The Star : Friday, May 12, 2000

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.

News in brief

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

Wednesday, May 10, 2000

KUB to focus on IT and communications
KUB Malaysia Bhd will make information & communications technology (ICT) its core business and invest a total of RM311mil as capital expenditure this year, according to its chairman and chief executive officer Datuk Hassan Harun.

IPI up, thanks to manufacturing and consumption
The country's industrial production index (IPI), driven by stronger manufacturing output and domestic consumption, has surged by a higher-than-expected 17.9% in March from the corresponding month a year ago.

Sapura just wants debt settled
The Sapura group will not block Time Engineering Bhd's debt restructuring scheme at a meeting with creditors on June 8 because it wants its debts repaid, according to sources close to Sapura.

Telekom aims to strenghthen share of cellular mart
Telekom Malaysia Bhd's focus this year is to strengthen its cellular business and gain "a fair share" of the country's mobile phone market, said its chairman Datuk Md Radzi Mansor.

Faber shareholders approve restructuring scheme
Shareholders of Faber Group Bhd yesterday approved its composite scheme of arrangement which entails debt restructuring and a capital reduction, giving the company a "five-year window" to rebuild its operations.

Public Finance first-quarter profit goes up by 350%
Public Finance Bhd has turned in a pre-tax profit of RM72mil for its first quarter ended March 31, 2000, an improvement of 351% over the same period in 1999.

Sharp to inject RM170m in units
Consumer electronics maker Sharp Corp will be injecting RM170mil into its six locally incorporated companies this year, said deputy general manager (international business group) Datuk Toshihiro Noguchi.

Telekom among 32 Asia-Pac firms making to FT Global 500
Telekom Malaysia Bhd, with a market capitalisation of US$11.92bil, has been ranked 474 in this year's FT Global 500.

CN Asia expects to turn around
Engineering specialist CN Asia Corp Bhd expects to return to the black this year in view of higher demand for its niche products locally and improved export market outlook.

Standard Chartered offers wide choice of trust funds
Standard Chartered Bank Malaysia Bhd can now offer retail investors, for a minimum investment of RM2,000, a wide choice of unit trust funds from 14 leading local fund houses.

Boeing venture in Kedah set to take off
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.

Glomac in talks to expand land-bank, says chief exec
Glomac Bhd, which is aiming at becoming a major property developer in the next five years, plans to increase its land-bank by several hundred acres this year.

Pica plans rights and bonds issues
Pica (M) Corporation Bhd has announced a capital raising exercise which includes a rights issue, a bonds issue with detachable warrants and an employees share option scheme.

FMM, Mimos to offer cheaper Internet-based ERP solutions
The Federation of Malaysian Manufacturers (FMM) and Mimos Bhd will work together to offer Internet-based enterprise resource planning (ERP) applications to the local manufacturing industry.

Technology

Creative Technology on major expansion trail
Creative Technology is on a major expansion trail, which will raise manufacturing space in Malaysia by a staggering 1 million sq ft, according to a report in Singapore's Business Times.

NeuroNet and SolutionInc in a marketing partnership
Solutioninc Ltd and NeuroNet, a leading web consulting and integration company based in Kuala Lumpur, have signed an agreement to commit the two companies in a marketing partnership.

Demand for jobs involving net development on the rise
Internet-Intranet development has replaced networking as the technology job category most in demand in the US, according to a report released in Los Angeles this week.

Manpower

UUM signs MoUs on training venture
Universiti Utara Malaysia (UUM) has signed a memorandum of understanding (MoU) in the areas of training with various parties.

Meteor invests RM50mil in open learning programme
A Consortium of 11 public universities, Multimedia Technology Enhancement Operations Sdn Bhd (Meteor), will invest RM50mil on its open learning programme to be implemented by the end of this year.

Foreign News

Aussie budget promises new spending measures
The Australian government unveiled yesterday a raft of new spending measures in its 2000/01 budget targeted at politically sensitive rural areas, while announcing a larger-than-expected surplus thanks to windfall gains from the sale of mobile phone licences.

Phoenix signs deal to buy Rover from BMW
German luxury carmaker BMW AG handed over its Rover unit to the Phoenix consortium yesterday, securing its exit from the loss-making business and saving Britain's biggest car plant from closure.

Bestfoods under pressure to resume talks with Unilever
Bestfoods, the food titan which rejected an US$18.4bil takeover offer from Unilever plc last week, is under pressure from all sides to go to the bargaining table with the Anglo-Dutch group.

Docomo to buy stake in Dutch KPN Mobile
NTT Docomo is to take a 15% stake in Dutch carrier KPN Mobile for US$4.5bil, giving Japan's top mobile phone company a long-awaited entry point into Europe.

Business Singapore

Mass rapid transport firm gets listing nod
Mass rapid transit operator Singapore MRT (SMRT) has secured in-principle approval from the authorities for a public listing.

Keppel launching dedicated Net unit
Keppel Corp is launching a dedicated Internet business unit in response to criticism that it lacks a clear e-business strategy.

SGX to offer global trading of e-derivatives
The Singapore Exchange (SGX) is poised to become the first bourse in Asia to offer global electronics-based derivatives trading.

The Star : Tuesday, May 9, 2000

YTL to use new firm to spearhead cyber thrust
The YTL group has unveiled an ambitious Internet strategy with the setting-up of a company initially capitalised at RM300mil to acquire strategic stakes in viable, e-commerce related companies both locally and globally.

Strong buying momentum continues at KLSE
Strong buying momentum on the KLSE continued yesterday for the fifth consecutive trading day with retail investors entering the stock market in earnest.

Mycom and units sign agreement to restructure
Mycom Bhd and associate company Olympia Industries Bhd (OIB), together with some of their subsidiaries, have proposed to undertake debt and corporate restructuring schemes.

New twist to Time dotCom battle
The battle for Time dotCom Bhd has taken on a new twist as the board of Time Engineering Bhd has formally rejected a revised takeover offer by Sapura Holdings Sdn Bhd.

Proton budgets RM970mil on production of Proton Waja
Perusahaan OTOMOBIL Nasional Bhd (Proton) has budgeted RM970mil for the design and production of the first 100% Malaysian-designed car, the Waja, which was launched by Prime Minister Datuk Seri Dr Mahathir Mohamad last night.

Johore Tenggara evaluating KFC stake proposal
Johore Tenggara Oil Palm Bhd is evaluating several investment proposals to expand and diversify its business, including the acquisition of a stake in KFC Holdings Bhd.

News in brief

Bernas beats rice firms to Myanmar deal
Padibernas Nasional Bhd (Bernas) has beaten rice companies from several other countries to win the role of helping Myanmar modernise its rice industry.

Venture again into developing nations, contractors told
Malaysian contractors and consultants in the construction industry should venture again into developing countries as there is excess capacity in the local market.

Rafidah: Blacklist corrupt businessmen
Businessmen who siphon off financial aid through fraud and corruption should be blacklisted permanently from getting future aid, said International Trade and Industry Minister Datuk Seri Rafidah Aziz.

PhileoAllied extends reach of broadcast
PhileoAllied Bank (M) Bhd's live investment broadcast, which was laun be heard via the Maxis Mobile and Celcom handphone service systems beginning tomorrow.

Sunrise to jointly develop £160m complex
Sunrise Bhd is teaming up with its South African business partner and a leading British property company to develop a £160mil hotel-and-flats complex in the Docklands.

UOB targets to launch Net banking in 2002
United Overseas Bank (Malaysia) Bhd (UOB Malaysia) will be ready to launch its Internet banking facilities in January 2002, said chief executive officer Francis Lee.

DiGi and bank spend RM4mil to start mobile phone banking
DiGi Telecommunications Sdn Bhd and United Overseas Bank (Malaysia) Bhd (UOB Malaysia) have each spent about RM2mil as initial investment to jointly launch the DiGi mobile phone banking service from May 19.

Star to continue exploring Internet businesses
Star Publications (Malaysia) Bhd will continue to explore potential Internet businesses to complement its media operations, said chairman Yong Ming Sang.

Star reports RM24m profit for first quarter
Star Publications (Malaysia) Bhd has reported an operating pre-tax profit of RM23.8mil for the first quarter to March compared with RM17.4mil for the comparable period last year.

BHLB Pacific upbeat about KL stock market
The flow of foreign funds is expected to pick up momentum ahead of Malaysia's re-inclusion in the Morgan Stanley Capital International (MSCI) indices at the end of this month, said BHLB Pacific Trust Management Bhd.

Export industries bounce back
After a difficult year in 1998, manufacturers of export-oriented products bounced back strongly in 1999.

Asian recovery to boost performance of Boeing
The faster-than-expected economic upturn in Asia has fuelled greater optimism in Boeing Commercial Airplanes Group's outlook for the region, according to Boeing executive vice-president (sales and marketing) Seddik Belyamani.

Seri Iskandar township to spearhead development at Ipoh-Lumut corridor
The 2,400ha Seri Iskandar township integrated development in Ipoh is expected to spearhead development along the Ipoh-Lumut corridor.

Kyros Kebab owner plans expansion
Gettmore Group Sdn Bhd, the franchise holder of the Kyros Kebab fast food chain, plans to expand its existing business outlets abroad.

100 exhibitors expected to take part in retail show
Some 100 exhibitors are expected to take part in the 1st Malaysian International Retail Conference and Exhibition to be held at the Putra World Trade Centre in Kuala Lumpur from Sept 21 to 23.

Focus

Booming stock mart a boost to mega-millionaires club: Report
There was good news for both the mega-rich and the wannabes in a recent report--not only are the multi-millionaires getting richer, there are now more of them.

CNLT goes into venture to tap m-commerce
In an effort to diversify its business, yarn manufacturer CNLT (Far East) Bhd is venturing into the fast-growing information technology (IT) field.

MAICSA Perspective
MAICSA Perspective
By Cheah Foo Seong

Insurance

Insurers capitalise on recovery with management restructure
One of the major preoccupations of life insurers these days is how to capitalise on the economic recovery to increase business and profits, and at the same time adapt to the fast changing financial market.

Many loopholes in e-commerce cover
Traditional insurance policies contain many loopholes when it comes to covering electronic commerce (e-commerce) as the field is still very new.

S. Korean insurers cover human organs and weather
What if one breaks up with his or her spouse during a honeymoon trip, loses a passport overseas, is kidnapped by a UFO, gets soaked by sudden rain during a picnic or has his testicles hurt in a car accident?

Foreign News

9 apply to list on newly set up Nasdaq Japan
Nasdaq Japan, a new stock exchange catering for high-technology Japanese startups, was established yesterday as a new section of the Osaka Securities Exchange (OSE), and nine high-tech and other firms swiftly applied to list.

Aussie business conditions further moderate in April
Australian business conditions further moderated in April from already lower levels and confidence remained fragile, the National Australia Bank (NAB) said in its monthly business survey yesterday.

NZ govt rejects foreign bids for Sealord stake
The government has rejected all foreign bids to buy Brierley Investments Ltd's 50% stake in Sealord Group put on sale for NZ$200mil, a report said.

Australia wine exports jump 12.3% in March
Australian wine exports jumped 12.3% in March from the previous month and have almost topped the billion-dollar mark after just nine months of the financial year.

GM opens US$640m plant in Thailand
General Motors opened its new US$640mil assembly plant here yesterday, giving a boost to the South-East Asian country's hopes of becoming the "Detroit of Asia".

Business Singapore

Monday, May 8, 2000

E-broking--next big wave in stock trading
Electronic broking, the next big wave to hit the stockbroking industry, is already being successfully carried out by a few large groups. Multi-Purpose Bank, which recently launched the "desktop share trading" facility for its MultiLink account holders, is looking forward to opening up more avenues for online share trading when it receives approval to conduct Internet banking.  

More to come in telco saga
Last week was an exciting one for the telecoms industry with Telekom Malaysia Bhd's chief executive being replaced and Time Engineering Bhd and Sapura Group fighting for control of Time dotCom Bhd.

TAP Resources aims to complete restructure by September
Property and construction company TAP Resources Bhd expects its proposed debt restructuring schemes to be completed by September and it will be on track to make profits.

Sarawak posts external trade surplus of RM4.5bil for Q1
Sarawak has chalked up a remarkable external trade surplus of RM4.5bil in the first quarter of 2000. The Statistics Department said that this was RM1.77bil or 65% more than the corresponding surplus of RM2.74bil recorded in the same period last year.

Diary of events

Corporate Focus

Dutch Baby grows up to be a Lady
Thirty five years after its inception, the "baby" has literally grown into a "lady". Milk manufacturer, Dutch Baby Milk Industries (Malaya) Bhd, officially announced last week it will henceforth be called Dutch Lady Milk Industries Bhd.

Hua Joo Seng set to paint better picture
Paint maker Hua Joo Seng Enterprise Bhd (HJS), whose business is closely related to the construction and manufacturing sectors, is expected to stage better results this year and next year, in line with the country's improving economy.

Export mart continues to be Tat Sang's main income generator
Lim Chai Hock remembers starting up Tat Sang Sdn Bhd to manufacture rubberwood furniture with his elder brother, Chai Seah back in 1986 with a capital of RM40,000 each.

Economy

Malaysian GDP could grow higher than 6.1%: RAM
Malaysia's gross domestic product (GDP)could grow higher than 6.1% based on its impressive economic strength and continued favorable external conditions, said Rating Agency Malaysia Bhd (RAM) in its latest economics publication.

Company Focus

Analysts: KFC to record better earnings
With George Ting at the helm of KFC Holdings Bhd and improving economic conditions, both the KFC and Pizza Hut operations are recording very strong sales growth.

Audrey focuses on mid-market segment
The essence of success for ladies' intimate wear maker, Audrey International (M) Bhd lies in its ability to segment its target market with a wide range of products.

Corporate News

DuPont growth set to reach RM190mil
DuPont expects its business in Malaysia to grow by about 20% to reach RM190mil (US$50mil) this year, spurred by the country's economic growth, particularly in the electronics and apparel sector.

Firm aims to achieve sustainable growth
DuPont is probably not as popular as Kentucky Fried Chicken or Microsoft in Malaysia but the products of this American company touch almost every aspect of our life.

CHG Industries gets going when the going gets tough
Plywood manufacturer CHG Industries Bhd is one of the smaller companies that went through a bad patch during the economic crisis, and survived. It returned to the black for first quarter ended March 31, 2000, and is expecting a substantial improvement in earnings for the whole financial year.

Investments

Unit trust sound option for local investors
Trusting the professional fund managers with your investment via the unit trust vehicle is a sound option for local investors, a unit trust expert said.

Stockwatch
By Jagdev Singh Sidhu

Business IT

Chance for public to buy stocks from overseas
Stock investors will get the chance to buy overseas shares through their personal account with the launch of the WorldStocks.com in July.

Magazine: Son and Enoki most powerful names in e-commerce
Softbank Corp President Masayoshi Son and Keiichi Enoki, director of NTT DoCoMo Inc's Gateway Business Department, has been named in the May 15 edition of Business Week as among 25 people wielding the strongest influence on e-commerce worldwide.

Hitachi to spend US$1.9bil on semiconductors
Japanese electronics giant Hitachi Ltd recently said it would spend a record 204 billion yen (US$1.9bil) on microchip plants and other facilities in the year to March 2001.

Property

Shencourt's Galaxy Ampang repositions with new concept
Shencourt Sdn Bhd is repositioning its RM250mil Galaxy Ampang project in Ampang, Kuala Lumpur into a family cum shopping centre. Phase one offers 1.14 million sq ft of retail space while phase two will feature 700 units of service apartments.

Kulim Hi-Tech to build RM16mil resort apartment
Kulim Hi-Tech Park Corp Resort Development Bhd (KTPC) in Kedah is building a RM16mil resort apartment at the Kulim Hi-Tech Park. KTPC Resort Development, a subsidiary of Kulim Technology Corp Bhd, will build the resort, comprising 118 apartment units on a 1.6ha site.

Lim Lay Ying On Property
Issue of affordability to remain crux of housing

Property Talk
Mini Penang property boom may erode old world charm
By S.C. Cheah

Books

Having the right stuff to make the correct decisions
Access to the Minds of CEOs -- review by Monica Gabriel

Focus

Restructuring to bring about positive changes
Labor Omnia Vincit--labour conquers all--is the fundamental belief Jackie Lim holds dear to and which has, remarkably, pulled Jutajaya Holdings Bhd out of the doldrums. Lim Hock Chye reports.

Economic Trends
Poor nations stand to lose the most from WTO failure
Poor countries had the most to lose from the World Trade Organisation's (WTO) failure last year in Seattle to set a new round of trade talks, WTO Director-General Mike Moore said on Friday.

Behind The Figures
Glomac banks on property development
The Glomac group was founded by Dato' Mohamed Mansor bin Fateh Din and Fong Loong Tuck when they incorporated Glomac Sdn Bhd on Nov 23, 1983. However, they only began the company's operations in 1988. Since then, the company is mainly involved in property development and as an investment holding company to a large number of its subsidiary companies and few associated companies.

Stock Analysis

Stock Market Signals
Upward trend as blue chips recover
Main Board -- By G.M. Teoh

Strong recovery from early April sell-off
Second Board

Financial Futures

Index futures to stay in sideways trade
Kloffe Index Futures -- By G.M. Teoh

Prices close lower and likely to stay in congestion trading
Commex Interest-Rate Futures -- By G.M. Teoh

Futures

Sunday, May 7, 2000

ADB vows to fight poverty
Asia's financial leaders began a three-day meeting in Thailand yesterday with a vow to fight poverty and ensure no return to the economic chaos that pushed millions into destitution in the late 1990s.

£ondon City Walk
Women making waves in corporate world
From Tan Kah Peng

Wall Street Update
Dow climbs despite strong employment report
US stocks rallied on Friday, but bonds closed lower for the fifth consecutive day, after a strong US employment report signalled the Federal Reserve is likely to enact a sharp interest-rate hike to curb inflation.

Saturday, May 6, 2000

Upbeat mood at KLSE
The KLSE remained in an upbeat mood yesterday, with the Composite Index (CI) closing at the day's high of 925.45 points, up 18.78 points or 2.07% from Thursday's close.

Malaysia reinstated in FTSE International's new world index
Malaysia has been reinstated as part of the emerging markets group under FTSE International's new worldwide index, which will come into operation at the end of next month.

FMM hails China decision to lift tariff on 760 products
China's decision to lift the tariff on 760 products of export interest to Malaysia will benefit major Malaysian industries and provide stability and predictability for the local business community, the Federation of Malaysian Manufacturers (FMM) said.

RHB Bank lowers BLR
RHB Bank Bhd is lowering its base lending rate (BLR) from 6.8% to 6.55% beginning May 8.

Dividends, bonus units for Pacific Mutual unitholders
Pacific MUTUAL Fund Bhd has distributed cash dividends and bonus units to unitholders of PMF Opportunity Trusts, which comprised the Pacific Millennium Fund and Pacific Recovery Fund.

1st Silicon sets sight on Nasdaq listing
1ST Silicon (M) Sdn Bhd, Malaysia's first integrated circuit wafer foundry, plans to make an initial public offering (IPO), probably on Nasdaq, late next year or early 2002.

PPB sets new course with IT move
PPB Group Bhd, formerly known as Perlis Plantation Bhd, is charting new directions, including moving into information technology-related businesses to create more value for shareholders, said chairman Ong Ie Cheong.

Parit Perak proposes restructure
Parit Perak Holdings Bhd has proposed a restructuring scheme which includes a capital reduction, rights issue, debt restructuring and the acquisitions of two companies.

MK Land aims for higher property profile
MK Land Holdings Bhd aims to strengthen its position as a developer of affordable housing while increasing its level of activity in other related sectors this year.

Inti Universal buys 50% stake in Thai joint venture
Private college operator Inti Universal Holdings Bhd is paving the way for its entry into the region education sector by acquiring a 50% stake in Bangkok-based St Theresa Professional Development Corp for 120mil baht (RM12mil)

Guthrie projects RM360mil sales from property
Kumpulan Guthrie Bhd, whose Bukit Jelutong housing scheme in Shah Alam represents its flagship property development project, has projected RM360mil in sales for its property division this year.

Pancaran Ikrab, Astral fined and reprimanded
The KLSE has publicly reprimanded and imposed fines of RM100,000 each on Pancaran Ikrab Bhd and Austral Amalgamated Bhd for breaching listing requirements.

News in brief

Malaysia airports gets time extension for proposals
Malaysia Airports Holdings Bhd has obtained approval from the Securities Commission for extension of time in relation to:

Huge potential from privatisation in Nigeria
A YEAR after the first democratic presidential election in 13 years for Nigeria, that West African country is now well on its way for privatisation.

Lycos Asia expects to launch websites in three more nations
Lycos Asia, a leading search engine and content provider, is expected to launch its websites in Hong Kong, Taiwan and China next month.

Low-cost apartments launched
Hicom-Gamuda Development Sdn Bhd, which is developing the Kota Kemuning township in Shah Alam, yesterday launched the low-cost component of the project comprising 14 blocks of apartments.

Maxis opens i-centre at the KLCC
Maxis Communications Bhd has launched its new i-centre at the KLCC, which is aimed at setting new trends in customer service.

Billings

Postam out to dispel wrong perception
The Association of Post Production and Animation Companies (Postam) wants to dispel the perception that the local post-production industry gets work only because of the made-in-Malaysia (MiM) ruling.

Lowe, Lintas & Partners promotes 8 executives
Advertising agency Lowe, Lintas & Partners has promoted eight executives, it said in a statement.

TV ad created by DY&R wins international award and acclaim
AMP Radio Networks' TV spot promoting its classical music channel Opus has been chosen as one of the 17 outstanding TV commercials worldwide at the recent 40th International Broadcasting Awards (IBA).

Give support to homegrown ad agencies, local firms told
Malaysian conglomerates have been asked to develop a symbiotic relationship with homegrown advertising agencies instead of seeking to work only with multinationals.

First-quarter adex up 27% to RM482mil
The country's total media advertising expenditure (adex) grew by 27% to RM482.8mil in the first quarter of 2000 compared with the same period last year.

MindShare unveils new unit
Media specialist MindShare has launched m digital, a digital/interactive media unit dedicated to providing online solutions in Malaysia.

Net ad revenue in US hits US$4.6b
Internet advertising revenues in the United States soared to US$4.62bil in 1999, according to a survey that boosts the credibility of the World Wide Web as a money-making medium.

Marketing

Siemens out to get bigger mobile phone market share
Siemens Malaysia Sdn Bhd is embarking on an aggressive campaign called the "Get a Life Campaign" in a bid to increase its share of the mobile phone products market.

Wunderman changes its name to Impiric
Marketing solutions company Wunderman Cato Johnson has launched a new global strategic direction with the introduction of a new name, new research and development (R&D) capabilities, a redefined market focus and new strategic partnerships.

Foreign News

Adapt to changes or perish, Asia banks told
Asian banks must shape up quickly to face the twin challenges of ever-stronger global competition and new technologies, senior regional bankers said yesterday.

Westpac posts A$818mil first-half profit
Westpac Banking Corp gave further evidence of an Australian banking sector in good health yesterday, topping market forecasts with an A$818mil first-half net profit and looking for more as cost and revenue improvements come through.

Liffe faces challenge from Euro super-bourse
The creation of European super-bourse iX is seen as posing a challenge for the London International Financial and Futures Exchange (Liffe) because it strengthens the hand of arch-rival Eurex.

Unilever lifts deadline for US$18.4bil Bestfoods offer
Anglo-Dutch consumer products conglomerate Unilever has removed a deadline for US food company Bestfoods to accept its US$18.4bil buyout offer.

Business Singapore

Auric to inject S$100m in high-tech deals
Listed food and beverage group Auric Pacific is setting aside S$100mil to invest in high-technology ventures.

Datacraft beefs up e-trade move
Datacraft Asia has further ramped up its e-commerce strategy by taking a majority stake in a local information technology consultancy and buying out its partner in an India joint venture.