News Highlights_Monday 26 May 2008

Russia's Nutritek picks S'pore for regional HQ
Nutritek Group, a wholly owned subsidiary of OAO Nutrinvestholding, Russia's biggest producer of dairy products and nutritional infant food, plans to expand the company's representative office here into a regional HQ to penetrate Indonesia, Malaysia, Vietnam, China and the Middle East. The move by OAO Nutrinvestholding comes less than a month after another Russian-controlled company made its entry into Singapore.


- The Business Times, P3




More Brazilians spending, economy not hit by US woes
Brazil's middle class is growing and Brazilians are taking out loans like never before. Thanks to a newfound economic stability and vitality, Latin America is less chained to the fortunes of the US. Foreign investment last year doubled, to US$34.6 billion, much of it into the stock market, which is one of the fastest growing in the world. The currency is strong and will likely strengthen further. Inflation, which ended 2007 at 4.5%, is under control and the economy has grown consistently. With government and analysts insisting the economy can withstand a global slowdown, banks and companies are lending to consumers over longer periods. An increasingly secure middle class is confident enough to borrow to an extent that domestic consumption is Brazil's main economic driver. Hence, big-ticket items such as houses, cars and electronics are within the reach of up to 20 million more Brazilians than ever before. The number of houses bought with mortgages rose 72% last year to its highest number ever.

- The Business Times, P25



Saudi Arabia inflation rises 10.5% in April on rents, food
Annual inflation in Saudi Arabia rose to 10.5% in April, its highest level in at least 27 years, fuelled mainly by rents and food prices. In Saudi Arabia, the cost of living index rose to 115.2 points in April from 104.3 points a year earlier. April rents soared 20.4% from a year ago and rents inflationary pressures are continuing to rise.

- The Business Times, P26