The Business Times, 22 June 2005

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Total Pages: 30
1 30 The Business Times
  • 14 1 THE BUSINESS TIMES SINGAPORE SSrc&fs online at http://business-times.asial.com.sg MICA (P) 089/03/2005 Wednesday, June 22,2005
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  • 581 1  -  By CHUANG PECK MING [SINGAPORE] Asia and the Middle East are like old friends, with links that go back to ancient time. And Senior Minister Goh Chok Tong believes it's time the old friends after colonialism and the Cold War
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  • 599 1  -  Partners plan to use integrated resort to showcase Singapore to the world By ALEXANDRA HO [SINGAPORE] To boost its chances of winning a concession for an integrated resort (IR) with a casino. Australian gaming company Tabcorp Holdings has roped in the world's
    WONG KWAI CHOW/ST  -  599 words
  • 139 1 sn 2,196.64 (-0.74) H ST INDEX FUTURES ■i 2.198.00 (unch) siMsa 261.15 (-035) SIMSa FUTURES ***** (-0.40) MARKETS Tuesday Change KLSECOMP 896.31 -0.44 NIKKEI 225 11,488.74 +5.39 HANG SENG 13,979.35 +33.58 SET INDEX 689.64 +9.96 JAKARTACOMP 1,133.326 -14.384 MANILA COMP 1,954.09 -50.62 SEOUL COMP 989.99 -4.66 SHENZHEN B
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  • Page 1 Advertisements

  • TOP STORIES
    • 463 2  -  UOB, OCBC, DBS replacing compromised cards and informing customers By UMA SHANKARI [SINGAPORE] All three of Singapore's biggest credit card issuers were affected by the security breach at United States-based credit card processing company Card Systems Solutions &st week, it has now emerged.
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    • 391 2 {SINGAPORE] Acclaimed American architect Daniel Libeskind may be designing more than an integrated resort for Keppel Land if plans for a new condominium at Telok Blangah are approved. Sources say Mr Libeskind has already come up with a design concept for the site, which
      391 words
    • 676 2  - IR architects rivals in S'pore, partners in Italy By ARTHUR SIM [SINGAPORE] The race to design the integrated resort at Marina Bayfront has just got more interesting, with architect Arata Isozaki revealing that his closest rivals Daniel Libeskind and Zaha Hadid are also his close collaborators on a major project
      YASUHIRO ISHIMOTO; ARTHUR LEE  -  676 words
    • 78 2 IN "Sesdaq takes 2nd spot in drawing new listings" (BT, June 20), we reported that Sesdaq ranked second in 2004 among the world's new markets in attracting new listings. Grant Thornton International, the author of the study, has pointed out that Sesdaq, with 33 new listings, was in third
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    • 798 2 Khoo sisters' legal fees could have hit $2m TWO daughters of the late tycoon Khoo Teck Puat —Jacqueline and Elizabeth could have chalked up legal fees of $2 million, far in excels of the $500,000 in fines they paid after pleading guilty to charges of corporate misdemeanour relating
      798 words
    • 489 3  -  Siblings were fined $500 .000 for corporate misdemeanour By WONG WEI KONG [SINGAPORE! Two daughters of the late tycoon Khoo Teck Puat Jacqueline and Elizabeth could have chalked up legal fees of $2 million, far in excess of the $500,000 in fines they
      FILE PHOTO  -  489 words
    • 578 3 AP [NEW YORK] Crude prices eased off their record highs yesterday, but stayed close to the US$6O threshold on persistent global supply fears as the market once more brushed aside another pledge by the Organisation of Petroleum Exporting Countries (Opec) to add
      AP  -  578 words
  • Page 2 Advertisements
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  • Page 3 Advertisements
    • 49 3 For more information, visit your local Jaguar dealer or go to www.jaguar.com SINGAPORE Malayan Motors, 45 Leng Kee Road, Singapore *****3. Tel:(6s) 6378 2662, (65) 6378 2626, (65) 6378 2627; Fax:(6s) 6474 0853 Parts and specifications of actual model available in Singapore may differ slightly from the above depiction.
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  • COMPANY NEWS
    • 662 4  -  Indian govt to let Singapore banks do business like domestic banks By JEAN CHUA THE three Singapore banks DBS, UOB and OCBC welcome the move by New Delhi to open the huge Indian market to them and are exploring investments that will complement
      AFP  -  662 words
    • 472 4  -  It continues move to focus on core IT businesses By RAJU CHELLAM MAINBOARD-LISTED Singapore Computer Systems (SCS), which recently saw a change in its top management, has continued to offload its non-core businesses. SCS yesterday said it had sold its 36.4 per
      472 words
    • 332 4  -  By JOSEPHINE TAY INVESTORS snapped up shares of SembCorp Marine yesterday on news it won two contracts totalling more than US$9OO million. SembCorp Marine, which announced on Monday that its wholly owned subsidiary Jurong Shipyard has won its biggestever contract worth US$7BO million, said yesterday morning
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    • 727 4  -  HOCK LOCK SIEW By JOYCE KOH THE eventual end of China Aviation Oil's monopoly in buying jet fuel for the national airlines might not be a devastating blow for the company, according to analysts. Creditors of the debt-laden company would appear to
      727 words
    • 588 5  -  It'll pay US$155m for parent AFP's China-based oilseed operations By VEN SREENIVASAN IN an effort to diversify its markets, mainboard-listed palm oil producer Golden Agri-Resources (GAR) is buying the China-based oilseed operations of its parent Asia Food Properties (AFP) for US$l55 million. GAR,
      FILE PHOTO  -  588 words
  • Page 4 Advertisements
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  • Page 5 Advertisements
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  • SINGAPORE MARKETS
    • 883 6  -  CURRENCIES Euro hit by triple whammy, and several Asian units by record oil prices LARRY WEE Senior Correspondent THE US dollar is again exploring higher territory after a downside correction of sorts over the past week not that it has suddenly got something significantly
      883 words
    • TRADES TO WATCH
      • 394 6 SEE Hoy Chan Equities, a substantial shareholder in China Petrotech Holdings, continues to raise its stake in the mainboard-listed company. The privately-held investment firm bought three million shares on Monday through a married deal. This raised its stake from 11.45
        394 words
      • 96 6  -  Compiled by AMIT ROY CHOUDHURY RICH Life Holdings has further raised its stake in food, healthcare and education services provider PSC Corporation this time from 23.02 per cent to 23.20 per cent through a series of open market purchases on Thursday last
        96 words
    • Article, Illustration
      435 6 OTHER SINGAPORE INDICES Jun21 VALUE CLOSE BT OB/OS 19.00 -166.00 BTCADI -*****.00 +6.00 BT 10-day MA -*****.00 +2.00 All-SG Equities 561.50 +0.06 SG Equities Elect 137.80 +0.97 SG Equities Fin 1562.18 -2.12 SG Equities Prop 562.13 +5.09 SIMSCI 261.15 -0.35 SiMSCI Futures 261.50 -0.40 MOST ACTIVE STOCKS VOLUME UniFiber 10c
      435 words
    • 262 6  -  Compiled by JOYCE KOH S'pore Petroleum Company June 21 close: $4.86 DBS VICKERS RESEARCH, June 21 SPC's IQOS net profit was 74 per cent higher year-on-year on the back of volume and margin expansion. With healthy refining margins, we expect firm 2Q05 results. We also anticipate 2H05 refining
      262 words
    • 400 6  -  STOCKS R SIVANITHY Senior Correspondent IT'S a classic "trading market" we find ourselves in, where movements are mainly intraday and prices are unable to break out of narrow ranges without the aid of a big-name broking report or the efforts of house traders. Record high
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    • 317 6  -  CHART POINT By Yeo Kee Yan, chartist at Kelive Research WE take the view that half-year window dressing will continue to support the STI at 2,184. As per our column last week, the best portfolio strategy under this view is still
      Source: Kelve Research  -  317 words

  • Page 7 Advertisements
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  • COMPANY NEWS
    • 710 8  -  PROPERTY DEALS Offer made by joint venture of Guthrie, Lee Kim Tah, German fund By KALPANA RASHIWALA A JOINT venture partly owned by Guthrie and Lee Kim Tah yesterday placed an aggressive bid of $415 million or $329 per square
      710 words
    • 259 8  -  By WONG WEI KONG THE chief executive of Linair Technologies, who is facing an investigation, has stepped down from his position, the company said yesterday. Tommy Oh also resigned from the board as executive director. However, Linair said Mr Oh would be appointed director for
      259 words
    • 547 8  -  Deal will stretch Kulim's financial resources: analysts By PAULINE NG in Kuala Lumpur NEWS that Kulim Malaysia could emerge as the new controlling shareholder of fast-food operator KFC Holdings Malaysia appears to be not finger-licking good to the investors
      547 words
    • 432 8 Share proceeds will be invested in Asia-Pacific assets Bloomberg TEMASEK Holdings plans to sell shares in a real estate investment trust next month through its property unit. The unit, Mapletree Logistics Trust, owns ***** million of Singapore warehouse and other properties,
      Bloomberg  -  432 words
    • 361 8  -  By AMIT ROY CHOUDHURY SESDAQ-LISTED CNA Group through an associate company has struck an alliance with an American company to pursue projects in the US and Asia. The strategic deal was made between TSD-CNA, a 50 per cent-owned associate of CNA, and
      361 words
    • COMPANY BRIEFS
      • 116 8 VT Halter Marine Inc, the US operations of Singapore Technologies Marine (ST Marine), has signed a US$16.3 million contract to build a catamaran lift barge for Washington Group International (WGI) and WGl's joint venture partner, the Alberici Group. ST Marine is the marine
        116 words
      • 89 8 ISETAN (Singapore) Ltd has invested about US$1.2 million, which represents 45 per cent in the paid-up capital, in Jinan Isetan Co Ltd. The balance 55 per cent will be invested by Isetan Co Ltd Japan. Isetan (Singapore) had announced in May that it planned
        89 words
      • 62 8 MEDIA Asia Entertainment Group Ltd said yesterday that its 60 per cent-owned subsidiary, Media Asia Consumer Products, has been dissolved in accordance with the laws of the British Virgin Islands. The subsidiary had been a dormant company since 2001 and the dissolution will have
        62 words
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  • SINGAPORE NEWS
    • 648 9  -  ASIA-MIDDLE EAST DIALOGUE Tharman sees scope for cooperation with M-E, Asian financial centres By NANDE KHIN SINGAPORE cannot be a complete financial centre for the Middle East on its own and therefore needs to cooperate with other financial
      FILE PHOTO  -  648 words
    • 393 9  -  By JEAN CHUA RENEWING ties between Asia and the Middle East is more important now than ever as the regions the fastest growing in the world go through economic and social changes, and working together will result in greater trade and
      393 words
    • 288 9 FOREIGN Affairs Minister George Yeo will be visiting Aceh tomorrow to break ground for a $6.4 million pier project sponsored by the government, Temasek Holdings, and the Singapore Red Cross Society. The new pier is part of the Singapore government's US$lO million assistance
      288 words
    • 534 10  -  Keen contest expected with most insurers indicating interest in plans By GENEVIEVE CUA THE race is on for a slice of the Central Provident Fund's health insurance portfolio, as the CPF Board and the Health Ministry yesterday launched an open tender for privatising
      534 words
    • 314 10  -  By WEE LI-EN CREDIT cardholders now need not fret over a lost or stolen wallet or handbag while travelling abroad, as a result of a new insurance scheme. Rather than calling up each issuer to cancel their cards to prevent fraudulent use,
      314 words
    • 268 10 SUCCESSFUL local and overseas franchisors based in Singapore will now receive due recognition with the inaugural FLA Awards launched yesterday. The award will be handed out by the Franchising Association of Singapore (FLA) in September, and it is the first of its kind to
      268 words
    • 236 10 FOURTEEN new faces have just joined the Feedback Supervisory Panel to help set direction and priorities for the Feedback Unit of Singapore, The panel, comprising Members of Parliament and representatives from the private and public sector, will see 12 of its existing members stepping
      236 words
    • 468 10  -  By ARTHUR SIM ANOTHER two major shopping malls in the Orchard Road belt are planning to update parts of their retail approach. Raffles City Shopping Centre is to revamp its Basement One food and supermarket level. Takashimaya Shopping Centre has already completed its small-scale
      468 words
    • 330 10  -  By UMA SHANKARI s IN a move to encourage Singapore companies to expand their overseas business, IE Singapore yesterday unveiled details of its new $6 million budget to help companies defray part of the cost of taking part in missions and fairs organised
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    • NEWS ROUNDUP
      • 79 10 NATIONAL University of Singapore (NUS) Business School has appointed Professor Christopher Earley as its new dean. His three-year term started on June 1. Succeeding former acting dean Prof Lim Chin, Prof Earley has a PhD in industrial and organisational psychology, and has served as
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      • 111 10 MINISTER-in-charge of Muslim Affairs and Minister for the Environment and Water Resources, DrYaacob Ibrahim, will leave for Saudi Arabia today to arrange for Singapore pilgrims to visit Mecca. At the annual Haj Ministerial Meeting in Jeddah, Dr Yaacob will discuss arrangements with Saudi Minister for
        111 words
      • 71 10 INSURANCE veteran and a former director of the Monetary Authority of Singapore, Tan Hak Leh, has joined Great Eastern Life. Mr Tan, former MAS director of the insurance supervision department, will join GE as its managing director in charge of customer management from July
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  • Page 9 Advertisements
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  • Page 10 Advertisements
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  • ECONOMY WATCH
    • 453 11 Moves include new forum to streamline duplicative rules on transatlantic trade Reuters [WASHINGTON] The United States and the European Union are responding to increased competition from other countries by boosting economic ties and cracking down on the growing world trade in fake
      Reuters; AFP  -  453 words
    • 385 11 Investors may lose appetite for US assets in long term Reuters [OTTAWA] The US current account deficit and surpluses elsewhere imply capital movements that cannot be sustained in the long term, and investors might one day lose their appetite for US assets, the head
      Reuters  -  385 words
    • 517 11 Reuters [MUMBAI/NEW DELHI] A weak start to India's annual June-September monsoon is keeping millions of farmers and investors on edge in the summer heat, but economists say the influence of the rains on overall economic growth is waning. India's attention to its
      Reuters; AP  -  517 words
    • 311 11 Bloomberg [MOSCOW] Russia's economy grew an annual 5.2 per cent in the first three months of the year, the slowest rate in almost three years, as oil production sputtered and investment declined. The increase in gross domestic product (GDP) compares with an annual 6.7
      Bloomberg  -  311 words
    • 577 11 Reuters [LONDON] Many oil exporting states, which have so far been prudent with windfall gains from a seemingly endless boom, must resist temptation to fritter away a vital reform chance offered by soaring oil prices, analysts say. Across the oil exporting world, economic
      Reuters  -  577 words
    • 377 11 Bloomberg [BOISE, Idaho] Berkshire Hathaway Inc chairman Warren Buffett said the US dollar's rally this year against major currencies hasn't changed his view that the growinjg US trade deficit will cause the currency to decline over time. "There's no change in the
      Bloomberg  -  377 words
  • Page 11 Advertisements
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  • MALAYSIA/INDONESIA
    • 611 12  -  Pertamina's stockpile of petrol, diesel will only last up to 14 days By SHOEB KAGDA in Jakarta WITH long fuel lines starting to snake outside petrol stations and large swathes of Java and Bali facing daily brownouts, the Indonesian government is doing its best
      AFP  -  611 words
    • 4 12
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    • 396 12  -  By S JAYASANKARAN in Kuala Lumpur ALMOST unnoticed. Malaysia's second-busiest container terminal Westport has emerged as an extremely profitable entity in its own right. In the process, the pri-vately-owned por{ ma y have become too expensive a target for predators like Northport, Westport's other half
      396 words
    • 361 12 [JAKARTA] The government-sponsored interdepartmental corruption eradication team is intensifying its investigation into corruption allegations at state telecommunication company PT Telkom, following initial evidence of graft allegedly committed by the company's management, the Jakarta Post reported yesterday. The team's coordinator and the attorney-general's deputy
      361 words
    • NOTE BOOK
      • 89 12 AFP [HONG KONG] Some 10,500 people, including journalists from Asia, Europe and the Americas have signed a petition urging Chinese President Hu Jintao to set free Straits Times journalist Ching Cheong, who is now under house arrest in China on spying charges. He was
        AFP  -  89 words
      • 97 12 Reuters [LONDON] Swiss bank ÜBS is in talks to buy a stake in Bank of China in a deal which could boost its chances of securing an advisory role in BoC's overseas listing, the Financial Times reported on Monday. The newspaper said ÜBS
        Reuters  -  97 words
      • 81 12 Reuters [SEOUL] South Korea's Hyundai Motor Co agreed yesterday to set up a US$l.24 billion commercial vehicle joint venture with China's Guangzhou Auto Group, joining its global rivals to target the world's third-biggest vehicle market. Hyundai's expansion drive is aimed at helping the country's top
        Reuters  -  81 words
      • 76 12 AP [HONG KONG] China's first privately-owned bank, Minsheng Banking Corp, has postponed a US$BOO million H-share listing here due to unfavourable market conditions. The bank's H-share listing application had been heard by the Hong Kong stock exchange on June 2 and due to current market conditions the
        AP  -  76 words
      • 74 12 AP [PUTRAJAYA, Malaysia! An international Islamic mega-bank capitalised at US$l billion will be launched next year as the Muslim world's answer to Western banking giants, a senior industry official said yesterday. Shareholders comprising the Islamic Development Bank, the financial arm of the 57-member Organisation of
        AP  -  74 words

  • GREATER CHINA/INDIA
    • 884 13 CHINA BIDS Offer will top rival Chevron's by 10%, but US company may counter-bid Bloomberg. Reuters [HONG KONG] CNOOC Ltd, China's largest offshore oil and gas producer, may bid about US$2O billion in cash for Unocal Corp, the eighthbiggest US oil company, trumping
      Bloomberg.; Reuters; Photo: AP  -  884 words
    • 472 13 Reuters [SHANGHAI] Top Chinese appliance maker Haier and private equity giants Bain and Blackstone have bid US$l.2B billion for Maytag Corp, trumping Ripplewood's offer for the ailing US corporation. Haier's global ambitions would be boosted with the addition of Maytag, the maker
      Reuters  -  472 words
    • 568 13 Reuters [BANGALORE] Anil Ambani, who has pitched himself as the underdog in a fraternal feud splitting India's biggest private business group, has emerged from his brother's shadow with ambitious plans to expand his share of the Reliance empire. Under a deal
      Reuters  -  568 words
    • 515 13 Reuters [HONGKONG/BEIJING] Industrial and Commercial Bank of China's (ICBC) sale of 450 billion yuan (5591.3 billion) in bad loans has been delayed, industry officials said yesterday, casting a shadow on the bank's pre-IPO restructuring. The auction of the bad loans to the country's
      Reuters  -  515 words
    • 388 13 AP. Bloomberg [BEIJING] China has announced new limits on its surging textile exports in a bid to ease tensions with the United States and Europe over a flood of low-priced Chinese textiles into foreign markets. The rules limiting each Chinese textile producer's sales
      AP.; Bloomberg  -  388 words
    • 233 13 Bloomberg [BEIJING] China's State Council, the nation's top de-cision-making body, has endorsed Donald Tsang as Hong Kong's next chief executive, state-run China Central Television reported. Mr Tsang ran unopposed last week for Hong Kong's top job. He was endorsed by 674 of a
      Bloomberg; AFP  -  233 words

  • ASIA-PACIFIC/WORLD
    • 831 14 Judge raps them for 'one of the largest frauds in corporate history' LAT-WP. AP [NEW YORK] Adelphia Communications Corp founder John Rigas was sentenced on Monday to 15 years in prison and his son Timothy, the company's CFO, was sentenced
      LAT-WP.; AP  -  831 words
    • 651 14 AP [SAN FRANCISCO] Hoping to build upon the power of its Internet search engine, Google Inc is believed to be developing an online payment system that would pose a stiff challenge to online auctioneer eßay Inc's industry-dominating PayPal service. Analysts, merchants
      AP; Photo: Reuters; Source: Bloomberg  -  651 words
    • 552 14 Bloomberg [NEW YORK] After a nine-year absence, ocean-liner travel has regained a berth at Christie's International in New York. For the first time since 1996, Christie's will hold a large auction of ocean-liner items such as Art Deco glass panels from the
      Bloomberg  -  552 words
    • 566 14  -  By NEIL BEHRMANN in London HEDGE fund closures in the US, Europe and Asia are expected to increase as under-performing managers face withdrawals from disenchanted investors. The closure of Aman Capital Global Fund, Singapore's biggest hedge fund, has been matched by even higher
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    • 387 14 AFP [PARIS] The worldwide appetite for buying property, whether in Paris, Los Angeles. or Bangkok, is feeding a price bubble that could burst, causing havoc in national economies and a financial meltdown for heavily indebted home owners. Real estate purchases have flourished with the ample
      AFP  -  387 words

  • WORLD
    • 472 15  -  He also warns against writing off the 'Big Three' US carmakers By ANTHONY ROWLEY in Tokyo SUSTAINED high oil prices are likely to change the nature of the global motor market over time, with large and luxury cars giving way in popularity to
      472 words
    • WORLD WATCH
      • 85 15 Bloomberg (LOS ANGELES] Carlyle Group and Extell Development Co agreed to buy three apartment buildings and a tract of land on Manhattan's Upper West Side from a group of Hong Kong investors and Donald Trump for US$l.76 billion. The buildings, which consist of
        Bloomberg  -  85 words
      • 116 15 Reuters [ROME] Italian insurer Unipol is studying the possibility of raising four billion euros (SsB.l billion) to finance a counter-bid for Banca Nazionale del Lavoro (BNL), sources told Reuters on Monday. BNL, Italy's sixth largest bank by assets, is already subject
        Reuters  -  116 words
      • 162 15 Barnes Noble sees record sales for new Harry Potter AP [NEW YORK] Barnes Noble, Inc announced on Monday that pre-orders for Harry Potter and the Half-Blood Prince have topped 750,000 copies, well ahead of the pace of the last Potter book, which came out two years ago. "The Harry Potter
        AP  -  162 words
      • 141 15 Bloomberg [SEOUL] Hana Bank, South Korea's fourth-largest lender, denied a report it's in talks to sell a 50 per cent stake in its asset management venture to Allianz AG. The Seoul Economic Daily said Hana didn't need Hana Allianz
        Bloomberg  -  141 words
      • 159 15 Reuters [NEW YORK] British bank HSBC Holdings pic said on Monday it will let US customers transfer money around the world for free as competition for cross-border cash transfers grows, especially to I.a tin America. The offer will focus on the
        Reuters  -  159 words
      • 157 15 AP [SEOUL] North and South Korea worked toward easing decades of discord yesterday, with a high-level North Korean delegation arriving for talks in Seoul after their leader spurred new optimism with pledges to seek reconciliation and possibly rejoin nuclear disarmament talks. This week's
        AP  -  157 words
      • 125 15 AFP [BERLIN] Exchange rate developments will not be top of the agenda at the upcoming Group of Eight (G8) summit in Scotland next month, the German government said yesterday. "I would like to warn against speculation that it's going to be a summit
        AFP  -  125 words
    • 413 15 Reuters [NEW YORK] A federal judge handed New York at-torney-general Eliot Spitzer a victory on Monday when he refused to grant a temporary restraining order that would have stopped Mr Spitzer from investigating large US banks for their lending practices to
      Reuters  -  413 words
    • 48 15 [FLORENCE] This photo reproduction made available on Monday, shows a five-century-old fresco by Giorgio Vasari "Battle ofMarciano in the Chiana Valley". Researchers believe cryptic words in the painting could be a clue to the location of a long-lost Leonardo da Vinci painting AFP
      AFP  -  48 words
    • 319 15 Bloomberg [WASHINGTON] The US, nations in the European Union and other rich countries boosted subsidies to farmers by 12 per cent to US$ll2 billion last year as prices for grains fell. Tariffs and other trade restrictions provided additional agriculture aid valued at US$l67
      Bloomberg  -  319 words
    • 408 15 Bloomberg [LONDON] Sotheby's Holdings Inc sold £45.9 million (*****.2 million) of impressionist and modern art on Monday night, kicking off a week of auctions here. Four records were set for artists including Kees van Dongen and Paul Signac. Sotheby's, which has its main
      Bloomberg  -  408 words
    • 406 15 Reuters [BRUSSELS] Some of the world's top software houses breathed a sigh of relief on Monday when a European Parliament committee watered down tough patenting proposals, to the dismay of open-source supporters. The legislature's legal affairs committee agreed 16 to 10 to a
      Reuters  -  406 words

  • AVIATION
    • 419 16 Rights activists accuse govt of secretly invading passengers' privacy Reuters [WASHINGTON] The US Transportation Security Administration said on Monday it had gathered profiles of air travellers to test a system for identifying security risks, a move rights activists called an invasion of
      Reuters; AFP  -  419 words
    • 499 16 Bloomberg [NEW YORK] Latin America's biggest airline, Viacao Aerea Rio-Grandense (Varig), won a court order blocking US creditors from trying to seize its assets as the company reorganises in Brazil. Varig filed for bankruptcy protection in Rio de Janeiro on June 17.
      Bloomberg; AFP  -  499 words
    • 442 16 Bloomberg [NEW DELHI] Spice Jet Ltd, the newest of a half dozen low-fare carriers that started flying in India, said it plans to double the purchase of Boeing aircraft to meet greater-than-expec-ted travel demand. Spice Jet plans to convert options for 10
      Bloomberg  -  442 words
    • 512 16 Bloomberg [JAKARTA] Garuda, Indonesia's biggest airline, plans to increase surcharges on overseas flights and fares for domestic routes for the second time this year, as costs rise because of surging jet fuel prices. "We are evaluating which routes will be able to
      Bloomberg  -  512 words
    • 385 16 AIRLINE CODES: AA: American Airlines (AAL), AF Air France (AFR), AI: Air India (AK), AY Finnair Oy (FIN), AZ: Alitalia Airlines (AZA),BA: British Airways Public Ltd Co (BAW), BG Biman Bangladesh Airlines (BBC), BI: Royal Brunei Airlines Sdn Bhd (RBA), BO Bouraq Airlines (BOU), BR EVA
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  • SHIPPING
    • 471 17 Fredriksen's latest orders are for SembCorp Marine's semi-submersibles [SINGAPORE] John Fredriksen, shipping tycoon and Norway's richest man, has ordered oil rigs valued at more than US$l billion from yards in Singapore as he bets that high oil prices will boost spending on
      471 words
    • 822 17  - IACS' common rules —a really welcome development STRAIT TALK By DAVID HUGHES THERE are two quite separate reasons why the recent agreement between the classification societies on Common Structural Rules for tankers and bulk carriers is good news. The first is that the common rules themselves are very necessary. The
      822 words
    • 399 17 Reuters [WASHINGTON] US naval shipbuilding needs a radical overhaul, government officials, lawmakers and shipyards agree, but they have far to go on actually implementing such a plan, a Pentagon official said on Monday. "They are very big issues that have to be addressed by
      Reuters  -  399 words
    • 389 17 Bloomberg [SEOUL] South Korea's Busan port reported only a slight increase of 0.6 per cent in the number of containers handled last month, despite the increasing flow of Asian goods to the US and Europe. Busan port, the world's fifth-largest port, handled one
      Bloomberg; FILE PHOTO  -  389 words
    • 197 17 AFP [FRANKFURT] German industrial giant Thyssen Krupp, no longer believes that a European shipbuilding giant can be set up along the lines of aerospace group EADS, a top executive was quoted as saying in a newspaper article yesterday. ThyssenKrupp also makes submarines. A
      AFP  -  197 words
    • 294 17 SGX '000 June 21 Vol CH Offshore H3t 0.01 165 Chuan Hup .0.75 -0.01 220 Cosco Corporation 1.83 unch 3838 CWT Distribution .0.67 -0.01 161 Ezra Hldgs 1.16 0.01 409 Freight Links 0.08 unch 403 Grand Banks Yacht 0.95 -0.03 5 Java Holdings 1.06 0.01 162 Kl Venture
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  • Page 17 Advertisements
    • 86 17 I TUVALU SHIP REGISTRY wMj&L -QALALITY service I 1. Low taxes 4. Active rote and representation in IMO 2. Agreements with lACS members 5. Worldwide network of surveyors stetutoiy^rtificatM anCA f •No r tric tion on nationality of ownership i Ar-z-oH.c *n i»t*«t international 7. Tuvalu is a party to
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  • EDITORIAL & OPINION
    • 514 18 EDITORIAL THE recent move to provide fixed phone numbers for calls over the Internet is an acknowledgement that this form of telephony is now mainstream. But the fact is that, in one of the most profound socio-economic developments of our time, "mainstream" communication is already
      514 words
    • 1518 18  -  Problems in Iraq are even weakening the US president's grip on his domestic and trade agenda LEON HADAR Washington Correspondent IMAGINE that the United States had a parliamentary system like that of Canada or Britain in which prime ministers are under
      AFP  -  1,518 words
    • 778 18  -  THE BOTTOM LINE FRANK CHING ALMOST two years ago, on July 1, 2003, well over half-a-million people marched through the streets of Hong Kong to protest against a national security bill that they feared threatened their rights and freedoms. The
      778 words
    • 1797 19  -  The forward-thinking emirate moves towards reducing its dependance on oil and building a knowledge-based economy By JOHN GEE SENIOR Minister Goh Chok Tong recently urged Singapore businesses to look beyond regional markets and to consider opportunities presented by the Middle East. He was speaking
      AFP  -  1,797 words
    • 394 19  -  LETTER TO THE EDITOR Lu Kee Hong Shanghai 1 AM surprised it took that long for spending on housing to overtake food as the biggest household expenditure, given that in the go-go days of 1995-97 financing cost for mortgages was already very
      394 words

  • Page 19 Advertisements
    • 102 19 HAVE YOUR SAY Fax your letters to 6319-8277 or email them to btletter@sph.com.sg or write to: The Business Times, SPH HQ, 1000Toa Payoh North, Podium Level 3, Singapore *****4. We need your full name, address and telephone number for verification. Please use temperate language, and bear in mind libel laws.
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  • Page 19 Miscellaneous
    • 207 19 CRYPTIC CROSSWORD □■JO ing material (6) 26 Lad grips harrow to extract DOWN 11 Even grinned inanely and Across: 1 Church mouse, 9 Toga, 2 The truth is, I invested in prop- without cessation (5-6) 10 Capitalists, 11 Cher, 14 Kindred, erty(7) 16 Shortly to incorporate a large 16 Immoral,
      207 words

  • 2444 20 SGX XTRANET Sl-Wk Td U*t Vol Day LartQuotc Gri>iv Div GrYW Net MCap HWi Low Codt Company Sate W- COOP) Low »xyr Sdhi Cvr P/E Snwl ********** 6065 Diamonds US*****»d 6095 ISDJUSTedi US3740xd 6097 IS MSCI Spore US55S 6101 ISSAP500 US8270xd********** 6170 SPDRS *****00*1 2307 1S33 6235 STIETF100
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  • 3382 21 FINANCE COMMODITIES MORGAN STANLEY CAPITAL INTERNATIONAL INDICES la local can bit la US dy dy %yr rfy Jun 20 Indea Change Oianga Ownga Oianqa Ouwga Changa World Index Preliminary 8773 OJ 2.9 -02 19 05 0.7 »LAft Preliminary 8161 -UJ 5A -0.4 03 -a? -24 lurape Preliminary 1 IKS 03
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  • Page 22 Advertisements
    • 864 22 PHSRI iPVPi I tt i W 1 < 1 jag* aH f NYK GROUP SOUTH ASIA PTE LTD fpm if TEL:*****123 X%| Jl JkuNi: t&Q£7 M 9 Im LINE Fax:6292 2856(Regionalsales)/6239 7109(OPS)/*****785(Documentation) NIPPON YUSEN KAISHA TOKYO SO»AKU KASHA. UO. (C/R NO: **********0E) av a nnnoaoon A K QM I CR«:
      864 words
    • 823 22 IfrITOASIA KOKO SMtVICK VBSa/VOT MUKKI) HBGHTfI) P«0 KM KB SM JKT STRAITS VENTURE tl/05 IS 3.2 21/04 23/04 28/04 01/07 03/07 SItAfTS VENTURE 12/05 1$ 3.2 04/07 01/07 14/07 17/07 1»/D7 STRAITS VENTURE 3/05 IS 32 22/07 24/07 2S/07 31/07 02/08 I AUSTRALIAN RORO SERVICE I VKSa/VOT IMWWDIHBGHTQR)! LCI I
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  • Page 23 Advertisements
    • 1305 23 www.homfaurßsud.com H Aust servki (export) ETA -IB SINGAPORE HtSIANE SYDNEY MEUOURNE ADELAIDE SINGAPORE BRISBANI SYDNEY MBjjOIWK ADELAIDE CAIYUN HE QMS WO* M/ 07 06/07 09/07 12/07 CAIYUN HE OtlS 22/07 01/01 03/01 M/ 08 09/08 CAP AGUILA« 105S 01/07 11/07 13/07 14/07 19/07 CAP A6UILARIO4S 29/07 08/ DI 10/W 13/01
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    • 1272 23 vtssa VOY_ _sm_ JO hkg khh iwc icyw pus VESSEL VOY sin jkt sub hkg usn pus HY BRIDGE W6S 30/6 2/7 7/7 »/7 11/7 13/7 13/7 KMTC SINGAPORE SOTS 26/6 29/6 30/6 5/7 9/7 10/7 HY YIADIVOSTOK 161s 7/7 9/7 M/ 7 16/7 IS/7 20/7 20/7 KMT( JAKARTA 509s
      1,272 words
    • 903 23 m aaas& WEEKLY EXPRESS SAILING SCHEDULE I ALSO ACCEPTING TO ALL NORTHERN AND WESTERN ICQ POINTS I vtssti 1 voy |sm I p.kiawgl coiomo llt SHIVA I COUMMO I IXI II 1 I I I ALSO AO7TMG fQ TO COW* TUTKORM (VIA COIOMO) AND KANHA t GOAI (VU N SHEVA)
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  • Page 24 Advertisements
    • 1134 24 ufijyr WALLENIUS WILHELMSEN website: http://www.2wglobal.com VESSIL I LK MAO HOU» Ml* SAV »AL ORF MYC NEW MM TARONGA AFSIB 320Tms 6.25 M I 20/07 10/0# 19/0« 24/08 30/08 28/08 TAMPERE AFSI9 I 400Tms I 6.30 M I 27/07 20/08 29/08 02/09 07/09 05/09 TAMESIS 1AF520 1 320 To« 6.40 M
      1,134 words
    • 1434 24 VESSEL VOY SIN PCU VKSU VOY SIN JUT PAC BAMPA U97N 22/06 23/06 JACJAU 4171 21/06 23/06 «mi 013?P 23/06 m »m PACBANDA 1498N 24/06 24/06 PAC PANDA um 21m nm I^^—H!l :l II JM i jsum mat i*M urn- in i HI lAHDA 1500H 2JM VtH jSS„ u SQ4
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    • 682 24 BSA -l MYANMA n FIVE STAR UNE (Myanmor National Line) Loading for Yangon VESSEL VOY SIN PHI PEN PGU PAGAN 346W SU) HPA-AN J37W SU) IN MALAYSIA: lOUSTIAD SHIPPING AGENCIES KUL/PKL: 03-*****388 PEN: 04-*****1S JIHA ACCEPTING CONVENTIONAL CBO VESSEL VOY HKG SIN PGU PKI KIK NAPILI 109 SU) SU) SU)
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  • THE BUSINESS TIMES SHIPPING TIMES
  • Page 25 Advertisements
    • 620 25 Guaranteed Sailing! I Service from Singapore to: I Los Angeles Keelung I 14 days transit. Mon <J Thurs cut-off I HUB MARINE PTE LTD BOOKING: *****375/716 MAINLINE: *****866 FAX: *****066 OPR CODE "DZ" CR NO **********0Z MARKETING SALES: KELVIN CHUA: *****535, MEUNA LEE: *****187 PTIQAHO STORE -YANOONiMIP STORK VESSEL VOYAGE
      620 words
    • 553 25 FREIGHT LINKS EXPRESS PTE LTD 51 Penjuru Road, 3 Level, Freight Links Express Logisticentre, Singapore *****3. Tel: *****511 Fax: *****577 IV E-mail: flesin@singnet.com.sg Website:http://www.freightlinks.net LCL SERVICE TO CHINA ASIA r If TTTI CEBU DALIAN HONG KONG JAKARTA QINGDAO (ji SHANGHAI SURABAYA XINGANG XIAMEN BEST LCL RATES TO AARHAUS ASHDOD BEIRUT
      553 words
    • 147 25 Scan-Trans Malaysia HF <397e06 A) H.V. Thor Stan Jojm/II Chine 24 20 Jw* 05 S.WL Africa M.Y. Thor Fokon Subk 75 June 05 *r lore/Jejen H.V. Amolie Sua South Afme 25 June 05 to Wost Atriti M.V. Thor Howk Singopore 24 ■27 June 'OS ony dir UMta Melbourne 2121 June
      147 words
    • 447 25 ■■■■ii&aal^^wSniwo^wlo/o^nr^ HMMifl TIGER WAVE 294N 25-26/06 01 03/07 09 10/07 1 ■MUIUIIIGERPUKL 295H 28-29/06 05-07/07 12-13/07 KnTna TIGER SEA 296N 02-03/07 08 10/07 16-17/07 1 ■■■■■TIGERSKY 297N 05-06/07 12 14/07 19-20/07 TIGER WAVE 298N 09-10/07 15-17/07 23-24/07 10-11/07 i MfMlflM DONG FORTUNE 042 24-25/06 02-04/07 12-13/07 I ■yUj|t|xPRESLHOTSE 624 29
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  • MOTORING
    • 413 27  -  Haq Hana sending details of alleged speeding offences to some S'poreans' home addresses By SAMUEL EE A DEBT collection company has been sending letters to Singapore car owners seeking payment of Malaysian traffic fines but there may be a question of jurisdictional
      FILE PHOTO  -  413 words
    • 683 27  -  By SAMUEL EE THE government's collection of new car taxes may not be enough to offset existing Parf and COE rebates if today's passenger car COE results continue to show a general downward trend in premiums. And if the situation persists, the Land Transport
      683 words
    • 35 27 LEGEND:All prices are indicative;Broadly Diversified; Narowly Focused;$ Lower Risk;^ Low to Medium Risk;& Medium to High Risk;** Higher Risk;open-ended;+Before subdivision of units;After subdivision of units;SP after stock split N.A-Non Dealing Day
      35 words
  • Page 27 Advertisements
    • 26 27 PIMCO Global Real Return Fund a fund that is hedged against global Inflation. Allianz (jfi) Rated 5-star by Mercer Investment Consulting Global investors company 110 *****71b'iz!
      26 words

  • SINGAPORE ARTS FESTIVAL
    • 644 28  -  KANNAN CHANDRAN finds out what drives the celebrated conductor and violinist of the Chamber Orchestra Moscow Virtuosi KANNAN CHANDRAN BEHIND his unemotional, almost austere facade, Vladimir Spivakov is driven by a life-time of passion fuelled by music. As permanent conductor, director and principal soloist of
      644 words
    • 407 28  -  By AARON LYE THERE'S just something about Nong Toom. Maybe it's the ethereal sense of earnestness that seems to surround her as she glides on stage, or the openness with which she deals with all that has happened to her throughout her life, but there's
      407 words
  • Page 28 Advertisements
    • 208 28 A X companies >« »*ifl— i *~jfwi m &14<-vSE^'fe.,/\u 1 E I to*. '4 if iA .?vt I Nominations for the «MHilB 2005 eso.startup awards 2005 are now open Recognising Singapore's New Enterprises To be eligible, a company must: be a privately-held enterprise be under 5 years old (from date
      208 words
    • 66 28 V.ilnr Meals .11 XV/."»4> urn |M*r ilcm Hitli I Ircr rlioin' of <4»ffrr/Ha/soff drinks Menu Nasi Gorcng Hainanese Chicken Rice Katsu Don Kampong Fried Rice l v Sliced Fish Thick Beehoon Soup Singapore Laksa Fried Thai Style Kway Teaw (Pahd Thai) Grilled Chicken with Prata Bread Cordon Bleu Supreme Hainanese
      66 words
    • 56 28 MERITUS MANDARIN SINGAPORE BEST Fresh oysters, delectable lobsters, W&~ savoury honey-glazed ham, prime rib of beef ana many more mouthwatering dishes to leave you spoilt for choice. Reservations: 6831 6271/72 IHP meSVS MANDARIN A division of Overseas Union Enterprise Limited (Company Registration N0.*****0050E) 333 Orchard Road, Singapore *****7. Tel: +65
      56 words

  • EXECUTIVE MONEY
    • 471 29  -  By Chua Boon Lee Standart Poor's Association,Fund Services A weekly highlight of the top fund sectors over a 12-nxxith period Data from Standard Boor's FundSewkes. The latest variant of this funtof-funds (FoF) asset class was introcfcjced by UOB m late 2002, garnering a decent following, but lagged
      471 words
    • 1131 29  -  YOU THE TAXMAN FLORENCE NG and ANG SIEW LIAN discuss the implications of the enhanced finance and treasury centre tax incentive FLORENCE NG,ANG SIEW LIAN By ERNST YOUNG THE tax incentive scheme for financial and treasury centres (FTCs) was made more attractive in this year's Budget,
      By ERNST & YOUNG  -  1,131 words
    • 909 30  -  GENEVIEVE CUA finds out how insurers are enhancing their medical plans for the revamped CPF Shield programme GENEVIEVE CUA: THE CPF health insurance market is hotting up, as insurers launch enhancements to their Shield plans. In particular, Aviva, a newcomer to the CPF Shield market, has
      909 words
  • Page 29 Advertisements
    • 412 29 miiiiimil> H I TENOR APPROXIMATELY 7 YEARS I s»a TOTAL AMOUNT OFFERED 5GD1,400,000,000 I MINIMUM DENOMINATION SGD 1,000 I MAS'INTENDED TENDER AMOUNT SGD 100,000,000 (NON-COMPETITIVE) ISSUE CODE v NXO2IOOS (REOPENED) ISIN CODE 5G********** ISSUE DATE/SETTLEMENT DATE 1 JULY 2005 MATURITY DATE 1 JULY 2012 COUPON RATE 3.500% P.A YIELD AND
      412 words
    • 11 29 Yield Enhancement Write'to us at ap.pccareer@sg.abnamro.com r ABN AMRO Private Banking
      11 words