Oct. 12 (Bloomberg) -- Singapore’s government said it needs to remain vigilant against a resurgence of inflationary pressures even as it expects price gains to moderate toward the end of 2011.
“A stable Singapore dollar is an anchor of stability for our small, open economy,” the government said in a statement to elaborate on the plans presented by President Tony Tan in parliament on Oct. 10. “Continued judicious management of the effective exchange rate of the Singapore dollar against a trade- weighted basket of currencies will help dampen inflationary pressures while supporting economic growth in an uncertain and volatile external environment.”
WHAT TO WATCH: *ST Engineering Ltd. (STE SP) said its VT Miltope unit has the potential to earn up to $250m after teaming up with General Dynamics C4 Systems, which won a 5-year contract from the U.S. army. *ASL Marine Holdings Ltd. (ASL SP) won contracts valued at about S$267m to build five vessels. *Fraser & Neave Ltd. (FNN SP) said it stopped production at its dairy plant in Ayutthaya, Thailand, because of severe floods. *Keppel Corp. (KEP SP) said a unit bought stock in Floatel International Ltd. for 114.4 million Norwegian kroner ($20m), boosting its stake to 86.18% from 80.11%. *Tiger Airways Holdings Ltd. (TGR SP) carried 15% fewer passengers in September than a year earlier, and filled 78% of available passenger seats in the month, down from 87%. *Teckwah Industrial Corp. (TECK SP) said a unit agreed to buy 51% of Shanghai Zhan Tong International Logistics Co. *BH Global Marine (BHGM SP) formed a joint venture with Takamul Investment Co. in Oman to make galvanized steel wire products. *First Resources Ltd. (FR SP) said production of fresh fruit bunches rose 34% to 210,245 tons in September. *Unionmet (Singapore) Ltd. (UMS SP) said 3Q net income fell to $52,000 from $197,000 *Grand Banks Yachts Ltd. (GBY SP) shares were halted because the company holds both its AGM and EGM. *Technics Oil & Gas Ltd. (TGH SP) won three EPCC contracts worth S$8.1m. *Cheung Woh Technologies (CWM SP) reported 1H net income fell to S$3.47m from S$8.69m.
MARKETS: S&P 500 up 0.05% to 1,195.54 Stoxx Europe 600 down 0.3% to 235.28 MSCI Asia Pacific up 1.8% to 115.71 Straits Times Index up 0.9% to 2,693.05
BTV: 11:45 SP: Kotak Securities Exec Director Sanjeev Prasad
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