US Stocks Rally As Oil Drops
US stocks rallied, pushing the Dow up 127 points in the last hour, after Deutsche Bank AG said financial companies are overcoming credit losses and a drop in oil stoked a record gain in airlines. Wachovia Corp, Bank of America Corp and SunTrust Banks Inc helped lenders extend their rebound from last week’s nine-year low to 28% after Deutsche Bank analyst Mike Mayo said bank losses haven’t spread as much as feared. UAL Corp, parent of United Airlines, surged the most since emerging from bankruptcy in 2006 as oil slid to a six-week low and the company said it would cut costs by eliminating 7,000 jobs.

Stratech Clinches MDA Integrated Website Project
Stratech Systems has been awarded a contract to revamp and provide an integrated platform to manage the various websites under the Media Development Authority (MDA) of Singapore. The contract is worth $2.3m, of which $1.688m is expected to be recognised over the next 12 months. This project aims to enhance the digital experience of users through the use of Web 2.0, which harnesses World Wide Web technology and web design, to promote creativity, information sharing, and, most notably, collaboration among users.

CNA Invests US$2m In HTE Engineering For 51% Stake
CNA said it is buying a 51% stake in HTE Engineering (Vietnam) Co Ltd, which provides MEP services to the residential, industrial and commercial sectors in Vietnam for US$2m. The acquisition, to be entirely funded by internal resources and to be completed on or by 31 July 2008, follows CNA’s Vietnam joint venture, ACE in 2007, and builds upon its strategy to tap the opportunities in Vietnam’s infrastructure, industrial, commercial and residential growth which continues to be fuelled by foreign investment, remaining optimistic of the country’s long term growth prospects.

First REIT’s 2Q08 DPU Grows 15.8%
First REIT announced that its distributable amount for the 2Q08 ended June 30 rose 16.1% yoy to $5.2m. Translating into a distribution per unit (DPU) of 1.91 Singapore cents, up 15.8%. For the half year ended June 2008, First REIT’s distributable amount and DPU are $10.26m and 3.76 cents, respectively. Based on its annualised DPU of 7.62 cents and the closing price of 70.5 cents on July 18, First REIT’s distribution yield is 10.81%, one of the highest amongst Singapore REITs, Singapore stocks and government bonds. Driven by rental increases from its four Indonesian properties as well as the rental income generated from its four Singapore properties acquired in 2007, First REIT’s gross revenue in the second quarter rose 15% to $7.5m, lifting its half-year gross revenue by 19.3% to $15m.

NOL Submits Bid For Hapag-Lloyd
Neptune Orient Lines (NOL) has submitted an indicative non-binding bid for Hapag-Lloyd, the container unit of Germany’s TUI. ‘A completed transaction would result in the integration of NOL’s container shipping business APL with Hapag-Lloyd. The combination would create the world’s third-largest container carrier,’ NOL said in a statement to the SGX. NOL said it was premature to state whether the bid will lead to a definitive transaction at this stage. ‘Any agreement would be subject to, among other steps, due diligence, acceptance of final bid, regulatory approvals and NOL shareholders’ approvals,’ it added.