US Senate Backs Rescue Plan By Wide Margin
The US Senate on Wednesday night approved by a large margin the Bush administration’s US$700b plan to rescue the financial system, while European policymakers clashed on Wednesday over how to protect their own banks. The Senate vote puts further pressure on recalcitrant Democrats and Republicans in the US House of Representatives, who threw out the Paulson plan on Monday and came under intense pressure from their leaderships on Wednesday to switch their votes. Ahead of a new House vote expected on Friday, leaders from both parties expressed hopes that additions to the bill, including a large increase in the deposit guarantee ceiling, would sway dissenters.

CH Offshore Secures New Charter Worth US$12m
CH Offshore has inked a bareboat charter of a new 12,240 brake horse power, 150 ton bollard-pull anchor-handling tug/supply vessel with a third party. Under the agreement, the company will charter the vessel to the third party for a primary period of 7.5 months, with an option to the charterer to extend the charter period for another 9 months, at a total gross contract value of US$12m.

Sim Lian Emerges As Highest Bidder For Ubi Ave 4 Industrial Site
Sim Lian Group has, through its unit, Sim Lian Land emerged as the top bidder with a tender price of $26.3m for industrial site at Ubi Avenue 4. The tender is currently under evaluation by the URA and company will make the necessary announcement should it be awarded the tender.

China Milk Products’ Raw Milk Passes Lab Tests
China Milk Products Group informed that its raw milk are compliant with the national standards and is free of and from any trace of melamine. The news came after the company sent samples of its raw milk to an independent laboratory for testing, namely, Daqing Bureau of Products Quality Supervision and Inspection, a government laboratory accredited by the Heilongjiang Bureau of Quality and Technical Supervision which in turn is an affiliate of the General Administration of Quality Supervision, Inspection and Quarantine of the People’s Republic of China.

Beng Kuang Marine Secures Record $21m Contract
Beng Kuang Marine, a leading services provider for corrosion prevention, infrastructure engineering, and supply and distribution services to the marine and offshore oil and gas industries, has secured approximately $21m work contract from Leighton Holdings through its unit, Asian Sealand Engineering. The company has amassed a total of US$32.7m in the infrastructure engineering division’s order book since beginning of the year. The contract is not expected to pose material impact on FY08 results.

Food Junction Acquires Rmb48m Shanghai Restaurant Chain
Catalist-listed Food Junction Holdings, a specialised F&B service management group, has acquired Malone’s American Café, a Shanghai based restaurant chain for Rmb48m. The acquisition is said to give the company an immediate foothold into Shanghai’s restaurant scene by tapping onto Malone’s 14 years’ presence in PRC, and its extensive experience and skills in restaurant operations as well as their established branding.

Tee International Secures $11.6m Contract
TEE International has through its wholly owned subsidiary, PBT Engineering, won the contract to design and construct a Worker’s Accommodation comprising dormitory and common facilities for 4000 workers by Marina Bay Sands for $11.6m and the completion time is 75 days from 17 September 2008. The company do not anticipate the contract has any material effect on its net tangible assets and earnings per share for FY09 ending 31 May.

Gallant Venture Sells Properties In Bintan
Gallant Venture has sold its land in Bintan, namely Lagoi Bay Development, Township and others for a total sale price of $67.1m. These land sales are expected to contribute positively to the company’s earnings per share and net tangible asset.