Extremely Volatile Trading In Global Markets
A massive rebound on Wall Street on Thursday crowned extremely volatile trading in global markets as hopes grew of greater involvement by policymakers in resolving the financial system’s problems. Hopes among investors grew that the US government was contemplating a system-wide rescue that would separate good and bad banking loans, along the lines of the Resolution Trust Corporation (RTC), which helped resolve the savings and loans crisis in the late 1980s. That followed the co-ordinated injection of dollar funding by global central banks via increased swap lines with the Federal Reserve.

Novo Acquires 51% Stake In PRC Steel Company
Novo Group’s unit, Novo Iron Ore has entered into a sale and purchase agreement to acquire 51% interests in Yi Chang Shi Fu Sheng Gong Mao (Fu Sheng) in PRC. The first 31% will be sold at Rmb11.7m with the remaining 20% priced at Rmb7.8m being optional to Novo. The acquisition is said to complement company’s current business, enable it to expand into its upstream business and further facilitate the company’s core trading business in steel trading products. The iron ore mined by Fu Sheng will be sold to the end-users directly, allowing a further development of the company’s coverage of its market as well as reinforcement of its relationship with current customers

SingTel-Chunghwa JV To Launch ST-2 Satellite In 2010
SingTel has signed a shareholders agreement to form a joint venture (JV) with Chunghwa Telecom to build the ST-2 satellite. This satellite is targeted to be delivered in 2010 and will replace the ST-1 satellite, which will be retired in 2011. SingTel will have approximately 62% share in the joint venture while Chunghwa Telecom will own the remaining 38%. Bill Chang, SingTel’s Executive Vice President for Business, said: “The ST-2 satellite will offer wider coverage to also include emerging markets such as the Middle East. Even before its launch, about two-thirds of ST-2’s capacity has been pre-booked.”

Nera Telecom Wins $13.5m Purchase Orders
Nera Telecommunications and its wholly-owned subsidiary, PT. Nera Indonesia, has won $13.5m worth of purchase orders from a cellular operator in Indonesia for the supply, delivery, installation and maintenance of microwave transmission equipment. The purchase orders are not expected to have a significant impact on the performance of the company for the current FY.

Sino Construction Invests Rmb30m In Fly-Ash Brick Production Facility
Sino Construction, one of the leading construction groups in Daqing City in Heilongjiang Province, has invested Rmb30m in a fly-ash brick production facility which helps to secure supply for its construction activities in Heilongjiang’s Daqing City, and provide additional revenue stream by selling to external parties. The company’s consumption of bricks has grown to 311,000 cubic metres in FY07, which represents 6.3% of the total demand of 4.9m cubic metres of various kinds of bricks in the city. The company plans to double its brick production capacity with addition of another production line by 4Q09.

KS Energy Launches 4th Business Pillar
Mainboard-listed integrated oilfield equipment and drilling services provider, KS Energy Services has launched its 4th business pillar, to provide specialised and qualified human resource and technical services to the oil and gas industry. This new business will be held under a newly established wholly-owned subsidiary to spearhead KS Energy’s foray into this rapidly growing sector to meet demands from clients comprising drilling and accommodation contractors and drilling operators. To start off, KS Energy will acquire Amsterdam-based specialist manpower and human resources services provider, S.M.S. B.V. group of companies for approximately $6.0m.