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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Huawei CFO Meng back in Canadian court fighting US extradition

Huawei Technologies Co Ltd Chief Financial Officer Meng Wanzhou returned to a Canadian court on Monday to fight her extradition to the United States, where her lawyers argued she only needs to show supporting evidence to add a new allegation of U.S. abuse of process to the case.

Chicago mayor loosens COVID-related capacity restrictions for businesses including bars, restaurants

Ben Paul - Chicago Mayor Lori Lightfoot on Monday loosened COVID-19-related capacity restrictions for businesses such as bars, restaurants and health clubs, a move that will go into effect later this week.

US must stand up to China if Biden wins, focus less on trade, Krugman says

Ben Paul - Democratic candidate Joe Biden should maintain a tough stance against China if he wins the US presidential election, but focus more on industrial policy than trade tariffs, according to Nobel-prize winning economist Paul Krugman.

Tight inventories set the stage for US auto industry rebound

US automakers are facing a problem most forecasters and industry executives did not expect when the pandemic slammed the economy this spring: Strong demand and lean inventories at dealerships.

United Airlines pilots avert layoffs, other workers hope for bailout

Ben Paul - United Airlines' pilots have voted to accept a deal that would avert the immediate furlough of thousands of pilots, the company said on Monday, even without an extension of federal payroll aid the industry is awaiting.

Amazon to hold Prime Day event on Oct 13-14

Amazon.com Inc said on Monday it would hold its annual shopping event, Prime Day, on Oct. 13 and 14 as the e-commerce giant aims for an early kickstart to the holiday season.

Google says 3per cent of paid apps non-compliant on Play store tax

Alphabet Inc's Google on Monday sought to rebut criticism that it enforces its 30per cent tax on sales of paid apps arbitrarily, saying the just over 3per cent of paid apps that are out of compliance must follow the rules within a year.

Tech, bank shares drive Wall Street higher

Ben Paul - U.S. stocks jumped on Monday, bouncing back from the longest weekly losing streak in a year for the S&P 500 and the Dow, with technology, banks and travel-related shares leading the advance.

United Airlines pilots accept deal to avoid imminent furloughs

Ben Paul - United Airlines' pilots have voted to accept a deal that would avert the immediate furlough of thousands of pilots, the company said on Monday, even without an extension of federal payroll aid the industry is awaiting.

US pension funds sue Allianz after US$4 billion in COVID-19 losses

Ben Paul - Pension funds for truckers, teachers and subway workers have lodged lawsuits in the United States against Germany's Allianz, one of the world's top asset managers, for failing to safeguard their investments during the coronavirus market meltdown.

Billionaire investor Peltz steps down as adviser at pot producer Aurora

Ben Paul - Aurora Cannabis Inc said on Monday billionaire investor Nelson Peltz has stepped down as adviser, adding to troubles at the Canadian pot producer reeling under the impact of the coronavirus pandemic.

CFTC fines Citigroup US$4.5 million over deleted audio recordings

Ben Paul - The U.S. Commodity Futures Trading Commission said it has fined Citigroup Inc US$4.5 million for supervision failures that led to the deletion of subpoenaed audio recordings.

US pension funds sue Allianz after US$4 billion in coronavirus losses

Pension funds for truckers, teachers and subway workers have lodged lawsuits in the United States against Germany's Allianz, one of the world's top asset managers, for failing to safeguard their investments during the coronavirus market meltdown.

Pandemic boosting demand for plant-based foods, Nestle says

Ben Paul - Demand for plant-based foods has picked up during the coronavirus crisis as consumers try to eat more healthily and problems at some factories have hit meat supplies, the head of Swiss food giant Nestle said on Monday.

Microsoft gets into 5G race with Azure cloud for telecom operators

Ben Paul - Microsoft Corp unveiled a new cloud platform on Monday aimed at enabling telecom operators to build 5G networks faster, reduce costs and sell customised services to business clients.

GM will repay US$28 million to Ohio in tax incentives after closing plant

Ben Paul - General Motors will repay US$28 million in state tax incentives after it closed its Lordstown Assembly plant in March 2019, the state and automaker confirmed Monday.

Sanofi picks up Principia Biopharma for US$3.7 billion

Ben Paul - PARIS: French pharmaceutical group Sanofi said on Monday (Sep 28) it has finalised acquisition of US biotech firm Principia Biopharma for US$3.7 billion. The operation, first announced in August, was aimed at boosting Sanofi's research and development into auto-immune and allergic diseases ...

Caesars shoots lower than expected with US$3.7 billion William Hill bid

Caesars is in advanced talks with William Hill on a takeover offer that values the British bookmaker at 2.9 billion pounds and would give the casino operator full control of a quickly expanding U.S. sports-betting and online business.

Wall Street kicks off week on high note as tech, bank shares gain

Ben Paul - U.S. stock index futures rose on Monday as hopes of a global economic recovery were supported by data showing continued growth in China's industrial profits, while beaten down shares of banking and travel firms bounced.

Sunpower Group bags two contracts worth over 76m yuan

Natalie Choy - MAINBOARD-LISTED Sunpower Group has secured manufacturing and services orders worth over 76 million yuan (S$15.3 million) from two repeat customers.

HSBC in final talks to sell French retail business at hefty loss: Sources

Ben Paul - Cerberus and a rival investment firm have told HSBC they would buy its French retail arm for a symbolic one euro provided the British bank ploughs more than 500 million euros (US$582.70 million) into the business, sources told Reuters.

HSA reviews asthma drug over neuropsychiatric episodes, as parents of affected children call for warnings

gordon.feeney -

EHT makes changes to board committees

Natalie Choy - EAGLE Hospitality Trust (EHT) on Monday announced fresh changes to its composition of board committees, following a month after it dropped independent director Carl Gabriel Florian Stubbe.

Siemens' record 16 billion euro spin-off falls in Frankfurt debut

Claudia Tan - Shares in Siemens Energy opened lower than expected on their first day of trading on the Frankfurt stock exchange, as Germany's biggest-ever spin-off gears up for a challenging future independent from parent Siemens .

'Take home' lawsuits over COVID infections could be costly for US employers

U.S. businesses with COVID-19 outbreaks are facing an emerging legal threat from claims that workers brought coronavirus home and infected relatives, which one risk analysis firm said could cost employers billions of dollars.

Exclusive: Reckitt kicks off sale of some personal care brands - sources

Claudia Tan - Consumer goods group Reckitt Benckiser Group is preparing to sell some of its non-core personal care brands, including Veet hair removal cream and Clearasil acne cream, four sources familiar with the matter said on Monday.

Three top Apple suppliers to commit US$900 million to India smartphone incentive plan - sources

Three of Apple Inc's top contract manufacturers plan to invest a total of almost US$900 million in India in the next five years to tap into a new production-linked incentive plan, according to two sources familiar with the matter.

Wall Street opens higher led by banks, travel stocks

U.S. stock index futures rose on Monday as hopes of a global economic recovery were supported by data showing continued growth in China's industrial profits, while beaten down shares of banking and travel firms bounced.

A-Smart back in the black with H2 net profit of S$86,000

Natalie Choy - PRINTING firm A-Smart Holdings recorded a net profit of S$86,000 for the six months ended July 31 (H2 2020), reversing a net loss of S$2.12 million in the year-ago period.

JPMorgan pushes payment fraud protection for small business customers

Claudia Tan - JPMorgan Chase & Co. , the country's largest lender, is stepping up payment fraud protections for its small and mid-sized business customers, which continue to be targeted by scammers - particularly amid the COVID-19 pandemic.

Banks, travel stocks set to lead Wall Street higher

Claudia Tan - U.S. stock index futures rose on Monday as hopes of a global economic recovery were supported by data showing continued growth in China's industrial profits, while beaten down shares of banking and travel firms bounced.

Devon Energy to buy shale peer WPX for US$2.56 billion in Delaware push

Wilfred Chong - U.S. shale producer Devon Energy Corp said on Monday it would buy peer WPX Energy Inc in an all-stock deal that would create a combined company worth around US$12 billion.

Exclusive: Lagarde's peace at risk as ECB splits over virus response - sources

Wilfred Chong - European Central Bank policymakers are increasingly divided over how to steer the economy through a second wave of COVID-19, threatening President Christine Lagarde's hard-won peace, conversations with eight ECB insiders show.

Walmart picks EG Group founders, TDR Capital as preferred bidders for Asda: Sky News

Wilfred Chong - Walmart Inc has selected the founders of UK petrol station operator EG Group and private equity firm TDR Capital as the preferred bidders for its Asda supermarket chain, valued at 6.5 billion pounds (US$8.39 billion), Sky News reported on Monday.

AirAsia's BigPay to launch payments, remittance services in Singapore

Natalie Choy - AIRASIA's financial services venture BigPay will be expanding its e-wallet services to Singapore, with early access available to users in the coming weeks.

Amazon to hold Prime Day event on Oct. 13-14

Wilfred Chong - Amazon.com Inc said on Monday it would hold its annual shopping event, Prime Day, on Oct. 13 and 14.

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