DAILY MARKET UPDATES 11th November 2008

Sibor falls to 4-year low Sibor has fallen 0.89 per cent - its lowest level since mid-2004. This is good news for many home owners, who are set to enjoy lower mortgage rates. Rates on other consumer loans may also fall. But the outlook is not so good for investors holding fixed deposits - as their interest rates are likely to fall as well. And businesses big and small will not necessarily get a flow-on benefit of lower borrowing costs. The Straits Times, B24(See attached, “Sibor”)
(See also, The Business Times, P1- “Interest rates fall to five-year low”)

Punggol EC site fails to draw any bidNo bid was received for an executive condominium housing site. The 242,159 sq ft site is the fourth EC site the government put on the market this year. The 99-year leasehold site at the junction of Punggol Field and Punggol Road was launched for sale by the HDB on Sept 17.
The Business Times, P11

(See also, The Straits Times, B22 – “No takers for Punggol EC site”)
Sands skimps on Macau, bets on S'pore
Las Vegas Sands expects to invest an additional US$500 million in equity in Marina Bay Sands through the targeted opening of the property in late 2009. It is in the process of raising approximately US$2 billion in capital. It affirmed that its S$5.44 billion credit facility to support the development of Marina Bay Sands in Singapore is in place.The Business Times, P1(See also, The Straits Times, A7- “Marina Bay IR is Sand’s top priority”)
Economy to shrink 2% next year: Morgan Stanley Morgan Stanley has dropped its projection for global growth - from 2.5 per cent to 1.7 per cent - and lowered growth forecasts for several countries. The report predicts that S’pore’s economy may shrink 2 per cent next year.
The Straits Times, A23(See also, The Business Times, P10 – “


Economic downturn crimps medical tourismThe number of foreign patients at Parkway Holdings hospitals dipped 5-7 per cent in the latest quarter - a sign that the medical tourism sector is ailing amid the economic downturn. The drop reported by the biggest private healthcare operator here has raised doubts of whether Singapore can reach its target of one million medical tourists a year by 2012. The decline is seen among Indonesian patients, but this is cushioned by more patients from markets such as Vietnam, Bangladesh and the Middle East.The Business Times, P11


IE S'pore, Ningbo government sign collaboration pactIE Singapore said that the MOU is timely, as 7.7 square kilometres of Ningbo's Meishan Island was recently designated one of China's seven bonded free trade port zones. Apart from joint investment in logistic projects, IE Singapore and Ningbo's government will also explore the possibility of a Singapore-themed logistics park within the zone. Other proposed areas for collaboration include the shipping and port sector, urban planning, the development of e-commerce business services, logistics and supply chain management, as well as people-to-people exchanges. The Business Times, P11
China's inflation cools to 17-month lowIn China, consumer prices rose 4 per cent in October from a year earlier, the statistics bureau said, after gaining 4.6 per cent in September. Food rose 8.5 per cent, the smallest increase since May 2007. Inflation has halved from February's 12-year high and the government has switched from efforts to cool the economy to unveiling a 4 trillion yuan (S$878 billion) package to prop up growth. The Business Times, P14