Fed Under Pressure To Do More On Credit Crunch
The Federal Reserve and US Treasury were on Sunday night under increasing pressure to follow passage of the US$700b financial rescue plan with further measures to shock the ailing credit markets back to life. Among the options available to policymakers are additional liquidity operations and an emergency rate cut – possibly in co-ordination with other central banks. A combination of the two is also possible. The Fed is likely to further expand both the size and scope of its liquidity operations. Experts believe it could address a shortage of US Treasuries that has emerged as investors have looked increasingly to government paper as a safe-haven investment and collateral for trades. Another potential target is the commercial paper market, which has been shrinking substantially in recent weeks.

Laviani In Conditional Cash Offer For Shares Of CityNeon
Laviani, a wholly-owned subsidiary of Star Publications (Malaysia) has made an voluntary conditional cash offer for all the issued ordinary shares of Cityneon Holdings at $0.58 cash per share. The offer is a result of a strategic decision by Star to enter the Meetings, Incentives, Conventions & Exhibitions sector in the Asian and Middle East regions. Star believes that Cityneon will be able to enhance its exhibition and event management businesses by combining both companies’ resources on an international front, and hence, achieving synergies.

ISDN To Invest $40m in High-Tech Industrial Park In PRC
ISDN Holdings has proposed to invest approximately $40m in the construction of ISDN High-Tech Industrial Park at Wujiang District, PRC. The company seeks to centralise the operations and enhance management and control of its activities in PRC. In addition, rising costs of rental in Suzhou have been observed over the years. There will be greater rental savings in years to come after the company occupies the completed buildings. Lastly, the company plans to lease out the excess capacity from the proposed project to increase its stable income stream.

SingTel Disposes Shares In APT Satellite Telecomm
SingTel has divested its entire 45% equity interest in APT Satellite Telecommunications following the exercise of a call option by NTT Com Asia at approximately $12m, resulting in a disposal gain of approximately $3m. This profit will be recognised and reflected in 3Q08 results.

Courage Marine Acquires US$16m Vessel
Courage Marine Group has, through its indirect unit, Zorina Navigation Corp, inked a Memorandum of Agreement with Soft Holdings to purchase a secondhand vessel, MV Marigold for US16m. Delivery will take place by end October and the company expects the vessel to contribute to its revenue for 4Q08.

Sim Lian Wins Tender For Land Parcel At Ubi Avenue 4
Sim Lian Group has, through its unit Sim Lian Land, won the tender for land parcel 748 zoned for Business 1 development at Ubi Avenue 4. The land has a land area of 123,695 sqf with a plot ratio of 2.5. The maximum permissible Gross Floor Area is 309,236 sqf. The transaction is not expected to have any material effect on the EPS and NTA of the company for the current FY09 ending 30 June next year.

ASL Marine Secures $101m Contracts
ASL Marine Holdings has, through its unit, ASL Shipyard, secured new shipbuilding and fabrication contracts worth a total of $101m. The shipbuilding contract is secured from a long-term customer and expected to be completed in 2011 while works for the fabrication contract is expected to be completed in August 2009. These contracts are not expected to have a material financial impact on the EPS and NTA of the company for FY09 ending 30 Jun 2009.