Dow Plunges 7.3% To Fresh Five-Year Lows
US shares plunged to fresh five-year lows Thursday in a vicious late-date selloff as jitters intensified over the global financial crunch. The Dow Jones Industrial Average plunged 678.91 points (7.33%) to end at 8,579.19, the seventh straight loss for the Wall Street index and the first close below 9,000 since 2003. The Nasdaq slumped 95.21 points (5.47%) to 1,645.12 and the Standard & Poor’s 500 index retreated 75.02 points (7.62%) to 909.92. The market was gripped by panic in a late selloff that accelerated with traders uneasy about global efforts to battle a credit crunch that has led to a financial firestorm.

Crude Oil Falls To 1-Year Low As Economic Crisis Curbs Demand
Crude oil tumbled to the lowest in a year and global stock markets plunged on concern a global credit crisis will push countries including the US into a recession. Oil was at the lowest since October 2007 after the Dow Jones Industrial Average yesterday dropped below 9,000 for the first time since 2003. OPEC, supplier of about 40% of the world’s oil, signaled yesterday it may cut output at an emergency meeting on 18 November. Crude oil for November delivery fell by 5.2% to US$82.10 a barrel on the New York Mercantile Exchange. Yesterday, oil fell 2.7% to settle at US$86.59 per barrel, the lowest settlement since 23 October 2007.

Noble Invests In Liquid Bulk Fuels Terminal In Brazil
Noble Group has commenced the construction on a liquid bulk fuels terminal in Itaqui, Brazil through its unit, Temmar. Completion date is expected to be in November 2009. This investment will enable the company to gain access to an area with high potential for other investments both in energy and agriculture.

Grand Banks Yachts May Suffer From KeyBank’s Business Exit
Grand Banks Yachts may experience both a cancellation of existing orders and a reduction in future orders from its dealers, following the announcement of marine lending business exit by KeyBank, one of the largest marine lenders in the US. KeyBank who funds a portion of the yacht inventory purchased by the company’s independent dealers has issued demand notices asking for acceleration of the repayment of all monies from these dealers, causing cashflow problems to the dealers. The company is talking to certain financial institutions to provide loans to these dealers.

Parkway Life REIT Set To Revise Annual Rent For Singapore Hospital Properties
Parkway Life REIT (Real Estate Investment Trust), the largest healthcare REIT in Asia Pacific, has revised its consumer price index-linked minimum rent from its Singapore Hospital Properties by 6.25% based on the CPI+1% formula, with effect from August 2008. The 15-year lease, which started last year, and annual rent review pegged to CPI+1% ensure there is downside protection and that the unit holders continue to enjoy stable and sustainable returns.

Federal Group Secures US$57.7 m Project
Mainboard-listed Federal International, an integrated engineering and procurement specialist supporting the energy and power utility sectors in the region, has secured a US$57.7m project to carry out Integrated Project Management in relation to the onshore oil and gas drilling and exploration works for seven wells in Indonesia, through its unit, Alton International and associated company, Geo Link Nusantara. The project will commence in November 2008 and last for 30 months.