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Sector & Economic News this week 17 Jun 08
1) US to impose trading limits on oil contracts. US oil futures regulators on Tuesday unveiled a plan to slap the first trading limits on oil contracts that change hands on a London electronic exchange as US lawmakers called for more regulations to rein in speculators. The US Commodity Futures Trading Commission and its UK counterpart reached a deal with ICE Futures Europe to impose regulations on West Texas
Intermediate oil contracts that trade on the London-based electronic exchange within 120 days, the CFTC's chairman told US lawmakers. The move will place more limits on
trading of the US benchmark WTI contract on the London exchange, which hosts up to 30% of total volumes. The New York Mercantile Exchange, which the CFTC regulates, has the rest. Lawmakers said that the lack of limits on the ICE exchange created what they call the 'London loophole' that allows oil traders to evade US-style regulations.
2) US Senate leaders agree on housing rescue fund bill. US Senate leaders have agreed to a bipartisan bill to establisha US$300 billion rescue fund for troubled mortgages and a new regulator for Fannie Mae and Freddie Mac, lawmakers saidon Tuesday. The legislation was expected to beconsidered bythe full Senate within days, with lawmakers keen to deliver a final bill to President George W Bush by July 4. Barney Frank, chairman of the House of Representatives Financial Services Committee, in an interview with Reuters called the Senate bill 'good progress'. But the Massachusetts Democrat said, 'It's not yet where we should be . . . To the extent that people say the House will just accept the Senate bill, that's not appropriate.' The House has already passed a housing bill, which differs from the Senate's in a few respects. A final bill to be sent to Mr Bush would have to be a House-Senate compromise. Mr Frank said it was still
possible Congress could deliver a final measure to the White House by July 4. 'The table is now set for serious House-Senate discussions about this,' he said.
3) Singapore short rates dive, defying expectations. Short-term interest rates plunged yesterday to almost hit a year low, causing some analysts to scratch their heads after saying last week the bottom had been reached. The three-month Singapore interbank offer rate (Sibor) fell 12.5 basis points to 1.25% yesterday - a shade above the year low
of 1.24 on April 22. Analysts say they believe yesterday's big move was due to intervention by the Monetary Authority of Singapore (MAS), which tried to cap the rise of the Singapore dollar.
4) Apartments above $10m still shine in dull market. The high-end residential sector has been largely subdued in 2008, but at least 50 luxury apartments costing above $10
million each have been sold so far this year. And the tally for the full year, according to property consultant CB Richard Ellis (CBRE), is expected to come in at about 70 to 100 units. This will be lower than the 139 such units sold for the whole of 2007, but still significantly higher than the 2006 full-year figure of 23 units, CBRE's research shows. Putting things in perspective, CBRE Singapore's managing director Pauline Goh says: 'One point to note is that luxury home prices in 2006 were lower than in 2007. Hence, fewer units would have touched the $10 million mark back in 2006. There was also a smaller supply of upscale developments with big units back then compared with 2007
and H1 2008.' BT understands that the highest-priced transaction so far this year is a $19.7 million ground-floor unit sold at Nassim Park Residences.
5) Building to start on Norway solar firm's Singapore plant. Rapidly growing demand for solar energy products, spurred by rocketing oil prices, has led Norway's Renewable Energy Corporation (REC) to start construction this month of phase one of a $6.8 billion plant here. REC expects to decide next year on phase two of the Tuas View complex, which will add 'substantial capacity' to its Scandinavian and USfacilities. The complex will be the world's biggest integrated solar manufacturing plant. The facility - comprising separate wafer, cell and module plants - will incorporate cutting-edge technology, REC senior vice-president Oyvind Hasaas said yesterday. The go-ahead for the Singapore
investment comes despite REC's concern about rising costs and inflation here. Electricity tariffs, which have shot up 18% to $200 per megawatt hour in the last eight months, are also an issue.
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Million Leads
Internet marketing, Lead Generation
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