Wall St Rebounds After Mixed US Jobs Report
US stocks rebounded from an otherwise negative trading day last Friday after a mixed monthly jobs report saw unemployment rate fell to a 5-month low while also reporting a surprise decline in January payrolls. The mixed jobs data were released amid continued turbulence in global markets. European stock markets fell sharply as fears about sovereign defaults in the Eurozone savaged sentiment for a 2nd day in a row. After dropping 1.8% at one point, the S&P 500 staged a dramatic last-minute recovery, closing 0.3% higher at 1,066.19. The DJIA was up 0.1% at 10,012.23 and the Nasdaq Composite was 0.7% higher at 2,141.12. Over the course of the week, the S&P 500 was down 0.7%, the DJIA lost 0.5% and the Nasdaq was 0.3% lower.
Genting Singapore Obtains Casino License
Genting Singapore has received its casino licence from the Casino Regulatory Authority on last Saturday and many market watchers are betting that the casino will open before Chinese New Year, which arrives this Sunday. Four hotels and more than 20 restaurants and shops have opened at the integrated resort on Sentosa so far. The company has not said when the casino and the Universal Studios theme park would greet the public. According to analysts, the Chinese New Year crowds at other casinos are typically 2 to 3 times that of the average. An announcement is expected today from the company.
Marina Bay Sands, the other integrated resort scheduled for launch this year, has yet to receive its casino licence. It sent in its application in October and provided additional information in November. Genting Singapore submitted its application similarly in October but provided additional information in December, comparatively later.
Sapphire Corp Expects Massive Jump In Net Profit For FY09
Steel maker Sapphire Corporation said over the weekend that it expects net profit for FY09 to balloon to the range of $30m-$40m on the back of robust demand for steel and related products in China and gains of around $27.1m from the listing of its related unit, China Vanadium Titano-Magnetite Mining Company on the Hong Kong Stock Exchange. The profitability forecast dwarfed the FY08 net profit of $1.1m.
According to the Catalist-listed company, profit from operations received a boost after it bought a 51% equity stake in Neijiang Chuanwei Special Steel. The latter, which has its operations mainly in Sichuan, benefited from earthquake recovery works in the province as well as economic growth in China. There was also strong demand for steel and steel-related products in the country because of sustained expansion in housing and infrastructure sectors.
