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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23 hours ago

100 Keppel Shipyard workers who had 'direct contact' with COVID-19 cases placed on leave of absence

Olivia Poh - SINGAPORE: About 100 Keppel Shipyard personnel who had "direct contact" with a cluster of COVID-19 patients linked to the shipyard have been placed on a 14-day leave of absence. On Thursday (Apr 2), the authorities identified Keppel Shipyard as a new COVID-19 cluster, linking three previously ...

23 hours ago

Cathay Pacific to make further cuts to flights amid COVID-19 pandemic: Internal memo

SYDNEY: Hong Kong's Cathay Pacific Airways will make further cuts to passenger capacity because of extremely low demand, leaving it with just two flights a week each to four destinations in April, according to an internal memo. The airline carried only 582 passengers one day this week with a load . ...

23 hours ago

FairPrice to reopen Bedok Mall outlet on April 4 after virus-related deep clean

Vivienne Tay - NTUC FairPrice will be reopening its FairPrice Finest outlet in Bedok Mall on April 4 following a three-day deep clean, after one of its employees working there <a href="https://www.businesstimes.com.sg/consumer/fairprice-closes-bedok-mall-ou... positive for Covid-19</a>.

23 hours ago

Boeing to temporarily suspend Philadelphia area operations amid coronavirus outbreak

Olivia Poh - Boeing Co said on Thursday it will temporarily suspend production at facilities in Ridley Township, Pennsylvania, amid the ongoing coronavirus pandemic, adding that the suspension will last two weeks, with work to resume on April 20.

24 hours ago

Excluive: Neiman Marcus advances bankruptcy preparations - sources

Olivia Poh - Neiman Marcus Group is stepping up preparations to seek bankruptcy protection, after the coronavirus pandemic forced the debt-laden U.S. luxury department store chain to close its stores, people familiar with the matter said on Thursday.

24 hours ago

Mnuchin says small business rescue loans launch Friday, despite lender confusion

U.S. Treasury Secretary Steven Mnuchin said he was pressing ahead with the Friday launch of a US$349 billion coronavirus rescue loan program for small businesses despite confusion over last-minute final rules and lenders unprepared to approve applications.

24 hours ago

Singapore shares decline at open; STI down 0.6%

Rachel Chia - SINGAPORE stocks on Friday morning declined <a href="https://www.businesstimes.com.sg/stocks/sti-overturns-early-losses-to-en... a strong finish the previous day</a> despite Wall Street gains on a record surge in oil prices.

1 day ago

As millions lose jobs, Fed policymakers say recession is here

Keeping workers in their jobs is key to getting the economy out of what is "almost certainly" already a recession as authorities mandate businesses shut and people stay at home to slow the spread of the coronavirus, Minneapolis Federal Reserve Bank President Neel Kashkari said on Thursday.

1 day ago

Airbnb lowers internal valuation to US$26 billion as coronavirus hits bookings: FT

Olivia Poh - Airbnb lowered its internal valuation by 16per cent to US$26 billion, as the home rental firm deals with a sharp drop in bookings due to the global spread of the coronavirus pandemic, the Financial Times reported on Thursday.

1 day ago

Samsung Electronics shuts US factory after two coronavirus cases

Olivia Poh - Samsung Electronics said on Friday that it has suspended its home appliance factory in the United States after two of its workers had tested positive for coronavirus.

1 day ago

Singtel eyes sale of A$2b Australia tower portfolio: report

Fiona Lam - SINGTEL is said to be looking to sell its telecommunications towers in Australia worth more than A$2 billion (S$1.73 billion) in total.

1 day ago

SembMarine gives notice of 3 consecutive years of losses

Vivienne Tay - RIG builder Sembcorp Marine has given notice that it has recorded pre-tax losses for three consecutive years. However, the group's six-monthly average daily market capitalisation is S$2.46 billion as at Thursday.

1 day ago

Stocks to watch: DBS, UOB, OCBC, Singtel, Keppel, SembMarine

Rachel Mui - THE following companies saw new developments that may affect trading of their shares on Friday:

1 day ago

Jewel Changi Airport toddler death: Mirror fell when two boys squeezed out from behind it, crushing girl

marcel.pereira -

1 day ago

Politics aside, US relies on China supplies to fight COVID-19: Experts

Olivia Poh - US politicians have voiced fury over Beijing's handling of the coronavirus crisis but they face a harsh truth - the United States desperately needs China's supplies, some experts say.

1 day ago

Covid-19: Fairprice Finest dispels rumours, says affected worker at Bedok Mall outlet did not work at sushi counter

marcel.pereira -

1 day ago

Golden Energy raises stake in Stanmore Coal to 51% as part of takeover bid

Rachel Mui - GOLDEN Energy and Resources (Gear) has gained majority control of Australian coal producer Stanmore Coal, as part of its <a href="https://www.businesstimes.com.sg/companies-markets/golden-energy-unit-ma... target="_blank">renewed takeover offer</a>.&nbsp;

1 day ago

Dress to impress at home: Retailers recast spring looks for coronavirus lockdowns

Olivia Poh - Skimpy dresses, brightly-coloured jackets and mini skirts typically fly off retailers' shelves at this time of year. But not now with most customers staying indoors.

1 day ago

American Airlines slashes flights but has no plans to halt US service

Vivienne Tay - American Airlines Co said on Thursday it is cutting additional flights this summer as travel demand has drastically shrunk amid the coronavirus pandemic.

1 day ago

World Bank approves initial US$1.9b in emergency coronavirus funds

Vivienne Tay - WASHINGTON: The World Bank on Thursday (Apr 2) said it had approved an initial US$1.9 billion in emergency funds for coronavirus response operations in 25 developing countries, with more than half the aid earmarked to help fight the fast-spreading disease in India. Action on projects in scores of . ...

1 day ago

Singapore’s richest man adds $3.5b to net worth with ventilators

Bloomberg News - Chairman Li Xiting, the city-state’s richest man, now has a $12.5 billion fortune. The post Singapore’s richest man adds $3.5b to net worth with ventilators appeared first on DealStreetAsia.

1 day ago

GM rolls out safety protocols for ventilator-making workers

Vivienne Tay - General Motors Co on Thursday rolled out a series of safety measures for workers in Indiana who will make ventilators, outlining what could be a blueprint for opening U.S. auto plants in the coming weeks.

1 day ago

Disney to furlough employees as coronavirus bites

Vivienne Tay - Walt Disney Co said on Thursday it would start furloughs of non-essential employees on April 19, citing the impact of the coronavirus outbreak on its business.

1 day ago

Chipotle under pressure in New York over coronavirus sick leave

Vivienne Tay - Less than two months after settling with New York City regulators over paid sick leave, Chipotle Mexican Grill Inc is under pressure for its policies amid the coronavirus pandemic.

1 day ago

JPMorgan Chase probably unable to accept small business loan applications Friday: memo

Vivienne Tay - JPMorgan Chase & Co emailed many small business customers on Thursday to tell them it is still awaiting federal guidance on the small business loans program Congress approved last week, and it may not be ready to accept applications when the program launches on Friday.

1 day ago

Commentary: Even with low prices, this is not the end of oil

Vivienne Tay - Even before COVID-19 and Russia’s fall out with OPEC, the oil market was already facing a hostile landscape, says Dave Sivaprasad of Boston Consulting Group.

1 day ago

Indonesia’s economic stimulus not enough to stop layoffs, focus should be to contain COVID-19: Experts

Vivienne Tay - JAKARTA: Indonesia’s US$24.2 billion healthcare budget and economic stimulus package may not be enough to weather the impact of COVID-19 and prevent millions from losing their jobs, analysts warned on Thursday (Apr 2). They also told CNA that it is more important for the government to focus on ...

1 day ago

Fed balance sheet increases to record US$5.86 trillion

Vivienne Tay - The Federal Reserve's balance sheet increased to a record US$5.86 trillion this week and the central bank reported greater use of some of its newly launched liquidity facilities, all part of its efforts to keep markets functioning smoothly amid heightened volatility related to the coronavirus ...

1 day ago

US gig workers seeking coronavirus jobless benefits hit bureaucratic wall

Vivienne Tay - Uber and Lyft drivers are hitting a wall in their efforts to apply for the coronavirus jobless benefits promised by Congress as state agencies say they are not ready to handle a class of workers who are totally new to the U.S. unemployment system.

1 day ago

Chart of the Day: Malaysians bought less condos from fringe districts in 2019

Staff Reporter - Submitted By:  Clarist Zablan Case Study:  No It still remained the top foreign homebuyer in the region after China. This chart from EDMUND TIE reveals that the share of Malaysians who bought condos in suburban and city fringe districts shrank to 19% in 2019, compared to 24% in 2018. Desp ...

1 day ago

Daily Markets Briefing: STI up 0.52%

Staff Reporter - Submitted By:  Staff Reporter Case Study:  No Singtel led the gains amongst top active stocks with a 3.97% jump. The Straits Times Index (STI) ended 12.76 or 0.52% higher at 2,453.03. The top active stocks were DBS, which rose 1.43%, Singtel, which leapt 3.97%, OCBC Bank, which inched up ...

1 day ago

Daily Briefing: RedMart temporarily suspends new orders; TNB Aura launches fund to back struggling startups

Staff Reporter - Submitted By:  Staff Reporter Case Study:  No And jail and fines were imposed for employers who refuse work from home. From Channel News Asia: RedMart will be suspending new orders for 2 days amid a surge in orders due to COVID-19 concerns. The online grocer said it has implemented severa ...

1 day ago

Covid-19: New laws to compel landlords to pass on property tax rebate

Lynette Tan - BUSINESSES on Thursday hailed a newly proposed legislation that will ensure non-residential landlords pass on property tax rebates in full to all tenants, with some saying it's long overdue.

1 day ago

Food, grocery delivery startups struggle with order deluge amid virus outbreak

Sharanya Pillai - THE Covid-19 outbreak has sent demand for grocery and food delivery services spiking, testing the resilience of their logistics capabilities. The pressure could spur these players to strengthen their systems, but there is a risk of ending up with excess capacity once the outbreak is over, say indus ...

1 day ago

Retail unit facing Tanglin Road sold for S$43m

Kalpana Rashiwala - A FREEHOLD commercial unit fronting Tanglin Road has been sold for S$43 million.

1 day ago

Keppel Land, Keppel Reit commit to fully pass on property tax rebate to office, retail tenants

Olivia Poh - KEPPEL Land and Keppel Reit (real estate investment trust) said on Thursday that they will fully pass on the property tax rebate to their office tenants to support them during the Covid-19 outbreak.