Investors Take Cover As Volatility Levels Leap
Global equity markets fell again last week amid deteriorating economic data, poor corporate results and renewed fears over the outlook for the financial sector after the US Treasury shelved plans to buy toxic mortgage assets. Credit markets showed renewed signs of strain and investors in bond markets struggled to digest the vast increase in the supply of government debt that will be required to return the financial sector to health. Wall Street fell on last Friday after US retail sales dropped 2.8% in November, recording their largest monthly drop yet and pointing to a sharp fall in consumer spending in the fourth quarter. Over the last week, the S&P 500 declined 6.2% while the Dow dropped 5%. In Asia, the Nikkei 225 fell 1.4% while the Hang Seng index lost 4.9% as third quarter data confirmed that the territory had sunk into recession. The local STI retreated 5.6%.

Design Studio’s JV Secures Another Contract For Marina Bay Sands IR
Design Studio’s 45%-Joint Venture company, DDS Contracts & Interior Solutions, an interior fit-out specialist company offering total solutions to fitting-out projects, has won its second contract worth $20.3m in Singapore for the fit-out of basements and first storey for the three towers in the Marina Bay Sands Integrated Resort (IR). Coupled with the $69.1m contract win in July 2008, the two contracts are expected to contribute positively to Design Studio’s FY09 and FY10 results.

Oceanus Forms JV With Ah Yat Group In PRC
Oceanus Group, the world’s largest land-based industrialised producer of premium quality Japanese Abalones, has inked an agreement with Ah Yat Group, the owner of the renowned Ah Yat abalone and seafood restaurants to set up a Joint Venture (JV) company with $3m in paid-up capital in PRC in the ratio 70:30 respectively. The JV company will form two subsidiaries to carry out downstream business in the supply chain of the abalone production and to set up abalone-centric food chain outlets.

Sembcorp Marine’s Jurong Shipyard Wins Appeal Over BNP Paribas
The Court of Appeal has dismissed BNP Paribas’ (BNP) appeal against the decision of the High Court which prevented BNP from filing a winding up application against, Jurong Shipyard (JS), a subsidiary of Sembcorp Marine, following its US$50.7m claim against JS. BNP, which has 12 weeks to commence an action, was also ordered to pay costs to JS.

RSH More Than Trebles Its Net Earnings To $14.4m
Mainboard-listed RSH, the leading pan-Asian marketer, distributor and retailer of sports, golf, active lifestyle and fashion products, has more than trebled its net earnings for 1H09 results from $3.9m to $14.4m. Its revenue has climbed by 10.5% from $343.3m to $379.3m. The company cited higher sales and stronger margins due to better merchandise mix and more efficient supply chain management as factors for the improved bottom line performance.

Stratech Records 3-Fold Rise In Its 1H09 Results
Mainboard-listed Stratech Systems has recorded a net profit of $0.52m for its 1H09 results, a significant surge from the $0.15m reported for 1H08 last year. Revenue has increased by 21% to $7.21m. The company has clinched several new contracts in the past few months and will continue to focus on strategy to unlock the value of its intellectual properties.

Sinwa Grows Net Profit By 10.8% To $8m
Mainboard-listed Sinwa, a leading marine supply and logistics company in the Asia Pacific, has reported an increase of 10.8% for its 3Q08 net profit, from $7.2m to $8m y-o-y. The positive results was achieved on the back of higher revenue from the company’s operations in Singapore and Australia as well as charter income from its vessel.