Equities Slide As Risk Aversion Returns
US and European equities fell further towards last month’s 5-year lows on Wednesday, as investors grew increasingly nervous about the deteriorating outlook for the global economy. Commodity prices also sank and credit spreads widened sharply as gloomy macroeconomic and corporate news fuelled a fresh bout of risk aversion. The dollar, the yen and US government bonds were the chief beneficiaries of the flight from risky assets. The Dow fell 4.7% while the S&P 500 dipped 5.2%. In Europe, the FTSE Eurofirst 300 Index tumbled 3.4% while in Tokyo, the Nikkei 225 Average shed 1.3%. In Singapore, the STI closed 1.3% weaker at 1784.

STX Pan Ocean Plans To Invest In 4 Additional Tankers Worth US$105m
STX Pan Ocean is planning to invest in 4 additional tankers worth around US$105m in 2008, in line with company’s long-term business strategy plan to secure additional oil/chemical tankers for development of tanker business in North Atlantic.

Giant Wireless Reports 1H09 Net Loss Of HK$79m
Mainboard-listed Giant Wireless Technology, a Hong Kong-based wireless technology creation company skilled in design, manufacturing, marketing, distribution and brand management, has reported net loss of HK$79m for 1H09 against a net profit of HK$20.5m in 1H08. Revenue for 1H09 fell 39% to HK$920.7m from HK1,510.4m in 1H08.

Rickmers Maritime Takes Delivery Of Its 13th Vessel
Mainboard-listed Rickmers Maritime has taken delivery of its 13th vessel, MOL Delight. The vessel, which will be on charter to Mitsui O.S.K. Lines for 10 years, will contribute a steady revenue cashflow of almost US$100m evenly spread over the 10 years and significantly bolster company’s bottomline.

SC Global Gains 96% Rise In Net Profit For 3Q08 To $40.3m
SC Global Developments, a leading developer of exclusive high-end luxury residences, has posted net profit of $40.3m for 3Q08 results, representing a sharp rise of 96% over the net profit of $20.6m in 3Q07. Despite drop in revenue by 14%, 3Q08 gross margin has improved from 35% in 3Q07 to 54% in 3Q08.

Khong Guan Flour Milling Issues Profit Guidance
Khong Guan Flour Milling has issued a profit guidance in respect of its upcoming 1H09 results. The company expects to incur a loss as a result of substantial write-down in the value of short-term quoted securities to their fair value following the recent volatile stock market conditions.

Dayen Secures 2 New Projects In Oman
Catalist-listed Dayen Environmental, one of Asia’s leading environmental engineering specialists providing integrated systems for water and wastewater treatment, has secured 2 new contracts in Oman, worth a total value of US$1.13m. The two pjts are expected to be completed by 2Q09 and will contribute to company’s revenue in FY09 results.

BH Global Marine Wins At Singapore Prestige Brand Awards 2008
BH Global Marine, a supply chain management company specialising in premium lightings, cables and electrical equipments for the marine and oil & gas industries, was among one of the 14 winners in the Promising Brand Category for the Singapore Prestige Brand Awards 2008. The company is the only marine company to be recognised for its branding effort in the award.

Sim Lian Sells Properties For $5.65m
Sim Lian Group has, through its indirect unit, Weldanpower Enterprises & Engineering Services, inked a sale and purchase agreeement with Silver Eagle Marine to sell its industrial property at 31 Tuas View Loop for $5.65m.