Powerful Rally Lifts Dow 10.88%
A frenzied buying spree sent US shares soaring on Tuesday with the second-largest point gain in history for blue chips amid hopes for a rate cut and easing of a global credit crunch. The Dow Jones Industrial Average rocketed 10.88% to finish at 9,065.12. The gain was eclipsed only by a 936-point advance on October 13, and was the sixth largest in percentage terms for the blue-chip Dow. The Nasdaq jumped 9.53% to 1,649.47 and the broad-market Standard & Poor’s 500 index leapt 10.79% to 940.51. The surge came amid a strong rebound in global markets but a huge acceleration at the end of the session took market participants by surprise.

World Will Struggle To Meet Oil Demand
Output from the world’s oilfields is declining faster than previously thought and without extra investment to raise production, the natural annual rate of output decline is 9.1%, the International Energy Agency says in its annual report, the World Energy Outlook. The findings suggest the world will struggle to produce enough oil to make up for steep declines in existing fields, such as those in the North Sea, Russia and Alaska, and meet long-term demand. The effort will become more acute as prices fall and investment decisions are delayed.

Travelite In Talks Of Acquisition Of Yangtzekiang Industries
Travelite Holdings is presently in discussion for the proposed acquisition of Yangtzekiang Industries, a company engaged in the business of manufacturing and sale of branded fashion apparel and related products operating in Malaysia, through the issue of approximately 8.6m new shares in the capital of the company, at an issue price of $0.38 to the vendors.

TEE International Secures $63.5m Contract
TEE International has, through its unit, Trans Equatorial Engineering, been awarded the Letter of Intent to design and build a 500,000MT per year capacity cement grinding plant at POIC Area Lahad Datu, Sabah by Aksespadu for $63.5m. The contract is a cost plus contract and it is expected to contribute positively towards the company’s FY10 results ending May 31.

Old Chang Kee Forays Into PRC With Flagship Restaurant In Chengdu
Old Chang Kee has made its foray into PRC by opening its first flagship restaurant in Chengdu. The restaurant is part of company’s continuous effort to expand into the region and the company is on track to exceed 80 new outlets across the region by 2008.

YTL To Acquire 26% Stake In MP REIT
YTL Corporation will acquire approximately 26% stake in SGX-ST listed Macquarie Prime REIT (MP REIT) and 50% in Prime REIT Management Holdings (the holding company of the REIT Manager of MP REIT and the Property Manager of MP REIT’s Singapore properties) from Macquarie Bank for $285m. The company will acquire 247m shares of MP REIT at unit price of $0.28 and MP REIT will be renamed as Starhill Global REIT upon completion of the acquisition.

Addvalue And Partners Conclude World’s Largest Deployment Of Mobile Satellite Service
Addvalue communications, Tesacom and Stratos Global have concluded their successful deployment of a 1,200-site BGAN (Broadband Global Area Network) mobile satellite network for the Brazilian Electoral Superior Court. Following which, Tesacom has also introduced its new BGAN rental service for South American businesses and government agencies. Addvalue will provide its Wideye SABRE 1 terminals for the new rental program.

GMG Delivers Stellar 3Q08 Results
GMG Global, the only SGX-ST listed integrated producer of natural rubber engaged in the planting, growing, tapping, processing, marketing and exporting of natural rubber, has posted turnover jump of 70% to $184.1m and new earnings surging 131% to $32.7m for its 3Q08 results ending September 30. This is mainly attributable to higher operating margin and higher rubber prices. The company has been granted in-principle approval to upgrade to the Mainboard by the SGX.