Business Headlines & Singapore Stock Market News | SGinvestors.io

Business Headlines & Market News

Business Headlines and Stock Market News by Singapore Financial News Publishers

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Singapore shares finish higher in low volume

R. Sivanithy - THE Straits Times Index on Wednesday tracked movements in overseas markets closely, first rising when the Dow futures bounced higher but sliding in the late afternoon when Europe opened in the red and the Dow futures started displaying some weakness.

UK chides US for leaking Manchester bombing probe details

[LONDON] UK Home Secretary Amber Rudd criticised US officials for leaking details about Monday's terrorist attack in Manchester, warning Britain's ally that it should not happen again.

Keppel Singmarine gets S$103m LNGC order

Tan Hwee Hwee - KEPPEL Singmarine has won a contract valued at S$103 million to build two small-scale liquefied natural gas carriers (LNGC) for Stolt Nielsen Gas BV.

General Electric signs 1 billion riyal deal to build gas turbines in Saudi Arabia

Today - RIYADH - General Electric (GE) signed a one billion riyal ($267 million) joint venture agreement on Wednesday with Saudi Arabia's state-backed Dussur industrial development company to manufacture gas turbines in the eastern city of Dammam. The...

Malaysia: Shares close higher on Wednesday

MALAYSIA share prices closed higher on Wednesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index up 3.840 points to 1,771.010.

IKEA Group picks company veteran as next CEO

Today - STOCKHOLM - IKEA Group, the owner of most IKEA budget furniture stores worldwide, said on Wednesday it had picked company veteran Jesper Brodin to be its new chief executive, replacing Peter Agnefjall who will leave the company. The furniture...

Kuwait oil minister says deeper OPEC output cuts possible

Today - VIENNA - Kuwaiti Oil Minister Essam al-Marzouq said on Wednesday that all options are on the table for talks among OPEC and non-OPEC oil producers this week, including deeper output cuts and extending existing production curbs by one year. "All...

OPEC, non-OPEC hold informal talks to nail new oil cuts

Today - VIENNA - OPEC and non-OPEC ministers meet for informal consultations in Vienna on Wednesday in a last-ditch bid to agree the duration of oil output cuts as they seek to clear a global stocks overhang that has pulled down the price of crude. The...

Thailand holds key rate, stays wary of global risks

[BANGKOK] Thailand's central bank on Wednesday left its key interest rate where it has been for more than two years - and it could stay there for quite some time, as there's no incentive to cut and no need to raise it.

ECB sees risk higher yields trigger debt sustainability concerns

[FRANKFURT] The European Central Bank said debt-sustainability concerns have risen in the past six months amid a potential increase in yields and political uncertainty in some countries.

Noble currently in talks with strategic parties

Staff Reporter - However, Sinochem investment is now a miss. In a report from Reuters, embattled commodity trader Noble Group Ltd said on Wednesday that discussions with various potential strategic parties are ongoing, seeking to regain market confidence. S&P this week slashed Noble's corporate credit ratin ...

Japan government keeps its views of the economy unchanged in May

[TOKYO] Japan's government has kept unchanged for May its overall assessment of the economy - that it is recovering gradually, though pockets of weakness remain.

Ikea Group appoints Jesper Brodin new CEO

[STOCKHOLM] Furniture retailer Ikea Group said on Wednesday it had appointed company veteran Jesper Brodin as new chief executive, replacing Peter Agnefjall.

Wing Tai Malaysia takeover positive for Wing Tai Holdings

PC Lee - SINGAPORE (May 24): OCBC is maintaining its ‘buy’ on Wing Tai Holdings (Wing Tai) after the latter made an unconditional voluntary takeover offer for Wing Tai Malaysia Berhad (WTM). Wing Tai, together with its subsidiaries, yesterday announced an unconditional voluntary takeover offer to acquire ...

Recent global stock upturn fizzles after China rating downgrade

World stocks inched lower on Wednesday after China's sovereign credit rating was downgraded and as investors eyed a pause in Wall Street's four-day winning streak, the longest in over three months.

Ex-remisier Kelvin Ang fifth to be convicted in 1MDB-related probe

Chan Chao Peh - SINGAPORE (May 24): Kelvin Ang Wee Keng, a former remisier with Maybank Kim Eng, on Wednesday became the fifth person convicted in Singapore in connection to an ongoing probe involving 1Malaysia Development Berhad (1MDB). The 35-year-old Singaporean was fined $9,000 by District Judge Lim Keng Yeow. ...

Indonesia's revenue needs override coal curbs as oil take drops

[JAKARTA] Indonesia will miss coal production targets as the government needs to lean on revenue from the fuel to make up shortfalls from its take from oil and gas output, ensuring the country keeps its top coal exporter status, officials said.

Hong Kong: Stocks end with gains

[HONG KONG] Hong Kong stocks ended slightly higher Wednesday, with the market recovering from an initial sell-off fuelled by Moody's downgrade of China's credit rating on concerns about its debt mountain.

Rowsley to acquire AC Consortium in $8 mil all-share deal

Michelle Zhu - SINGAPORE (May 24): Real estate and investment group Rowsley has agreed to pay up to $8 million in an all-share deal to acquire AC Consortium, an industrial design firm, via its wholly-owned subsidiary RSP Architects Planners & Engineers. Incorporated in 1999, AC Consortium specialises in design ...

Moody's downgrades China, warns of fading financial strength as debt mounts

Moody's Investors Services downgraded China's long-term local and foreign currency issuer ratings on Wednesday citing expectations that the financial strength of the world's second biggest economy would erode in the coming years.

Samsung investigating Galaxy S8 'iris hack'

Samsung Electronics is investigating claims by a German hacking group that it fooled the iris recognition system of the new flagship Galaxy S8 device, the firm said Wednesday.

Australia: Stocks finish modestly higher

[SYDNEY] Australian shares pared early gains to end marginally higher on Wednesday, underpinned by industrial and consumer stocks.

China: Stocks steady, small-caps offset

[SHANGHAI] China's main stock indexes recouped earlier losses to end roughly flat on Wednesday, as strong gains in small-caps partially offset Moody's downgrading of China's debt ratings.

Oil prices rise as market expects extended production cut

Today - SINGAPORE - Oil prices rose on Wednesday, supported by confidence that an OPEC-led output cut aimed at tightening supply would be extended to all of 2017 and the first quarter of next year. Brent futures rose to $54.34 per barrel...

Bunge says not in talks with Glencore following approach

Today - CHICAGO - U.S. grains trader Bunge Ltd said on Tuesday it was not in talks with Swiss mining and commodities group Glencore Plc , after the latter said it had made an informal approach to discuss "a possible consensual business...

Europe: Big oil helps shares edge up

[LONDON] European shares, stuck just below 21-month highs for more than a week, fought for direction in early deals on Wednesday as weakness in mining and autos sectors were offset by strength in oil producers.

Former remisier fined S$9,000 after pleading guilty to corruption in 1MDB case

Kenneth Lim - FORMER remisier Kelvin Ang was sentenced to a S$9,000 fine on Wednesday after pleading guilty to a corruption charge related to investigations surrounding the Malaysian state fund 1Malaysia Development Bhd (1MDB).

Q1 net profit contribution from CIMB Group Holdings' Singapore operation up 121%

Angela Tan - CIMB Group Holdings on Wednesday reported that its net profit contribution from its Singapore operation was 121 per cent higher at RM137 million (S$44.3 million), compared to a year ago.

Big killing for mm2 Asia in FY17, bigger expectations next

PC Lee - SINGAPORE (May 24): DBS Vickers is maintaining its “buy” call on mm2 Asia with 70 cents target price on a strong set of FY17 results. DBS now expects a 52% CAGR for EPS from FY16-FY19, supported by growth in productions, expansion into the China market, and contribution from UnUsUaL. To recap, m ...

China says debt risks controllable following Moody's downgrade

Today - BEIJING - China's state planner said on Wednesday its debt risks are generally controllable as measures to lower corporate leverage have achieved initial results and systemic risks from debt are relatively low. The National Development and...

Boustead to charge ahead after a robust FY17

Michelle Zhu - SINGAPORE (May 24): CIMB Research is maintaining its “add” call on Boustead Singapore and raising its target price to 96 cents from 88 cents previously while noting a strong balance sheet for potential mergers and acquisitions (M&As). This comes after the infrastructure-related engineering s ...

Chinese carmaker Geely to acquire Malaysia's Proton

KUALA LUMPUR: Chinese automaker Zhejiang Geely Holding Group on Wednesday (May 24) said it would buy a 49.9 per cent stake in Malaysia's national carmaker Proton from conglomerate DRB-HICOM, marking another major Chinese auto investment in Southeast Asia. Geely, parent company of Hong Kong-based ...

S&P affirms credit rating of 3 Singapore banks on sound fundamentals, stable outlook

Siow Li Sen - S&P Global Ratings has affirmed the credit rating of the three Singapore banks on their sound fundamentals.

Here's what caused the slowdown in consumer prices

Staff Reporter - It has to do with the S&CC rebates. Singapore's consumer price index slowed to 0.4% YoY in April. According to RHB, this is caused mainly by the differences in the disbursement schedule of service & conservancy charges (S&CC) rebates compared to last year. More so, the cost of housi ...

Singapore: Noble Group endures wild ride as talks continue with potential partners

Jasmine Ng - Noble Group Ltd. shares endured a roller-coaster ride as investors weighed concerns about the commodity trader’s ability to sustain its business and meet debt obligations with comments from the company that it remains in talks with potential strategic partners. The bonds rose. The shares first plu ...

IFC and MAS create a new fintech innovation network in ASEAN

Staff Reporter - Submitted By: Staff Reporter Case Study: No The network will help firms address issues of connectivity and local compliance. The International Finance Corporation (IFC), one of the members of the Monetary Authority of Singapore (MAS), announced that it has signed a memorandum of coopera ...

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