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Straits Times 3,165.18 +6.38 +0.20%
Hang Seng 26,468.95 -285.17 -1.07%
Dow Jones 27,094.79 -52.29 -0.19%
Shanghai Composite 2,999.28 +13.62 +0.46%
Daily Bulletin – 28/10/08
Daily Bulletin | 28 October 2008
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Asian Stocks Decline For Fifth Day
Asian stocks fell for a fifth day after Mitsubishi UFJ Financial Group said it will sell new shares to replenish capital and Canon slashed its profit forecast as slowing global growth cuts sales. Mitsubishi UFJ, Japan’s No. 1 publicly traded bank, plunged 15% after saying it plans to raise as much as ¥990b. Slumping profit sent China Life Insurance down 7% in Shanghai. Canon, the world’s largest camera maker, lost 4.6% while Singapore Airlines tumbled 9.7%, leading declines in the city state, as trading resumed after a holiday yesterday.

Beauty China Clinches HK$47m OEM Contracts
Mainboard-listed Beauty China Holdings, an integrated cosmetics company in PRC, has received approximately HK$47m worth of new OEM contracts from 2 customers in Russia and France to manufacture around 21m skin-care, colour cosmetics and fragrance products. The first batch of production is scheduled to run in 1Q09, with the bulk of the remaining production to begin and to be delivered by 2009.

Sinopipe Incorporates JV And Increases Production Capacity In PRC
Sinopipe Holdings has incorporated a JV company, Hailun Aton Piping in Hailun City, Heilongjiang Province, PRC through its 74.33%-owned subsidiary, Jiamusi Auton Advanced Materials Technology (JAAMT). The paid-up capital is Rmb10m, with JAAMT taking 55% while 45% will go to the JV partner. Hailun Aton Piping will generate production capacity of approximately 1,200 tonnes per annum, making it one of the few manufacturers in the province with the capacity to produce plastic pipes with diameter of 630mm.

STX Pan Ocean Awards Shipbuilding Contracts By Tender In 2008
STX Pan Ocean has awarded 3 shipbuilding contracts to 2 companies, namely STX Shipbuilding (STXS) and STX Dalian Shipbuilding (STXDS), whom had submitted their tenders through an earlier public tender invitation. STXS will construct 2 Very Large Crude Oil Carriers at US$147.5m per vessel and 2 Cape Bulkers at US$107m per vessel while STXDS will construct 8 Handy Bulkers at US$39m per vessel. The basis of selection of winning bid was based on ability to meet the stipulated deadline for construction and the bid price.

KS Energy Services Reports Loss Of Liftboat Titan-1
KS Energy Services regrets to announce the loss of its jack-up liftboat Titan-1 enroute from Pascagoula (Miss, USA) to Liverpool (UK), loaded aboard the semi submersible heavy lift vessel ‘M/V Ancora’. The Titan-1 is fully insured by insurance and the company does not expect any material impact on the financial results for FY08. The company is now in discussion with the its affected customer to substitute the Titan-1 with another identical sister-ship for the necessary contract execution.

Yuanbang Property Obtains Land Use Rights Certificate For Wenchang Project
China Yuanbang Property, a premium brand Guangzhou-based property developer, has obtained the land use rights certificate for a piece of land in relation to the Wenchang Project in the Liwan District of Guangzhou City, Guangdong Province, PRC from the State-owned Land Resource and Housing Management of Guangzhou City. The land, which measures 9,510 sqm and has a planned gross floor area of 68,139 sqm, will be developed into a mixed development of residential cum commercial units with facilities including a clubhouse and underground car park.

Global Voice Completes Fiber Optic Network In Munich
Global Voice Group, Europe’s foremost provider of mission-critical, high performance data services, has completed a major commissioning on its metropolitan fiber optic network in Munich (Germany) to meet the ever-increasing networking requirements within and beyond the borders of the Bavarian state capital. The company can now supply a range of new on-demand and bespoke high-performance networking to enterprises, carriers and service providers.

Daily Bulletin – 24/10/08
Daily Bulletin | 28 October 2008
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Recession Fears Intensify And Spark Turbulence
Intensifying fears about the potential depth of a global recession triggered a fresh wave of turbulence in financial markets on Thursday. Emerging market assets remained under heavy pressure as risk-averse investors rushed to liquidate positions, with the dollar and the yen continuing to benefit from this deleveraging. Credit spreads widened sharply. Emerging markets were in the thick of Thursday’s action as equity prices continued to slide, debt spreads widened and the cost of insuring against sovereign default reached distressed levels in several countries.

China New Town Lists Two New Land Plots For Auction In Shenyang
China New Town Development has listed two new plots of residential-cum-commercial development land from the Shenyang Project for public auction. The site area of these land parcels are 58,901 and 185,418 sqm respectively, with the last achieved price for the two plots being approximately Rmb731psm and Rmb728psm in March 2008. This sale is expected to be completed by 30 November 2008.

Samudera Takes Delivery Of Container Vessel
Samudera Shipping Line has taken delivery of Sinar Sabang, the second of two container ships with a carrying capacity of 1,740 TEUS from Guangzhou Wenchong, PRC. The vessel will be deployed on the Singapore-Jakarta service and will help the company to achieve its long term target of a balanced portfolio of owned, long-term charter-in and short-term charter-in vessels.

Sihuan Secures Rights To Distribute Edaravone
Mainboard-listed Sihuan Pharmaceutical Holdings, a leading manufacturer of cardiocerebral vascular (CV) drugs in PRC, has been awarded the rights to sell and distribute the already popular drug Edaravone in PRC for 5 years commencing from 8 October 2008 at the cost of Rmb3m. The drug is said to have immense potential to help boost the company’s market share and enhance its position as PRC’s leading pharmaceutical group for CV drugs.

AsiaPharm’s Subsidiary Proposes Rmb293.5m Acquisition
AsiaPharm’s subsidiary, Shandong Luye Pharmaceutical has inked an investment agreement with the Managerial Bureau of the PRC APEC Yantai Technology Industrial Park for the acquisition of land use right of a new land measuring 216.6 Mu for a period of 50 years. The land shall replace the subsidiary’s current existing plant location following the order to be relocated due to government’s re-zoning of the area. The subsidiary will construct a new production plant on the new land and acquire new equipment. The total costs of the acquisition are approximately Rmb293.5m.

China Taisan Qualifies As Approved Supplier For Metersbonwe
Mainboard-listed China Taisan Technology Group, a leading producer of knitted performance fabrics used in sports and leisure apparel for renowned brands such as Nike has been qualified as one of the approved suppliers of knitted performance fabrics for PRC’s No. 1 casualwear retailer brand Metersbonwe. The present order size is estimated to be 1,000 tons for the current year.

SPC Wins Energy Company Of The Year Award 2008
Singapore Petroleum Company has won the Energy Company of the Year (Gold Award) at the Energy Business Awards, Asia (EBAA) for the second time in a row. The EBAA, being the first Asian award to be conferred by the Energy Business Awards, recognises the contribution and influence of Asia and its dynamic growth and development in the global economy.

Samudera Shipping Line  -- -- --   
Business: Co is a regional Container Shipping line serving the Middle East and the Indian Sub-continent in the west, South East Asia and Indo-China at the center and the Far East to the north.

Insight: Apr-19, 1Q19 revenue inched up 1.5% to US$93m due ... Read More

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