Europe Offers Banks Support To Halt Financial Meltdown
European leaders agreed to guarantee new bank debt and use taxpayer money to keep distressed lenders afloat, trying to stop the worst rout in Europe’s stock markets in two decades and stave off a recession. At a summit chaired by French President Nicolas Sarkozy, leaders of the 15 countries using the euro hammered out an unprecedented battle plan for bandaging the crippled credit markets and halting panic among investors.

Epure Grows Recurrent Earnings Base
Epure Int’l will increase its 18%-stake in two existing JVs in Xi’an City to 100%, buying over the 82% owned by Beijing Sound Environment Group for Rmb16.4m. The JVs were established in August last year to undertake two BOT projects, one in Chang’an and the other in Huxian. Epure will also invest Rmb53m in a third BOT project in Guangxi.

NOL ends Hapag-Lloyd Bid
Neptune Orient Lines (NOL) said it is no longer engaged in the bidding process for the sale of the Hapag-Lloyd container shipping business. On 26 September 2008, the company submitted a binding bid to acquire Hapag-Lloyd from its owner, TUI AG. NOL’s offer has lapsed.

SPH Reports FY08 Net Profit of $437m
Singapore Press Holdings (SPH) reported its full year results for the year ended 31 August 2008. Recurring profit rose 17.5% to $501.7m, driven by better performance from the print media business and higher contribution from Sky@eleven. Investment income fell by 67.3% to $47.7m amidst the unfavourable investment climate brought about by the deepening crisis in the global financial market. After including impairment charge on investments in associates of $26.7m, net profit declined 12.4% to $437.4m from last year’s $499.1m.

China Printing Requests Voluntary Trading Suspension
China Printing & Dyeing Holding (China Printing) requested a voluntary trading suspension of its shares, amid uncertainties surrounding the group after its parent company reportedly went broke. According to recent media reports, China Printing’s parent company Jianglong Holdings faces bankruptcy due to mounting debts, which includes some Rmb200m owed to 300 small suppliers, while its chairman and CEO have gone missing. Jianglong chairman Tao Shou Long is also CEO of China Printing, and his wife Yan Qi, who is CEO of Jianglong, is deputy CEO of China Printing. China Printing’s independent directors said that the husband and wife have not been contactable since last Tuesday, despite repeated attempts to reach them.