Companies News

Business Times Online - Companies News
Frasers Centrepoint in $180m Allco deal	7/8/2008 9:08 PM
IN what appears to be a sign of consolidation in the Singapore real estate investment trust (Reit) market, Frasers Centrepoint (FC) is buying 17.7 per cent of Allco Commercial Reit and 100 per cent of the Reit's manager, Allco Singapore, for a total consideration of $180 million.
June's US$4.8b outflow is 2nd largest suffered by Asia funds	7/8/2008 9:08 PM
INVESTORS redeemed US$4.8 billion from Asian equity funds in June - the second-largest monthly outflow ever, according to a Citi research note.
Dayen exec chairman forced to sell more shares	7/8/2008 9:08 PM
DAYEN Environmental's executive chairman John Lee - who has gone on leave starting July 7 - has been forced to sell another 5.8 million shares, regulatory filings showed yesterday.
Auric Pac to raise Food Junction stake	7/8/2008 9:08 PM
MAINBOARD-LISTED Auric Pacific Group, which already owns 29.9 per cent of Food Junction Holdings, plans to make a partial offer to raise its stake to above 50 per cent.
Stratech appoints SITA as reseller for iFerret	7/8/2008 9:08 PM
MAINBOARD-LISTED Stratech Systems has appointed IT business solutions provider SITA as the international value-added reseller for its runway surveillance and foreign object and debris (FOD) detection system, iFerret.
Sembmarine unit's Atwood rig contract worth US$565m	7/8/2008 9:08 PM
SEMBCORP Marine unit Jurong Shipyard has disclosed the details of a second semi-submersible rig order from Atwood Oceanics Pacific, which it announced last week.
Sembcorp Marine unit unveils Japan Drilling's 1st overseas rig	7/8/2008 9:08 PM
SEMBCORP Marine unit PPL Shipyard was honoured yesterday to launch Japan Drilling's first rig built outside Japan. The Baker Marine Pacific Class 375 jack-up rig was christened Hakuryu-10 by Mariko Murata, the wife of Japan Drilling president Minoru Murata.
Sino-Env raises $76m through bond issue	7/8/2008 9:08 PM
SINO-ENVIRONMENT Technology Group yesterday raised $76 million by issuing $149 million of 4 per cent convertible bonds, with a $67 million concurrent equity-swap deal designed to allow investors to hedge their exposure to its stock.
Design Studio wins $46m new projects	7/8/2008 9:08 PM
MAINBOARD-LISTED Design Studio Furniture Manufacturer has clinched new projects worth S$46.1 million in Singapore and Dubai.
FerroChina 'seeks US$200m loan'	7/8/2008 9:08 PM
CREDIT Suisse is arranging a US$200 million loan for Singapore-listed steel maker FerroChina to refinance debt and for other corporate needs, banking sources said yesterday. The three-year syndicated loan will offer 450 basis points above the London interbank offered rate (Libor), one of the sources briefed on the deal told Reuters.

Singapore Markets

Business Times Online - Singapore Markets
Markets plunge on Wall Street fears	7/8/2008 9:08 PM
SUDDEN expectations of a Tuesday Wall Street plunge, possibly on the release of either poor economic and/or earnings news, yesterday brought ferocious selling pressure to bear on stock markets everywhere - including Singapore's.

Economy Watch

Business Times Online - Economy Watch
Inflation may spiral out of control: EU official	7/8/2008 9:08 PM
(BRUSSELS) Euro nations are risking a price spiral as inflation hits record levels on soaring oil and food costs, the European Union's top economy official said.
Vietnam import slowdown a 'welcome sign'	7/8/2008 9:08 PM
(BERKELEY, California) Vietnam's slowdown in imports indicates the government's efforts to stabilise the economy may be working, damping concerns the country is facing a currency crisis, according to a report by Moody's Corp.
NZ economy could be in recession, says Treasury	7/8/2008 9:08 PM
(WELLINGTON, New Zealand) New Zealand's Treasury department joined economists yesterday in warning that the country's economy may have slipped into recession, after recording negative growth in the three months ended March 31.

Top News Stories

Business Times Online - Top Stories
Developers offer agents fatter cuts to push projects	7/8/2008 9:08 PM
(SINGAPORE) Developers are paying property agents bigger commissions - in some cases almost double of what was offered a year ago - to push their new residential project launches.
G-8 climate deal to lift long-term gloom	7/8/2008 9:08 PM
THE leaders of the world's eight richest nations yesterday achieved what some hailed as a significant breakthrough in the battle against climate change when they pledged to cut carbon emissions 'by at least 50 per cent' by 2050.
HSBC's new home loan package inverts model	7/8/2008 9:08 PM
(SINGAPORE) HSBC is launching a radical home loan package - featuring a decreasing interest rate spread - which is making some rivals scratch their heads.
Cash over equities, says Jim Rogers	7/8/2008 9:08 PM
(SINGAPORE) Hold cash over stocks in the Singapore market, said prominent investor Jim Rogers, who has been buying into foreign currencies such as the Chinese renminbi, the Japanese yen and the Swiss franc, as well as the Singapore dollar.
Sovereign funds - S'pore meet to hammer out code	7/8/2008 9:08 PM
(SINGAPORE) Sovereign wealth funds (SWFs) that control an estimated US$3 trillion in assets will meet in Singapore this week to discuss a code of ethics aimed at allaying Western fears that their investments are politically motivated.
High-wire balancing act when F1 circus comes to town	7/8/2008 9:08 PM
AS THE world's first Formula One night race draws closer, preparations have moved into high gear.
F1 teams hope to see the light on Singapore trip	7/8/2008 9:08 PM
(LONDON) Formula One teams will send experts to Singapore in the next few weeks to help them overcome some of the technical challenges posed by the sport's first night race, according to Honda team boss Ross Brawn.
Three-Minute Digest	7/8/2008 9:08 PM
SOVEREIGN wealth funds (SWFs) that control an estimated US$3 trillion in assets will meet in Singapore this week to discuss a code of ethics aimed at allaying Western fears that their investments are politically motivated.