Gloom Persists In Spite Of Fresh Move By Fed
Trading remained volatile across major markets on Tuesday and Wall Street slumped during afternoon trade as financial stocks plumbed their lowest level since 1997. The S&P 500 fell 5.7% and closed below 1,000 for the first time in more than five years. The Dow Jones Industrial Average slumped 5.1% to close under 9,500 after breaking 10,000 on Monday. Growing gloom that the credit crunch for banks has imperilled the broad economy was stoked when the Federal Reserve said consumer credit fell at an annual rate of 3.7% during August, the first decline since January 1998. Wall Street found no joy when Ben Bernanke, chairman of the Fed, opened the door to a rate cut when he said the central bank “will need to consider whether current stance of policy remains appropriate”.

Addvalue Supports Brazilian Elections With Mobile Satellite Service
Addvalue Technologies, together with Tesacom and Stratos Global Corp announced they joined forces to succesfully deploy a 1,200-site BGAN (Broadband Global Area Network) mobile satellite network to support the first round of Brazil’s municipal elections on October 5th. The company provided its Wideye SABRE 1 terminal which is a robust, easy-to-use terminal offering flexible interface options.

Marco Polo Marine Secures Milestone $74.5m Contract
Marco Polo Marine, a growing integrated shipping group, has secured a $74.5m contract to build an 80-metre dynamically position subsea operations vessel for Hallin Marine Subsea International through its unit, Bina Marine. The contract marks a new milestone as it progresses to build higher value and more sophisticated vessels. Scheduled for delivery in 4Q10, the contract brings the company’s total order book to $113.1m till date.

Indofood Agri Resources Gets Oil Palm-related Patent
Indofood Agri Resources’ indirect unit, Sumatra Bioscience in Indonesia has had its patent published by the European Patent Office which verifies the company’s approach to F1 oil palm hybrids as the first of its kind. Such oil palm hybrids will benefit the world greatly because of its ability to generate higher yields, resulting in less land being needed for crop cultivation. The company expects to commercialise production of the above by 2018.

C&G Industrial Discontinues Investment In PRC Project
C&G Industrial has discontinued its investment in the Industrial Application Differentiated Polyester Short Fibre (ISF) Project due to anticipated downturn in demand for ISF Products and increase in construction and production cost in PRC. This will result in a write-off of Rmb9.3m (out of the $40m share placement proceeds originally earmarked for the project), causing material impact on company’s 3Q08 results.

Zhongguo Pengjie Fabrics Acquires Rmb54m Equipment
Zhongguo Pengjie Fabrics has through its unit Dongying Pengjie Yarn-dyed Fabrics, inked an agreement with Dongying Shuangfu Textile to acquire its equipment for the production of wide loom-state fabrics at approximately Rmb54.36m. In addition, the company will also lease the land and buildings where the acquired equipment are located at Rmb1.23m per year. The arrangements are in line with the company’s plan to expand into the production of wide loom-state fabrics.

China Taisan Wins “Fabrics China Sportswear Fabrics Pioneer Plant” Award
Mainboard-listed China Taisan Technology Group, one of the leading producers of knitted performance fabrics used in sports and leisure apparel for renowned brand sush as Nike, has through its unit, Jinjiang Lianjie Textile & Printing Dyeing Industrial, won the title of “Fabrics China Sportswear Fabrics Pioneer Plant”. This award will grant the company the privilege of working with relevant Chinese government authorities to formulate industry development plans, conduct policy research and participate in joint-collaborations with other industry players.