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Technology Stocks : Creative Labs (CREAF)

CREAF 0.448

-12.1%

Dec 17 12:59 PM EST

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To: Dennis G. who wrote (11864)	7/17/1998 6:32:00 AM
From: Savoirman	Read Replies (2) of 13925

As far as buybacks are concerned the government has not said anything new, so I assume the target is still early 1999. Don't worry this is not Japan where reform can take 100 years. There has just been a set of off-budget measures where the government cut business costs through some tax reductions but the market generally perceived this to be too little too late. But Singapore's argument is that there is little it can do internally if the whole region goes into recession. I think the government in conserving a few more measures up its sleeves, which it will use after a few more numbers come up bad. The banking sector reform is coming along nicely. DBS Bank, Singapore's largest and largely government-owned although it is publicly traded, has just hired Mr John Olds as CEO. Mr Olds was previously Managing Director at JP Morgan. If you know Singapore, you'll know this is radical stuff!!! A "gweilo" to head Singapore's largest bank, even caught the locals by surprise. Don't worry, around Feb next year, Creaf will be able to buy back its own shares.

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