Straits Times: Fannie, Freddie crisis deepens

With shares slumping, US govt stops insisting no rescue is needed
(WASHINGTON): The United States Treasury has backed away from assurances that there is no need to rescue Fannie Mae and Freddie Mac, as the crisis surrounding the American mortgage finance giants deepens, with their shares falling for a third day, the Financial Times (FT) has [...]

Business Times: Fannie, Freddie rescue plan could be costly for many

(WASHINGTON) A government rescue of Fannie Mae and Freddie Mac could be costly for scores of investment, banking and insurance companies that hold billions of dollars in preferred shares in the mortgage finance giants.
Speculation has been building on Wall Street that a government investment to rescue Fannie and Freddie would come in the form of [...]

Straits Times: MPs: Plug loopholes for rental flats

One idea to reduce non-desperate cases: Make applicants show proof of their needy status
By Goh Chin Lian
WHEN it comes to nipping the problem of the not-really-needy applying for rental flats meant for the truly needy, the health sector offers some answers.
Eye surgeon and MP Lim Wee Kiak (Sembawang GRC) said the crucial question asked of [...]

Business Times: Hoi Hup-led group wins HDB project

It will build 1,200 DBSS flats at Lor1A Toa Payoh
By KALPANA RASHIWALA
THE Housing and Development Board yesterday awarded a Design, Build and Sell Scheme (DBSS) site at Lorong 1A Toa Payoh to a Hoi Hup Realty-led consortium that emerged as the top bidder when the tender for the site closed on Tuesday.
The winning bid of [...]

Business Times: Financial storm is still blowing: Bernanke

Fed working on three fronts to maintain economic stability, says US central bank chief
(WASHINGTON) US Federal Reserve chairman Ben Bernanke said yesterday the financial storm that began last year ‘has not yet subsided’, creating ‘one of the most challenging’ economic environments in memory.
In comments to the Fed’s annual symposium in Jackson Hole, Wyoming, Mr Bernanke [...]

Business Times: CapitaLand to gain S$313m from China assets

It is injecting four assets into its 50% owned Raffles City China Fund
By KALPANA RASHIWALA
PROPERTY giant CapitaLand said yesterday that it will realise a total portfolio gain of $313 million from injecting four Raffles City assets in China as seed assets into its 50 per cent owned Raffles City China Fund.
The gain will comprise a [...]

Straits Times: GuocoLand’s gains fall 43% on lower property sales

COOLING regional property markets have taken a hefty chunk out of GuocoLand’s bottom line.
The property developer’s full-year net profits plunged 43 per cent to S$161.8 million on the back of a 4 per cent dip in revenue to S$670.9 million.
Besides lower contribution from property sales, GuocoLand enjoyed significant one-off contributions for the 2007 financial year. [...]