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Business Headlines & Market News

Business Headlines and Stock Market News by Singapore Financial News Publishers

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US: Stocks up again, S&P hits record on Fed minutes

[NEW YORK] Wall Street finished higher on Wednesday for the fifth consecutive session, and the S&P 500 hit an all-time high as investors reacted favourably to the US central bank's signal that a rate hike is coming "soon."

Boeing, DARPA to build prototype spaceplane

The U.S. Defense Advanced Research Projects Agency on Wednesday said it will invest up to US$146 million in an alliance with Boeing to build an experimental spaceplane that can deliver small satellites into orbit on a daily basis.

New Ford CEO eligible for US$13.4 million in annual compensation

REUTERS: Ford Motor Co said on Wednesday that new Chief Executive James Hackett is eligible for at least US$13.4 million in total annual compensation. Hackett, 62, a former chief executive of furniture manufacturer Steelcase Inc , was named to replace CEO Mark Fields on Monday. Hackett will earn ...

Software update can fix Fiat Chrysler's US diesel issue: lawyer

Fiat Chrysler Automobiles NV believes a software update can address U.S. regulators' contention that its diesel vehicles are producing excess emissions, a lawyer for the company said at a court hearing on Wednesday.

Software update can fix Fiat Chrysler's U.S. diesel issue: lawyer

Today - WASHINGTON - Fiat Chrysler Automobiles NV believes a software update can address U.S. regulators' contention that its diesel vehicles are producing excess emissions, a lawyer for the company said at a court hearing on Wednesday. ...

Six convicted City Harvest Church leaders barred from having control of any charity

THE six individuals from City Harvest Church (CHC) - including founder Kong Hee - convicted of misusing millions in church funds have been permanently barred from having overall administrative control of any charity.

Dollar pinned near 6 ½ month lows, Fed minutes in focus

THE dollar stayed pinned near 61/2-month lows on Wednesday, investors' focus shifting from US politics to monetary policy after comments from a Federal Reserve official rekindled expectations of an interest rate hike next month.

The US budget: riddled with unreal assumptions and wishful thinking

US President Donald Trump's first budget, which was released on Tuesday, appears to be a politically unrealistic combination of severe cuts in social programmes as well as wildly optimistic projections for both economic growth and the US economy's future fiscal position.

Trump goes back to basics in Middle East

Leon Hadar - IN the aftermath of the attacks on New York and Washington on Sept 11, 2001 by a terrorist group from the Middle East, American policymakers and intellectuals decided that it was time to transform US strategy in the Arab world.

'Belt and Road' will carry China far

Frank Ching - LAST week, China hosted a large-scale international conference to discuss the vision of its leader, President Xi Jinping, of connecting Asia, Europe and Africa through a network of roads, ports, bridges, tunnels, pipelines and other projects that involve 68 countries on three continents and about t ...

Infrastructure plans help capital markets grow

SEAN HENDERSON - CREDIT is the financial oil that enables economies and commercial enterprises to operate smoothly. With the onslaught of new infrastructure projects coming on stream across Asia, the development of local capital markets has become of vital importance.

Asia's development banks pursue different agendas

Anthony Rowley - THE coming out party (as some termed it) in Beijing last week for President Xi Jinping's One Belt-One Road (OBOR) scheme came close on the heels of the Asian Development Bank's 50th birthday celebrations in Yokohama and that may or may not have been a coincidence. But it was certainly sym ...

Noble's rot isn't fatal yet. Just ask John Paul Getty

David Fickling - IF YOU owe the bank US$100, that's your problem, according to a maxim attributed to famed old commodities player John Paul Getty - but if you owe US$100 million, that's the bank's problem.

Tories on the defensive over policy reversals ahead of British election

Meghnad Desai - WHEN British Prime Minister Theresa May called an election on April 18, people saw it as a master stroke. She had won the leadership of the Conservative party and become prime minister nine months earlier. But the majority she had inherited from David Cameron, her predecessor, was small and threate ...

Yoma Q4 profit up 171% at S$24m

Anita Gabriel - YOMA Strategic Holdings posted a 171 per cent jump in fourth-quarter net profit to S$24.1 million from S$8.9 million, led mainly by higher fair value gain on its investment properties.

Canadian real-estate sentiment slips

CANADA'S exuberance with real estate is beginning to wane.

Mayor, DC Council pitch builders, retailers in Vegas

NINE of the 13 DC Council members, along with Mayor Muriel Bowser and city staff, were returning on Tuesday from three days of socialising and meeting in Las Vegas with real estate developers and major retailers.

M'sian money, opulent ideas, but now a forced sale

THE celebratory dinner was held at one of the city's best restaurants, whose building offers a picture-perfect view down Central Park South to the Park Lane Hotel, a 47-storey tower that looms over its more famous neighbour, the Plaza.

Rowsley to acquire AC Consortium for up to S$8m

Leila Lai - REAL estate and investment company Rowsley Ltd said on Tuesday that it will acquire industrial building design firm AC Consortium for up to S$8 million through its subsidiary RSP Architects Planners & Engineers.

Supply constraints dictating the shape of America's growth

Justin Fox - GETTING new housing built in San Francisco is a famously difficult endeavour.

Asset managers must evolve and adapt to tap Asean growth

Jamie Lee - THE asset management market in South-east Asia is expected to grow to as much as US$4 trillion in assets under management (AUM) by 2025, but questions remain as to whether asset managers here are staying relevant to demands from changing demographic trends as well as the onslaught of robo-advisers, ...

S&P affirms 'AA-' credit ratings for 3 Singapore banks

Siow Li Sen - S&P Global Ratings has affirmed the coveted "AA-" credit rating of the three Singapore banks on the basis of their sound fundamentals.

ECB sounds cautious note on bond markets

THE cautious tone of eurozone central bankers in the wake of some of the best economic data in years sent mixed signals to investors in the bloc's debt markets on Wednesday.

Blackstone, SoftBank deals put Riyadh's sovereign fund on the world map

SAUDI Arabia plans to expand its sovereign wealth fund into the world's largest. The kingdom took a huge step toward that goal on Saturday when it signed billions of dollars of deals with Blackstone Group LP and SoftBank Group Corp.

Google data-mine digs into credit-card privacy

GOOGLE has begun using billions of credit-card transaction records to prove that its online ads are prompting people to make purchases - even when they happen offline in brick-and-mortar stores, the company said on Tuesday.

UBS seeks broader dialogue with women wealth clients

Jamie Lee - WITH more than half of self-made billionaires in Asia being female, UBS is aiming to crack that potential of wealth by focusing on what women want in this part of the world.

CIMB posts record Q1 profit of RM1.18b

CIMB Group Holdings posted a 45 per cent jump to a record profit in the first quarter as Malaysia's second largest lender by assets made more profitable loans at home, boosted income from non-lending activities and took lower provisions.

Goldman sues ex-VPs over client poaching

GOLDMAN Sachs Group has sued two former vice-presidents in the bank's private wealth management unit in Chicago, claiming they poached clients for their own new investment advisory business.

Policy formation is as important as building infrastructure: Heng

Lee Meixian - FORMING the right policies around a piece of infrastructure is as important as actually building it, Finance Minister Heng Swee Keat said on Wednesday.

Ex-remisier fined S$9,000 in 1MDB-linked corruption case

Kenneth Lim - A SINGAPORE judge has fined a former remisier S$9,000 for bribing an analyst in 2013 to expedite a favourable research report that was requested by a key player in the scandal surrounding Malaysian state fund 1Malaysia Development Bhd.

US April home sales fall as tight supply boosts prices

US home resales fell more than expected in April, weighed down by a chronic shortage of houses on the market that is keeping house prices elevated and sidelining prospective buyers.

ECB: Eurozone growth is improving but inflation is not

EUROZONE growth may be improving and European Central Bank policy will reflect this but inflation remains weak and needs to show a convincing upward trend before stimulus is removed, two influential ECB policymakers said on Wednesday.

Bernanke urges BOJ to continue with aggressive easing policy

Anthony Rowley - IN A message that was music to the ears of financial markets as well as those of Bank of Japan governor Haruhiko Kuroda and Japanese Prime Minister Shinzo Abe, former US Federal Reserve chairman Ben Bernanke on Wednesday endorsed the continuation of the BOJ's aggressive monetary easing.

Moody's cuts China's rating, warns of fading financial strength as debt mounts

MOODY'S Investors Service downgraded China's credit ratings on Wednesday for the first time in nearly 30 years, saying that it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise.

Lindt cafe siege: Aussie police waited too long to react, says coroner

AUSTRALIAN police failed to respond quickly enough to the threat posed by a gunman responsible for a siege at a Sydney cafe in 2014 in which three people including the hostage-taker were killed, a coroner said on Wednesday.

Trump's budgets will suffer a double whammy

US PRESIDENT Donald Trump won't inherit the same windfall that the Federal Reserve handed the Obama administration each year, and his budget shows he knows it.

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