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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3 days ago

Fintechs fail to make a dent in Mexico as cash remains king

MEXICO CITY: Financial inclusion levels in Mexico have worsened since 2018, official statistics show, despite a burst of financial startups hoping to 'bank the unbanked'. Mexicans with at least one financial product last year fell 0.5 per cent to 67.8 per cent compared with 2018, the Natio ...

3 days ago

Is hydrogen the key to sustainable transport?

Energy demand and prices are rising and so is the pressure to find sustainable energy sources for industry and transport. Money Mind finds out if hydrogen is a viable solution.

3 days ago

Singapore Shipping Corp sees 10.2% higher earnings despite lower revenue from ship owning business

Singapore Shipping Corp (SSC) reported a 10.2% growth in earnings for the six months ended March 31 to US$4.45 million ($6.1 million) from US$4 million in the same period last year. SSC continues to cautiously evaluate its investment opportunities. This includes ship owning of newbuilds; the value o ...

3 days ago

Astrea 7 PE bonds 3 times subscribed

The total subscription received for all three classes of Astrea 7 PE (private equity) Bonds was over US$2 billion, which represents a subscription rate of 3 times of the US$755 million of Bonds offered. With respect to the retail offerings, the Issuer received valid applications of $877 million for ...

3 days ago

Boustead FY22 earnings fall 73% on absence of one-off gain; proposes final dividend of 2.5 cents per share

Benjamin Cher - SGX-LISTED Boustead reported a 73 per cent drop in FY2022 ending Mar 31 earnings to S$30.6 million from S$113.1 million due to an absence of one-off gain, it said in a bourse filing on Thursday (May 26).

3 days ago

Boustead FY2022 earnings fall 73% on absence of one-off gain; proposes final dividend of 2.5 cents per share

Benjamin Cher - SGX-Listed Boustead reported a 73 per cent drop in FY2022 ending March 31 earnings to S$30.6 million from S$113.1 million due to an absence of one-off gain in a bourse filing on Thursday (May 26).

3 days ago

China to help companies strengthen ability to manage currency risks

SHANGHAI : Chinese regulators said on Thursday they would help companies enhance their ability to manage currency risks.The government will help importers and exporters better use forex hedging tools, and set up a "risk neutral" mentality, China's central bank, forex regulator and com ...

3 days ago

Joby receives FAA nod to start air taxi services commercially

Joby Aviation Inc said on Thursday it had received a certification from the Federal Aviation Administration (FAA) that would allow it to kick start its air-taxi operations commercially. Although the certification gives the necessary clearance and is a significant milestone, the company still has som ...

3 days ago

Boustead Singapore reports 73% plunge in net profit of $30.6 million for FY2022

Boustead Singapore reported a 90% decline in net profit of $9.3 million for its 2HFY2022 ended March 31, bringing the full-year net profit to $30.6 million, 73% lower y-o-y.After adjusting for other gains and losses net of non-controlling interests, impairments and the Jobs Support Scheme, net profi ...

3 days ago

Car tech firm ECARX to go public via $3.8 billion blank-check deal

:ECARX Holdings Inc said on Thursday it would go public through a merger with a blank-check firm in a deal that values the automobile technology company at $3.82 billion.The deal with COVA Acquisition Corp includes a $45 million investment from mobility tech company Geely Holding Group, lidar sensor ...

3 days ago

Alibaba beats revenue estimates on demand for niche China shopping services

Alibaba Group Holding Ltd on Thursday beat expectations for fourth-quarter revenue, as growing demand for some of its niche online shopping services in China offset weakness at its main marketplaces caused by the country's COVID-19 lockdowns.U.S.-listed Alibaba shares, which have lost roughly a ...

3 days ago

Alibaba beats revenue estimates as lockdowns spur online demand

:China's Alibaba Group Holding Ltd on Thursday beat market expectations for fourth-quarter revenue, powered by demand for its ecommerce and cloud services as lockdowns in the country's biggest cities forced offices to shift to remote work.U.S-listed Alibaba shares, which have lost roughly ...

3 days ago

Alibaba beats estimates for quarterly revenue

China's Alibaba Group Holding Ltd on Thursday beat market expectations for fourth-quarter revenue, powered by demand for its ecommerce and cloud services as lockdowns in the country's biggest cities forced offices to shift to remote work.Revenue rose 9 per cent to 204.05 billion yuan ($30. ...

3 days ago

Chipmaker Broadcom to buy VMware in $61 billion deal

:Broadcom Inc said on Thursday it will buy cloud service provider VMware Inc in a $61 billion cash-and-stock deal to further diversify the chipmaker's business into enterprise software.Broadcom's shares were up 1.6 per cent, while those of VMWare were down nearly 1 per cent in premarket tr ...

3 days ago

Alibaba waives 2022 guidance citing COVID-19 risks as revenue growth slows

Alibaba Group on Thursday (May 26) said it would not give a forecast for the current fiscal year due to COVID-19 risks as it reported its slowest quarterly revenue growth since going public in 2014. The e-commerce giant said coronavirus resurgence in China, and lockdowns imposed to curb its spread i ...

3 days ago

IHH Healthcare reports 31.3% rise in Q1 profit on growth in core operations, Covid-19 services rendered

Wong Pei Ting - MALAYSIAN hospital group IHH Healthcare on Thursday (May 26) reported a 31.3 per cent increase in its net profit for the first quarter ended Mar 31, as the company witnessed growth from core operations and contribution from Covid-19 services rendered.

3 days ago

Chinese tech firms forced into 'blood listings' as capital dries up

SHANGHAI : A growing number of Chinese tech start-ups, once the darlings of equity markets, are willing to list shares publicly in China at valuations lower than during private funding rounds in so-called blood listings. Unlike tech sector woes elsewhere, triggered mainly by rising interest rates, t ...

3 days ago

IHH Healthcare reports earnings of RM493 million for 1QFY2022, up 31% y-o-y

The company noted that there may be short-term headwinds as it awaits the inflection from a full return of “business-as-usual”, with the expectation of rising staff costs and inflationary pressures including energy costs.IHH Healthcare managing director and CEO Dr Kelvin Koh says the company is ...

3 days ago

Equinor expects investment decision on S. Korea offshore wind farm in 2024

DAEGU, South Korea : Norway's Equinor ASA plans to make a final investment decision on what would be its first offshore wind farm in South Korea in 2024, and is considering a third project near the holiday island of Jeju, the head of its South Korean unit said."We are looking to build a po ...

3 days ago

The Hour Glass posts 75% rise in H2 profit amid stronger demand for mechanical watches

Wong Pei Ting - LUXURY watch retailer The Hour Glass posted a net profit of S$92.1 million for its fiscal second half ended Mar 31, 2022.

3 days ago

MAS slaps additional S$330m capital requirement on OCBC over its response to SMS scams

Benjamin Cher - THE Monetary Authority of Singapore (MAS) has imposed an additional capital requirement of about S$330 million on OCBC Bank for its deficiencies in responding to a wave of spoofed SMS phishing scams in December 2021.

3 days ago

MAS imposes additional capital requirement on OCBC for spoofed SMS response

Benjamin Cher - THE Monetary Authority of SIngapore (MAS) has imposed an additional capital requirement of about S$330 million on OCBC Bank for its deficiencies in responding to a wave of spoofed SMS phishing scams in December 2021.

3 days ago

The Hour Glass’ earnings up 86% for FY2022, crosses $1 billion revenue mark

Luxury watch retailer The Hour Glass has reported earnings of $157 million for FY2022 ended March 31, up 86% y-o-y.Earnings per share for FY2022 at 22.34 cents is 91% higher than the previous year's at 11.71 cents.The Hour Glass’s y-o-y revenue reached $1.03 billion in FY2022, as trending consumer ...

3 days ago

MAS hits OCBC with additional capital requirement of S$330 million over SMS phishing scam response

SINGAPORE: The Monetary Authority of Singapore (MAS) on Thursday (May 26) said it has imposed an additional capital requirement of S$330 million on OCBC Bank due to "deficiencies" in the bank’s handling of SMS phishing scams in December last year.  OCBC will be required to apply a multi ...

3 days ago

Incoming Philippines central bank governor sees no need to rush rate hikes

MANILA : The Philippine central bank has room to tighten monetary policy but there is no reason to rush raising interest rates with inflation mainly driven by higher cost of imports, its incoming governor said on Thursday. Felipe Medalla, a monetary board member of the Bangko Sentral ng Pilipinas (B ...

3 days ago

Incoming Philippine central bank governor sees no reason to rush rate hikes

MANILA : The Philippine central bank has room to tighten monetary policy but there is no reason to rush raising interest rates with inflation mainly driven by higher cost of imports, its incoming governor told Reuters on Thursday. Felipe Medalla was named by President-elect Ferdinand Marcos on Thurs ...

3 days ago

MAS imposes additional capital requirement of $330 mil on OCBC, dividend will not be affected

The Monetary Authority of Singapore has imposed an additional capital requirement of $330 million, on OCBC Bank over deficiencies in the bank’s response to a wave of spoofed SMS phishing scams last December.The amount is based on a multiplier of 1.3 times of the bank’s risk-weighted assets for o ...

3 days ago

Deere tapping into Apple-like tech model to drive revenue

BONDURANT, Iowa : Deere & Co has sold its tractors and other equipment to farmers for decades, but the world's largest agriculture machinery manufacturer is tearing a page from the technology world's playbook - combining cutting-edge hardware with software and subscription models to dr ...

3 days ago

Farm to tech to table: farming start-ups looking for their day in the sun

The business of farming has attracted a growing number of start-ups trying their hand in the agri-food industry. Many of them are backed by investors, as the underlying theme of meeting consumption demand becomes a sound business case.Read the full cover storySee also: The fight against food protect ...

3 days ago

SGX RegCo to extend suspension of entry into watch-list till June 2023

Benjamin Cher - THE Singapore Exchange Regulation (SGX RegCo) will continue to suspend entry into the Financial Watch-List until June 2023.

3 days ago

Asian markets mostly down as Chinese premier's remarks overshadow Fed minutes

HONG KONG: Asian markets mostly fell Thursday (May 26) as Chinese Premier Li Keqiang warned the world's number two economy was in some ways worse off now than during the early days of the pandemic. Li's comments dealt a blow to confidence from the start and overshadowed a positive lead fro ...

3 days ago

SGX RegCo further extends suspension of Watch-List entry

SGX RegCo typically reviews on a half-yearly basis, on the first market days of June and December, listed issuers for their compliance with the watch-list requirements.Under Listing Rule 1311, companies are to be placed on the watch-list if they report pre-tax losses for the 3 most recently consecut ...

3 days ago

Singapore stocks rebound following Wall Street advance; STI up 0.9%

Kelly Ng - THE Singapore market rebounded on Thursday (May 26) after 3 days of losses, tracking Wall Street gains and bucking the regional downward trend.

3 days ago

Palm oil analyst Mistry urges Indonesia to resume exports immediately

KUALA LUMPUR : Leading edible oil analyst Dorab Ministry on Thursday urged Indonesia to immediately resume exports of palm oil, warning that a halt in shipments pending details of a domestic sales rule could spell economic "doom" for farmers.Mistry, director of Indian consumer goods compan ...

3 days ago

Carylye buys Shanghai-based HCP Packaging

HONG KONG : Caryle Group has bought HCP Packaging, a global cosmetic packaging company from Barings Private Equity Asia, the companies said in a statement on Thursday.HCP is headquartered in Shanghai and has 10 production and manufacturing facilities around the world and more than 250 clients, the s ...

3 days ago

Taiwan raids Chinese firms in latest crackdown on chip engineer-poaching

TAIPEI: Taiwan authorities raided ten Chinese companies suspected of illegally poaching chip engineers and other tech talent this week, the island's Investigation Bureau said on Thursday (May 26), the latest crackdown on Chinese firms to protect its chip supremacy. Home to chipmaker giant TSMC ...