namt Munbar Number SIN Dasfn Name Nam# Number Nmmmt wmmmmmmmmmmmmmmmmmKKttKttKKmmmmmmmmmmmm 17/04 25/04 NYK KAMAKURA 12$ *****123 TO ABIDJAN (ABJ) 2003 Cot* D*tVOire 17/04 25/04 PTOjalurta KAMAKURA 12$ *****203 07/04
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  • MOTORING
    • 693 29  -  Move bucks trend in the industry, which has seen a shake-up in recent years By SAMUEL EE GOLDBELL Leasing has gone into the car rental business, despite others in the industry having fallen by the wayside. Goldbell better known for its fleet
      FILE PHOTOS  -  693 words
    • 372 29  -  By SAMUEL EE TWO weeks after a delayed COE tender led to sharp increases, premiums settled back down again yesterday. The first bidding exercise in March for certificates of entitlement was delayed by a week and shortened by one day because of computer glitches in February's
      372 words
  • Page 29 Advertisements
    • 2985 29 I'Wtf'lillllWfillfllf 11" "l< I1T1 TTilli I "'if' Trill "'1 *J- a£>. It-'" dt* i 0 Irfi' IN THE MATTER OF THE COMPANIES ACT, CAP. 50 AND IN THE MATTER OF INTERNATIONAL SEASONAL CONSULTANTS (S) PTE LTD (Registration No *****1821G) (In Members' Voluntary Liquidation) NOTICE OF RESOLUTIONS At an Extraordinary General
      2,985 words

  • EXECUTIVE MONEY
    • 1097 30  -  YOU AND THE TAXMAN Treaty interpretation may be complex but with some care, even a non-expert can make sense of it, TAN LEE KHOON and POK SOY YOONG offer some practical guidelines TAN LEE KHOON,POK SOY YOONG By ERNST YOUNG SINGAPORE may have inked tax treaties
      By ERNST & YOUNG; AFP  -  1,097 words
    • Article, Illustration
      371 30 Source: S&P Fed funds rate stock marlcet performance Offtid use actual price* Cur-chg uses btt-faid adjusted far current spread The value of your units may go down as wefl as up Past performance is not a guide to future performance Global emerging markets have attracted some interest in the
      Source: S&P  -  371 words
    • 4231 30 UNIT TRUSTS FUNDS Malays*eqtysGoi** i.oiv Malaysia Eqty USD 0.615/ up <««ranwi 5<V1 1.***** Amro r s **9* I s *"•> UP 6 teed 5.0/2 1 *****/ Star Europe Eqtyf MOW UPG'tted 7.0/2 1 *****/ Star Eur opt Bond 1249 UP G'teed Fund S03 1.*****/ c Europe Bal 1.127/ UP 7
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    • 658 31  -  MONEY MATTERS The ability to correctly anticipate the impact of the news is among the most useful skills in investing MICHAEL PREISS ECONOMIST John Maynard Keynes put it best when he wrote: "A rational investment policy doesn't work in an irrational world." He also
      658 words
    • 380 31  -  By GENEVIEVE CUA SO you have a joint account. What happens to that account should you pass away? How should you draft your will? If you have crossborder investments, how are you affected by estate duty in other countries? These and other commonly asked questions are
      ARTHUR LEE  -  380 words
    • 1508 31 The following is an excerpt from Money, Death You by Shirley Ong WHATEVER their net worth, most people will give some thought to how they want their assets to be transferred upon their death. Some may give away their money, while those who wish
      1,508 words
    • 963 32  -  According to S&P data, investors who used their CPF savings, especially the Special Account, for guaranteed funds are better off if they had left it in the SA. GENEVIEVE CUA reports GENEVIEVE CUA OVER 70 per cent of capital protected and guaranteed funds are in the red,
      AP  -  963 words
    • 186 32 NTUC Income is to expand the benefits of its Income Shield Plus plans with no increase in premiums. Income group and health manager William Fong said Income Shield's benefit limits room and board and surgical—will rise by 20 per cent from July 1. Other insurers
      186 words
  • Page 30 Advertisements
    • 22 30 x Allianz (jfi) Dresdner PIMCO Global Real Return Fund rated 5-star by Mercer Investment Consulting Vi < < >mp<uiy recjn. h< > 1 <>9907 169/
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  • Page 31 Advertisements
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    • 180 31 Japanese Candlestick Charting is viewed as one of the MO«T *cci|rf ft prpciaa charting techniques as compared to traditional Technical Analysis. Attend this 3-hour Insightful mini-workshop to SEE FEEL the power of Japanese Candlestick Charting, how you can ftfttf ft™" hy determining precise Entry/Exit points. Suitable tor Inv—tore at ALL
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  • Page 32 Advertisements
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    • 15 32 WB YOU AND t4l I THE TAXMAN \ju Read tax treaties as a whole. PG3O
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