Business Headlines & Market News

Business Headlines and Stock Market News by Singapore Financial News Publishers

Latest Business Headlines and Stock Market News Published by Singapore Publisher Channel News Asia, Deal Streat Asia, Singapore Business Review, The Business Times, The Edge Market, Today Online @ SGinvestors.io

Singapore Stock Market News Singapore Business News Singapore Market Updates



26 minutes ago
LG Display books record quarterly profit on demand for large TV panels
[SEOUL] South Korea's LG Display Co Ltd on Wednesday posted record quarterly profit of 1.03 trillion won (S$1.3 billion) in the January-March period, beating market expectations on demand for large television panels.
34 minutes ago
Malaysia: Shares open slightly higher on Wednesday
MALAYSIA share prices open slightly higher on Wednesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index up 1.980 points to 1767.780.
45 minutes ago
Singapore shares open 0.63% higher on Wednesday
Chai Hung Yin - SINGAPORE shares opened higher on Wednesday, with the benchmark Straits Times Index up 19.9 points, or 0.63 per cent, to 3,163.93 at 9.03 am.
58 minutes ago
Singapore to develop digital platforms for maritime sector
Staff Reporter - Submitted By:  Gerv Tacadena Case Study:  No This is to deepen collaboration and strengthen linkages within trade. As it eyes the digitalisation of the maritime sector, the Singapore government announced the development of two new platforms will help shipping players. Speaking at the opening ceremony of SEA Asia 2017, Coordinating Minister for Infrastructure Khaw Boon Wan said the Maritime Authority of Singapore is in the process of developing the Maritime Single Window, a portal that will allow for submitting documents required for port clearance. read more
1 hour ago
Croesus Retail Trust in prelim talks over potential acquisition
PC Lee - SINGAPORE (April 26): The trustee-manager of Croesus Retail Trust, says it has been approached in connection with a potential transaction which may or may not lead to an acquisition of all the issued units in CRT. “Discussions are preliminary and there is no certainty or assurance whatsoever that these discussions will result in any transaction,” says Croesus Retail Asset Management. The trustee-manager has appointed Citigroup Global Markets Singapore as its financial adviser in connection with such approach. It adds that it will make the relevant announcements on SGXNET in the event of any material developments. Unitholders and investors are also advised to exercise caution when dealing in the units of CRT which closed 2 cents higher at 97 cents on Tuesday.
1 hour ago
Daily Markets Briefing: STI up 0.63%
Staff Reporter - Submitted By:  Gerv Tacadena Case Study:  No Expect some cheers in the market today. The Straits Times Index (STI) ended 19.9 points or 0.63% higher to 3163.93 on Tuesday, taking the year-to-date performance to +9.83%. The top active stocks were DBS, which gained 1.05%, Singtel, which gained 0.54%, OCBC Bank, which gained 0.73%, Keppel Corp, which gained 1.23% and UOB, with a 0.27% advance. read more
1 hour ago
Chart of the Day: Check out the rebound in Singapore's manufacturing output
Staff Reporter - Submitted By:  Gerv Tacadena Case Study:  No It expanded by 7.9% for the first two months of the year. Recovery in the external outlook is showing up in Singapore's manufacturing momentum, as it rebounded strongly in 4Q16. The industrial production index for the first two months of the year rose 7.9%. Whilst it was a slight moderation from 4Q16's 11.7% growth, it still suggests hope for the economy's near-term outlook. The slight moderation was due to the volatile pharmaceutical and biomedical cluster, which contracted 8% YoY for the first two months following the 29% expansion in 4Q16. read more
1 hour ago
Daily Briefing: Property market to remain at best this year; Singapore investors unfazed by Brexit
Staff Reporter - Submitted By:  Gerv Tacadena Case Study:  No And here are 24 things you should know about investing. read more
1 hour ago
Singapore: SPH acquires Orange Valley Healthcare in $117m deal
Shiwen Yap - SPH enters the healthcare sector with the acquisition of nursing home operator Orange Valley. The post Singapore: SPH acquires Orange Valley Healthcare in $117m deal appeared first on DealStreetAsia.
1 hour ago
Trump tax plan will sharply slash corporate tax rates
[WASHINGTON] US President Donald Trump on Wednesday will propose slashing corporate income tax rates and steeply discounting the tax rate on overseas corporate profits brought into the United States in a broad blueprint outlining his administration's tax principles, officials said.
1 hour ago
Stocks to watch: CapitaLand, Suntec Reit, CDL Hospitality Trusts
Chai Hung Yin - THESE stocks had announcements which may influence trading on Wednesday.
1 hour ago
Softwood lumber dispute fires up trade fight between Canada, US
[OTTAWA] The United States and Canada faced off on Tuesday in a renewed battle over softwood lumber that threatened to spill over into multiple other sectors, though President Donald Trump said he did not fear a trade war.
1 hour ago
CapitaLand, CITIC Envirotech, CDLHT, SPH, MCT, Atlantic Navigation, Ho Bee Land, Ascendas REIT
PC Lee - SINGAPORE (April 26): Here are some stocks to watch this Wednesday morning: CapitaLand posted 1Q earnings of $386.8 million, a 77.2% increase compared to a year ago, lifted by improved operating performance, including the sale of 45 units of The Nassim, and higher portfolio gains. Group revenue for 1Q17 ended March was $897.5 million, 0.4% higher than 1Q16. Shares of CapitaLand closed 5 cents higher at $3.67 on Tuesday. See: CapitaLand posts 77% rise in 1Q earnings at $387 mil on better operating performance CITIC Envirotech, the membrane-based water treatment solutions provider, announced earnings of $17 million for the first quarter ended March 31, 41.2% up from $12 million a year ago. Revenue grew 14.3% to $113.7 million. Shares of CITIC Envirotech closed 1 cent higher at 78 cents on Tuesday.  See: CITIC Envirotech’s 1Q earnings rise 41.2% to $17 mil on higher revenue CDL Hospitality Trusts reported 1Q17 distribution per stapled security of 2.42 cents, up 9% from a year ago. Total distribution rose 10% to $24.1 million while net property income came in at $35.9 million, an increase of 6.4% compared to 1Q16. Units of CDL Hospitality Trusts ended 1 cent lower at $1.47. See: CDL Hospitality Trusts reports 9% rise in 1Q17 DPS of 2.42 cents Singapore Press Holdings (SPH) today announced its acquisition of Orange Valley Healthcare (OV), the operator of nursing homes and ancillary services, for about $164 million from private equity firm KV Asia Capital. Shares of SPH closed 2 cents higher at $3.45 on Tuesday. See: SPH acquires nursing home operator Orange Valley for $164 mil Mapletree Commercial Trust (MCT) has posted distribution per unit (DPU) of 2.26 cents for the fourth quarter ended March, an increase of 11.9% from DPU of 2.02 cents a year ago. Units of Mapletree Commercial Trust closed 1.5 cents higher at $1.57 on Tuesday. See: Mapletree Commercial Trust says 4Q DPU up 12% to 2.26 cents Atlantic Navigation Holdings (Singapore) announced Tuesday that a consortium between its subsidiary, Atlantic Ship Management, and its Korean partner, Oceanus Co., has been awarded a US$45.2 million ($63.0 million) project by a Middle Eastern National Oil Company. Shares of Atlantic Navigation last closed at 14.4 cents. See: Atlantic Navigation consortium awarded $63 mil project Ho Bee Land, the real estate development and investment company, has declared earnings of $56.3 million for the first quarter ended March 31 – more than triple of the $18.5 million it posted for 1Q16 on the back of higher revenue as well as a divestment gain. Shares of Ho Bee closed flat at $2.31 on Tuesday. See: Ho Bee Land’s 1Q earnings more than triple to $56.3 mil on higher revenue & divestment gain Ascendas REIT reported DPU for the 4Q ended March rose 13% to 3.852 cents from a year ago, supported by higher net property income from new acquisitions and active cost management. Units of Ascendas REIT closed 2 cents higher at $2.55. See: Ascendas REIT 4Q DPU rises 13% to 3.852 cents on acquisitions, cost management Markets The Nasdaq Composite hit a record high on Tuesday, while the Dow and S&P 500 brushed against recent peaks as strong earnings underscored the health of corporate America. The Dow Jones Industrial Average rose 232.23 points, or 1.12%, to 20,996.12, the S&P 500 gained 14.46 points, or 0.61%, to 2,388.61 and the Nasdaq Composite added 41.67 points, or 0.7%, to 6,025.49. The Straits Times Index closed 19.9 points hgher at 3,163.93. The broad market was firm with 272 rises versus 198 falls excluding warrants. Turnover improved from Monday's $1.1 billion to 2.7 billion units worth $1.2 billion.
1 hour ago
US misunderstands Nafta, North American business body says
[MONTREAL] The US government doesn't have a clear idea of what Nafta covers, a business body representing several big North American multinationals said Tuesday after Washington picked a trade fight with Canada.
1 hour ago
The electric-car boom is so real even oil companies say it's coming
Bloomberg - NEW YORK (April 26): Electric cars are coming fast -- and that’s not just the opinion of carmakers anymore. Total SA, one of the world’s biggest oil producers, is now saying EVs may constitute almost a third of new-car sales by the end of the next decade. The surge in battery powered vehicles will cause demand for oil-based fuels to peak in the 2030s, Total Chief Energy Economist Joel Couse said at Bloomberg New Energy Finance’s conference in New York on Tuesday. EVs will make up 15% to 30% of new vehicles by 2030, after which fuel “demand will flatten out,” Couse said. “Maybe even decline.” Couse’s projection for electric cars is the highest yet by a major oil company and exceeds BNEF’s own forecast, said Colin McKerracher, head of advanced transport analysis at Bloomberg New Energy Finance. “That’s big,” McKerracher said. “That’s by far the most aggressive we’ve seen by any of the majors." Other oil companies have been trimming their long-term forecasts for oil demand. Royal Dutch Shell Plc Chief Executive Officer Ben van Beurden said in March that oil demand may peak in the late 2020s. It set up a business unit to identify the clean technologies where it could be most profitable. Electric cars are beginning to compete with gasoline models on both price and performance. The most expensive part of an electric car is the battery, which can make up half the total cost, according to BNEF. The first electric cars to be competitive on price have been in the luxury class, led by Tesla Inc.’s Model S, which is now the best-selling large luxury car in the US. But battery prices are dropping by about 20% a year, and automakers have been spending billions to electrify their fleets. Volkswagen AG is targeting 25% of its sales to be electric by 2025. Toyota Motor Corp. plans to phase out fossil fuels altogether by 2050. Electric cars currently make up about 1% of global vehicle sales, but traditional carmakers are preparing for transformation. In 2018, Volkswagen plows into electrification with an Audi SUV and the first high-speed US charging network to rival Tesla’s Superchargers. Tata Motors Ltd.’s Jaguar and Volvo Cars both have promising cars on the way too, and by 2020, the avalanche really begins, with Mercedes-Benz, VW, General Motors Co. and others releasing dozens of new models. “By 2020 there will be over 120 different models of EV across the spectrum,” said Michael Liebreich, founder of Bloomberg New Energy Finance. “These are great cars. They will make the internal combustion equivalent look old fashioned.”
1 hour ago
China's new jet will seek share of world's largest aircraft market
Bloomberg - BEIJING (April 26): China is set to become the world’s largest market for aircraft and the nation’s first domestically developed large jet is getting ready seeking a share of that business. The country will need 6,810 aircraft valued at more than US$1 trillion ($1.4 trillion) in the two decades through 2035, Boeing Co. predicted in September. That would make China the biggest single-country market for planes, and the third-largest as a region, behind Europe and North America. State-backed Commercial Aircraft Corp. of China Ltd. is poised to conduct the first flight of the locally built C919 before the end of May, according to two people familiar with the matter, who asked not to be identified because the information isn’t public. The test flight is delayed by more than a year. The nation will surpass the US as the world’s largest air-travel market even sooner, around 2024, according to the International Air Transport Association. The number of people flying to, from and within China will jump to 1.3 billion by 2035, compared with 1.1 billion for the US, IATA said. Of China’s total plane demand in the 20-year period, 75% will be single-aisle -- a category dominated by Boeing’s 737 and Airbus SE’s A320 family that the C919 will be looking to break. China Eastern Airlines Corp. will be the first carrier to take delivery of the C919. Comac received 570 orders as of November for the plane, which will need to be certified by US and European authorities before it can fly there.
1 hour ago
Suntec Reit's Q1 DPU climbs 2.3%
Chai Hung Yin - SUNTEC Real Estate Investment Trust recorded a distribution per unit (DPU) of 2.425 Singapore cents in its first quarter, up 2.3 per cent from a year ago, it said in a Singapore Exchange filing on Wednesday morning.
2 hours ago
Rotary Engineering bags S$140m contract to build new tank terminal in Singapore
Angela Tan - ROTARY Engineering has won a S$140 million contract from Jurong Port Tank Terminals to build a new tank terminal in Singapore.
2 hours ago
Tokyo: Shares open higher on sustained global rallies
[TOKYO] Tokyo shares opened higher on Wednesday, lifted by continued global rallies as robust US corporate earnings brightened sentiment and boosted Wall Street.
2 hours ago
CapitaLand Q1 profit surges 77.2% to S$386.8m
Chai Hung Yin - IMPROVED operating performance, including the sale of 45 units of The Nassim, and higher portfolio gains gave a lift to CapitaLand Limited's results in its first quarter.
2 hours ago
CDLHT reports 9% rise in Q1 distribution per stapled security
Angela Tan - CDL Hospitality Trusts (CDLHT) reported on Wednesday that its distribution per stapled security for the first quarter of 2017 was 2.42 Singapore cents, up 9 per cent from a year ago.
2 hours ago
Rotary Engineering wins $140 mil contract to build tank farm for Jurong Port Tank Terminals
PC Lee - SINGAPORE (April 26): Rotary Engineering, the oil & gas engineering, procurement, construction specialist, has secured an EPC contract to build a tank farm for Jurong Port Tank Terminals. The project, with a value of about $140 million, is a joint venture between Jurong Port Singapore Holding and Oiltanking Investment Holdings. Rotary’s scope of work includes constructing a tank farm with 19 tanks for clean petroleum products storage, pump stations, valve manifolds, firefighting system, slop and wastewater system. It also has to build an interconnecting pipeline from Jurong Port Tank Terminal to Oiltanking’s tank terminal. Situated on 16ha of land, the new tank terminal is located directly opposite Singapore’s Jurong Island petrochemical hub, and will be connected to it via pipelines. Designed to store and handle both clean petroleum products and chemicals, the new liquid bulk terminal will have an initial capacity of 232,000 cubic metres, and the potential to add another 230,000 cubic metres. It will be supported by jetties with a draft of 16 meters, capable of berthing vessels up to 120,000 deadweight tonnage. Jurong Port is a multi-purpose port that handles general, bulk and containerised cargo, and the new tank terminal will add to its operational capabilities. Oiltanking is a subsidiary of Oiltanking GmbH and a world-wide independent tank storage operator. Oiltanking has also previously engaged Rotary on some of its projects in Singapore. Roger Chia Kim Piow, Chairman and Managing Director of Rotary, said, “The demand for liquid bulk storage remains resilient, and Rotary as an established brand-name in this field is well-positioned to capitalise on opportunities that arise. We are glad to be selected for this project, which will enhance the attractiveness of Singapore’s Jurong Island petrochemical hub.” Shares of Rotary Engineering closed 1 cent higher at 41 cents on Tuesday.
2 hours ago
Suntec REIT posts 2.3% rise in DPU to 2.425 cents
Michelle Zhu - SINGAPORE (April 26): The manager of Suntec REIT has declared a 1Q17 distribution per unit (DPU) of 2.425 cents, up 2.3% as compared to the 2.371 cents posted in 1Q16. This includes a capital distribution of $3 million or 0.118 cents per unit. Gross revenue over the quarter grew 12.9% to $88.4 million, driven mainly by a 34.3% increase in gross office revenue to $44.6 million on contribution from the REIT’s Sydney asset, 177 Pacific Highway, which achieved its practical completion in August 2016. The higher gross office revenue was partially offset by 2.3% lower retail revenue from Suntec City mall at $25.3 million as well as a 3.6% decline in revenue from Suntec Singapore. Similarly due to the contribution from 177 Pacific Highway, net property income was 14.6% higher at $61.8 million from $54 million a year ago. The total income contribution from joint ventures comprising the ORQ, MBFC Properties and Southgate Complex for the quarter was $24.3 million, representing a 9.2% increase which was mainly due to higher contributions from Southgate Complex. Net financing cost fell 27.1% to $14.9 million due to a one-time write-off of unamortised transaction costs in relation to the redemption of convertible bonds in 1Q16. As such, total distributable income grew 3.1% to $61.8 million for the quarter. As at end March, the committed occupancy for Suntec REIT’s office and retail portfolio stood at 98.9% and 98% respectively. “Despite the soft retail market, we are pleased to report that Suntec City’s Mall operational performance has improved in 1Q 2017. The overall committed occupancy has increased to 98.4% while footfall increased 7.3% year-on-year. Tenant sales per sq ft has also grown 4.3% year-on-year,” says Chan Kong Leong, CEO of the manager. “We will continue our active tenant adjustments to fine tune the trade mix and further enhance the positioning of Suntec City Mall,” he adds. Units of Suntec REIT closed flat at $1.76 on Tuesday. 
2 hours ago
CDL Hospitality Trusts reports 9% rise in 1Q17 DPS of 2.42 cents
PC Lee - SINGAPORE (April 26): The managers of CDL Hospitality Trusts reported 1Q17 distribution per stapled security of 2.42 cents, up 9% from a year ago. Total distribution rose 10% to $24.1 million while net property income came in at $35.9 million, an increase of 6.4% compared to 1Q16. The managers said this was supported by strong NPI growth from Grand Millennium Auckland as a result of higher variable rental income which was driven by stronger performance. In New Zealand, the tourism sector continued to enjoy strong growth, reflected by the 11.8% y-o-y growth in visitor arrivals to a record 3.5 million in 2016. In the first two months of 2017, visitor arrivals increased 6.2% y-o-y to 0.8 million. Accordingly, the hotel enjoyed y-o-y RevPAR growth of 27.6%. RevPAR for Singapore hotels remained largely stable y-o-y at $159 in 1Q17 as average occupancy rate improved 4.5 percentage points y-o-y to 88.4%, despite the absence of the biennial Singapore Airshow event in the previous year. In Japan, visitor arrivals increased 13.6% to 6.5 million for the first three months of 2017. Consequently, its hotels there enjoyed strong occupancies of over 90% but faced rate pressure as a result of price sensitivity of the market coupled with a relatively strong yen. Accordingly, RevPAR declined by 7.2% y-o-y due to lower room rates. In the Maldives, international arrivals from China, its top source market, declined by 4.6% y-o-y for the first two months of 2017. Consequently, its resorts posted a collective y-o-y RevPAR decline of 8.8% in 1Q 2017, due to pricing pressures amid aggressive promotions. Looking ahead, the Singapore hospitality market is expected to experience competitive trading conditions in the near term, with Singapore’s modest growth outlook in 2017 coupled with net supply for industry room inventory estimated to grow by an estimated 3,767 rooms in 2017, representing a 5.9% y-o-y growth in existing room stock. Units of CDL Hospitality Trusts ended 1 cent lower at $1.47.
2 hours ago
US judge blocks Trump financial pressure on sanctuary cities
[WASHINGTON] A US judge ruled Tuesday that the Trump administration could not freely deny billions of dollars of federal funds to so-called sanctuary cities which protect illegal immigrants.
3 hours ago
US Thaad missile defence equipment enters South Korea site: Yonhap
[SEOUL] Trailers carrying US Thaad missile defence equipment entered a deployment site in South Korea early Wednesday with tensions high over North Korea's intentions, Yonhap news agency reported.
3 hours ago
Google tweak aims to curb fake, misleading search results
[WASHINGTON] Google on Tuesday announced changes to how it delivers and ranks internet searches, the latest effort by the tech giant to weed out "fake news" and offensive content.
3 hours ago
CapitaLand posts 77% rise in 1Q earnings at $387 mil on better operating performance
PC Lee - SINGAPORE (April 26): CapitaLand posted 1Q earnings of $386.8 million, a 77.2% increase compared to a year ago, lifted by improved operating performance, including the sale of 45 units of The Nassim, and higher portfolio gains. Group revenue for 1Q17 ended March was $897.5 million, 0.4% higher than 1Q16 due to more handovers from its development projects in China and rental contribution from newly acquired properties. The development projects that contributed to the revenue in China this quarter included One iPark in Shenzhen, Riverfront in Hangzhou, Vista Garden in Guangzhou and Summit Era in Ningbo. Group EBIT grew 35% to $618.6 million in 1Q17, compared with $458.2 million in 1Q16. Likewise, operating PATMI for the period increased by 121.1% to $337.8 million. The increase in EBIT was mainly attributable to a gain of $160.9 million from the sale of The Nassim, higher handovers from development projects in China, and higher portfolio gains, partially offset by lower revaluation gains from investment properties. The portfolio gain in 1Q17 of $17.7 million arose mainly from the divestment of a township project in China. Singapore and China remain the key contributors to EBIT, accounting for 84.8% of total EBIT. Lim Ming Yan, President & Group CEO of CapitaLand, said: “CapitaLand has achieved another quarter of strong growth. The Group’s optimal asset mix has enabled us to deliver a steady stream of recurring income from our investment properties and management contracts, whilst we continue to realise gains from our trading properties. We have improved our operating PATMI this quarter and will continue to focus on strengthening CapitaLand’s operating PATMI and balance sheet.” This year, CapitaLand will complete and commence operations of six more shopping malls in China, India, Malaysia and Singapore, as well as the retail components of three Raffles City developments and Capital Square in China. Shares of CapitaLand closed 5 cents higher at $3.67 on Tuesday.
3 hours ago
Trump, Australia's Turnbull to bury the hatchet in New York meeting
[WASHINGTON] Donald Trump will meet Australian Prime Minister Malcolm Turnbull in New York next week, rebooting a relationship that got off to a rocky start shortly after the US president's inauguration.
3 hours ago
Eager for 100-day wins, Trump eyes govt funding, border, taxes
[WASHINGTON] Donald Trump appeared determined Tuesday to score key victories to mark his first 100 days as president, as he seeks to boost border security, unveil tax reform and avert a government shutdown.
3 hours ago
US should stay in Paris climate accord: energy secretary
[WASHINGTON] The United States should stay in the Paris climate accord but renegotiate it, energy secretary Rick Perry said Tuesday, alleging that some European countries were not doing enough to curb emissions.
4 hours ago
Donald Trump picks trade fight with Canada
[WASHINGTON] Trade tensions spiked between Washington and Ottawa on Tuesday as President Donald Trump accused Canada of being "very rough" on its southern neighbour and threatened to retaliate against new restrictions on US dairy products.
4 hours ago
Oil settles slightly higher, API reports surprise build
[NEW YORK] Oil prices settled slightly higher on Tuesday in volatile trading, then were mixed after hours when an industry group's preliminary report showed a surprise build in US crude inventories.
4 hours ago
US dollar surges against loonie on tariff announcement, euro gains
[NEW YORK] The US dollar surged against its Canadian counterpart on Tuesday after the United States imposed duties on Canadian softwood, while the euro hit a multi-month high on relief over the French election and the possibility of more hawkish European Central Bank policy in June.
4 hours ago
Europe: Shares firm as earnings, M&A back in play
[LONDON] Deal-making and earnings underpinned European stock markets on Tuesday as the focus shifted back to fundamentals and away from politics, for now, with the pan-European Stoxx 600 index scoring its fifth straight session of gains.
4 hours ago
US: Nasdaq tops 6,000 as earnings boost Wall St; US tax code eyed
[NEW YORK] The Nasdaq Composite hit a record high on Tuesday, while the Dow and S&P 500 brushed against recent peaks as strong earnings underscored the health of corporate America.