The Straits Times : Weekly Overseas Edition, 4 March 1995
1995-03-04
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The Straits Times : Weekly Overseas Edition
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Title Section20 1995-03-04 1 The Straits Times WEEKLY EDITION SATURDAY, MARCH 4, 1995 Price: 551.20 (in Singapore) Elsewhere by subscription only MITA (P), 087/08/9420 words
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Article, Illustration1075 1995-03-04 1 Chan Sue Meng - By Chan Sue Meng FINANCE Minister Dr Richard Hu on Wednesday unveiled what many considered a prudent Budget which rewarded Singaporeans for last year’s sterling economic growth without overheating the economy. And, in line with the Government’s plan to sharpen the Republic’s competitive edge and1,075 words
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465 1995-03-04 1 FINANCE Minister Richard Hu said on Wednesday that the Barings crisis had not put Singapore’s futures exchange at risk, as existing safeguards had protected the Singapore International Monetary Exchange (Simex) from the whopping losses incurred by the British merchant bank. The465 words
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Page 1 Advertisements
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Advertisement10 1995-03-04 1 Planning a CAREER Move CHECK OUT Pages 21 a /<510 words
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PARLIAMENT
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Article, Illustration614 1995-03-04 2 Small investors to be compensated for defalcation by Simex members Protecting the small investor PARLIAMENT on Wednesday passed amendments to widen the scope of the Futures Trading Act to regulate leveraged foreign exchange trading. Among the changes approved is the setting up of614 words
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379 1995-03-04 2 THE Monetary Authority of Singapore will ask two associations to remind their members to declare the effective rates of interest levied on loans to their customers, Finance Minister Richard Hu said on Wednesday. The Association of Banks in Singapore (ABS) and the379 words
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352 1995-03-04 2 NON-PRINT materials, including tapes, films and discs, produced here will soon have to be deposited with the newly-formed National Library Board. A Bill to establish the Board, approved by Parliament without debate on Wednesday, requires all publishers to deliver two copies of their352 words
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290 1995-03-04 2 SECONDARY schools cannot be ranked on the basis of academic achievements and ex-tra-curricular activities (ECA) as it is difficult to assign points to the various types of ECA. Education Minister Lee Yock Suan said on Wednesday. He was replying to Opposition MP290 words
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155 1995-03-04 2 THE number of children who miss out on pre-school is very small and going down, said Minister of State for Education Aline Wong on Wednesday. She released figures from 1993 to 1995 to show the trend, in reply to Nominated MP Imram Mohamed, who155 words
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BUDGET
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Article, Illustration678 1995-03-04 3 THE Government is not cutting income tax rates, but the 10 per cent rebate and other goodies in this year’s Budget is money in the pocket all the same, said Singaporeans who had heard the news on Wednesday. Said Mr Alan Tan, a678 words
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261 1995-03-04 3 WATER guzzlers both companies and households can expect higher utilities bills from April this year as the Government has increased the Water Conservation Tax to restrain consumption. Domestic users who consume more than 20 cubic metres of water per month will be charged a261 words
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257 1995-03-04 3 WHEN is a hand-out not a hand-out? When it is paid into Central Provident Fund accounts, some Singaporeans seem to feel. “The money can’t be taken out yet,” said 30-year-old engineer Idris Aziz. Others, however, welcomed the Government’s announcement that it would257 words
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503 1995-03-04 3 FINANCE Minister Richard Hu on Wednesday advised Singaporeans to see living here as a package deal. The Government would continue to enhance their well-being, but there were certain limitations when it came to things like cars and landed property. Before503 words
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468 1995-03-04 4 COMPANIES going regional will get a further boost from refinements to Government incentives regarding their foreign income. Finance Minister Richard Hu announced that the changes will apply to dividends received on or after March 1. Under the revisions: Singapore companies can pass on tax-exempt468 words
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386 1995-03-04 4 TO ENCOURAGE the development of the local fund management industry and related activities, the Government will grant a concessionary tax rate of 5 per cent on the profits of selected high value-added financial activities. This will take effect from Year of386 words
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Article, Illustration592 1995-03-04 4 On Budget in general THE Singapore Budget was greeted with mixed reactions by 13 Members of Parliament interviewed on Wednesday. While some felt it was a fair Budget with something for everyone, others felt that more could have been given out. Those who592 words
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Article, Illustration292 1995-03-04 4 TO ATTRACT more non-resi-dents to invest in unit trusts here, the Government announced on Wednesday that the profits they derive from the sale of investments in such trusts will be tax exempt. This will be effective from Year of Assessment 1996. Finance292 words
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Article, Illustration129 1995-03-04 5 For the Financial Year April 1,1995 to March 31,1996 OPERATING REVENUE Tax Revenue Fees And Charges Others $24,252,410,000 $19,540,438,000 $3,565,507,000 $1,146,465,000 Less: OPBtATMG EXPENDITURE Expenditure On Manpower Other Operating Expenditure Grants-ln-Aid $11,888,775,170 $2,824,790,000 $6,565,978,900 $2,443,006,270 Less DEVaOPMBNT EXPENDITURE Government development Capital grants Public housing $8,878,170,500 $3,679,328,200 $2,274,420,400 $719,427,900129 words
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Article1120 1995-03-04 5 BUDGET BOOK: OVERVIEW SINGAPORE can look forward to another healthy and well-bal-anced budgetary position in the new financial year starting on April 1. With revenue collection projected to remain buoyant, and coupled with prudent expenditure, a surplus of nearly $5 billion has been estimated for FY9S. The1,120 words
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411 1995-03-04 5 On provisions for business THE business community is likely to react with mixed feelings to the Budget announcement, noted Members of Parliament and business leaders interviewed on Wednesday. While the Budget offered tax incentives directed at the financial services industry and411 words
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Article, Illustration117 1995-03-04 6 Investment on infrastructure will soar in FY9S. The Government has approved development spending of 56.67 billion: 46 per cent higher than FY94. The top 10 projects, in terms of money earmarked for FY9S: L| Changi East land reclamation for airport extension $440 million HDB upgrading $4OB million L117 words
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Article, Illustration886 1995-03-04 6 BUDGET BOOK: ALLOCATION TO MINISTRIES Several ministries will get big increases in their funding in FY9S. Cherian George looks at where the lion’s share of the money will go and how much each ministry will receive. AS IN previous years, the lion's share of886 words
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426 1995-03-04 6 BANKS were on Wednesday encouraged to set aside a greater proportion of their profits as general provisions. In his Budget speech. Finance Minister Richard Hu said he was raising the maximum annual limit on the amount of general provisions426 words
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HOME
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Article, Illustration477 1995-03-04 7 SIX schools chalked up 100 per cent success in producing students with five or more Olevel credits last year. They are Raffles Institution, Chinese High, River Valley High, Dunman High, Nanyang Girl’s High and Methodist Girls’ School. All butPicture by George Gascon. - 477 words
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463 1995-03-04 7 DOCTORS cannot practise medicine amorally and must always take into account human values, said the Minister for Health, Brigadier-General (NS) George Yeo, on Feb 23. Citing sexuality as an example, BG Yeo said religion and culture invariably enter the picture. Distributing condoms to463 words
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500 1995-03-04 7 Tan Yong Meng - By Tan Yong Meng THE Ministry of Defence last Saturday announced new incentives to attract and retain capable people in the Singapore Armed Forces. The incentives include salary adjustments for certain vocations and sponsorship for studies in polytechnics. There will also be more500 words
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385 1995-03-04 8 THE Central Provident Fund Board raised the age limit for the CPF Home Protection Scheme from 55 to 60 on Wednesday. This matches the current legal retirement age which was raised to 60 on July 1. 1993. The385 words
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Article, Illustration289 1995-03-04 8 FORMER Senior Minister S. Rajaratnam turned 80 last Saturday and celebrated at a dinner with family, old friends and former colleagues. The event at the Shangri-La Hotel, organised by his family and close friends, saw 115 guests gathering for an evening of nostalgia. Among them were289 words
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Page 8 Miscellaneous
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Miscellaneous1245 1995-03-04 8 RADIO SINGAPORE INTERNATIONAL (ENGLISH) PROGRAMME SCHEDULES 1100 1400 Hours (GMT) 9530 KHz (31M BAND) MONDAY 1100 News in Brief'Weather Forecast FAsia Pacific) 1105 Frontiers 1120 Business Market Report 1130 Full News 1138 The Front Page 1140 Take Five 1145 Busmess world 1200 News in Brief 1205 E Z Beat 12201,245 words
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SPORTS
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Article, Illustration342 1995-03-04 9 Shirlynn Ho-Pereira - By Shirlynn Ho-Pereira NATIONAL sailors rode the crest in the annual Singapore National Olympic Council Sports Awards, winning the top three titles on Monday. The selectors named Dr Benedict Tan, Tracey Tan and the partnership of Siew Shaw Her and Charles Lim for the Sportsman, SportswomanPicture by Jerry Seh. - 342 words
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Article433 1995-03-04 9 Joe Dorai - S’pore vice-captain confirms being picked up by CPEB By Joe Dorai LIONS’ vice-captain Malek Awab on Monday confirmed that he had been detained for questioning by the Corrupt Practices Investigation Bureau for 18 hours on his return from a training stint in New Zealand on433 words
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Page 9 Advertisements
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Advertisement186 1995-03-04 9 Be informed of the Happenings in Singapore through The StmitsTimes WEEKLY EDITION I D I I SSSSSK I*. V.:;? A crisp summary of the week’s major events in Singapore. The Straits Times Week)/ offers political business, economic and other important news to keep you updated on the current affars of186 words
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MALAYSIA
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Article, Illustration526 1995-03-04 10 Bernama, AFP. Reuter. MALACCA The son of Democratic Action Party leader Lim Kit Siang was charged with sedition for a political address, in which he allegedly discussed a sex scandal and a government minister’s alleged involvement in a financial scandal. LimBernama,; AFP.; Reuter. - 526 words
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Article, Illustration394 1995-03-04 10 Reuter, Bernama. KUALA LUMPUR A 14-year-old British boy who ran away to Malaysia using his father’s passport and credit card had been found in Kota Baru. Kelantan. a British High Commission statement here said on Monday. Peter Kerry is now in the custodyReuter,; Bernama.; Reuter picture. - 394 words
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332 1995-03-04 10 Bernama. KUALA LUMPUR The worsening traffic congestion in Kuala Lumpur was beginning to affect the business and commercial climate and foreign investors were becoming impatient, a top business house leader lamented on Tuesday. President of the Kuala Lumpur Malay Chamber of Commerce and IndustryBernama. - 332 words
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Article, Illustration318 1995-03-04 10 branch chairmen. Bernama. KUALA LUMPUR Energy, Telecommunications and Posts Minister Datuk Sen S. Samv Vellu was returned unopposed as the Malaysian Indian Congress president for a sixth term when nominations closed at noon on Sunday. The presidential election committee chairman, Tan Sribranch chairmen. — Bernama. - 318 words
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ASEAN
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431 1995-03-04 11 Sinfah Tunsarawuth - By Sinfah Tunsarawuth in Bangkok THAILAND on Monday announced its first five-year comprehensive plan to reform its private and public financial system, with ambitions to turn the country into a new regional hub. The plan, covering the years 1995 to 2000,431 words
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Article, Illustration326 1995-03-04 11 BANGKOK The Sangha Council, the supreme governing body of Buddhist monks in Thailand, has agreed to defrock Phra Yantra Amaro Bhikkhu for alleged involvement in a sex scandal and other misconduct, a Cabinet source said in Trang province last Saturday, according to theThe Nation picture. - 326 words
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Article, Illustration383 1995-03-04 11 Nirmal Ghosh - By Nirmal Ghosh Manila Correspondent FORMER First Lady Imelda Marcos completed a family bid to return to power by confirming on Wednesday that she would run for Congress from her home province of Leyte. Mrs Marcos, 64, said: “Nobody tires of politics.” Last383 words
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408 1995-03-04 11 Kyodo, AP. HANOI Vietnam had bolstered its military presence on the disputed Spratly Islands to counter China’s recent moves in the area, a National Defence Ministry source said here. The source said Vietnam had increased both its soldiers and weapons in the SouthKyodo,; AP. - 408 words
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178 1995-03-04 11 AP, Reuter. MANILA About a dozen Filipino judges who have imposed the death penalty have formed a “Guillotine Club” to help them deal with death threats and to improve the judicial system. “If criminals can form their own gangs to sow fear among the citizenry,– AP,; Reuter. - 178 words
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Article128 1995-03-04 11 Lee Kim Chew - By Lee Kim Chew in Hanoi THE Vietnamese government has invited Senior Minister Lee Kuan Yew to visit Vietnam this month to get his assessment of the economic changes taking place in the country. Foreign Minister Nguyen Manh Cam told The Straits Times in128 words
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COMMENT / Pick of the week’s editorials
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Article644 1995-03-04 12 MARCH 2, 1995 WITH a wary eye on possible overheating in the economy. Finance Minister Richard Hu has unveiled what can best be described as a prudent Budget. As promised, the Government has sought to return part of its surpluses to Singaporeans who have contributed to644 words
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Article669 1995-03-04 12 MARCH 1, 1995 IN HIS address to the subordinate courts last week. Chief Justice Yong Pung How called for conceptual and practical improvements to the legal system so that it not only guaranteed fair determination of disputes, but did so with minimum fuss. This is,669 words
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Article685 1995-03-04 12 FEB 28, 1995 KNOWLEDGEABLE borrowers could be excused if they wondered at the fuss kicked up by the Consumers Association of Singapore (Case) about banks not disclosing enough information on what they charge. To them, interest rates quoted are only indicative and the true cost685 words
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880 1995-03-04 12 Bob Ng - By Bob Ng THE good life is everywhere around us, and yet virtually non-existent in the minds of many Singaporeans. Why is this so? Is it because we are so reticent that it is not in our nature even to acknowledge880 words
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COMMENT/ANALYSIS
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Article, Illustration1065 1995-03-04 13 Tan Sai Siong - By Tan Sai Siong FEW Singaporeans nowadays know how precious water is. How can we, given how ridiculously cheap every litre is, compared with other liquids that we have to buy? Further, we receive no daily reminder of how many1,065 words
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1127 1995-03-04 13 Chua Huck Cheng - By Chua Huck Cheng SOCCER should properly be regarded as fun and games, a reason to work off exuberance and bile without harming limb and public order, but in Singapore’s societal context, it counts for more than that. It1,127 words
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INSIGHT A LOOK AT THE ISSUES OF THE DAY BY THE STRAITS TIMES POLITICAL DESK
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Article, Illustration1500 1995-03-04 14 WHEN Singapore catapulted recently to the top 10 list in a new World Bank ranking of the richest countries, questions were raised once again about whether the Republic should now’ be considered a developed country. Singapore took ninth spot in theTimesgraphics - 1,500 words
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Article, Illustration1180 1995-03-04 15 Zuraidah Ibrahim - THE INSIGHT BRIEF Zuraidah Ibrahim IN THE five seconds or so it takes to read this sentence, Singaporeans would have used another 13.800 gallons or some 5,000 pails of water. And every day, half of their water comes from outside the country. Thus1,180 words
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Article, Illustration972 1995-03-04 15 Han Fook Kwang - THINKING ALOUD Han Fook Kwang FOR a people who have had to rely on another country to supply half their water needs. Singaporeans seem surprisingly cavalier about the matter. Why this nonchalant attitude towards a life and death matter and whether something972 words
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MONEY
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Article6838 1995-03-04 16 INDUSTRIAL AND COMMERCIAL Transaction Data: Mar 2.1995 19B4/95 High Low Company Curr Last Traded Sale OfVol Day *000 High Low Gra Oiv Net MCapWtAvg P/E $mil Price 720* 388 m 1 s Acma 50c 430 -6 93 440 430 8.8 13.7 592.8 433 547* 267* t s6,838 words
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350 1995-03-04 17 IT WAS an eventful week for markets around the region which were gripped by the saga of the collapse of British merchant bank, Barings Pic Ihe Singapore market seesawed as as concern rose and ebbed as to whether the collapse would350 words
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Article75 1995-03-04 17 ST Industrials Index The Straits Times Industrials Index rose 18.41 points on the week to 2133.00 DAY CLOSE TURNOVER Monday 2094.10 (—20.42) 203.05m (3500.108m) Tuesday 2126.69 (+32.59) 149.43m (J372.798m) Wednesday 2128.42 1.73) 156 78m (3406.261m) Thursday 2133.00 (+4.58) 109.57m (3294.723m) Friday Closed BT— ■MGA Index The BT—MGA Index75 words
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673 1995-03-04 18 Tan Kim Song - By Tan Kim Song THE Government has revised its 1995 projected growth rate for Singapore downward, from 8-9 per cent to 7.5-8.5 per cent. Explaining, a Trade and Industry Ministry (MTI) spokesman said on Monday that the Government had decided to do so after taking673 words
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2465 1995-03-04 18 CORPORATE RESULTS Net Earn EPS Date 11 LV IT IT nmpans ann 0>m) (Sm) (cts) (cts) XBR Hldgs Sep 19 1 1 109 1.365 2.5 3.3 Aetna Sep 16 1 48 926 19.517 71.0 28.6 MSB* Nos ;i P 3.057L 2.095 2.04 Alex Hide, Dec 202,465 words
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291 1995-03-04 18 OCBC BANK is launching a rigorous review of its operations to sharpen its competitive edge in preparation for further regional expansion. The bank has set up a board committee on strategy and organisation comprising Dr Tony Tan, the bank’s chairman and chief executive officer, directors291 words
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164 1995-03-04 19 INFLATION last month was 3.4 per cent, the Department of Statistics (DOS) said on Feb 23. The year-on-year increase in the Consumer Price Index was similar to December’s. However, lower car prices last month meant that transport and communication costs were 1.2 per cent164 words
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Article433 1995-03-04 19 Thursday March 2 HK$ +7ASM Pacific 4.10 0.050 Allied Ind Int i 0.38 unch Allied Oversea 0 56 unch Asia Sec lot 2 55 unch Bank of EA 20.80 -0.05 C.P. Pokphand 1.91 0.01 CDL Hotel 3.20 -0.10 Cafe De Coral 1.88 -0.07 Cath Pac Air 12.30 -0.10 Century433 words
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Article353 1995-03-04 19 Manager's prices for Mar 4 6 Singapore Unit Trust The Commerce 1.61-1.70 The Savings Fund 1 45 —1 53*d S pore Prog Fund 059-063 S pore Sec Fund 0.95—1.01 Spore Invest Fund 1.13-120 S pore Equity Fund 0 72—0 76 Credit Lyonnais Int’l Asset Mgt CL Asia-Pac Gr353 words
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Article, Illustration495 1995-03-04 19 A TOWN centre six times its present size, a business park, and waterfront condominiums along Jurong Lake and Jurong River these are the highlights of the Government's proposal to turn Jurong East into the regional centre for the western partTimesqraphics; Source: URA - 495 words
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265 1995-03-04 19 RESEARCH analysts from stockbroking firms have to register with the Stock Exchange of Singapore (SES) from March 1. The ruling is contained in a new ByeLaw XIII on “Research and Recommendations about Securities". In addition, sources said, the SES has asked member firms265 words
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Article150 1995-03-04 19 COUNTER RATES Singapore dollars to one unit of foreign currency Buying 00 Selling US dollar 1.4386 1.4540 Sterling pound 2.2714 2.3234 Australian dollar 1.0435 1.0743 Canadian dollar 1.0193 1.0422 NZ dollar 0.8978 0.9280 EC unit 1.8602 Singapore dollars to 100 of foreign currency units Austrian schilling 13.7246 14.3242 Belgian150 words
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Article130 1995-03-04 19 Contract date: 2/3/95 CURRENCY 1 MTH 3 MTH 6 MTH 9 MTH 12 MTH CALI VALUE DATE uss 5'2 5 V 5’/4 5 T 5 4 6/3 '95 A$ 7 7'i 7W 774 8'/* 5 s 'i 6/3/95 NZ$ 8 r 8’. 8 Vi 8 Vs 8130 words
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Annual Economic Survey 1994:
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561 1995-03-04 20 Chan Hwa Loon; Tan Kim Song; and Jean Chia - No danger of mid-1980s slump recurring Reports by Chan Hwa Loon, Tan Kim Song and Jean Chia AFTER two years of double-digit economic growth, domestic cost pressures have started to increase, but there is no danger of a mid-1980s-style recession recurring, said the Ministry561 words
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Article394 1995-03-04 20 THE financial and business services (FBS) sector, which was one of the economy’s star performers in 1993, registered the lowest sectoral growth rate last year. It was the only sector to see a decline in the growth rate to 9 per cent in 1994, down from394 words
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Article, Illustration274 1995-03-04 20 INFLATION in Singapore, as measured by changes in the consumer price index (CPI), is expected to be around 3 per cent this year, the Trade and Industry Ministry (MTI) said on Monday. "This is still a moderate, favourable figure,” said an MTISource: Annual Economic Survey '94, MTI - 274 words
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Article358 1995-03-04 20 THE manufacturing sector sped ahead with 13 per cent growth in 1994, thanks mainly to electronics. Its 12.9 per cent growth achievement was a full 3 percentage points better than 1993’s 10.1 per cent growth. The good performance came mainly on the back of the electronics358 words
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Article220 1995-03-04 20 THE size of Singapore’s external economy continued to grow last year in tandem with the domestic economy, said the Trade and Industry Ministry. This was reflected in the 13 per cent growth last year of the Republic’s Gross National Product, which includes the overseas earnings of220 words
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Page 21 Advertisements
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Advertisement677 1995-03-04 21 HawparVilla The Original Tiger Balm Gardens Haw Par Villa the world's finest Chinese mythological theme park seeks a suitably qualified candidate to fill the position of: Accountant This position will contribute towards the smooth operation of the administration and accounting function. Reporting to the Finance and Administration Manager, this position677 words
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Page 22 Advertisements
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Advertisement967 1995-03-04 22 As Singapore's leading bank Race ahead with the UOB Group group, the United Overseas Bank (UOB) Group offers exciting career opportunities for those who excel themselves in the challenging and progressive world of banking. Successful candidates will be rewarded with an attractive salary and fringe benefits commensurate with qualification and967 words
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FORUM
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Article, Illustration447 1995-03-04 23 Law must protect male molest victim’s identity equally well I REFER to Mr Brendan Pereira’s report, “CJ: Courts must be made accessible to all”, (page 24). It is good that Chief Justice Yong Pung How has identified accessibility of the courts to all as the first447 words
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598 1995-03-04 23 I REFER to the report “CJ: Courts must be accessible to all” (page 24). The Chief Justice has made a very important announcement which I believe will help our society, particularly the judicial system, to reflect a more community outlook. BG598 words
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528 1995-03-04 23 HOW can one trader chalk up losses of US$6OO million (SsB7o million) or more without anyone noticing? This was the question on everyone’s mind after the losses at Barings were disclosed on Sunday. Baring Brothers in Britain has been put under administration, ending528 words
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346 1995-03-04 23 BRIGADIER-GENERAL (NS) Lee Hsien Loong made a timely comment about handling high expectations in his recent talk to Nanyang Technological University students. As a psychiatrist, I am concerned about the pace Singaporeans have set for themselves, with apparent disregard for346 words
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699 1995-03-04 24 Brendan Pereira - fey Brendan Pereira CHIEF Justice Yong Pung How last Saturday outlined a set of core values to guide the administration of justice and shape the legal system into a model of excellence. Addressing more than 100 district judges, magistrates and staff of the699 words
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Article, Illustration491 1995-03-04 24 Chiang Yin Pheng - By Chiang Yin Pheng DEPUTY Prime Minister Lee Hsien Loong last Friday night urged Chinese Singaporeans to keep in touch with developments in Chinese culture and find new ways of expressing their ethnic traditions. Being only a small group among the world’s491 words
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Article275 1995-03-04 24 THE little ones came along and stole the show. Whether chirping perfectly rehearsed lines in a recitation or singing in unison with dance steps thrown in, they won the audience over. The event was Lanterns of Friendship '95, a variety concert which kicked off this275 words