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Daily Bulletin – 16/03/09
Daily Bulletin | 16 March 2009
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Wall St Remains Buoyant On Health Care Sector Bloom
US Stocks clung on to their gains on last Friday during a choppy session as rises in health care stocks took equities to their best weekly performance since November. Merck, the pharmaceutical company, gained 12.7% to US$27.07 after Bernstein upgraded the company to “outperform” saying it had agreed a “very fair price” for rival Schering-Plough. The latter also gained, rising 8.5% to US$24.21. The benchmark S&P 500 and the Dow both gained 0.8% to 756.55 points and 7,223.98 points respectively. The Nasdaq was up 0.4% at 1,431.5 points.

Wary OPEC Puts Deeper Cuts On Hold
OPEC decided on Sunday against more supply cuts, signaling that it would delay its goal of boosting oil prices to US$75 a barrel at least until next year. The decision marks a significant shift in the policy of the oil cartel, which supplies about 40% of the world’s oil and had given the impression that it wanted to push up prices as quickly as possible. But now it seems OPEC fears that more radical action to achieve the US$75 could harm the fragile economy. Opec will meet again in May in case Sunday’s decision drives oil prices to lower levels than members can tolerate.

FibreChem Tech In Default On US$26.4m Loan
FibreChem Technologies has defaulted on its US$35m facility agreement, owing an outstanding sum of US$26.4m, including accrued interest of US$0.115m, to its creditors, a consortium of local and international banks. As a result of the default, the facility agreement has been canceled and the creditors have demanded immediate payment of the outstanding loan due.

Creative Incurs 3Q09 Restructuring Charges Of US$10m
Creative Technology has announced that it will incur restructuring charges of approximately US$10m for 3Q09 ending 31 March 2009, in relation to severance payments and costs associated with headcount reductions, primarily in the company’s global field organizations and facilities costs from consolidation of certain international offices. The company expects to reduce headcount by about 300 worldwide, majority of which will be from Europe and US.

Babcock & Brown Global Invs Not Affected By Appointment Of Administrator To Babcock & Brown Limited
Babcock & Brown Global Investments has informed that its listed parent company, Babcock & Brown Limited has been placed into administration. The company asserted that the administration of its parent company is not expected to impact Babcock & Brown International, which is the main operating and asset owning entity of the Babcock & Brown Group. Consequently, it is not expected to impact company.

Asiatravel Observes Growth In Room Nights Booked Holdings said that it is seeing growth in the number of room nights booked despite the economic downturn, on the back of rising popularity of short-haul and intra-Asia travel. The travel company has been working with hotel partners to offer attractive promotions and special rates, efforts that have paid off through a rise in room nights booked. In addition, key destinations such as Hong Kong have seen record bookings.

Creative Technology  3.310 -0.03 -0.90%   
Business: [FY18 Turnover] Audio, speakers & headphones (94.3%), personal digital entertainment (3.1%), other products (2.6%).

Insight: Feb-19, 1H19 net sales decreased by 20% due to the... Read More
Global Investments  0.138 -- --   
Business: An open ended balanced mutual fund. [FY18 Asset Class] Bank contingent convertibles (35.8%), bonds (31.7%), listed equities (14.7%), cash & others (11.9%), loan portfolio & securitisation assets (5.9%).

Insight: May-19, 1Q19 reported total income of $14m instead... Read More Hldgs  -- -- --   
Business: Co provides online travel products & services. [FY17 Turnover] Hotel reservation (71.1%), tour packages (27.9%), others (1%).

Insight: May-18, 1Q18 revenue decreased by 71.5% as Co clos... Read More

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