News Highlights Monday 21 July 2008

Big firms seen posting solid interim results
Major Singapore companies are expected to report generally strong second quarter and half year earnings, but there is less optimism that this will hold true for the rest of the year.About 400 companies with a December financial year-end will announce their results for the 3 months and 6 months ended June 30, 2008. Positive results are seen for key sectors such as banks, real estate investment trusts (Reits) and marine and energy groups, but analysts appear more cautious on property developers. For the property developers, Q2 2008 results are expected to be comparable to those of the first quarter, which were rather weak. Analysts noted that the residential property sector has seen a slowdown of sorts this year, with few new launches. As last year was a record year for residential properties, the biggest challenge will be pulling off a repeat performance.

- The Business Times, P1



Savvis opens data centre in Singapore
Integrated hosting and network services provider Savvis has announced the opening of its expanded Singapore data centre. The company is investing between US$15 million and US$20 million in the centre. Savvis employs more than 60 people in Singapore and will employ another 20% more this year. The facility offers more than 18,000 sq ft of raised floor space. Singapore is the company’s Asia-Pacific excluding Japan headquarters.- The Business Times, P31
S’pore developers unfazed by rising Viet market risks
Despite the backdrop of a 25 per cent inflation, 14 per cent interest rates and a Vietnamese dong that is expected to weaken a further 30 per cent before the year ends, local property developers are still upbeat over longer term outlook in the Vietnam Market. Despite the recent turmoil, all developers have indicated that they are in Vietnam for the long haul. Confidence in the Vietnamese government has also remained high with property developers. CapitaLand likened the Vietnam property market to China's 10-15 years ago, noting that it is a good time to get in for long term investors.

- The Business Times, P3

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