The Business Times, 12 May 2005
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2005-05-12
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The Business Times
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Title Section17 2005-05-12 1 THE BUSINESS TIMES Thursday, May 12,2005 MICA (P) 089/03/2005 online at http://business-times.asia 1 .com.sg SINGAPORE 85 cents17 words
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704 2005-05-12 1 SIOW LI SEN - It's pairing a bonus dividend with a rights issue By SIOW LI SEN [SINGAPORE] OCBC Bank yesterday declared a special bonus net dividend of $1 a share to use up some of its tax credits. And it has proposed a l-for-5 rights issue704 words
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666 2005-05-12 1 LARRY WEE - But China central bank denies any policy change By LARRY WEE [SINGAPORE] The US dollar fell sharply against its Asian counterparts yesterday afternoon on suggestions from China that the decade-long fixed peg of the Chinese currency to the American dollar could end as666 words
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Article, Illustration25 2005-05-12 1 A newly-launched arts fund is giving hope to underprivileged young Singaporeans who want to follow their dreams. Pg 2 CHRIS LOHCHRIS LOH - 25 words
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Page 1 Advertisements
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Advertisement8 2005-05-12 1 AVIATION Budget airlines in battle for Indian sides8 words
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Advertisement24 2005-05-12 1 MEGA MERGER AP Moeller, P&O in 2.3b euro deal PG2 RECORD fttiVENUE Profit up 64%, staff to get 4 months'bonus PG3 8 ll 124 words
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Advertisement22 2005-05-12 1 Mlndon developer goes for the hub concept PG3O -:w .> v -a; Star Hub mates first pafoilt; Dalacraft Q2 earnings PG 9 H22 words
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TOP STORIES
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647 2005-05-12 2 DONALD URQUHART - Port operator PSA, carrier NOL stand to lose from lower traffic, freight rates By DONALD URQUHART [SINGAPORE] An agreement by the world's largest container shipping line, AP Moeller-Maersk to buy the third largest line, Royal P&O Nedlloyd, for 2.3 billion euros (Ss4.B647 words
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Article, Illustration389 2005-05-12 2 LIZA LIN - By LIZA LIN [SINGAPORE] Eleven-year-old Prem is talented, loves to perform, and dreams of becoming a breakdancer. Dreams that might come true with The Business Times's adoption of The Arts House's Budding Artists Fund. The fund aims to raise $500,000 by March nextCHRIS LOH - 389 words
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Article78 2005-05-12 2 IN the table accompanying yesterday's report "ILPs good deal or bad choice?", the second-year allocation rate for Prudential's Prulink Assurance should have been 50 per cent not 5 per cent. We are sorry for the error. And in the report "Funds take heat from bond downgrades" of78 words
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Article681 2005-05-12 2 SIA flies high with record solid all-round returns SINGAPORE Airlines yesterday unveiled record revenue, record earnings and a record dividend payout but warned that stubbornly high fuel prices pose a serious challenge this year. Strong traffic, astute yield management and careful cost control helped SIA lift its bottom681 words
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348 2005-05-12 2 WONG WEI KONG - By WONG WEI KONG [SINGAPORE] China Aviation Oil (Singapore) is expected to announce an improved debt repayment scheme today that would see it pay creditors at least 20 per more than its present offer. The Chinese jet fuel trader will now offer348 words
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Article, Illustration875 2005-05-12 3 VEN SREENIVASAN - But rising fuel costs, global slowdown could stymie growth By VEN SREENIVASAN [SINGAPORE] Singapore Airlines yesterday unveiled record revenues, record earnings and a record dividend payout but warned that stubbornly high fuel prices pose a serious challenge this year. Strong traffic, astuteCHRIS LOH - 875 words
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550 2005-05-12 3 NEIL BEHRMANN - Jittery investors fear funds may liquidate positions By NEIL BEHRMANN in London HEDGE funds designed to guard investors against unstable stock markets are themselves bringing dangerous turbulence to world stocks and bonds as rumours surge about some liquidating their positions. The markets are550 words
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Advertisement323 2005-05-12 2 I Wlirrr It' \\iih', ilmr ,iii(l i) U il. n i 1... 7 r o^; 7 A 'JjNGA Step lu Sufood Itsuannt (2* tat CM hitn*. Statwnr WW7J SMS Jill to 6345 2131 tmtmmhmmlMfm-WMrm Cafe Plaza i' t,-'. r > Euro-Asian Buffet Lunch Dinner Indulge In the best of two323 words
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Advertisement54 2005-05-12 2 MERITUS MANDARIN SINGAPORE BE SPOILT FOR CHOICE With our delectable selection of local delights and western favourites served all round the clock. Enquiries: 6831 6291 H| CtHfthMif Ist lU«i MERITUS MANDARIN A division of Overseas Union Enterprise Limited (Company Registration N0.*****0050E) 333 Orchard Road, Singapore *****7. Tel: +65 6737 4411.54 words
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Advertisement108 2005-05-12 3 f^4 4 E-Class with GPS. Now you know where B is. /T\ Get from A to wherever B is with the COMAND APS navigation system now standard in the E-Class. The new Mercedes-Benz navigation system uses advanced DVD V«^ with map on-board to receive data from navigation satellites. This gives108 words
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COMPANY NEWS
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Article, Illustration650 2005-05-12 4 KALPANA RASHIWALA - Group ties up with Bahrain bank to set up property fund that targets Japan By KALPANA RASHIWALA CAPITALAND has entered the Islamic property fund arena, announcing a joint venture yesterday with Bahrain investment banking group Arcapita Bank to set up a property fund thatCHRIS LOH - 650 words
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662 2005-05-12 4 SAMUEL EE - HOCK LOCK SIEW By SAMUEL EE RAISING fares may mean raising a ruckus among commuters but transport companies say they have to consider rising costs and shareholder returns. Few would argue with the latter reason, but the former may be a bit tricky to defend,662 words
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517 2005-05-12 6 MICHELLE QUAH - Unable to say if figures give true and fair view of state of affairs By MICHELLE QUAH THE auditors of Sun Business Network (Sunßiz) have qualified their report on the media group's FY2004 financial statements, saying they are unable to give an opinion whether517 words
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271 2005-05-12 6 VEN SREENIVASAN - By VEN SREENIVASAN THE question on Singapore Airlines' bid to rights to ply the lucrative Sydney-Los Angeles route, is not whether, but when this right will be granted, says the carrier's chief executive. SlA's Chew Choon Seng said this yesterday271 words
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Article, Illustration701 2005-05-12 6 VEN SREENIVASAN - By VEN SREENIVASAN IT'S not often that a new kid on the block takes on the big boys in the high-risk biomedical industry. But that's what mainboard-bound Biosensors International is doing. The drug-eluding heart stent specialist is gearing up to701 words
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Article, Illustration755 2005-05-12 9 ANGELA TAN - EARNINGS RESULTS Bottom line buoyed by depreciation cut, higher Internet and mobile phone sales By ANGELA TAN STARHUB yesterday reported its first-ever net profit, of $30.4 million for the first quarter, thanks to a cut in depreciation costs and strong growth inFILE PHOTO - 755 words
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OTHER RESULTS
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Article103 2005-05-12 9 HO Bee Investment's Q1 group net profit surged 65 per cent to $15.4 million, on the back of turnover swelling from $8.3 million to $82.3 million. The group's results were buoyed by recognition of sales and profit from its residential projects The Amaninda, which was103 words
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Article53 2005-05-12 9 MAINBOABD-LISTED Allied Technologies, a manufacturer of precision stamped metal parts, posted a first-quarter net loss of $1.7 million as turnover declined 3 per cent to $27.9 million. For the current year, Allied Tech expects a turnaround in the LCD monitors market and continued sales53 words
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Article58 2005-05-12 9 HAW Par Corp saw first-quarter earnings rise 2.1 per cent to $6.4 million due to a deferred taxation adjustment of $1 million in the same period last year. Its quarterly turnover rose 6 per cent to $27 million due to higher sales in the healthcare58 words
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Article86 2005-05-12 9 MAINBOARD-LISTED Chuan Hup Holdings posted a 127.1 per cent rise in third-quarter net profits to US$lB.7 million, while quarterly turnover grew 5.8 per cent to U5526.7 million. For the nine months ended March 31, it saw a 42.1 per cent record rise in earnings86 words
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Article119 2005-05-12 9 A JUMP in small and medium enterprises (SMEs) adopting broadband across key markets in the Asia-Pacific region has helped Nasdaq-listed Pacific Internet post its 13th consecutive quarter of profit. Net income for the first quarter was US$l.l million, 14.1 per cent higher than the119 words
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Article95 2005-05-12 9 DESPITE the hit taken by some of its properties in the Maldives due to last December's tsunami, Hotel Properties Ltd's first quarter 2005 net profits rose slightly from $4.4 million to $4.6 million. Group revenue dipped 3.9 per cent to $71.2 million. HPL said its95 words
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Article64 2005-05-12 9 BONVESTS Holdings, most famous for its franchise of fast-food joint Burger King, saw profit attributable to shareholders of $2.7 million in the first quarter of this year. This is up from $1.5 million in Q1 2004. But turnover slipped from $57.4 million to $51 million.64 words
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Article72 2005-05-12 9 NET profit attributable to shareholders for property counter Allgreen Properties plummeted 44 per cent to $10.9 million in the quarter ended March 31. Allgreen said its lower turnover was due mainly to lower revenue from development properties as a result of lower progress sales recognition. Still,72 words
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Article73 2005-05-12 9 VENTURE capital firm kl Ventures, an associate company of Keppel Corp, enjoyed a 313-per-cent leap in net earnings to $19.3 million for the three months ended March 31. Part of the gain came from the company's sale of its investments. Before taking into account these exceptional73 words
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Article56 2005-05-12 9 STRONG demand from Indonesia and its major international food and beverage customers has boosted Petra Food's net profit by 36 per cent for the quarter ending March 31. The cocoa ingredient manufacturer saw earnings rise to US$5.7 million from US$4.2 million. Revenue also went up56 words
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Article, Illustration446 2005-05-12 9 ANGELA TAN - By ANGELA TAN LEATHER tanner and sofa maker, HTL International Holdings Limited, yesterday again unveiled doubledigit growth in net profit and sales, for the first quarter ended March 31, 2005, fuelling management's optimism for a better 2005 compared with 2004.446 words
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451 2005-05-12 9 AMIT ROY CHOUDHURY - By AMIT ROY CHOUDHURY MAINBOARD-LISTED Datacraft added a fresh chapter to its turnaround story yesterday by reporting a good set of results for both the second quarter ending March 31, as well as for the first half of the current financial year. The451 words
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314 2005-05-12 9 CHEN HUIFEN - By CHEN HUIFEN BOOSTED by a strong contribution from its Singapore hospitals, Parkway Holdings yesterday reported an 11 per cent gain in firstquarter net profit to $13.5 million. Total revenue went up 6 per cent from Q1 last year to $103.6 million. This was314 words
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Advertisement1484 2005-05-12 4 C Towards a World-Class Tax Function* In today's world, the impact on the bottom line is only Managing the first three requires a thorough understand- Tool 2*lDevelop and Document your "lax Policies oped a diagnostic one of the areas where inappropriate or ineffective ing of an organisation's business operations and1,484 words
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Advertisement38 2005-05-12 5 A fa"'*#*'. &f; *"fo continue enjoying the annual fee waiver for the second year, simply spend a minimum of $$6,000 in the first year. Minimum income requirement for DBS Platinum Card is 5550,000. Other terms and conditions apply.38 words
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Advertisement263 2005-05-12 6 dbwarrants l§j| J 11 I |fl BJm When it comes to warrants, Deutsche Bank leads the way #> DB Warrants Singapore's Number 1* choice t for warrants Why do more warrant investors in Singapore choose Deutsche Bank? dbwarrants is part of X-markets, your access Simple. As Singapore's largest warrant issuer263 words
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Advertisement585 2005-05-12 7 AN ADVERTISING FEATURE Businesses benefit with yHHnM 1 DHL Import Express Id The demand for DHL Import Express service has soared, with Small and Medium Enterprises (SMEs) benefitting tremendously Last year alone saw a significant year- DHL Import Express is especially ideal from there and have the shipment PRICE IN585 words
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Advertisement205 2005-05-12 8 Engineering Rotable Support by i bB, B—<NP J A W M AW J I Starting today, fly direct to Delhi, daily. And onwards to 21 destinations in India. The Air Sahara Way. CHICAGO LONDON VS> MJV^ f k V*. rKATHMANDU jT r\ Delhi N. i\_ Dibrugarti r Ss -—-v J205 words
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Advertisement181 2005-05-12 9 For more information call your travel agent or Royal Brunei Airlines at 6235 4672 or visit www.bruneiair.com g jtipRpYAL BRUNEI can assist you with offshor* structures, shelf com panics |)||f IT"' and incorporations in ALL aUfIE jurisdictions including: British Virgin islands Cayman islands Bahamas Mauritius Hongkong Samoa Full nominee, management,181 words
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SINGAPORE MARKETS
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Article, Illustration500 2005-05-12 10 R SIVANITHY - STOCKS It seems so, which means markets are now very vulnerable to positive surprises and signs of stability and growth R SIVANITHY Senior Correspondent LOOKING at the behaviour of markets recently, an interesting question that is beginning to take shape is this: has slower globalSource: Bloomberg - 500 words
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TRADES TO WATCH
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429 2005-05-12 10 CAPITALAND director Peter Seah exercised options for 208,800 shares in the company on Monday at an average price of $1.14 each. This raised Mr Seah's direct stake from 0.004 per cent to 0.012 per cent. Mr Seah is a former president and CEO of Singapore429 words
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78 2005-05-12 10 JOYCE KOH - Compiled by JOYCE KOH CHNG Gim Huat, a substantial shareholder in Ipco International, has continued to snap up shares in the infrastructure projects, turnkey engineering and construction company. Yesterday, Ipco said Mr Chng had bought 1.93 million shares on the open market,78 words
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Article, Illustration429 2005-05-12 10 OTHER SINGAPORE INDICES May 11 VALUE CLOSE BT OB/OS -186.00 -66.00 BT CADI -*****.00 -62.00 BT 10-day MA -*****.00 -18.00 Ail-SG Equities 555.92 +0.66 SG Equities Elect 133.41 -1.70 SG Equities Fin 1624.57 +15.56 SG Equities Prop 558.03 +3.15 SIMSCI 257.06 +1.10 SiMSCI Futures 256.60 +1.20 MOST ACTIVE STOCKS VOLUME429 words
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Article, Illustration991 2005-05-12 10 JOYCE KOH - Compiled by JOYCE KOH Guocoland May 11 dose: $1 JO KIM ENG RESEARCH, May 11 -3Q net profit was up 21 per cent year-on-year to $16.2 million, despite a 19 per cent decline in revenue, thanks to a $15.4 million mark to market gains on financial assets. ForSource: Bloomberg - 991 words
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Article, Illustration330 2005-05-12 10 CURRENCIES AFP [TOKYO] The US dollar was slightly tad firmer in cautious Asian trade yesterday, with few market players willing to take new positions ahead of the release of March US trade data later in the day, dealers said. The market has been cautiousAFP - 330 words
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MID CAPS
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Article, Illustration799 2005-05-12 11 WONG WEI KONG - Its strong first quarter results has analysts raving about the drug firm's growth prospects, as WONG WEI KONG finds out WONG WEI KONG —Bi or a relatively small P company. mainboardlisted pharmaceutical group AsiaPharm enjoys a following among analysts that many bigger companies would be enviousAFP; FILE PHOTO - 799 words
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Advertisement314 2005-05-12 11 Golf shops selling fake goods raided j ■UTRAJAYA: Three golf shops famous brands including Calla com|>a f f(jund guj f the Wang Valley were raided wayandTgmt the offence. I y the enforcement division of The n separate raids off Domestic Trade and Con- op|*d The goods are shops in Kuala314 words
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SINGAPORE NEWS
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382 2005-05-12 12 CHEN HUIFEN - Top-level changes at mostly perm sec posts in at least five ministries, agencies By CHEN HUIFEN MOSES Lee, Permanent Secretary at the Ministry of Health, will become Commissioner of Inland Revenue and chief executive of the Inland Revenue Authority of Singapore (Iras)382 words
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Article401 2005-05-12 12 ALEXANDRA HO - By ALEXANDRA HO BANGKOK exerts a pull like no other with Singaporeans. They simply can't get enough of the Thai capital, which has emerged as Singaporeans' top holiday destination in the first quarter, according to online travel portal Zuji. It also found that local travellers are401 words
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Article, Illustration313 2005-05-12 12 CHLOE CHOY - by CHLOE CHOY CONFECTIONER and fizzy drinks company Cadbury Schweppes, which officially opened its regional headquarters in Singapore yesterday, is seeking to expand its presence in regional markets including China, India, Thailand, Malaysia and the Philippines. Cadbury Schweppes, which sells in more313 words
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Article41 2005-05-12 12 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 Day41 words
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Article, Illustration321 2005-05-12 14 CAROLYN QUEK - By CAROLYN QUEK THE excitement ran high as close to 100 people gathered for Reuter's the Art of Seeing Exhibition and Charity Auction for some fierce bidding last evening at the Art House. Clad in business suits, the bidders were there for 30ARTHUR LEE - 321 words
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272 2005-05-12 14 JEAN CHUA - Agreement with IE S'pore to pave way for more business collaboration By JEAN CHUA THE World Bank is to help sell Singapore expertise to developing countries. The development bank has signed an agreement with International Enterprise Singapore to help promote business opportunities here to272 words
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414 2005-05-12 14 HSBC'S Alternative Fund Services has partnered a hedge fund association to launch a handbook that aims to ease Singapore professional investors' entry into hedge funds. The Hedge Fund Investor's Handbook is produced jointly with the Alternative Investment Management Association (Aima), and is aimed414 words
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286 2005-05-12 14 PRECISION engineering firm Inzign has received a $7 million fund injection from two venture capital firms, allowing the Singapore company to boost its manufacturing capabilities for its first pharmaceutical contract. The funds provided by Jafco Investment Asia Pacific and Rothschild Venture Asia will be286 words
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Page 12 Advertisements
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Advertisement17 2005-05-12 12 PIMCO Global Real Return Fund rated 5-star by Mercer Investment Consulting company regn.no I ***** I 09/17 words
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GLOBAL TRADER ROUNDTABLE
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Article, Illustration2360 2005-05-12 13 OVERVIEW TRADING today has evolved from the days of mere buying and selling to a more integrated approach where the trading firm now takes on more responsibilities and manages other supporting tasks in the trading value chain. And with globalisation, price is no longer an advantage for them.2,360 words
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Page 13 Advertisements
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Advertisement105 2005-05-12 13 ONLY FOR THOSE INTENT ON "v CREATING RIPPLES IN GLOBAL TRADE /TRADER The Future of International Trading, Today. SUMMIT X. 2005 Expand global networks with new partners. Gain insights to future trends. Tap into trade opportunities. The inaugural Global Trader Summit 2005 will bring together the international trading community f105 words
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Advertisement121 2005-05-12 13 Singapore has gained recognition as a reputable trade hub with a substantial pool of International players and efficient supporting trade infrastructure. Singapore!! offshore trading sector contributed about 1.7* to our GDP in 2004, and generated 555.3 billion of valueadded to the economy in terms of both direct and indirect contribution.121 words
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Advertisement1206 2005-05-12 14 I I i 1 p ,IJ POKKA CORPORATION (SINGAPORE) LIMITED. Company Registration No. *****0135E (Incorporated in Singapore with limited liability) r/f- NOTICE IS HEREBY GIVEN that the Annual General Meeting of Pokka Corporation (Singapore) Limited ('the Company') will be held at Room 1003, Level 10, NTUC Centre, 1 Marina Boulevard,1,206 words
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ECONOMY WATCH
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312 2005-05-12 15 AFP [BEIJING] The European Union does not want to impose safeguard measures to stem a rising tide of Chinese textile exports and instead hopes China will agree to voluntarily curb them, a senior EU diplomat said yesterday. "The situation created byAFP - 312 words
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421 2005-05-12 15 Yemen is latest hotspot as US$3.5b project gets ready Reuters [LONDON] Money is pouring into the liquefied natural gas (LNG) business in a global boom that began three years ago but shows no sign of peaking as gas demand soars, according to energyReuters - 421 words
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568 2005-05-12 15 But growth still expected as capital spending, hiring plans expand Bloomberg [WASHINGTON] US companies foresee slower revenue growth and higher prices this year than they did six months ago, a survey by the Institute for Supply Management showed yesterday. Manufacturers expectBloomberg - 568 words
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Article, Illustration543 2005-05-12 15 Different trading patterns mean little effect: analysts Reuters [TOKYO] The many speculators and investors buying the yen on a bet that it will rise if China relaxes the tight dollar peg on its currency may have the wrong idea. Whenever speculation hasReuters - 543 words
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265 2005-05-12 15 LATEST US DATA Reuters [WASHINGTON] The US trade deficit narrowed unexpectedly to US$55.O billion in March in the largest monthly drop in over three years, as exports rose to a new record and clothing and other imports from China declined, a USReuters - 265 words
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Advertisement21 2005-05-12 15 Restoration Consultation Professional Cleaning sikg> poi E 1 Nassim Road Singapore *****8 Tel: 6235 3343 www.theorientalist.com RI ENTALI ST WOVEN ART21 words
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REGION
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710 2005-05-12 16 S JAYASANKARAN - Announcement could come as early as tomorrow By S JAYASANKARAN in Kuala Lumpur SPECULATION is mounting that an unfinished RM2.6 billion (Ssl.l billion) Malaysian railway project may be reassigned to stateowned engineering and construction conglomerate United Engineers Malaysia (UEM) in a move710 words
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Article, Illustration518 2005-05-12 16 DANIEL BUENAS - That means Jammu and Kashmir, Pakistan PM says By DANIEL BUENAS [SINGAPORE] Progress in trade and economic relations between Pakistan and India will move "in tandem" with how well the two countries are able to resolve other outstanding issues, namely the disputeLALI FOOK KONG/ST - 518 words
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205 2005-05-12 16 [BEIJING] China will for the first time let financial institutions other than commercial banks sell bonds, as part of efforts to strengthen their capital and promote the nation's debt markets. Finance companies with capital equal to at least 10 per cent205 words
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245 2005-05-12 16 Reuters [JAKARTA] Indonesian prosecutors said yesterday that the chief executive officer and two other directors at the country's biggest lender, Bank Mandiri, were suspects in a multi-million-dollar loan probe. Suhandoyo, a spokesman for the Attorney General's office, told a news conference thatReuters - 245 words
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NOTE BOOK
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81 2005-05-12 16 Bloomberg [HONG KONG] Prudential Pic, the UK's second-biggest insurer, has replaced Beijing head Choo Sin Fook and closed two Beijing sales offices deemed illegal by China's insurance regulator. Mr Choo's replacement at the Beijing branch of Prudential's venture with China International Trust InvestmentBloomberg - 81 words
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141 2005-05-12 16 Reuters [HONG KONG] Finance Secretary Henry Tang said yesterday that Hong Kong has no plans to adjust its currency peg to the US dollar even if China revalues the yuan. Mr Tang told reporters during a visit to KualaReuters - 141 words
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79 2005-05-12 16 Reuters [KUALA LUMPUR] Malaysia's second-biggest lender, Commerce Asset-Holding Bhd, has reported a 44 per cent jump in first-quarter net profit yesterday, eclipsing the flat quarterly profit growth of its biggest rival. The bank reported net profit of RM318.3 million ($l3B million) for theReuters - 79 words
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63 2005-05-12 16 Reuters [HONG KONG] The Hong Kong stock exchange posted a fall in first-quarter net profit yesterday on lower investment income and as waning investor interest crimped trading volumes. Net profit slipped 22 per cent to HK5245.42 million (5551.9 million). The resultReuters - 63 words
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81 2005-05-12 16 Reuters [MUMBAI] Satyam Computer Services Ltd, India's fourth-biggest software services, has converted 26 million local shares into American Depository Shares (ADRs) at $21.5 each, in a deal worth $280 million. The pricing was at a 2.7 per cent discount to theReuters - 81 words
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ASIA-PACIFIC/WORLD
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Article, Illustration421 2005-05-12 17 Venture will tap into combined US$20 funds set aside for research Bloomberg [NEW YORK] The world's two largest carmakers, General Motors Corp and Toyota Motor Corp, plan to set up a venture in the US to build fuel-cell systems and engines to run vehiclesBloomberg; REUTERS - 421 words
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279 2005-05-12 17 Reuters [LONDON] Global bank HSBC is targeting increased sales of insurance and pensions to tap the need to fund retirement for the world's ageing population, the company said on Tuesday. The world's third-biggest bank makes about 10 per cent of its profitReuters - 279 words
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Article, Illustration734 2005-05-12 17 ANTHONY ROWLEY - ASIA INSIGHT ADB fears loss of multilateral spirit could hurt regional economies ANTHONY ROWLEY Tokyo Correspondent DOES Asia's increasing number of free trade agreements (FTAs) represent a system of parallel networks or a spaghetti bowl of crossed lines? The question has exercised the734 words
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299 2005-05-12 17 AP, Reuters [SYDNEY] The National Australia Bank will cut 4,200 jobs worldwide about 10.5 per cent of its global workforce over the next two years to reduce costs, the bank said yesterday. The country's biggest bank by assets, which already had plans toAP,; Reuters - 299 words
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458 2005-05-12 17 Reuters [SYDNEY] Rattoon Holdings, an Australian investment company backed by corporate raider Ron Brierley, has won the approval of its shareholders to buy as much as 15.9 per cent of privately-held gaming company Tattersall's Holdings. As Tattersall's prepares for a As2.lReuters - 458 words
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WORLD WATCH
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84 2005-05-12 17 Bloomberg [PARIS] The International Energy Agency (lEA), an adviser to 26 industrialised nations, cut its forecast for China's oil demand growth this year to 7.4 per cent as high oil prices curbed imports. The lEA revised its prediction for China's oil consumption toBloomberg - 84 words
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112 2005-05-12 17 AP [MELBOURNE] Australian beer and wine company Foster's won its takeover bid for rival Southcorp Ltd yesterday, a deal that will make it one of the world's largest alcoholic beverage companies. Foster's secured control over Southcorp when it convinced Portfolio Partners, a large institutionalAP - 112 words
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101 2005-05-12 17 Reuters [CHICAGO] Cisco Systems Inc on Tuesday posted a 16 per cent rise in quarterly profit on strong sales of Internet phone gear and new deals with phone and cable companies. Cisco forecast a rise in quarterly sales in line with WallReuters - 101 words
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106 2005-05-12 17 Bloomberg [LONDON] Intel Corp, the world's biggest computer-chip maker, increased its reported first-quarter profit by US$24 million after its tax bill was smaller than expected. Net income for the period was US$2.lB billion, or 35 US cents a share, compared with US$2.l5 billion,Bloomberg - 106 words
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89 2005-05-12 17 AP [LOS ANGELES] A federal jury found that a French company owned by billionaire Francois Pinault conspired to defraud California regulators as part of a scheme to take over failed insurer Executive Life. However, while ruling on the state's lawsuit, the jury on TuesdayAP - 89 words
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466 2005-05-12 17 Bloomberg [DUBAI] Dubai plans to sell shares in Nakheel property developer, the builder of the Palm Islands in the Persian Gulf, as record oil prices cause Middle Eastern stock markets to surge. England football players David Beckham and MichaelBloomberg - 466 words
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AVIATION
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380 2005-05-12 18 Attempt to set up joint venture budget carrier fails Bloomberg [HONG KONG] Virgin Blue Holdings, Australia's second largest carrier, ended talks to set up a budget carrier in Macau, a month after Patrick Corp gained control of the five-year-old airline. "We've participated inBloomberg - 380 words
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Article131 2005-05-12 18 Bloomberg [SEOUL] Korean Air Lines, the country's largest carrier, received a reprimand for overstating its 2003 assets by 72 billion won (Ssl 17 million). The Financial Supervisory Service said Korean Air will also have to use a designated accounting firm in 2006 to ensure there areBloomberg - 131 words
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198 2005-05-12 18 AFP [HANOI] Singapore investment company Temasek Holdings is reported to be taking a 30 per cent stake in Vietnam's Pacific Airlines for US$5O million, according to a Vietnam government document seen yesterday. According to the document from Prime Minister Phan Van Khai's office,AFP - 198 words
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Article, Illustration363 2005-05-12 18 Reuters [SHANGHAI] China Southern Airlines, China's largest carrier by fleet, said yesterday it had agreed to buy 45 Boeing Co jets, the latest big Asian order for the US aerospace giant. The order is worth at least US$2.6 billion at list prices, thoughReuters; AFP FILE PHOTO - 363 words
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223 2005-05-12 18 AP [MINNEAPOLIS] A Northwest Airlines DC-9 that had reported hydraulic problems collided with a Northwest Airbus on the ground at Minneapolis-St Paul International Airport, injuring six people. The accident happened shortly after 7.30 pm on Tuesday when the DC-9, landing from Columbus,AP - 223 words
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Advertisement104 2005-05-12 18 congratulate Air Sahara y on its inaugural flight to jgj PI Singapore on 12 May 200^! Ail Sa^aras P re^ service partners at Singapore Changi Airport, Singapore Airport Terminal Services (SATS) and SIA Engineering Company (SIAEC) are set to take OUr aynamiC Collatoration to greater keiglltB Deeply committe<l to Exceptional104 words
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SHIPPING
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366 2005-05-12 19 GEORGE JOSEPH - They are also worried about possibility of int'l terrorism in Malacca Strait By GEORGE JOSEPH [SINGAPORE] The biggest group of Asian shipowners has said that it's concerned that incidents of piracy and armed robbery against ships in the Malacca Strait have returned to "previous366 words
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Article, Illustration85 2005-05-12 19 Two US soldiers chatting with Indonesian counterparts during preparations for joint exercises at Laki Island, off the coast ofJakarta on Tuesday. US Navy Seals and Indonesian forces are practising anti-terrorism drills, including boarding ships and battling pirates, in a palm-fringed string of resort islands nearREUTERS - 85 words
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362 2005-05-12 19 Bloomberg [JAKARTA] Indonesia's navy will guard offshore crude oil and natural gas projects in the country's waters and the Malacca Strait from possible terrorist attacks and help ensure ships do not damage underwater pipelines. Kardaya Warnika, vice chairman of Indonesia'sBloomberg - 362 words
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671 2005-05-12 19 Analysts forecast 10% rise to US$180 million Bloomberg [SINGAPORE] Neptune Ori ent Lines (NOL), which operates Asia's second-larg-est container line, may report its ninth quarterly profit gain, as Asia's exports kept its containers full and allowed it to charge more for cargoBloomberg - 671 words
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Article299 2005-05-12 19 SGX '000 May 11 SS Vol CH Offshore .0.37 -0.01 383 Chuan Hup 0.74 unch 400 Cosco Corporation 1.81 -0.01 5481 CWT Distribution 0.64 unch 32 Ezra Hldqs 1-27 -0.03 171 Freight Unto 0.08 0.01 119 Grand Banks Yacht 0.91 -0.03 2 Java Holdings 1.06 unch 356 K1299 words
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Page 19 Advertisements
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Advertisement1460 2005-05-12 19 T^*erttecdHojl-freMBo^«^M22/&»aU^otices®sphxon^g^ ORCHARD SQUARE CAPITAL ASSETS LIMITED (Company Registration No.: *****7035R) (Incorporated in the Republic of Singapore) NOTICE OF RESULTS OF THE MEETING OF HOLDERS OF THE *****,000,000 SECURED RXED RATE SENIOR A BONDS DUE 2008 Trust Deed dated 29 August 2003 ("Trust Deed") Between Orchard Square Capital Assets Limited Orchard1,460 words
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EDITORIAL & OPINION
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522 2005-05-12 20 EDITORIAL THE debate over trade policy in Washington seems to be dominated these days by the growing US trade deficit with China at a rate more than six times greater than that between the United States and the rest of the world. Many US522 words
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Article, Illustration734 2005-05-12 20 ROBERT SAMUELSON - THE BOTTOM LINE ROBERT SAMUELSON Washington Post Writers Group EVERY two years, the US Congressional Budget Office (CBO) publishes a fact-filled report called Budget Options. This year's version is 343 pages, and flipping through it gives a quick tour of the federalWashington Post Writers Group - 734 words
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Article, Illustration745 2005-05-12 20 RINA CHANDRAN - Even as Kingfisher takes off, a dozen more players are priming for launch in next year or so By RINA CHANDRAN Reuters A DOG-FIGHT between Indian airlines is brewing with the launch of an airline named after a beer brand, and which featuresReuters; AFP - 745 words
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Article, Illustration1300 2005-05-12 21 NICOLE FUNG, STEVEN CAREY - Governments are building more complex rules to retain what they view as their fair share of profits a key tax issue faced by multinationals today By NICOLE FUNG, STEVEN CAREY Transfer pricing is a term used to describe all aspects of intercompany pricing arrangements betweenFILE PHOTO - 1,300 words
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Article643 2005-05-12 21 MICHAEL LEWIS - By MICHAEL LEWIS Bloomberg ONE of the side effects of living in Berkeley, California, is that people who know nothing about you but your place of residence presume to know your politics. Party politics is usually fairly low on the list of things IBloomberg - 643 words
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Page 21 Advertisements
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Advertisement492 2005-05-12 21 Notices V POKKA POKKA CORPORATION (SINGAPORE) LIMITED (Incorporated in the Republic of Singapore) Company Registration Number *****0135E NOTICE OF EXTRAORDINARY GENERAL MEETING NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of Pokka Corporation (Singapore) Limited (the "Company") will be held at Room 1003, Level 10. NTUC Centre, 1 Marina492 words
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Page 21 Miscellaneous
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Miscellaneous368 2005-05-12 21 CRYPTIC CROSSWORD ACROSS 5 Anger in doctor getting 1 Recherche word for "fog" (7) bogged down (5) 5 Organised crew and got on 6 K fP f esh at f,rst In northern (7) c«ty (9) 9 Resisted, and sat on work (7) 7 Ape man fighting to be heard 10368 words
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Article2434 2005-05-12 22 SGX XTRANET 52 WV Tal Last Vat Day Last Quota GrOrv Div GrVM Nat MCap High Low Coda Company Sate W- COOP) Htfi Low luyar Safcf Cw Wt tnS ********** 6065 Diamonds US*****cd 6095 ISDJUSTeth US3740 6097 IS M5CI Spore US555 6101 ISS4P500 US8270 6170 SPDRS US***** 22102,434 words
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Article3457 2005-05-12 23 FINANCE COMMODITIES MORGAN STANLEY CAPITAL INTERNATIONAL INDICES la tool van to SS KIKS dy %r *y **y M»>w indw Chmqu Om<g* Chtrf Chtnga Owy WWW Index Preliminary 8420 -a? 13 -06 12 -06 -29 i WEPretiminaiv j» -OS YjB -03 -20 -03 -U Europe Preliminary IBM -06 19 -04 -U3,457 words
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Advertisement1718 2005-05-12 24 I IMPORT I NORTH AMERICA l[~|| AUSTRALIA/NEW ZEALAND 1 SUPER SHUTTLE EXPRESS (SSX) |AUBTRAUA ASIA EXPRESS (AAX) VESSEL VOT IMi I SYD IMaI AM R! I SIN IKG Z! 22 22 22 M/ «s 04/05 ~/<« API JAKARTA 17N 07/0$ Of/OS 11/05 IJ/0S 17/0$ 22/0$ 24/0$ OOQ ROTTERDAM 11 WW1,718 words
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Advertisement782 2005-05-12 24 IINWRASIA RORO SERVICE VBSa/VOT Mlfom HBGHKM) KG WJ UJ W *T straits express 39 30 4.25 23/04 25/04 27/04 STRAITS VENTURE Of/OS IS 3.2 22/04 04/05 06/05 08/05 STRAITS VENTURE 10/05 IS 3.2 10/05 12/05 I I IAUSTRAUAN RORO SERVICE I VBSa/VOY I RAMftKT) IHBGHTBWI IP SM IT IRI STD782 words
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Advertisement1060 2005-05-12 25 MOL Combine CT a rang* of shipping modes to ensure timely, reliable services covering major ports in Norm America, Europe, Japan, Asia, Africa Oceania. Also Mccift htre-Asla Cepis tes lUSAN KWANGYANG SHANGHAI YAMTIAH XUMM QMGMO KUWAIT/ JAKARTA SUIAIAYA KAOHSIUHG lAMCKOK LAW QWAMO IKKHMIIMit PASBt 6UDANG PBUNG HIT ttLAM6 For Schedules,1,060 words
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Advertisement1143 2005-05-12 25 VESSEL VOY SRP 1 PKG ISngatf I ami 17 a i»a 7qa |T~ KWh ftftlbGt 086 a ~WT if/5 GOLDEN TRADE 507N I 24/5 I 25/5 27/5 MMM WA ZMI 28/5~ IKUO LUNG ItllOM I 31/S I 1/t I 3/6 I I PtKTH BKIDGE 081 A 2/6 4/6 Coing HKG1,143 words
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Advertisement780 2005-05-12 25 m aaas&< WEEKLY EXPRESS SAILING SCHEDULE I ALSO ACCEPTING TO ALL NORTHERN AND WESTERN ICQ POINTS] VESSEL VOT I SIM PJOANGI COLOWBQI N. SHEVA I COLOMBO I II I I I I I I ALSO ACCPTMG KL TO COCHIN, TUTKORIN (VIA COLOMBO) AND KANDLA I GOAI (VIA N SHEVA) CONNECTING780 words
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Advertisement777 2005-05-12 26 MjCJI# WALLENIUS WILHELMSEN website: http://www.2wglobol.com YlSSii "VOY RAMP HEIGHT SIM LM ~MAO~ HOU# Ml* SAY »ti ~Wf~ NYC ~NIW MOt TARAGO AFSI2 320TMS MM 16/05 08/06 17/06 21/06 2S/06 23/06 TAMERLANE AFSIS 320T0m 6.4 M 10/06 01/07 10/07 14/07 11/07 16/07 TAIKO Afsl6 420 Tens 6.4 M 20/06 12/07 21/07777 words
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Advertisement1339 2005-05-12 26 YISSIL VOY SIM PCU JtBSB YQX SD U W«_ ajffiU iiS IS/" -ii^— PAC BANDA 1469W 14/05 15/05 Mf mmM Z2QS \SM 22/02 PACIANDA 1470H 15/05 It/05 CSF 2301 0120P 15/05 16/05 PACIANDA 1471 M 17/05 17/05 VKSa M SJH DJ« CSf23Ol 0121P 17/05 11/B" Ug ISZJS gZfi|_ PACIANDA 1472N1,339 words
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Advertisement612 2005-05-12 26 BSA x MYANMA ■H FIVE STAR LINE (Myanmar National Um) Loading for Yangon VESSEL VOY SIN Pll KN PGU PAGAN 346* 13/05 HPA-AN 337W SU> IN MALAYSIA: IOUSTEAD SHIPPING AGENCIES KUI/PKU 03-*****388 PIN: 04-*****1S ACCEPTING CONVENTIONAL CBO VESSEL VOY HRG SIN PGU PKI KUC JACARANDA ACI 109 SU> SLD SID612 words
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THE BUSINESS TIMES SHIPPING TIMES
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Advertisement3847 2005-05-12 28 tis^alHoU-freM80<^8^82^n£gtailMioUces®sghxonKs^ q-Up RANK Sm |jg| V. UFlll UAII!/ Head offiCe: one Wa Street NeW Y rk NY *****, US A Oj NEW YORK* Singapore Branch: One Temasek Avenue, #02-01 Millenia Tower, Singapore *****2 For the years ended CONSOLIDATED BALANCE SHEETS December 31, CONSOLIDATED STATEMENTS OF INCOME December 31, (Dollars in3,847 words
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Advertisement108 2005-05-12 28 THE COMPANIES ACT, CAP. 50 GLOBAL ONE COMMUNICATIONS PTE LTD (In Members' Voluntary Liquidation) FINAL MEETING NOTICE IS HEREBY GIVEN THAT the Final Meeting of the Members of the abovenamed Company will be held at Gatwickstraat 21-23,1043 GL Amsterdam, The Netherlands on the 13th day of June 2005 at 9.00108 words
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Advertisement53 2005-05-12 28 n't r J b in-4-L FIND r THE ONES i THAT FIT! C Recruittberight I people through p P- The Strafts Times Recruit J[ CaN 1800 289 8822 or email J recruit9sph.com.sg i to advertised- C) L M -n. v i i /N v rnTsmrn Ufl&ain Jll u J i53 words
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BizIT
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518 2005-05-12 29 RAJU CHELLAM - S'pore partners private sector to develop high-speed computing initiatives, reports RAJU CHELLAM RAJU CHELLAM HE Infocomm Development Authority (IDA) of Singapore has teamed up with Oracle Singapore, Sun Microsystems and Dell Singapore to set up the region's first "Enterprise-g Centre"518 words
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342 2005-05-12 29 Reuters [SHANGHAI] Microsoft Corp said it would form two new ventures for its MSN Internet service in China, becoming the latest player to expand in the crowded market. The deals will allow Microsoft to offer "the full gamut of aReuters - 342 words
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Article, Illustration422 2005-05-12 29 ROLAND LIM - By ROLAND LIM RESEARCHERS at the Institute of Materials Research and Engineering (Imre) have invented unforgeable tags developed with nanotechnology, where each of the tags has unique identifiable characteristics and yet are cheap to produce. Adrian Burden, one of the inventors, explained that the unique identifiableLIANHE ZAOBAO - 422 words
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280 2005-05-12 29 Bloomberg [HONG KONG] Samsung Electronics, the world's No 1 maker of memory chips, forecast global sales of the product will drop for a second year in 2006 on lower prices. Revenue from DRAM (dynamic random access memory) is poised to shrink 12 per centBloomberg - 280 words
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193 2005-05-12 29 Bloomberg [AMSTERDAM] Royal Philips Electronics, Europe's No 3 maker of semiconductors, says it plans to sell part of its holding in TSMC (Taiwan Semiconductor Manufacturing Co), the world's No 1 supplier of made-to-order chips. TSMC has approved swapping as many asBloomberg - 193 words
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552 2005-05-12 29 AMIT ROY CHOUDHURY - B2B service to ease buyer-seller contacts By AMIT ROY CHOUDHURY SINGAPORE-BASED Exporters.SG, a business online platform for worldwide transactions and networking, has become one of the first Web-based business exchanges in the world to offer business-to-business (B2B) voice interaction, allowing free Internet-based calls to its members.552 words
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Article, Illustration296 2005-05-12 29 Bloomberg [SAN FRANCISCO] Yahoo Inc slated a new subscription music service for launch yesterday that would compete with Apple Computer and Real Networks Inc. A test version of the service will offer access to more than 1 million songs that can be transferred to portableBloomberg; BLOOMBERG - 296 words
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Advertisement13 2005-05-12 29 First global grid computing index puts S'pore, Malaysia and Thailand near the top.13 words
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PROPERTY
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Article, Illustration814 2005-05-12 30 SHOEB KAGDA - Summarecon Agung wants to emulate S'pore, HK property successes in creating communities around key developments, reports SHOEB KAGDA SHOEB KAGDA HAVING seen how cities such as Singapore and Hong Kong have created vibrant communities built around key property developments, Summarecon Agung intends to bring the same814 words
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856 2005-05-12 30 Liquid property market lack of a tax edge among reasons cited Bloomberg IHONG KONG] Hong Kong's introduction of rules meant to encourage property owners to sell real estate investment trusts probably will not entice any of the city's big developers, said investors, property companyBloomberg - 856 words
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Article, Illustration552 2005-05-12 32 ARTHUR SIM - ARTHUR SIM finds out which buildings, developers and architects score well at the annual awards ARTHUR SIM CITY Developments Ltd (CityDev) yesterday swept 14 of the 46 prizes awarded by the Building and Construction Authority (BCA) when it announced the winners of its annual552 words
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1524 2005-05-12 32 PROJECT NAME/ PROP CONTRACT TENURE BUIII-WIAND PRICE PSF STREET NAME TYPE DATE AREA*(SQ FI) (S$ 000) (S$) District 1 NON-LANDS) The Sail At Marina Bay Apt 12/04/05 99 689 790 1147 The Sail At Mama Bay Apt 11/04/05 99 8831,524 words
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Advertisement243 2005-05-12 30 Join our practical and highly effective II J£ Speedreading Course and I earn to read and absorb information in less than half the time you take now (Majority of participants improve their effective reading speed by more than 3 times). Results proven in schools and organisations like DBS, HSE3C, HDES,243 words
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Advertisement93 2005-05-12 30 Bp No 35 Leettori Road, Singapore *****2 Site Area: 4,0803 square metres* Tenure :Freehotd This is a rare opportunity of developing exclusive bungalows in the classy residential district of Leedon. A limited edition GCB gem. The property is to be sold with an existing tenancy. Tender Closing Date: 28th June93 words
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Advertisement19 2005-05-12 30 Releasing a financial statement? Call 1800 289 8822 or email notices@sph.com.sg to book your advertisement in our newspapers now.19 words
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Advertisement208 2005-05-12 31 <wf Mnil J£r?\ HUb\ fjja m P| kg H EDi fflilißßll%iri3^^^^M^Hß^l i^^WpBWP!M SIfiBL -mi iiiß :^WßliHE3fl|^^K^BS Win PHI u BLII-I^IB i Mnmafl n B^^MTOiTTTBWIIHffH^^BB^M ns|w v 'it ill psSßp nHH^^HHI^HI^H m^UI B: i I e|sp HTOig^" If Jl I 111 i iiiii mMBBS^^^^BB^B^BIM^^M 3 H||^wupypi9^ BBBiW IH w AV^BnlHfl^^MiM^^^^^^^B KfPP£208 words
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Advertisement112 2005-05-12 32 Got the right home? Now get the right home loan. CT r.. wr K [Hbllißnin Buying a house in Singapore is a heavy investment However, you can still have the freedom to live life the way you want, with HSBC home loans. Enjoy these benefits when you take up an112 words
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