US Market News
U.S. stocks soared on Thursday on a sharp drop in oil and several unexpectedly strong earnings reports, but the rally may not hold into Friday, given disappointing results from Google, Microsoft and Merrill Lynch after the bell. Oil prices fell more than $5, dropping below $130 a barrel for the first time in over a month. The steep decline in oil eased some concerns about the threat of inflation on an already fragile U.S. economy. The Dow Jones industrial average surged 207.38 points, or 1.85 percent, to 11,446.66, in its largest two-day percentage gain since Oct. 15, 2002, when it had a two-day gain of 5.2 percent. The Standard & Poor’s 500 Index rose 14.96 points, or 1.20 percent, to 1,260.32. The Nasdaq Composite Index climbed 27.45 points, or 1.20 percent, to 2,312.30.

Singapore shares lower at midday, tracking region; plantation stocks slump
Singapore shares were lower at midday on Friday, tracking weakness in regional bourses, as wary investors cashed in early gains due to ongoing fears over the health of the global economy. Concern about credit markets and rising inflation and their impact on the economy continue to weigh on sentiment, said Terence Wong, research head at DMG & Partners Securities. ‘We are not out of the woods yet and investors are being cautious,’ he said. At midday, the Straits Times Index was down 28.63 points or 1.0 percent at 2,835.50, off a high of 2,887.48. Decliners led gainers 312 to 122, with 964 stocks unchanged. There were 566.07 million shares traded valued at S$666.47 million. The drop in oil prices failed to lift sentiment. Light sweet crude fell $5.31 to settle at $129.29 a barrel on the New York Mercantile Exchange.

Oil has fallen more than $15 in just the past three sessions. In Asian trade on Friday oil rose past $130 a barrel. Najeeb Jarhom, research head for retail markets at AmFraser Securities, said the pullback in oil prices is not an indication of a reversal in trend and that prices could rise again as commodity prices have not yet peaked. Shares in Singapore-listed palm plantation stocks slumped following a downgrade by CIMB on the sector to ‘underweight’ from ‘overweight’ given rising regulatory risks and a softening crude palm oil (CPO) price outlook. CPO prices also normally move in tandem with crude oil price movements.

ST Engineering’s Marine arm secures S$127.7M contract to build and outfit a diving support vessel
Singapore Technologies Engineering Ltd (ST Engineering) today announced that its marine arm, Singapore Technologies Marine Ltd (ST Marine), has secured a S$127.7m contract to build and outfit a Diving Support Vessel (DSV) for a foreign customer registered in Singapore. Construction is scheduled to begin in January 2009 and delivery is planned for mid 2010. This 107.1m long DSV will be designed and built in accordance with the rules and regulations of Det Norske Veritas (DNV) with a light “Ice Class” notation.

Equipped with an electric propulsion system with dynamic positioning system DP2 capability, the DSV with a deadweight of 4,000 tonnes will have accommodation space for 100 persons, a 140-tonne subsea crane, an 18 men Diving Saturation System and will carry two Remotely Operated Vehicles (ROV) to support diving operations in the subsea sector. When completed, this DSV will enhance the customer’s fleet to serve its clients in the oil and gas industry.

Inter-Roller’s first foray into South America with project in Quito City, Ecuador
Inter-Roller Engineering Limited (Inter-Roller) is awarded a contract to design, supply and install a Baggage Handling System for the New Quito International Airport in Ecuador. The contract value is USD5.8 million (SGD7.9 million) and is expected to complete in August 2010. This contract represents Inter-Roller’s first project in South America. The contract includes the design, supply and installation of mechanical, electrical and high-level controls that will integrate with 100% Hold Bag Screening.