Currencies In Turmoil While Dow Nears Its 5-Year Low
The stock market and currency market both sent a loud warning Wednesday that investors believe the global economy is heading into a deep recession. The fears drove down currencies and stocks around the world, while the US stock market touched a five-year low. Oil dropped 7.5% to its lowest point since June 2007. The British pound is now trading at the same level versus the US dollar as it did in 2003. The dollar, to which many investors retreat in times of stress, gained. So did the Japanese yen. The Dow Jones Industrial Average posted its seventh-biggest point drop in history, tumbling 5.7%, to close at 8519.21. It is down nearly 40% from its record about a year ago.

CWT Further Expands Commodity Logistics Business In Europe
CWT has, through its unit, CWT Commodities, inked a sale and purchase agreement with current shareholders for the acquisition of a 60% and 30% stake in Sitos Group and LML Properties respectively for a total sum of €11.7m. The deal is part of the company’s strategic plan to further expand its commodity logistics business in terms of breadth and depth.

China Yuanbang’s Subsidiary Receives Rmb27.4m Litigation Charge
China Yuanbang Property’s unit, Guandong Yuanbang Real Estate Development has received notification of a litigation charge against the company, filed by Guangzhou Fengying Real Estate Development for alleged breach of a land transfer agreement between parties entered into in April 2005. Guangzhou Fengying’s claim is for a total sum of around Rmb27.4m and its legal costs.

China Kangda Terminates MOU For Issuance Of Bonds
China Kangda Food Co announced that the MOU entered into between the company and the potential investor in relation to the proposed issuance of certain convertible bonds in the principal amount of up to US$20m by the company which are convertible into the company’s shares has been terminated by mutual agreement.

Hong Leong Finance To Purchase Lehman Minibond Programme Notes
Hong Leong Finance has proposed to purchase Lehman Minibond programme notes from its elderly and less well-educated customers who were 62 years or older at the time of investment and not holding higher than a primary school education. The joint account holder, if any, must not have higher than a primary school education as well. The company will offer full payment of the original investment amount net of all interest paid to date.

CapitaLand Increases Share Capital Of Citadines Melbourne
CapitaLand has increased the issued and paid up share capital of its indirect wholly-owned subsidiary, Citadines Melbourne On Bourke Land (CMOBL) from A$0.6m to A$6.3m by way of an allotment and issue of 5.6m shares to its sole shareholder, The Ascott Holdings. The total cash consideration amounts to approximately $6.5m. CMOBL was established to develop a 398-unit serviced residence in Melbourne’s Central Business District, due for completion in 2H10.

Sembcorp Industries Signs Agreement For New Township Project In Guangxi
Sembcorp Industries has signed a Master Agreement to invest in its third industrial township project in China and its first in South China, the Guangxi-Singapore Industrial Park. The proposed industrial township will span two separate locations: 500 hectares in Tieshangang and 1,000 hectares in Konggang. The entire project is expected to be worth up to Rmb1.7b over ten years, with first phase of development expected to cover 260 hectares.

SPC Sells 27.5% Stake In ItalSing To Nippon Oil
Singapore Petroleum Company has sold 27.5% out of its 50% stake in ItalSing to Nippon Oil for cash $8.025m. SPC’s divestment takes into account the synergies and benefits that Nippon Oil will bring to the enlarged enterprise with its global lubricant networks and markets.