Wall Street Falls On Financial Sector Layoffs
The biggest round of US job cuts for 15 years helped push Wall Street stocks lower on Monday as fears heightened over the scale of the difficulties facing financial institutions. Financials were among the biggest losers, down 6% overall. Citigroup shed 6.6% to US$8.89 after unveiling plans to cut 52,000 jobs, which was touted to be the biggest job cut announcement since the 60,000 by IBM in 1993. The benchmark S&P 500 index finished down 2.6% at 850.75 points after a sharp sell-off into the close, near the session’s lows. The Dow Jones Industrial Average was down 2.6% at 8,273.58 points and the Nasdaq Composite Index 2.3% at 1,482.05.

Alert Over Oil’s Demand Environment
Oil prices slipped on Monday, as two investment banks downgraded their forecasts for commodity markets in 2009. UBS warned that the demand environment for commodities had deteriorated at an unprecedented rate, as producers and consumers struggled to find financing for purchases, working capital, and investment amid the global credit squeeze. UBS added that it could take up to 18 months for more normal demand conditions to return. The Opec oil cartel on Monday cut its forecast for demand growth next year to 500,000 barrels a day, down from 800,000 b/d. Nymex December West Texas Intermediate fell to US$55.29 a barrel, but later traded 24 cents lower at US$56.80. ICE January Brent lost 36 cents to US$53.88 a barrel, after touching a low of US$52.84.

See Hup Seng’s Subsidiary Obtains $24m Banking Facilities From DBS
See Hup Seng’s subsidiary, Tat Petroleum, has managed to obtain banking facilities of up to $24m from DBS Bank. The facilities will be used by the company to facilitate and finance its trade activities as well as for clearance of goods pending the receipt of shipping documents.

Falcon Energy Secures Two Contracts Worth US$84.4m
Catalist-listed Falcon Energy, which provides a broad spectrum of services to the marine and oil & gas industry, has secured two contracts worth US$84.4m through its subsidiaries from leading geophysical & marine seismic services group, BGP Inc. The contracts, consisting of a long-term charter contract of seismic survey vessel and a sale contract for a supply vessel, will contribute positively towards the company’s FY08 and 1Q09 results.

Ho Bee’s Sale of Industrial Property For $30m Falls Through
Ho Bee Investment’s sale of the industry property, Frontech Centre, located at No.15 Jalan Kilang Barat to AG Frontech (purchaser) for $30m has failed through due to failure on the purchaser to complete the purchase on the designated date, 14 November 2008. Ho Bee has sought legal advice and given the purchaser 21 days’ notice as of 17 November 2008 to complete the purchase of the property in accordance with Condition 29 of The Law Society’s Conditions of Sale 1999.

Falcon Energy’s FY08 Net Profit Jumps 61.3% To US$28m
Falcon Energy, which provides a broad spectrum of services to the marine and gas & oil industries, has achieved 61.3% growth in FY08 net profit to US$28m on the back of a strong 53.3% increase in revenue to US$59.14m. The company has attributed the marked improvements to the recent acquisition of Oilfield Services, which has contributed 20.5% of the total revenue.

China Taisan Becomes Major Supplier Of Knitted Performance Fabrics To Xtep
Mainboard-listed China Taisan Technology, a leading producer of knitted performance fabrics used in sports and leisure apparel for renowned brands, has become a major supplier of knitted performance fabrics to Xtep International, one of the top 3 domestic sports brand names in PRC. The company now supplies up to 90% of Xtep’s knitted performance fabrics requirements.