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Asian Economy
Changing Ways
Corruption
Malaysian Economy
Maps
Propery and FIC
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Last Update:
11 May, 2000

Assalamualaikum warahatuLlahi wabarakatuh............

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Berita Ekonomi (Terpilih)

The Star : Friday, May 12, 2000

Asian bourses down on selling pressure
The sharp overnight falls on Wall Street, particularly in the tech stock-dominant Nasdaq index, added to selling pressure in Asian markets Thursday.

Dr M and Daim unaware of Khazanah interest
Prime Minister Datuk Seri Dr Mahathir Mohamad and Finance Minister Tun Daim Zainuddin have both said they are unaware of Khazanah National Bhd's interest in taking a stake in Time Engineering Bhd, Bernama reports.

Aussie dollar hits 20-month lows
The Australian dollar hit 20-month lows and was teetering on key support near US$0.5750 late Thursday, a boost from jobs data proving temporary in the face of broad-based Asian currency weakness against the US dollar.

Airport business soars in Q1
Air passenger and cargo movements--leading indicators of tourist arrivals and the country's trade performance--rose strongly in the 1st quarter of this year.

Naluri set to seal a deal under restructuring exercise: Tajudin
Naluri Bhd will seal a deal next week as part of a restructuring exercise brokered by the Corporate Debt Restructuring Committee (CDRC), its chairman Tan Sri Tajudin Ramli said.

Unico plans to list its technology subsidiary
Unico Holdings Bhd plans to eventually list Unico Technology Sdn Bhd, its technology arm which is currently turning in RM8mil to RM9mil in pre-tax profits on revenues of about RM300mil.

Task force on internal controls
The KLSE has announced the establishment of a special task force which will be responsible for the formulation and issuance of guidance to assist public listed companies in reporting the state of their internal controls in their annual reports.

Amanah Capital wants to retain sizeable stake in bank
Amanah Capital Partners Bhd (ACP), an integrated investment banking group, hopes to retain a sizeable stake in its subsidiary Amanah Merchant Bank Bhd (AMBB) after AMBB's merger with anchor bank Multi-Purpose Bank Bhd.

Malaysia needs more e-business participants, says Unisys official
Malaysia will be able to lead the region in e-business in a few years if it is able to attract greater participation from entrepreneurs, said Unisys president (Asia South) Luis M. Dominguez.

Sin Chew formally opens Kuching plant
Pemandangan Sinar Sdn Bhd (PSSB), which publishes the national Chinese language daily, Sin Chew Jit Poh, officially opened its new RM10mil plant at the Pending Industrial Estate in Kuching Thursday.

Use convention to woo foreign timber buyers
Malaysian businessmen have been urged to use the coming Malaysian Timber Marketing Convention (MTMC 2000) in Kuala Lumpur to convince foreign timber buyers of the need to conduct business directly with local suppliers.

Telekom studying impact of abolishing access fee
Telekom Malaysia Bhd will make an announcement on the impact of the proposal to scrap the RM60 access fee for mobile phones once it has completed a viability study.

Leader keen to move into local power sector
Leader Universal Holdings Bhd, a leading cable and wire manufacturer, is keen to synergise its core business by venturing into the domestic power sector.

RAM upgrades RHB bonds rating to BB2
Rating Agency Malaysia Bhd (RAM) has upgraded the rating on Rashid Hussain Bhd's RM800mil redeemable secured bonds to BB2 from B3.

Kingshoe expects sales to grow 10% this year
Safety Shoe maker, Kingshoe Manufacturing Sdn Bhd, expects its turnover to grow by at least 10% this year from RM51mil in 1999.

SCB set to launch first phase of Mutiara Damansara
SCB Development Bhd expects to launch the first phase of its latest property development project, Mutiara Damansara by end of the month.

Kelanamas revamp to involve buying nine firms
Kelanamas Industries Bhd has proposed to acquire nine companies involved in quarry operations, the manufacture of the materials and property development as part of its restructuring exercise.

Sun expects a big hit with Solaris 8
Sun Microsystems expects to hit it big with its Solaris 8 operating environment, which it said would be the first to satisfy the convergent requirements of enterprises adapting to the Internet age and of dotComs adopting the disciplines of the datacenter.

Crimson proposes to buy two pieces of land for RM113mil
Crimson Land Bhd has proposed to acquire two pieces of land in Johor and Kuala Lumpur for a total of RM113mil.

Technology

Intel forays into streaming media
Intel Corp is investing US$200mil in a new business to help Web sites meet demand for audio and video programming from a growing number of Internet users with speedy cable and DSL connections.

Motorola sets 4 major markets for WAP phones
Mobile phone maker Motorola has identified four main market segments for its wireless application protocol (WAP) phones, the company's major product this year.

Nike introduces 5 innovative high-tech gears for athletes
Nike Inc wants to connect with the wired athlete.

China to build 20 R&D and 10 biotech centres
China plans to build 20 world-level research and development centres and 10 biotech centres with an annual output value of 300 billion yuan under a 10-year development plan.

News in brief

S'pore parties play dotcom matchmaker for all levels
Call it a geek party. But local Bill Gates wannabes are discovering that time spent partying--away from their computers--is going a long way towards giving their high-tech venture ideas a kick-start.

Banking

Mortgage bankers turn to Internet B2B to cut cost
American mortgage bankers, looking to cut costs and paperwork, are turning to the Internet for business-to-business (B2B) interaction, according to Lender Technologies president and chief executive officer David Lereah.

BCB and IRB introduce income tax payment service for employers
Bumiputra-Commerce Bank (BCB) has formalised an arrangement with the Inland Revenue Board (IRB) in which the bank will facilitate payments of schedular income tax deductions by employers through its electronic collection service.

China sets up association for banks and pushes reform
China has set up a banking association to promote self-regulation and help banks prepare for the competition that membership of the World Trade Organisation (WTO) will bring, according to a report in Beijing's Financial News.

Eight foreign banks allowed to do business in yuan
Eight overseas banks operating in Shenzhen in south China's Guangdong province have been given licences to engage in yuan business in China.

Deutsche Bank and 4 Japanese companies set up new trust bank
The Deutsche Bank group and four Japanese companies have pooled their management of pension funds in Japan into a newly launched trust bank.

Foreign News

Asia economists remain bullish
Tumbling stock prices and a growing conviction that US interest rates are still far from their peak have failed to dent optimism in Asia that the region is well-placed to weather a hard landing in the US economy.

Nasdaq tumbles as techs take more bashing
Technology stocks have taken another drubbing on Wall Street, bringing the losses of the Nasdaq composite index so far this week to more than 11%.

Microsoft resists breakup, seeks more hearings
Microsoft Corp has asked the court hearing its antitrust trial to reject a government plan to break the software giant into two, proposing restrictions on its business practices instead.

News Corp Q3 profit rises to US$193mil
News Corp, the media company controlled by Australian-born Rupert Murdoch, has reported a 15% increase in net profit to US$193mil for its third quarter to March 31 compared with the same period a year ago.

Business Singapore

Raffles takes 10% stake in Ibexco
Raffles Holdings Ltd plans to invest S$6.5mil for a 10% stake in Ibexco, a company which specialises in providing secure procurement services over the Internet, the Singapore Business Times reported.

Onemedhub.com and Oracle in strategic alliance
Onemedhub.COM Pte Ltd, a unit of Parkway Holdings Ltd, has entered into a strategic relationship with Oracle Corp's wholly-owned Oracle Systems South East Asia (S) Pte Ltd.

The Star : Thursday, May 11, 2000

Nor Mohamed named PM's financial advisor
Datuk Nor Mohamed Yakcop, who played a substantial role in the successful implemention of Malaysia's foreign exchange controls and the subsequent economic recovery, has been appointed as special advisor to Prime Minister Datuk Seri Dr Mahathir Mohamad.

SC allows issuance of convertible loan stocks below RM1
The Securities Commission (SC) has decided to allow with immediate effect KLSE-listed companies undertaking restructuring exercises to issue convertible loan stocks at nominal values of less than RM1.

Sapura to seek lenders' support to stop Time deal
The Sapura group will seek the support of creditors to reject the debt restructuring deal proposed by Time Engineering Bhd in its present form.

Public Bank group records RM261mil profit for Q1
The Public Bank group has reported a pre-tax profit of RM261.3mil for its first quarter ended March 31, 2000, up 78.9% on the RM146.1mil registered in the previous corresponding period.

Maybank posts RM547m profit for third quarter
Malayan Banking Bhd has posted a group pre-tax profit of RM547.15mil for its third quarter ended March 31, 2000, and RM1.58bil for the nine months to that date.

JPK looks to double export earnings
Precision engineering company JPK Holdings Bhd, which is en route to a listing on the KLSE second board, expects export earnings to double by the end of next year as it seeks new markets in Europe and the United States.

KLSE denies talks with Singapore, Thai exchanges
The Klse has denied being involved in any market integration talks with the Stock Exchange of Thailand (SET) and Singapore Exchange Ltd (SGX),

Power consumption on the uptrend
The nation's daily power consumption, which touched an all-time high at 9,445 megawatts on Tuesday, is now officially on the uptrend.

Govt urged to consider revaluing ringgit
The government has been urged to consider revaluing the ringgit, currently pegged at RM3.80 against the US dollar, to avoid the build-up of structural weaknesses over the medium to long term in the country's economy.

FMM to focus on logistics delivery
FFM Bhd, formerly known as Federal Flour Mills Bhd, has identified logistics delivery as a key area to focus on when it embarks on e-commerce in the near future.

Fortis to buy 30% of Maybank insurance stakes
Fortis International is to buy a 30% stake in Malayan Banking Bhd's insurance businesses in a strategic partnership to further develop bancassurance business in the Malaysian market.

MESB enters venture to tap Middle East market
MESB Bhd, which specialises in the construction of power transmission towers and lines, is venturing overseas particularly to the Middle East so as to reduce its dependence on the local market.

C&C aiming for pre-crisis turnover
Cycle & Carriage Bintang Bhd is set to return to its pre-crisis turnover of RM1bil for the year ending Dec 31, 2000.

MTDC sets up venture capital fund to invest high-tech firms
MTDC Sdn Bhd, together with the Muslim Professional Network in the United States and partners in the Middle-East, is setting up a venture capital fund of about US$50mil to invest in US-based high-tech companies.

Medilink to open five more outlets in Johor
Johor-based Medilink Pharmacy Sdn Bhd plans to open five more outlets in the state and expand nationwide within the next two years via franchising.

RM6mil boost for VMS
VMS Technology Sdn Bhd, a leading local developer and manufacturer of computer telephony (CT) products, has received RM6mil in funds from MSC Venture One Sdn Bhd (MV1), which is managed by MSC Venture Corp Sdn Bhd.

Income distribution by fund
The Malaysian Investment Fund, one of the six unit trust funds under Asia Unit Trusts Bhd (AUTB), has declared a total income distribution of 9%, comprising a net dividend of 3.50 sen or 4% and 5% bonus units to unit holders.

All Motorola digital phones to have WAP
All Motorola digital phones will be equipped with wireless application protocol (WAP) technology by the end of this year to reflect the mobile phone maker's commitment in providing its users with the latest technology.

Management

Sun Tzu's Management Leadership

Striving for shareholder value
As more and more leading companies in the US, Europe, Australia and Hong Kong respond to the shareholder value challenge, Malaysian companies should do likewise in order to remain internationally competitive.

Foreign News

Fed talk bolsters view on big rate rise
US Federal Reserve officials have said nothing so far this week to water down widespread expectations on Wall Street of a large US interest rate hike next week.

Unilever and Bestfoods seen edging closer towards talks
Anglo-Dutch consumer goods giant Unilever plc/NV and its US takeover target Bestfoods appear to be edging closer towards talks with the latter starting to spell out possible merger benefits.

Cisco tops Wall Street expectations
Defying concerns that it cannot sustain its string of quarterly profits, Internet equipment provider Cisco Systems Inc has topped Wall Street expectations for the ninth consecutive period on strong sales of equipment for routing web and data traffic.

Pacific Dunlop unveils revamp plan
Diversified manufacturer Pacific Dunlop has unveiled a major restructure plan, casting off its struggling batteries unit and digging up cost reductions in a fresh attempt to turn around its fortunes.

Sons of Jiang Zemin, Taiwan tycoon pair up
The sons of Chinese President Jiang Zemin and Taiwan's Formosa Plastics Group chairman Y.C. Wang are reported to have formed a US$6.4bil semiconductor joint venture in China.

Business Singapore

InnoMedia pairs up with Japan's Sega
Singapore-based InnoMedia, which is led by former Creative Technology co-founder Ng Kai Wa, has taken a big step into the major league by tying up with Sega Enterprises, Japan's largest maker of arcade games.

News in brief

Panels to review corporate framework
The Singapore government has formed three private sector-led committees to undertake a comprehensive review of corporate regulation and governance in the republic.

DR M: NEED TO PROTECT OUR BORDERS FROM THREATS OF GLOBALISATION KUALA LUMPUR, May 9 (Bernama) -- Malaysia needs to protect her borders from the threatening effects of globalisation, including competition from giant foreign companies, Prime Minister Datuk Seri Dr Mahathir Mohamad said on Tuesday.

SAPURA WON'T BLOCK FOR THE SAKE OF BLOCKING KUALA LUMPUR, May 9 (Bernama) -- The Sapura Group will not block Time Engineering Bhd's debt restructuring scheme at a meeting with creditors here on June 8 for the sake of blocking because it wants to be repaid its debts, say sources close to Sapura.

50 PCT DISCOUNT ON IDD AND STD CALLS FOR TOUCH 'N GO USERS KUALA LUMPUR, May 9 (Bernama) -- Time dotCom Bhd and Rangkaian Segar Sdn Bhd, the provider of Touch 'n Go Electronic Payment System, Tuesday launched the VOIP Call Saver programme which gives up to 50 percent discount on outstation and international calls over normal calls.

TIME'S ONLY DEALING WITH SAPURA AS CREDITOR ON JUNE 8 KUALA LUMPUR, May 9 (Bernama) -- Time Engineering Bhd will not be negotiating and talking to Sapura Holdings Sdn Bhd regarding Sapura's bid for Time dotCom until June 8.

GETTING MONEY BACK IS TELEKOM'S MAIN PRIORITY AS CREDITOR By Siti Hawa Othman KUALA LUMPUR, May 9 (Bernama) -- Telekom Malaysia Bhd's main priority as a creditor of Time Engineering Bhd is to get its money back, says the premier telecommunication company's chairman, Datuk Ir Muhammad Radzi Mansor.

PUBLIC FINANCE 1ST QTR PROFIT INCREASES BY 351% KUALA LUMPUR, May 9 (Bernama) -- Public Finance chalked up a pre-tax profit of RM72.0 million for the quarter ended March 31, 2000, representing a 351 percent improvement over the same period in 1999.

KTMB EXPECTS TO TRANSPORT 5 MLN TONNES OF CARGO RANTAU PANJANG, May 9 (Bernama) -- Keretapi Tanah Melayu Bhd (KTMB), expects to transport five million tonnes of cargo this year via the landbridge service.

NEURONET AND SOLUTIONINC TEAM UP TO PROVIDE INTERNET PRODUCTS KUALA LUMPUR, May 9 (Bernama) -- SolutionInc Ltd and NeuroNet, a leading web consulting and integration company based here, have executed a formal agreement committing the two companies to a marketing partnership.

CN ASIA CORP EXPECTS TO BE IN THE BLACK THIS YEAR KUALA LUMPUR, May 9 (Bernama) -- Engineering firm CN Asia Corporation Bhd expects to return in the black this year with a 20-percent increase in turnover, its chairman Datuk Hilmi Mohd Noor said.

REDEMPTION OF CAGAMAS NOTES MATURING ON MAY 16 2000 KUALA LUMPUR, May 9 (Bernama) -- Cagamas Bhd, the National Mortgage Corporation announced today that the redemption on maturity of the one-year Cagamas Notes with an aggregate nominal value of RM400 million issued on May 17, 1999 is due on Tuesday, May 16, 2000.

	MAJOR CURRENCIES CLOSE MOSTLY LOWER AGAINST RINGGIT KUALA LUMPUR, May 9 (Bernama) -- Most major currencies, except for the pound sterling, ended lower against the ringgit on Tuesday as the U.S dollar remained firm against the yen in Tokyo after a round of profit-taking mainly by U.S funds and Japanese exporters.

	KL SHARES FINISH BROADLY LOWER ON SELLING PRESSURE KUALA LUMPUR, May 9 (Bernama) -- Share prices were broadly lower on the Kuala Lumpur Stock Exchange (KLSE) today, being weighed down by the selling on selective bluechips while trading was cautious on the lack of substantial leads, dealers said.

INTEL ANNOUNCES FOUR NEW GIGABIT NETWORK SWITCHES KUALA LUMPUR, May 9, 2000 -- Intel Corporation has announced four new Gigabit network switch products, including three that can transfer one billion bits (one Gigabit) of information per second over standard copper wiring.

GLOMAC SHARES OVERSUBSCRIBED BY 9.44 TIMES KUALA LUMPUR, May 9 (Bernama) -- Property developer Glomac Berhad (Glomac), enroute to a listing on the main board of the Kuala Lumpur Stock Exchange (KLSE) at the end of this month, got off to an encouraging start when the company's offer of 32.268 million shares for public subscription was oversubscribed by 9.44 times.

INFORMIX'S SALES TO GROW 30 PCT ON UPBEAT E-COMMERCE MODE KUALA LUMPUR, May 9 (Bernama) -- US-based software solutions provider Informix Sdn Bhd has set a 30-percent target in local sales growth this year due to the upbeat trend in the e-commerce industry, its managing director Hong Kok Cheong said.

BOEING'S KEDAH COMPOSITE MATERIALS JV STARTS PRODUCING IN JANUARY By Yong Soo Heong KUALA LUMPUR, May 9 (Bernama) -- Boeing Commercial Airplane Group's composite material parts joint venture in Kedah is expected to roll out its first batch of production by January next year, a Boeing official said.