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

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10 hours ago

WTO slashes 2023 global trade forecast as recession looms

GENEVA: The World Trade Organization (WTO) on Wednesday (Oct 5) dramatically lowered its global trade forecast for 2023, as Russia's war in Ukraine and other shocks take their toll on the world economy.

11 hours ago

Fortress Minerals' 1HFY2023 earnings declines 13.6% due to cuts in global steel production

Goola Warden - Iron ore producer Fortress Minerals' net profit fell by 13.6% y-o-y to US$9.07 million for the six months to Aug 31, the company's 1HFY2023. Revenue rose 10.4% y-o-y to US$30.1 million while gross profit fell 2.6% to $21.4 million for the same period. Finance costs more than doubled to US$467,329. H ...

11 hours ago

Cargill aims to boost ships' use of biofuel, methanol to cut emissions

SINGAPORE : Cargill Inc seeks to boost its use of biofuels in a bunkering trial and plans to order methanol-fuelled ships as part of its plans to cut emissions, a senior executive of the global commodities trader said on Wednesday.One of the world's biggest ship charterers, Cargill has been tes ...

11 hours ago

MENA emerges as world's fastest-growing crypto adopter -study

DUBAI : The Middle East and North Africa are the world's fastest-growing cryptocurrency markets, with the volume of crypto received in the region jumping 48 per cent in the year to June, blockchain researcher Chainalysis said in a report on Wednesday. While the MENA region is one of the smalles ...

11 hours ago

Qunnect raises $8 million in funding round led by Airbus Ventures

OAKLAND, Calif. - U.S. quantum communications startup Qunnect said on Wednesday it has raised $8 million in a funding round led by Airbus Ventures and launched a test project in New York.The funds will be used to boost manufacturing and develop a research and development platform, the company said i ...

11 hours ago

Making workplaces safer with behavioural science and digital tech

Victor Seah - A RECENT spate of fatal accidents has thrust workplace safety and health into the spotlight. As of Sep 1, there were 37 workplace deaths this year, more than the 30 deaths in 2020 and equal to 2021’s full-year total. For the first half of 2022, the construction sector accounted for the most workp ...

11 hours ago

Singapore stocks close higher after overnight Wall Street rally

Tay Peck Gek - WITH Wall Street in a rally after a significant drop in the number of US job openings, the Singapore stock market and its regional counterparts closed higher on Wednesday (Oct 5), as investors believed that the Federal Reserve might now become less hawkish.

12 hours ago

Apac hotels making slower recovery than in US and Europe, says study 

Ry-Anne Lim - THE Asia-Pacific hotel market is recovering more slowly than its counterparts in the United States and Europe, a new study published by Deutsche Bank’s asset manager DWS said on Wednesday (Oct 5). 

12 hours ago

Video game maker CD Projekt rises after strategy update, share buyback

:Shares in CD Projekt trimmed early gains on Wednesday as investors chewed over the Polish video game maker's line-up of new games that analysts said could boost growth, but also increased risks.The stock jumped 9 per cent at the open after the company on Tuesday announced long-term plans for n ...

12 hours ago

Hedge funds suffer $32 billion of outflows in Q2 -data

Investors pulled $32 billion from hedge funds in the second quarter of 2022, spooked by inflation, geopolitical tensions and the war in Ukraine, according to a report from data provider Preqin.The outflows were the largest that the $4.1 trillion hedge fund industry had seen since the start of the co ...

13 hours ago

Hedge funds suffer US$32 billion of outflows in Q2

Investors pulled US$32 billion from hedge funds in the second quarter of 2022, spooked by inflation, geopolitical tensions and the war in Ukraine, according to a report from data provider Preqin. The outflows were the largest that the US$4.1 trillion hedge fund industry had seen since the start of t ...

13 hours ago

Citi upgrades StarHub to 'neutral' due to undemanding valuations on the back of share price correction

Felicia Tan - Citi Research analyst Arthur Pineda has upgraded his call on StarHub to “neutral” from “sell” previously after StarHub’s share price declined some 19% year-to-date (ytd).“Our target price remains unchanged at $1.16, with our upgrade driven by StarHub’s share price correction rather tha ...

13 hours ago

Mitsui OSK signs charter deal with new Russian operator of Sakhalin-2 LNG project

TOKYO : Japan's Mitsui OSK Lines (MOL) said on Wednesday it had signed a long-term charter contract with the new Russian operator of the Sakahlin-2 liquefied natural gas (LNG) project for LNG carrier Grand Mereya to continue its shipping service.Russian President Vladimir Putin signed a decree ...

13 hours ago

STB inks sustainability, expansion MoUs to grow Singapore’s Mice industry

ELYSIA TAN - ON THE back of strong Mice recovery following April’s relaxation of border restrictions, the Singapore Tourism Board (STB) on Wednesday (Oct 5) signed three memoranda of understanding (MoU) with meetings, incentives, conventions and exhibitions (Mice) players to support sustainability efforts and ...

13 hours ago

Mizuho unit to invest 20% in Rakuten Securities for 80 billion yen - Nikkei

TOKYO : Mizuho Financial Group's securities unit is aiming to acquire around 20 per cent shares of tech giant Rakuten Group's online brokerage unit for about 80 billion yen ($554.13 million) by November, Nikkei reported on Wednesday.($1 = 144.3700 yen)

13 hours ago

Nuclear share in energy generation falls to lowest in four decades-report

LONDON : The share of nuclear power in global gross electricity generation fell below 10 per cent last year to the lowest in around four decades, an industry report showed on Wednesday.Nuclear energy generated 2,653 terawatt hours of electricity last year, accounting for 9.8 per cent of global gener ...

13 hours ago

Singapore official says some crypto activities aren’t regulated

Bloomberg - Singapore said not all crypto-related activities are regulated and that its monetary authority wouldn’t know about the number of people interested in setting up crypto firms unless they sought a central-bank license.Companies that provide services involving buying, selling or facilitating the exch ...

14 hours ago

Singapore banks' mortgage hikes near affordability tipping point

Bloomberg - Singapore’s near decade-long spell of low interest rates has ended, with mortgage rates nearing an affordability tipping point that may hit borrowers’ disposable income and dent buyer demand.The country’s biggest lender, DBS Group Holdings Ltd., raised the fixed rate on all of its home loan pa ...

14 hours ago

PhillipCapital kicks start tunes on Spotify as pricing power drives growth

Samantha Chiew - PhillipCapital is initiating a “buy” recommendation on audio streaming platform Spotify with a target price of US$117.00 as analyst Jonathan Woo likes it for its growing base and pricing power that is expected to drive future revenue growth.Spotify has consistently seen growth in both its revenu ...

14 hours ago

Straits Trading eyeing strategic partnerships, continued diversification

Uma Devi - STRAITS Trading’s efforts to diversify its investments across areas like resources, property and hospitality have allowed the group to transform its business segments into scalable assets and sustainable growth engines over the years, Straits Developments’ chief executive Eric Teng said on Wedn ...

14 hours ago

Biden says US willing to continue talks with S Korea on EV subsidy

SEOUL : President Joe Biden has expressed willingness to continue talks with South Korea over recent U.S. legislation that denies subsidies to most foreign makers of electric vehicles (EVs), an official from Yoon's office said on Wednesday.Biden gave the assurance in a letter to South Korean Pr ...

14 hours ago

Biden says US willing to hold talks with S Korea on EV subsidy -Yonhap

SEOUL : U.S. President Joe Biden has expressed willingness to hold talks with South Korea on a recent measure that denies subsidies to automakers which do not assemble electric vehicles (EVs) in North America, the Yonhap news agency said on Wednesday. The assurance came in a letter from Biden to Sou ...

14 hours ago

As Asia's borrowers turn homeward, local bond issuance surges

SINGAPORE : Asian issuance of bonds denominated in local currencies have ballooned to their largest in more than a decade as borrowers turn shy of expensive U.S. dollar debt and tap cheaper, liquid markets at home.A total of $2.65 trillion has been raised in Asia excluding Japan and Australia via 12 ...

14 hours ago

SoftBank makes no Arm investment proposal to Samsung-report

SEOUL : SoftBank Group Corp founder and CEO Masayoshi Son discussed on Tuesday a long-term cooperation between chip designer Arm and Samsung Electronics, but did not propose the South Korean firm to invest in the British company, a local media reported on Wednesday.The billionaire, who is making his ...

14 hours ago

Continuing global macro headwinds sees economic growth in Singapore slowing down

Bryan Wu - Head of research at PhillipCapital Paul Chew has suggested that “hibernating for winter” could be an appropriate strategy for Singapore investors in 4Q2022 as global growth continues to ease.In his report dated Oct 4, Chew noted that the STI was up only by a “modest” 0.9% in 3Q2022, with onl ...

14 hours ago

NCS, IMDA to support 1,600 tech jobs in the next two years

Vivienne Tay - SINGTEL subsidiary NCS has partnered with Singapore’s Infocomm Media Development Authority (IMDA) to support various tech jobs and training opportunities in the next two years.

14 hours ago

Thai economy set to grow 3.0 to 3.5% this yr, baht to boost exports - Finance Minister

BANGKOK : Thailand's economy is still expected to grow 3.0 per cent to 3.5 per cent this year, while a weak baht is helping exports, the finance minister said on Wednesday, as the Thai currency hovered near its 16-year lows against the dollar.Exports, a key driver of Thai growth, are expected t ...

14 hours ago

Thai economy seen up 3.0 to 3.5% this year - Finance Minister

BANGKOK : Thailand's economy is still expected to grow 3.0 to 3.5 per cent this year, while a weak baht is helping exports, the finance minister said on Wednesday.But supply chains problems, such as in the automobile and electronics sectors, are also affecting exports Finance minister Arkhom Te ...

15 hours ago

Boosting EU chip supplies, STMicroelectronics plans new plant in Italy

MILAN :STMicroelectronics (ST) will build a 730 million euro ($728 million) silicon carbide wafer plant in Italy, the first such project approved as part of a European Union drive to bring more chip production closer to home.As demand soars for chips used in everything from smartphones to cars, supp ...

15 hours ago

STMicroelectronics to build $728 million chip plant in Italy

STMicroelectronics (ST) said on Wednesday it would build a 730 million euro ($728 million) silicon carbide wafer plant in Italy, the latest investment by a major chipmaker to ease a semiconductor shortage affecting global manufacturing.As demand soars for chips used in everything from smartphones to ...

15 hours ago

STMicroelectronics wins European Commission backing for Italy plant

The European Commission on Wednesday approved Italian state aid for STMicroelectronics which plans to build a plant the company says will create around 700 jobs.The Commission said it accepted a 292.5-million-euro ($292 million) Italian grant under the Recovery and Resilience Facility ('RRF ...

15 hours ago

Private markets to double to US$18.3 trillion by 2027, Preqin says

Bloomberg - Private capital strategies are set to double assets under management over the next five years, according to data provider Preqin, even as the fast-growing industry adjusts to a new macro environment.Private capital markets, encompassing private equity and private capital, have been booming over the ...

15 hours ago

Hot stock: Singtel hits three-month low in aftermath of Optus cyberattack 

Michelle Zhu - SHARES of Singtel had a brush with their lowest point in three months on Wednesday (Oct 5) as its Australian subsidiary Optus continues to grapple with the impact of a cyberattack it faced in late September. 

15 hours ago

SWIFT sets out blueprint for central bank digital currency network

LONDON : Financial messaging system SWIFT has laid out its blueprint for a global central bank digital currency (CBDC) network following an 8-month experiment on different technologies and currencies.The trial, which involved France and Germany's national central banks as well as global lenders ...

15 hours ago

Apple asks suppliers to shift some AirPods, Beats production to India - Nikkei

Apple Inc is asking its suppliers to move some AirPods and Beats headphone production to India for the first time, the Nikkei newspaper reported on Wednesday.

15 hours ago

Apple asks suppliers to shift some AirPods, Beats production to India: Report

Apple is asking its suppliers to move some AirPods and Beats headphone production to India for the first time, the Nikkei newspaper reported on Wednesday (Oct 5).