After much deliberation and haggling, the US Congress has finally passed a revised US$700b financial bailout plan.

It was an earth-shaking and event-moving fortnight to say the least. Indeed, 2008 may be known as the year when the financial landscape of Wall Street changed forever.

In a move that was widely anticipated for weeks – the US government nationalised Fannie Mae and Freddie Mac.

Investors hoping for a respite after PM Lee’s National Day Rally speech were sorely disappointed.

It has been a year since the credit crisis first reared its ugly head. Despite aggressive moves by the US Federal Reserve in the past year to ease the flow of credit into the economy, the situation seems to have gotten from bad to worse.

On a brighter note, oil prices took a breather over the past fortnight, falling below US$125 per barrel on speculation that fuel demand in Asia and the US may slow after near-record prices.

Without a doubt, Singapore is beginning to feel the effects of the global slowdown. The government’s recent advance 2Q GDP estimate revealed the local economy shrinking 6.6% from 1Q on a seasonally-adjusted annualised basis.

For this issue, we have conducted an exclusive interview with Glenndle Sim, CEO of Mencast Holdings, a leading manufacturer of marine sterngear equipment that is poised to ride on the growth of the buoyant offshore oil and gas and marine industry.

For soccer aficionados who turned their attention from the stock markets to the live telecasts of Euro 2008 during the wee hours, it might actually be a blessing in disguise.

Surging oil prices finally discovered gravity. The price of black gold has stumbled of late amidst growing indications that demand is poised to decline due to the slowing US economy as well as cutbacks on fuel subsidies in various countries, which could limit wants.