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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19 hours ago

Manufacturing Integration Technology to sell semicon business

Yunita Ong - MANUFACTURING Integration Technology is looking to dispose of its semiconductor business for an estimated price of S$84.5 million and focus its energies on contract equipment manufacturing and customised automation as its core business.

19 hours ago

Lion Global launches active low-cost multi-asset funds

Genevieve Cua - LION Global Investors has launched an actively managed multi-asset fund series with a total expense ratio (TER) of 0.5 per cent, in an effort to help investors get more bang for their investment dollars by reducing costs.

19 hours ago

Corporate digest

NORDIC Group recently clinched S$13 million of contracts, the oil and gas engineering contractor announced late on Tuesday.

20 hours ago

AmEx rewards programme costs cloud strong quarterly results

Michelle Quah - NEW YORK: American Express Co reported a steep rise in quarterly expenses as the credit card issuer spent more to fund its rewards programme, overshadowing its profit beat and sending its shares down 3.5 per cent in extended trading. The company has been bolstering its rewards programmes as it ...

20 hours ago

EBay's third-quarter forecast misses estimates

Michelle Quah - NEW YORK: EBay Inc forecast third-quarter profit below analysts' estimates on Wednesday (Jul 18) as efforts to revamp its e-commerce platforms failed to impress investors. Shares of eBay were down two per cent at US$37.21 in after-hours trading. The company forecast third-quarter adjusted profit .. ...

20 hours ago

CITGO says CEO's US visa has been revoked

Michelle Quah - Citgo Petroleum Corp , the U.S. subsidiary of Venezuelan state-run oil company PDVSA , said on Wednesday that the U.S. visa of its President and Chief Executive Asdrubal Chavez has been revoked.

20 hours ago

US tariffs may raise cost of insurance, parts, drive up auto thefts

Michelle Quah - A threat by the U.S. government to impose tariffs of up to 25 percent on imported auto parts could hit consumers in unexpected ways: higher repair costs, insurance premiums and even the theft of more cars for their parts, the industry said.

20 hours ago

Alcoa cuts adjusted EBITDA forecast citing tariffs, shares slide

Michelle Quah - Aluminum producer Alcoa Corp said on Wednesday it cut its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) for 2018, citing U.S tariffs on imported aluminum.

20 hours ago

AmEx rewards program costs cloud strong quarterly results

American Express Co reported a 21 percent rise in quarterly profit on Wednesday as a strengthening U.S. economy drew in more customers and encouraged higher credit card spending.

20 hours ago

US businesses already hurt by tariffs: Fed chair Powell

Michelle Quah - WASHINGTON: US businesses already are being hurt by the exchange of tariffs on key products, Federal Reserve Chairman Jerome Powell said on Wednesday (Jul 18). However, he repeated that if President Donald Trump's trade policy results in lower tariffs, that would be good for the US economy. "We ...

20 hours ago

US proposes expedited appeal in fight with AT&T over purchase of Time Warner

Michelle Quah - The U.S. Justice Department has proposed an expedited schedule for an appeal of a judge's ruling that allowed AT&T Inc to buy movie and TV show maker Time Warner, according to a court filing on Wednesday.

21 hours ago

Alcoa cuts adjusted EBITDA forecast citing tariffs

Aluminum producer Alcoa Corp said on Wednesday it cut its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) for 2018, citing U.S tariffs on imported aluminum.

21 hours ago

EBay second-quarter profit rises 7.7 percent

EBay Inc reported a 7.7 percent rise in quarterly profit on Wednesday, as tweaks to its websites and a focus on marketing drew more shoppers at a time when it has been trimming its workforce.

21 hours ago

S&P 500 climbs to five-month high as financials, industrials rise

Michelle Quah - NEW YORK: The S&P 500 hit a five-month high on Wednesday (Jul 18) as strong earnings boosted financial and industrial stocks and reinforced expectations for a strong second-quarter reporting season. As earnings season ramps up, analyst optimism has grown; S&P 500 earnings are now seen to have ...

21 hours ago

American Express quarterly profit rises 21 percent

American Express Co reported a 21 percent rise in quarterly profit on Wednesday as a strengthening U.S. economy drew in more customers and encouraged higher credit card spending.

21 hours ago

IBM quarterly revenue tops estimates

International Business Machines Corp on Wednesday reported second-quarter revenue that beat analysts' expectations as it benefited from growth in higher-margin businesses including cybersecurity and cloud computing.

21 hours ago

S&P 500 climbs to five-month high as financials and industrials rise

Michelle Quah - U.S. stock index futures hovered at five-month highs on Wednesday ahead of a slew of earnings, with a strong quarterly report from Morgan Stanley helping reaffirm a bullish outlook for the earnings season.

21 hours ago

Farnborough rolls out stealth orders for commercial jets

Michelle Quah - FARNBOROUGH, England: The Farnborough Airshow is typically one of the world's most publicity-focused business events, with plane giants and airline bosses battling to win headlines for deals signed under the roar of stealth fighter displays. Not so this week, when Airbus and Boeing announced ...

21 hours ago

Exclusive: Investment firms fight to inject cash in Brazil carrier Oi

Three distressed asset funds have sued for the right to participate in a 4 billion reais (US$1 billion) capital increase for Brazilian telecom Oi SA as part of its in-court restructuring, four sources with knowledge of the matter told Reuters this week.

22 hours ago

US tariffs could raise vehicle prices by US$83 billion: auto trade group

Michelle Quah - A group representing major automakers will tell the U.S. Commerce Department on Thursday that imposing tariffs of 25 percent on imported cars and parts would raise the price of U.S. vehicles by US$83 billion annually and would cost hundreds of thousands of jobs.

22 hours ago

Tariffs worry US manufacturers nationwide, raise prices: Fed Reserve

Michelle Quah - WASHINGTON: Manufacturers across the United States are worried by President Donald Trump's trade policies, which many blame for higher prices and supply disruptions, according to a Federal Reserve survey released on Wednesday (Jul 18). For the moment the extent of any pass-through to consumer ...

22 hours ago

Audit faults US oversight of auto safety recalls, Takata inflators

Michelle Quah - A government audit released on Wednesday faulted the National Highway Traffic Safety Administration's (NHTSA) oversight of auto safety recalls and said its "delayed action" may have delayed the expansion of a record-setting callback of millions of vehicles for Takata air bag inflators.

23 hours ago

Hyundai sets up showroom on Amazon

Michelle Quah - Hyundai Motor Co said on Wednesday it will set up a showroom on Amazon.com that will help car buyers book test drives, check dealer inventories and compare pricing and reviews.

23 hours ago

Uber names new privacy chief, data protection officer

Michelle Quah - Uber Technologies Inc appointed Ruby Zefo as chief privacy officer and Simon Hania as data protection officer, a company spokesman told Reuters on Wednesday.

23 hours ago

Wall Street traders set for best year since aftermath of crisis

Michelle Quah - Wall Street trading desks may have reached a post-crisis turning point, with revenue on track for the best year since 2011, second-quarter earnings reports from big U.S. banks showed.

24 hours ago

Google hit with record-breaking EU fine

Michelle Quah - BRUSSELS: The EU hit Google with its biggest ever fine on Wednesday (Jul 18), imposing a €4.34 billion (US$5 billion) penalty on the US tech giant for illegally abusing the dominance of its operating system for mobile devices. Brussels accused Google of using the Android system's near-stranglehol ...

1 day ago

Novartis hints at 2018 outlook hike despite drug price freeze

Michelle Quah - Novartis may ratchet up its 2018 sales outlook, its finance chief said on Wednesday, despite halting planned U.S. drug price hikes amid pressure on the industry from President Donald Trump's administration over the high cost of medicines.

1 day ago

Amazon.com's stock market value hits US$900 billion, threatens Apple

Michelle Quah - Amazon.com's stock market value reached US$900 billion on Wednesday for the first time, marking a major milestone in its 21-year trajectory as a publicly listed company and threatening to dislodge Apple as Wall Street's most valuable jewel.

1 day ago

Berkshire shares climb after Buffett is empowered to buy back more stock

Michelle Quah - Berkshire Hathaway Inc shares rose on Wednesday after its board gave its billionaire chairman, Warren Buffett, more freedom to conduct stock buybacks, which the conglomerate has not done since 2012.

1 day ago

Ryanair strike hits 600 flights, 100,000 passengers

Michelle Quah - MADRID: Ryanair on Wednesday (Jul 18) said it had cancelled 600 flights in Europe on Jul 25 and 26 due to cabin crew strikes in Spain, Portugal and Belgium. The low-cost Irish airline which predicted that 100,000 passengers would be affected, said in a statement they had "been offered re ...

1 day ago

Trump says US may pursue separate trade deal with Mexico

Michelle Quah - President Donald Trump said on Wednesday the United States may hammer out a separate trade deal with Mexico, continuing to sow doubts about the future of the North American Free Trade Agreement that he has frequently criticized, and then do a deal with Canada later.

1 day ago

Trump says may pursue separate trade deal with Mexico

President Donald Trump said on Wednesday the United States may hammer out a separate trade deal with Mexico, continuing to sow doubts about the future of the North American Free Trade Agreement that he has frequently criticized, and then do a deal with Canada later.

1 day ago

European stocks end higher on dollar gains

Michelle Quah - LONDON: Gains by the dollar in the wake of the Federal Reserve chief expressing confidence in the US economy despite global trade war fears helped push European stocks higher on Wednesday (Jul 18). Meanwhile, a batch of strong earnings reports saw Wall Street keep rising for the most part. "The ...

1 day ago

Koufu serves up lukewarm trading debut after giving up gains to end flat at IPO price

Michelle Quah - Shares of the food court operator ended their first day of trading at the IPO price of S$0.63 each.

1 day ago

China Mining International proposes name change and diversifying into agriculture

Yunita Ong - CHINA Mining International has proposed a slew of changes, among them a diversification into agriculture, an acquisition of a majority stake in such a company for S$37.2 million in this field and a change of name to Zhongnong Huasheng International. 

1 day ago

Palm oil from Indonesia's shrinking forests taints global brands: report