Fear Stalks The World’s Economies
Fears of a severe global recession gripped financial markets on Thursday, sending interest rates to record lows and driving down US stock prices to their worst close in more than a decade. Economic news across the world was almost uniformly bad. US jobless claims soared while slumping Japanese exports threatened to push the economy further into recession and the Swiss central bank unexpectedly slashed interest rates by a full percentage point. In China, officials warned that the employment outlook was becoming “grim”, as the global financial crisis led to more factory closures in the export sector.

Oil Sinks Below US$50 On Demand Jitters
Oil sank below US$50 a barrel, reaching its lowest point since May 2005 amid fears over the outlook for demand in the face of a global recession. Nymex December West Texas Intermediate fell US$4 to US$49.62 a barrel. January WTI traded US$4.68 lower at US$49.42 a barrel. ICE January Brent dropped US$3.64 to US$48.08. In a further sign of the problems being suffered across the oil industry by falling demand, StatoilHydro of Norway announced on Thursday that it would shut oil products trading operations in Singapore, the world’s third largest energy hub. Oil trading volumes in Singapore have declined in the past three months as concerns over counterparty risk have pummelled the over-the-counter market. Trading volumes fell about 44% in September.

Indofood Agri Resources Acquires Oil Palm Plantations In Indonesia
Indofood Agri Resources has, through its unit, PT Perusahaan Perkebunan London Sumatra Indonesia Tbk, signed conditional share purchase agreements to purchase 90% of PT Tani Andalas Sejahtera and 99.9% of both PT Sumatra Agri Sejahtera and PT Tani Musi Persada for a total of $6m. These 3 companies, which are involved in the development of oil palm plantations, currently holds location permits over a total of 46,000 hectares of land in South Sumatra, Indonesia.

Friven & Co Forges Partnership With Leading Japanese Retailer
Friven & Co has signed an agreement with BALS Corp, a leading Japanese retailer of home furnishings with 122 shops across Japan, Taiwan and Hong Kong, to carry Friven bedlinen & bedding products in BALS Corp’s Franc Franc Stores in Hong Kong. This marks a milestone for the company as it makes its maiden entry into the Hong Kong market.

International Press Softcom Terminates Acquisition Of Asia Media Systems
International Press Softcom has terminated its proposed $30m acquisition of Asia Media Systems following the failure on both parties to reach an agreement on extending the completion of the proposed acquisition after further negotiations.