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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15 hours ago
Valero Energy's quarterly profit slumps 38.4 percent
Today - Valero Energy Corp , the largest U.S. oil refiner, reported a 38.4 percent fall in quarterly profit, hurt by weak margins in its core refining business. The company said on Tuesday that its net income attributable to shareholders...
15 hours ago
Eli Lilly's profit beats on demand for newer drugs
Today - Eli Lilly and Co reported a bigger-than-expected quarterly adjusted profit as the drugmaker benefited from higher demand for its newer products including diabetes treatment Trulicity and psoriasis drug Taltz. Sales in Lilly's...
16 hours ago
Daily Debrief: What Happened Today
16 hours ago
DuPont profit beats on strong seed demand
Today - Chemicals and seeds producer DuPont , which is merging with Dow Chemical Co , reported a better-than-expected profit for the seventh straight quarter, helped by a rise in seed sales. DuPont has moved from selling its...
16 hours ago
Mapletree Commercial Trust net property income rises 51.2% for Q4; DPU up 11.9%
Kenneth Lim - MAPLETREE Commercial Trust's net property income rose 51.2 per cent in its fiscal fourth quarter on contributions from recently acquired Mapletree Business City I, lifting distribution per unit by 11.9 per cent to 2.26 Singapore cents per share.
16 hours ago
Atlantic Navigation, South Korea's Oceanus bag US$45.2m project
Vivien Shiao - A CONSORTIUM consisting of Atlantic Navigation Holdings' subsidiary Atlantic Ship Management, and Oceanus Co Ltd Korea c/o Oceanus Co Ltd Abu Dhabi - in which Atlantic Navigation Holdings has a 49 per cent interest - had been awarded a US$45.2 million project for the purchase and removal of decommissioned offshore and onshore facilities by a Middle Eastern national oil company.
16 hours ago
Gazprom CEO sees share of EU gas market rising despite LNG rivals
Today - LONDON - A new pipeline from Russia's Arctic fields to Germany will boost Moscow's share of the European gas market despite competition from Qatar and the United States, and will also mean much less fuel goes via Ukraine, Russian gas monopoly Gazprom said. ...
16 hours ago
Atlantic Navigation consortium awarded $63 mil project
Jude Chan - SINGAPORE (April 25): 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. The project involves the purchase and removal of decommissioned offshore and onshore facilities. Work is expected to start in June and be completed within 18 months. Atlantic Ship Management has a 49% interest in the Oceanus-ASM consortium. Atlantic will also be responsible for providing the marine spread of about seven vessels to support the offshore phase of the project. “The company’s effort in pursuing the project is part of its corporate strategy to diversify and increase its market penetration in the oil and gas sector in addition to its existing core marine logistics business,” says Bill Wong, Atlantic Navigations, executive chairman and CEO. “Atlantic Navigation will continue to strive to grow its service offerings with innovative and competitive services to the oil and gas sector,” he adds. The contract is expected to contribute positively to the net tangible assets and earnings per share of the group for the financial year ending Dec 31, 2017. Shares of Atlantic Navigation last closed at 14.4 cents.
16 hours ago
CDL tops bid for Tampines residential site with S$370.1m
Lynette Khoo - CITY Developments Limited has emerged the top bidder with a bid of S$370.1 million for the residential site at Tampines Avenue 10.
16 hours ago
Nico Steel posts 37% fall in FY17 earnings
PC Lee - SINGAPORE (April 25): Nico Steel recorded a 37% fall in FY17 earnings to US$1.9 million ($2.7 million) from a year ago. Revenue from continuing operations fell 31% to US$13.3 million due to lower market demand. Despite this, revenue from Nico branded materials accounted for 18% of the group’s total revenue compared to 10.4% a year ago. Group’s gross profit margin fell to 18.1% to 19.0%. Other income fell 50% to US$99,000 mainly due to sales of scrap metal. Nico Steel expects the operating environment in the electronic industry to remain challenging in the current uncertain economic conditions. Shares of Nico Steel last traded at 0.8 cent.
16 hours ago
Lian Beng unit sells Melbourne property for A$35m
Soon Weilun - A WHOLLY owned subsidiary of Lian Beng Group is selling a property with 1,915.5 square metres of net lettable area in Melbourne, Australia for a consideration of A$35 million (S$36.7 million).
16 hours ago
Visa partners polytechnics, S’pore FinTech Association to cultivate future talent
Today - SINGAPORE – To nurture future talent in the field of financial technology (fintech), global payment services giant Visa said on Tuesday (April 25) it has partnered with the Singapore FinTech Association and five polytechnics to teach and mentor students...
16 hours ago
Lippo converts S$15m worth of Healthway notes into shares
Melissa Tan - CLINIC operator Healthway Medical Corporation has issued about 443 million conversion shares to a Lippo Group unit that has launched a takeover offer for the company.
16 hours ago
Mapletree Commercial Trust says 4Q DPU up 12% to 2.26 cents
Jude Chan - SINGAPORE (April 25): The manager of 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. This brings DPU for the full year to 8.62 cents, up 6.0% from 8.13 cents a year ago. Income available for distribution grew 50.4% to $64.6 million in 4Q, from $42.9 million a year ago. Gross revenue in 4Q grew 47.3% to $107.5 million, from $73.0 million in the corresponding quarter last year. This was mainly due to contribution from recently-acquired Mapletree Business City I (MBC I), and positive contributions from VivoCity, Mapletree Anson and PSA Building. However, property operating expenses increased 35.3% to $24.3 million, largely due to property operating expenses of MBC I, higher property maintenance expenses, property taxes, and property management fees incurred by the existing properties Accordingly, net property income increased 51.2% to $83.2 million, from $55.0 million a year ago. For FY16/17, gross revenue grew 31.3% to $377.7 million, and net property income was up 32.4% to $292.3 million. Cash and cash equivalents stood at $53.9 million as at March 31, 2017. “With the addition of MBC I into the portfolio, and underpinned by VivoCity’s robust performance, MCT’s total investment properties reached S$6.3 billion, up 46.0% from a year ago,” says Sharon Lim, CEO of the manager. “With a strong balance sheet and gearing managed at a healthy 36.3%, net asset value rose 6.2% from a year ago to $1.38 per unit,” she adds. Looking ahead, the manager says MCT’s portfolio is expected to remain resilient. Units of Mapletree Commercial Trust closed 1.5 cents higher at $1.57 on Tuesday.
16 hours ago
SPH acquires nursing home operator Orange Valley for $164 mil
Michelle Zhu - SINGAPORE (April 25): 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. OV was established in 1993. It was fully acquired by KV Asia Capital via the firm’s investment vehicle, Eldercare Holdings, in April 2014. Through its subsidiaries, OV currently operates five nursing homes in Singapore across Changi, Clementi, Marsiling, Simei and Sims Avenue, with over 900 beds. The ancillary services it runs includes providing meal and catering services; offering physiotherapy and rehabilitation services; and supplying medical, nursing and healthcare equipment and consumables. It also offers adjacent care services such as home care and respite care. "The investment gives us an opportunity to contribute to the healthcare needs of our ageing community. We look forward to partnering the management and staff of Orange Valley to provide caring, competent and compassionate service to the elderly and their caregivers,” says SPH CEO Alan Chan of the acquisition. “We also look forward to working with the Ministry of Health and the regional healthcare systems to improve the accessibility and quality of aged care in Singapore,” he adds. Shares of SPH closed 2 cents higher at $3.45 on Tuesday. 
16 hours ago
Ascendas Reit Q4 DPU up 13%
Jamie Lee - ASCENDAS Reit on Tuesday posted a 13 per cent increase in distribution per unit (DPU) for its fourth quarter on higher gross revenue.
17 hours ago
Ho Bee Q1 profit trebles
Kalpana Rashiwala - HO Bee Land posted a trebling in net earnings for the first quarter to S$56.3 million from S$18.5 million in the year-ago period, the group said in a Singapore Exchange filing on Tuesday evening.
17 hours ago
Ascendas REIT 4Q DPU rises 13% to 3.852 cents on acquisitions, cost management
PC Lee - SINGAPORE (April 25): The manager of 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. Ascendas REIT is Singapore’s first and largest listed business space and industrial real estate investment trust. Total amount available for distribution rose 25.5% to $111.9 million while Net Property Income rose 54.7% to $131.5 million. Gross revenue came in 2.4% higher at $208.9 million, mainly attributable to the full quarter contribution from ONE@Changi City which was acquired in March 2016 and contributions from the acquisition of the business park property in Coward Street, Sydney and 12, 14 and 16 Science Park Drive during FY16/17. This was partially offset by the divestment of A-REIT City @ Jinqiao, Ascendas Z-Link and Four Acres Singapore during the year and the decommissioning of 20 Tuas Avenue and 50 Kallang Avenue for asset enhancement works. For the full year, DPU grew 2.5% to 15.7 cents from a year ago. Looking ahead, the manager says the REIT is faced with some headwinds. The Singapore economy is expected to grow at 1.0% to 3.0% in 2017. With island-wide vacancy for industrial property at 10.5% as at December 2016, the incoming supply of about 2.4 million sq m of industrial space in 2017 will put further pressure on rental rates and occupancy. Ongoing stringent subletting policies such as the requirement for an anchor tenant to occupy at least 70% of GFA for properties sited on JTC land, makes leasing more restrictive and selective. The current trend is for the government to sell shorter leases of industrial land i.e. previously with a 60 year tenure to generally a tenure now of 30 years or less. The shorter land leases render the development of investment properties more challenging. Units of Ascendas REIT closed 2 cents higher at $2.55.
17 hours ago
SPH to buy nursing home provider Orange Valley for S$164m
Kenneth Lim - SINGAPORE Press Holdings (SPH) is buying nursing home provider Orange Valley Healthcare for S$164 million as the media and property group seeks to build a third business leg in healthcare.
17 hours ago
Dutch Economic Affairs minister says still opposed to Akzo Nobel takeover
Today - AMSTERDAM - Dutch Economic Affairs Minister Henk Kamp repeated his opposition to a takeover of paint maker Akzo Nobel on Tuesday, saying he did not care that U.S. rival PPG Industries had raised its offer. "Whether...
17 hours ago
Singapore property investors unfazed by Brexit: Survey
Today - SINGAPORE - Unfazed by Britain's decision to leave the European Union, also known as Brexit, Singaporeans continue to view the United Kingdom as one of their top markets for property investment, a survey commissioned by real estate consultancy IP Global has...
17 hours ago
Singapore stocks finish higher in line with Western markets' 'relief rally'
R Sivanithy - THE relief rally that engulfed Western markets on Monday after France's first-round presidential election produced no shocks spread to this region on Tuesday, pushing the Straits Times Index 19.9 points up to 3,163.93.
17 hours ago
Malaysia: Shares end higher on Tuesday
MALAYSIAN shares ended higher on Tuesday with the Kuala Lumpur Composite Index up 9.75 points to close at 1,765.80.
17 hours ago
Dutch court backs Swatch in row with Tiffany over venture
Today - ZURICH - A Dutch appeals court ruled on Tuesday that Swatch Group deserves compensation in a row with U.S. luxury goods maker Tiffany over a failed watch venture. Tiffany was ordered in December 2013 to pay Swatch...
17 hours ago
Mitsubishi's new Indonesia plant studying production of Nissan derivative
Today - BEIJING - Mitsubishi Motors Corp and Nissan Motor Co are studying joint production of so-called multi-purpose "people mover" vehicles at a new manufacturing facility Mitsubishi officially opened on Tuesday. Trevor...
17 hours ago
Boeing near decision to launch 737-10 jet: sources
Today - PARIS - Boeing is nearing a decision to launch a larger version of its 737 passenger jet to counter strong sales of the Airbus A321neo, after a breakthrough on the design for one of its parts, industry sources said. ...
17 hours ago
China markets reel as US$1.7t in shadow funds unwind
[SHANGHAI] A US$1.7 trillion source of inflows into Chinese markets has suddenly switched into reverse, roiling the nation's money management industry and sending local bonds and stocks to their biggest losses of the year.
17 hours ago
These 2 things can give Raffles Medical the boost it needs
Staff Reporter - Submitted By:  Gerv Tacadena Case Study:  No Rental income from Raffles Holland Village is one. Raffles Medical Group underperformed in the past quarter, with net earnings inching up slightly by 0.1% to $15.5m. According to RHB, there are two things that can give Raffles the boost it needs for the next quarters. For one, the rental income from Raffles Holland Village would contribute more significantly next quarter. This was because Raffles had given tenants a rent-free period for up to two months. read more
17 hours ago
ECB survey sees buoyant lending growth in Q2
[FRANKFURT] Banks across the euro zone are set to tighten access to credit for companies in the second quarter but lending volumes are still seen rising, helped by ultra low rates, the European Central Bank said on Tuesday.
18 hours ago
Uber, France spar over whether company is a transport service
[LUXEMBOURG] US ride-hailing app Uber told Europe's top court on Monday that it was a digital service, not a transport service, and that a French law clearly targeted online taxi services, in its latest European legal battle with the taxi industry.
18 hours ago
Hong Kong: Stocks have best day in 6 weeks amid French vote euphoria
[HONG KONG] Hong Kong stocks posted their biggest percentage gain in nearly six weeks on Tuesday, joining a region-wide rebound amid euphoria triggered by the market-friendly outcome of the first round of the French presidential election.
18 hours ago
China: Stocks steady, sentiment still soured
[SHANGHAI] China stocks steadied on Tuesday following a sharp sell-off the previous session.
18 hours ago
Broker's take: Bernstein says OCBC is very well positioned, pegs target price at S$10.95/shr
Angela Tan - OVERSEA-Chinese Banking Corp (OCBC) is very well positioned to ride the major growth trends in the region, investment house Sanford C. Bernstein said in its freshly published report on the Singapore bank on Tuesday.
18 hours ago
Showdown between Macron and Le Pen on May 7 will determine direction of USD/EUR
Michelle Zhu - SINGAPORE (April 25): Now that it’s down to centre-left former socialist candidate Emmanuel Macron and far-right leader Marine Le Pen in the race for French presidency, Deutsche Bank Wealth Management is projecting a rise in core government bond yields – as well as maintaining expectations of the USD strengthening against the euro over the next 12 months.   In an insights note issued on Tuesday, Deutsch global CIO Christian Nolting describes the second and final round of the presidential election on May 7 a “proxy vote for or against the European Union and the euro” – rather than it being a contest between left and right political views. “Macron is France's most fervent pro-euro and pro-European Union politician, advocating ever closer integration and taking a negative view on Brexit. Le Pen, on the other hand, has campaigned on a strong anti-Europe ticket, calling for a rejection of the Schengen agreement on open borders, for a reintroduction of the French franc and for a referendum on EU membership. In other words, she sees Brexit as an example to follow,” Nolting explains. “It is this aspect of the presidential election that is going to move markets until May 7 and possibly beyond, and indeed has already started doing so.”   Citing historical French presidential election patterns where voter turnout has stayed the same or even increased in the second round, Nolting believes the final result is likely to be a Macron victory, such that risk premia and spreads between French and government bonds could fall and equities should rise, led by the financial sector. He also expects this effect to spread to the European periphery. “However, given the uncertainties of the parliamentary election in June, in the longer term, much would depend on whether Macron is going to be able to implement his economic reforms. Attention would also shift to economic fundamentals and the European Central Bank (ECB),” cautions Nolting. An ECB meeting is scheduled this coming Thursday. Yet, Deutsche’s CIO does not expect any specific decision on its quantitative easing (QE) program or deposit rate, due to uncertainties which remain regarding the French election. In the case of a Macron win, Deutsche is projecting that the EUR/USD rate could reach 1.10-1.12, while USD strengthening will be driven in the long term by rising US interest rates and strongther growth in the US than in Europe. “Our 12-month targets remain for 10-year bunds to reach 0.8%, and 10-year US Treasuries to reach 3%. The part of the European credit market that has proved most sensitive to the French election has been financial credit default spreads (CDS) of banks and insurers. Macron’s first round victory has already caused a reversal of the recent widening,” observes Nolting. “Abating political risks should support credit spreads, particularly French ones, but since spreads have been very insensitive to election news, the recovery should be modest considering current low levels,” he concludes. 
18 hours ago
Rocket Internet narrows losses, boosts sales at key startups
[BERLIN] Rocket Internet SE increased sales and shrank losses at some of its biggest startups, bringing the company closer to a target of having three of its main investments break even by the end of this year.
18 hours ago
Europe: Stocks steady after France-induced surge
[LONDON] European stock markets steadied at the start of trading Tuesday after soaring the previous session on the first-round result of France's presidential election.