US Data Tempers Investor Optimism
Worries about the outlook for the US economy resurfaced on Thursday, challenging recent optimism about central bank rate cuts and triggering a burst of volatility in financial markets. A worrying reminder of the dangers facing the markets came from data showing that the US economy shrank at an annualised rate of 0.3% in the third quarter. While that was less than economists have feared, it was still the biggest decline since 2001, and analysts said the details of the report suggested a poor performance going forward.

CNA Invests Rmb12m In PRC Industrial Wastewater Treatment Systems Manufacturer
CNA is investing Rmb12m through its unit, CNA China, by acquiring a 28%-stake in Xiamen Leccan Technology, an industrial wastewater treatment systems manufacturer in PRC. This is part of the company’s ongoing growth strategy to diversify into related businesses that enhance overall profitability. The acquisition is expected to enhance the company’s bottomline performance from FY09.

Mermaid Maritime Public Affiliate Receives US$235m Drilling Contract
Mermaid Maritime Public’s affiliate company Kencana Mermaid Drilling (KMD) has secured a letter of award from Petronas Carigali to provide tender assist drilling services to the company in Malaysia utilizing KMD’s newbuild tender drilling rig ‘KM-1’. The contract is for a period of 5 years with extension options of up to an additional 5 years. The value of the contract for the first 5 years is approximately US$235m and work is expected to commence in 4Q09.

COSCO Associate Wins New Shipping And Offshore Contracts
Mainboard-listed COSCO Corp, a leading ship repair, shipbuilding & marine engineering and dry bulk shipping, has won new shipbuilding and offshore contracts through its 51%-owned COSCO Shipyard. The shipbuilding contracts totaling Rmb1b were awarded for the building of three 57,000 dwt bulk carriers while the offshore contract was signed for the construction of 2 windmill turbine installation vessels.

Midas Signs Letter Of Intent With PRC’s Largest Aluminium Producer
Mainboard-listed Midas Holdings has signed a letter of intent (LOI) with Aluminium Corporation of China (Chinalco), the largest aluminium producer in the PRC to set up a new Sino-foreign JV company between Midas, Chinalco and Northeast Light Alloy for the manufacture of thick aluminium alloy plates and sheets. Midas will hold a 35% equity stake in the new JV company.

Kinergy Wins $10m Contract From Veeco
Kinergy has inked a manufacturing agreement with the Slider Process Equipment Group of Veeco Instrument, a Nasdaq-listed company, to manufacture the company’s ASL Lapper machines & ADS Saw machines. The contract is projected to have a potential value of up to $10m in 2009.

Tai Sin Electric Indirect Subsidiary Acquires V.L. Holdings
Tai Sin Electric has, through its indirect subsidiary, Vynco Industries (NZ) (Vynco), inked a sale and purchase agreement to acquire V.L. Holdings (VLH), a property investment company which owns three properties currently leased to Vynco, for NZ$1.4m. The lease of the properties by Vynco from VLH is disclosed by Tai Sin in its Annual Report as an Interested Person Transaction. The acquisition will thus eliminate possible conflict of interest and provide Vynco more permanency in their operations and mitigate against sudden spikes in rental.

China Kangda’s 3Q08 Net Profit Up 21.9% To Rmb93.2m
Mainboard-listed China Kangda Food Company, a leading food processor and PRC’s largest exporter of rabbit meat to Europe, recorded a 21.9% increase in 3Q08 net profit to Rmb93.2m on the back of a 40.1% jump in revenue to Rmb700m. This remarkable performance was attributed to the robust growth in the company’s chicken meat and rabbit meat products, with sales increasing 76.4% and 42.9% respectively.