Stocks Extend Gains in Another Late Push
A late surge drove stocks upward despite another strong dose of recession fears. The Dow Jones Industrial Average swung in an 816-point range Thursday from low to high and finished 401.35 points higher, up 4.7%, at 8979.26, recouping more than half of the previous session’s painful losses. Economic reports out Thursday contained a few bright spots, including signs that U.S. inflation is in check. But the overall picture that emerged was one of a reeling economy that may take considerable time to right itself. The S&P 500, which on Wednesday suffered its worst percentage drop since the 1987 crash, jumped 4.3% at 946.43. All its sectors posted gains, led by the consumer-discretionary category, up 6.6%. Health care and technology were also big winners in the S&P, up 5.2% each.

Oil’s Slide Deepens As Downturn Triggers Sharp Drop In Demand
Signs that an enfeebled US economy is using less and less oil sent world crude prices below US$70 a barrel for the first time in 14 months. US benchmark crude on Thursday fell to less than half of its record high of US$147 a barrel set just three months ago. On the New York Mercantile Exchange, crude for November delivery fell US$4.69, or 6.3%, to US$69.85. Rattled by the swift price drop and evidence of plunging demand, members of the Organization of Petroleum Exporting Countries hastily agreed Thursday to meet next week in Vienna to weigh a production cut, in a bid to firm up prices.

AIG Agrees To Withhold US$10m From CFO Bensinger
AIG, following a criticism by New York Attorney General Andrew Cuomo, has decided not to honour a US$10m severance agreement with outgoing Chief Financial Officer Steven Bensinger. In addition, AIG’s new CEO Edward Liddy has agreed to provide an accounting of all compensation paid to AIG’s senior executives and assist in recovering any illegal expenditures. The payments include those made to ex-CEO Martin Sullivan and Joseph Cassano, former head in the financial products unit.

ST Engineering Wins US$58m Orders From US Army
Singapore Technologies Engineering has, through its US subsidiary, VT Miltope, been awarded a US$58m contract by Science and Engineering Services to produce more than 8,600 rugged testers and accessories for the US Army’s Maintenance Support Device (MSD) Program. Shipments on this latest order is expected to be completed in 2009.

BH Global Marine’s Net Earnings Jumped 19% To $15.8m For 3Q08
BH Global Marine, a supply chain management company specialising in premium lightings, cables and electrical equipment for the marine and oil & gas industries, has posted revenue gain of 17% and net profit jump of 19% year-on-year. The results were driven by the increase in projects and orders being awarded to the company in cumulative 3Q08, which was fuelled by the increase in rig-building, ship-building and ship conversion activities in Singapore and overseas.

Nera Telecomm Wins Purchase Orders Worth RM18.3m
Nera Telecommunications’ associated company, Nera (Malaysia), has received purchase orders from a cellular operator for the supply, delivery, installation and commissioning of Evolution PDH microwave radio equipment. The purchase orders have an aggregate value of RM18.3m.

Carriernet Global Disposes LCD Business
Carriernet Global has inked a business disposal agreement with First Place to sell off its LCD business for RM2m. As the company is refocused on the telecommunications/telephony business, the LCD business, which has been incurring operating losses for several years, is no longer regarded as a core business to the company.