Fed Cuts Interest Rates To 1%
The US Federal Reserve cut interest rates by half a percentage point to 1% on Wednesday and announced that it would lend US$30b each to central banks in Brazil, Mexico, South Korea and Singapore to lend on to local banks. The dollar loans, structured as currency swaps, are intended to help meet intense demand for dollars in these major emerging markets and thus mitigating the spread of difficulties in obtaining dollar funding in these fundamentally sound and well managed economies. The Fed’s rate cut takes US rates down to a level only once equalled before, amid the deflation scare of 2003 to 2004. It aims to offset the sharp recent tightening in credit conditions that threatens to plunge a weakening US economy into a recession.

CapitaLand Subsidiary Wins Contract In Beijing
CapitaLand’s serviced residence unit, The Ascott Group, has been awarded a contract to manage a 175-unit premier serviced residence that forms part of Raffles City Beijing, an integrated lifestyle development comprising a retail podium, an office tower and residential apartments. Targeted to open in 2H09, this will be Ascott’s fifth serviced residence property in Beijing.

Tritech Wins $6.96m Consultancy Contract
Tritech Group has been awarded a $6.96m consultancy contract to provide “Qualified Person (Supervision) Services for Contract 902 Design, Construction and Completion of Promenade Station, including associated tunnels for Downtown Line Stage 1” by LTA. The duration of the contract is approximately 62 calendar months starting from 30 October 2008 and the defects liability period is 18 months.

Hiap Moh Accepts Voluntary Delisting Offer By Greenseed
Hiap Moh has accepted a formal proposal by Greenseed to seek voluntary delisting of the company from the Official List of the SGX-ST. An extraordinary general meeting of Hiap Moh shall be convened in due course to seek the approval of the shareholders and to make application to SGX-ST for the delisting.

First Ship Lease Trust Commences Trading On International OTCQX
First Ship Lease Trust has commenced trading of its American Depository Receipts (ADRs) on the PrimeQX tier of International OTCQX (OTCQX). The Trust is the first Singapore entity to have its ADRs trading on OTCQX and the ADR program is non-dilutive for existing unitholders as no new units are issued and each ADR is represented by 10 underlying units listed on the SGX-ST.

Olam Subsidiary Obtains Bulk Wheat Export Licence In Australia
Olam International, a leading global, integrated supply chain manager of agricultural products and food ingredients, has been awarded bulk wheat export accreditation by Wheat Exports Australia through its unit, Queensland Cotton Corporation (QCC) and has also initiated an entry into the wool business in Australia. The company will be able to source and export wheat in bulk through QCC as well as to export wool from the country, enhancing the company’s product offering to textile mills in Asia.

LMIR Trust Reports 27% Increase In 3Q08 Gross Revenue
Lippo-Mapletree Indonesia Retail Trust (LMIR Trust) has reported a 27% increase in gross revenue to $26.6m for its 3Q08 results ended 30 September 2008. Correspondingly, this resulted in a 27% increase or $5.4m in net property income, which climbed to $25.1m. The distribution income to unit holders for the quarter is $17m, which is 11% or $1.6m above forecast, making total cumulative distribution per unit for 3Q08 into $0.053, beating forecast of $0.0503.