US House Of Representatives Rejects Bailout Bill
US stocks suffered their worst one-day fall since the 1987 crash on Monday, after the House of Representatives shocked investors by voting to reject the Bush administration’s US$700b bail-out plan. The vote effectively torpedoed unprecedented government interventions to quell the fear in the financial markets which had earlier seen five US and European banks rescued or nationalised and the world’s central banks unleashing a gigantic global liquidity operation. House Republicans voted roughly two-to-one against the bail-out, while the Democrats split three-to-two in favour. Congressional leaders took procedural steps that could enable a revote, but analysts said Democrats would be unlikely to try again without the promise of more Republican support.

Karin Signs Business Partner Agreement With IBM
Mainboard-listed Karin Technology Holdings, a leading IT and Components Solutions and Services Provider in Hong Kong and the PRC, has signed a business partner agreement with IBM Singapore through its unit, Compucon Computers, to work as one of IBM’s distributors on selling and promoting the powerful enterprise-class software - IBM Tivoli. The agreement will expand the range of solutions and services offered under the company’s IT infrastructure segment and target customers would mostly be corporate clients belonging to the Financial Services industry.

Parkway Life REIT Acquires 7 Nursing Homes In Japan
HSBC Institutional Trust Services (Singapore), as trustee of Parkway Life REIT (PREIT), has, through its unit Parkway Life Japan3, entered into a Tokumei-Kumiai agreement in relation to the acquisition of seven nursing homes located in Japan which have been acquired by GK Healthcare 1, a Godo Kaisha, at $105.7m. The acquitision, which is funded by debt, is yield accretive to unitholders. The net initial yield of the portfolio is 6.9%, with individual yields ranging from 6.7% to 7.2%. PREIT’s gearing will be raised from 10.3% to 19.7%.

Chemoil Signs JV Agreement In India
Mainboard-listed Chemoil, one of the world’s leading physical suppliers of marine fuel products, has signed an exclusive Joint Venture (JV) Agreement with the NSE-listed Adani Enterprises, one of the most dynamic conglomerates in India with diversified businesses and is the developer of the Mundra Port. The JV will be owned 50:50 with initial startup capital of up to US$10m. The JV will begin by supplying marine fuel in the Mundra port as its first step to expanding presence throughout the Pan-Indian fuel oil and petroleum product markets.

FM Holdings Secures New Contracts
FM Holdings has, through its unit, Fine Makers (HK), secured new contracts to provide manufacturing services of electrical and health and beauty appliances for several international marketers, distributors and retailers of such products. The new contracts are expected to contribute significantly to the company’s revenue for FY09 ending 31 March 2009.

Metax Signs MOU With Leading European Energy Provider, RWE
Catalist-listed Metax Engineering, a home-grown environmental engineering company has entered into an MOU with RWE Power Aktiengesellschaft (RWE), the power unit within the RWE Group, one of Europe’s leading integrated electricity and gas companies, to develop clean development mechanism (CDM) projects for palm oil mills. Through the collaboration, Metax will be able to gain and enhance its capabilities such as the addition of ability to utilise the CDM expertise of RWE.

Longcheer Acquires Rmb190m Property In PRC
Longcheer Holdings has, through its unit, Longcheer Technology (Shanghai), entered into a sale & purchase agreement with Yaxin Electronic Technology (Shanghai) for the purchase of a building to house its research and development functions and to serve as its corporate headquarters at Rmb190m. The company’s existing lease arrangements will be expiring in August 2009 and with the rising rental rates in Shanghai, it will be in the company’s best interest to make the acquisition.

Star Cruises Ends Disposal Of Vessel, Norwegian Dream
Star Cruises and Ocean Dream as Sellers have decided to end the Dream MOA with Louis and Marzio Shipholding (the Buyers), following Buyers’ purported rescission of the Dream MOA and their failure to accept delivery of Norwegian Dream in accordance with the Dream MOA. The company and Ocean Dream are presently taking legal advice in relation to the enforcement of their rights against the Buyers in respect of the US$218m disposal.