MALAYSIAN NEWSPAPER HIGHLIGHTS - AUG 2, 2004.

KUALA LUMPUR, Aug 2 Asia Pulse - Highlights of today's newspapers:

THE STAR:

- Sumatec Resources Bhd, a contractor for the oil and gas industry, has set in motion its vision for a recurring base of earnings. Hence its recent proposal to purchase a fleet of coastal oil tankers leased on long-term contracts to oil majors.

- For the textile and garment industry, 2005 will be a watershed year. Three decades of protectionism in the form of the Multi Fibre Agreement (MFA) will be swept away on Jan 1, meaning that apparels manufactured in Malaysia and other developing countries for sale in the US and European Union will no longer be constrained by import quota restrictions.

- Senai Desaru Expressway Sdn Bhd (SDESB), the concession holder for the RM1.48bil Senai Desaru Expressway, will be issuing bonds worth RM1bil in the next few months to finance the project.

- It is not fully representative of the general view, said Andrew Hong, executive director of the Malaysian Textile Manufacturers Association, of the 23 out of 30 responses he received from members calling for an endorsement of the Istanbul Declaration thats demanding a three-year extension to the textile quota system under the Multi Fibre Agreement.

- Thamesa Sdn Bhd's chief executive officer Chris Low's recipe for success in business is simple: mix business with a passion for success.