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Singapore stock market and companies daily report (Global Yellow Pages) (February 22, 2010)

Contributed by Shares Investment

By Shares Investment

Global Yellow Pages Files Suit Against 3 Companies Including StreetDirectory
Directory publisher Global Yellow Pages (GYP) has started legal proceedings against Reed Business Information, StreetDirectory and Promedia Directories. The company’s claims, filed with the High Court of Singapore, alleged that the 3 companies reproduced a substantial part of its directories in their respective directories without consent, among other claims, according to a stock exchange filing late on Friday. Legal action has been started since last October.
The company is seeking an injunction, an order to destroy materials in the defendants’ possession that infringe the copyright of GYP’s directories, and an inquiry of the damages or an account of profits. According to GYP, the 3 companies have since filed defences denying infringement, while Promedia, which publishes The Green Book directory, has additionally filed a counter-claim.

Singapore Is No 1 Asian Investor On Wall Street
Singapore overtook Japan as the biggest Asian investor on Wall Street in 2009, according to a report by The Business Times. Investors here snapped up a net US$12.61b of US stocks in a year when the US equity market closed with its best annual gains since 2003.
Singapore was traditionally the second-largest Asian investor in US stocks behind Japan. During some quarters, Singapore net investments exceeded those of the Japanese. But last year was the 1st time Singapore’s annual investments surpassed those of the Japanese – thanks to a sharp cutback by the latter which resulted in net acquisitions of US$12.47b. In overall, global investments in US equities more than tripled from US$39.14b in 2008 to US$148.94b in 2009.

All Eyes On Bernanke’s Testimonies This Week
Testimonies from the US Federal Reserve Chief Ben Bernanke will be closely watched this week as he is expected to explain on the central bank’s sudden decision to hike an emergency bank lending rate in his appearances before the financial committee of the House of Representatives on Wednesday and the Senate banking panel the next day. The hike, which has triggered speculation on monetary tightening, has rattled stock markets and investors feared the central bank might be moving faster than anticipated to withdraw critical support measures for the US economy. It will be also be Bernanke’s maiden appearance before lawmakers since his confirmation by the US Congress for a 2nd term beginning Feb 1.
 

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