R H Energy Reports 8-Fold Surge In Net Profit

R H Energy, a leading provider of engineering design and consultancy solutions for the oil and gas and petrochemical industries in the PRC, reported its 1H08 net profit as having soared 8-fold to US$2.85m, on the back of a 263% increase in revenue and a significant improvement in gross profit margin. The company’s revenue growth was mainly driven by an expansion of the engineering, consultancy and inspection services business as well as equipment integration services. Going forward, the growth of the company’s engineering and consultancy services segment is expected to outpace that of the other business segments and company will continue to consider various alternatives, including suitable acquisitions, joint-ventures or strategic alliances so as to enhance and expand its existing businesses.

ST Engineering Renews Component Contract With LOT Polish Airlines

Singapore Technologies Engineering announced that ST Aerospace Solutions (Europe) A/S (STA Solutions), the subsidiary of Singapore Technologies Aerospace, has renewed a component supply and reconditioning contract with LOT Polish Airlines. This contract is worth about $18.7m, and covers LOT Polish Airlines’ fleet of seven Boeing 767 aircrafts over three years under the STA Solutions material supply programme. ST Aerospace is the aerospace arm of ST Engineering. LOT Polish Airlines commented that STA Solutions’ consistently high standards of quality have earned their trust and confidence in renewing the partnership.

ST, STATS ChipPAC and Infineon To Set New Industry Standard

STMicroelectronics (ST), STATS ChipPAC and Infineon Technologies AG have signed an agreement to jointly develop the next-generation of embedded Wafer-Level Ball Grid Array (eWLB) technology for use in manufacturing future-generation semiconductor packages. ST and Infineon, two of the world’s leading semiconductor makers, have joined forces with STATS ChipPAC, a leader in advanced three dimensional packaging solutions, to fully exploit the potential of Infineon’s existing eWLB packaging technology. The new R&D effort, for which the resulting IP will be owned by the three companies, will focus on using both sides of a reconstituted wafer to provide solutions for semiconductor devices with a higher integration level and a greater number of contact elements. The first samples are expected to be out by end of 2008 and production by early 2010.

Euro Slumps To 5-Month Low As Bets For Higher Rates Reduces

The euro slumped to a 5-month low against the dollar as bets on the European Central Bank to raise interest rates due to a slowing economy were reduced. Euro also fell to a 3-week low against Japanese yen after ECB President Jean-Claude Trichet said economic growth will be “particularly weak” through the 3rd quarter. The euro fell to $1.5195, the lowest since March 5, before trading at $1.5216 at 12:37 p.m. in Tokyo, from $1.5325 late yesterday in New York. It’s set for a fourth weekly decline, the worst losing streak since May 2007. “The euro may fall to $1.50 in the next few weeks,” forecasted Matsumoto, senior manager of forex sales at Sumitomo Trust & Banking in Tokyo.

SuperBowl’s Associates Awarded Tender For Land Parcel

SuperBowl Holdings announced that URA has awarded HH Properties, a 50% owned associated company of SuperBowl Holdings, the tender for a 99-year leasehold land parcel at Balestier Road/Ah Hood Road (Balestier Parcel) set for hotel and commercial/residential development with a tender price of $73.3m for the Balestier Parcel. The Balestier Parcel has a site area of 17,661.4 square metre and a maximum permissible gross floor area of 459,942 square feet. “It will be a unique integrated hotel-park and commercial development,” added the company.