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SINGAPORE, July 1 Asia Pulse - Highlights of today's newspapers:
THE STRAITS TIMES
- Listed companies with March as their financial year-end made less money than they did a year ago.
- Econ International, which recently won the backing of most of its creditors to restructure around $200 million in debts, yesterday reported a massive net loss of $138.9 million, up from $12.8 million previously.
- In its biggest one-day fall since late March, the Straits Times Index (STI) tumbled more than 2 per cent to close below 1,450, and had market players wondering if this marked the end of another bear-market rally or just a hiccup in an uptrend.
- Underscoring how much investors have a thirst for water-treatment companies these days, the initial public offer (IPO) of Eco Water has been overwhelmingly subscribed, with the public tranche 561 times taken up.
- Reports Singapore's central bank, which released a set of risk-management guidelines yesterday, said regulators and banks had 'much to do' to guard against the higher level of risks in the financial system these days.