Singapore's benchmark Straits Times Index fell 1.95% to 2,751.88 points yesterday.

Singapore stocks are expected to trade lower, weighed down by concerns about the euro zone's debt woes and the outlook for the global economy following last week's weak US jobs data.

US stocks fell last night, taking the S&P 500 to its lowest close in seven months, as industrials and technology shares fell and investors stayed on their heels after last week's payroll figure discouraged buyers.

Singapore Airlines (SIA SP): The airline industry will post a US$2.5 billion ($3.5 billion) profit in 2010, reversing two years of losses, the International Air Transport Association said yesterday, scrapping an estimate for a US$2.8 billion deficit as the economy rebounds. Singapore Air, the world’s second-biggest carrier by market value, lost 1.1% to $14.28.

Singapore commodities company, Olam International, announced it has agreed to acquire Gilroy Foods & Flavors dehydrated and vegetable product business from ConAgra Foods for US$250 million.

Singapore-listed Raffles Education said AIF Capital has decided not to proceed with the proposed acquisition of 10% stake in its Chinese unit Oriental University City, due to unfavourable market conditions. AIF Capital was to have paid 350 million yuan ($72.6 million) for the proposed acquisition originally announced in April. Raffles shares closed 4.7% lower at 30.5 cents.

Keppel Telecommunications & Transportation (KPTT SP): The provider of logistics and telecommunications support services said it and Saudi Arabia-based Al Rajhi Holding Group raised US$100 million from institutional investors in Asia and the Middle East. The funds will be used to acquire data centres in Asia, Europe and the Middle East, it said. Keppel T&T, as the company is known, dipped 1.6% to $1.23 yesterday.

Noble Group (NOBL SP): The Hong Kong-based commodities supplier partly owned by China Investment Corp. said it bought a 5.1% stake in USEC Inc., a supplier of uranium used in nuclear power plants, for US$30.2 million. Noble Group slid 2.2% to $1.78.

Otto Marine (OTML SP): The Singapore-based shipbuilder said its Reflect Geophysical Pte unit won a contract valued at US$8 million to provide seismic survey for ENI Oil Holdings BV. Otto Marine declined 4.8% to 39.5 cents.

Singapore Press Holdings (SPH SP): The newspaper publisher plans to expand its property business and is looking to buy more development sites, The Straits Times reported, citing Seow Choke Meng, Times Development’s executive director. The company sold its first condominium in 2007 and also owns a shopping mall. SPH dropped 2.9% to $3.68.