DAILY MARKET UPDATES 13th November 2008

Govt won’t bail out if IR goes bustPutting an end to speculation about a Government-backed rescue, S. Iswaran said: 'There was no request for a Government bailout for Marina Bay Sands and neither does the Government intend to do one. 'I think it has always been a commercial project and the solutions to the challenges posed by the current economic environment and financial market situation really lie in the commercial sector as well.' Asked if there could be a role for a Government-linked company, he said these were commercial enterprises and would have to make their own decisions on whether an investment makes sense. The Straits Times, A1(See also, The Business Times, P3- “No govt plan to fund Marina IR: Iswaran”)

SC Global's earnings up, Allgreen's profit down SC Global's focus on high-end homes paid off with net profit up 121 per cent to $9.6 million, revenue, however, fell 15 per cent to $25.5 million. It sold 33 out of 91 at Martin No. 38 in the quarter at an average price of $2,133 psf, total sales of $85m. It has no plans to release more units. Meanwhile, Allgreen Properties saw net profit fall 10.9 per cent to $31.19m and revenue slip 8.15 per cent to $113.4m. Allgreen’s residential projects were hit by weak sentiment of the sub-prime and inflation, revenue from investment property rose due to higher rents from offices, serviced apartments and shops.The Straits Times, C21(See also, The Business Times, P6 – “SC Global's Q3 net income up 121%”)(See also, The Business Times, P6 – “Allgreen Q3 net falls 10.9% to $31m as global credit crisis starts to bite”)

CBRE dives 23% on switch in funding planCBRE Group Inc fell the most in four years after abandoning plans to raise up to US$400 million in a private offering and saying it will instead sell shares to the public. The broker said in its regulatory filings that it may use proceeds from the sale to repay debt, make acquisitions, add to working capital or for capital expenditures and investments. The Business Times, P29


S'pore Grand Prix, circuit roar off with top awardS’pore Grand Prix was lauded for its revolutionary lighting and its track in the heart of the city, at the third Professional Motor Sport World Awards held in Cologne, Germany. It beat other short-listed candidates such as the European Grand Prix venue at Valencia and a new state-of-the-art motor racing facility in Sweden to clinch the award. SGP holds the rights to stage the Singapore Grand Prix for four more years. Next year's race is slated for Sept 25-27. The Business Times, P3
NTU starts $10m fund to support entrepreneurship and innovationThe fund will be used to support four key areas of the Master of Science in Technopreneurship and Innovation Programme (MSc TIP). Resources will also be made available for the development of a new paradigm to address the complex issues confronting entrepreneurship and innovation. The programme is conducted in four countries - Singapore, the United States, Malaysia and China.
The Business Times, P9(See also, The Straits Times, C4 – “$5m gift to help NTU groom entrepreneurs”)


Poly's new centre sets up solar test Ngee Ann Poly has been fitted with some 100 solar panels of various forms and sizes to identify which type works best in the tropics. These panels are part of a new million-dollar solar technology centre at the school's campus in Clementi Road which opened yesterday. The centre, partly funded by EDB, came under a $17 million programme to encourage research into technology that taps into renewable resources like the sun, wind and water. The drive has already attracted at least four big-name global players in the solar energy field. The Straits Times, C14


World Bank pushes for concerted govt spendingThe bank will expand financial aid to developing countries by up to US$100 billion over the next three years through loans to governments, trade-finance guarantees and funding for social protection programmes for the poor. It has dropped its forecasts for economic expansion in developing countries next year to 4.5 per cent from 6.4 per cent, and warned that global economic growth will slow to a crawl as rich countries slip into recession. The Business Times, P2


KL tweaks long-standing 30% bumi equity ruleThe government yesterday relaxed the 30 per cent bumiputra equity ownership for companies wanting to be listed but have yet to fulfill the quota. This will take effect immediately to ensure that the Malaysian capital investment market stays progressive and competitive. The Business Times, P1
India, South Korea seal free trade pactThe India-South Korea agreement will abolish duty barriers for 90 per cent of goods traded between the two countries, amounting to US$11.2 billion worth of bilateral commerce, the report said. A recent study by the state-run Korea Institute for International Economic Policy has said that the pact could boost two-way annual trade by as much as a third.The Business Times, P13


Stanchart buys office space in MumbaiStandard Chartered it acquired 147,000 square feet of office space in Mumbai's emerging business district of Bandra-Kurla as it seeks to grow in Asia's third-biggest economy. The London-based bank declined to disclose the price. It may have paid about 7.5 billion rupees (S$230 million) for the space in a new building, the Economic Times reported. The Business Times, P28

Land Securities shelving demerger plan amid turmoilLand Securities said that adverse market conditions had forced it to abandon plans to split its London property, UK retail and real estate outsourcing units into distinct businesses, although a sale of outsourcing arm Trillium was still being evaluated. The Business Times, P28

Germany's Hypo seeks more rescue fundHypo Real Estate Holding AG said it will seek additional rescue funds after a bigger-than- estimated third-quarter loss on goodwill writedowns for Depfa Bank plc. They took charges of about 100 million euros 'in view of the deterioration of the real estate markets. The German lender also said that negotiations for the 50 billion-euro loan facility, partially guaranteed by the German government, have been completed. The funds will be made available starting Nov 13.The Business Times, P29

Chinese banks may lend over 520b yuan in Q4Chinese banks are expected to hand out more than 520 billion yuan (S$114.7 billion) in new loans in the fourth quarter. China's total new yuan loans for the year will exceed four trillion yuan, the Shanghai Securities News quoted. New yuan lending in the January-September period totalled 3.48 trillion yuan, up 3.6 per cent from 3.36 trillion yuan during the same period last year. The Business Times, P14

China retail sales rise 22% to hit 1t yuan in OctoberChina's retail sales rose 22 per cent, close to the fastest pace in nine years, signalling that domestic demand may help the fourth-biggest economy through the financial crisis. Sales climbed to 1.008 trillion yuan (S$222 billion) last month, the statistics bureau said, after gaining 23.2 per cent in September from a year earlier.The Business Times, P14
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