In Short

A round-up of other business news in brief...

Singapore out  of recession

Singapore leapt out of its worst recession and upgraded its economic outlook due to rising drugs production and construction. Analysts said it was too early for the central bank to end its accommodative policy.

The government revised up its 2009 forecast for the economy to shrink by 4 to 6 per cent from a contraction of up to 9 per cent, and analysts said China and other Asian exporters were likely to report improved growth. But economists were cautious about the sustainability of any recovery. – Reuters

Smiddy joins Moran Hotel Group

Alf Smiddy, the former managing director of Beamish Crawford, has joined Moran Hotel Group as a non-executive director.

Moran Hotels’ managing director Tom Moran said Mr Smiddy brought a “wealth of experience” in the Irish and international drinks and hospitality industries.

Mr Smiddy said it was a “challenging time for the entire sector”, but also “exciting”.

US inquiry into credit derivatives market

Markit, a dealer-owned provider of prices in the credit default swap market, has said the US justice department is investigating the $26.5 trillion (€19 trillion) market.

“Markit has been informed of an investigation by the department of justice into the credit derivatives and related markets,” the company said in a statement, but did not specify the targets of the investigation.

The department's antitrust division this month sent civil investigative demands to some large dealers in the CDS market, seeking details about their CDS exposures and their relationship to Markit, sources said. – (Reuters)

Convicted Tyco executives agree to be barred from serving as directors

Former Tyco International executives Dennis Kozlowski and Mark Swartz, convicted in 2005 of defrauding shareholders of more than $400 million, have agreed to be barred from serving as officers or directors of a public company, the US Securities and Exchange Commission said yesterday.

The settlement closes the SEC’s case alleging the two executives failed to disclose hundreds of millions of dollars in loans and compensation they granted themselves from 1996 to June 2002, the regulator said.

Kozlowski and Swartz didn’t admit or deny the allegations. – (Bloomberg)

Dell shares fall 8% as computer manufacturer says demand still weak

Computer manufacturer Dell said demand from businesses is still very weak and the company faces a big challenge long-term in its hardware business, where falling PC prices will pressure margins.

Shares of Dell fell as much as 8 per cent a day after it forecast lower gross margins in the July quarter due to higher component costs, a competitive environment and an unfavourable product mix. – (Reuters)