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

IMF to release $900 million when Pakistan removes fuel price caps -source

KARACHI, Pakistan :Pakistan and the IMF have worked out the outlines for the release of over $900 million in funds that would come through once Pakistan removes its fuel subsidies, a Pakistani source directly involved in talks in Qatar said, requesting anonymity. The talks in Qatar capital Doha on t ...

3 days ago

IMF deal 'done' once Pakistan removes fuel price caps -source

KARACHI, Pakistan : Pakistan and the IMF have worked out the outlines of a deal to release the next tranche of funds, which would come through once Pakistan removes fuel subsidies, a Pakistani source privy to the talks said, requesting anonymity."When we raise fuel prices, the deal will be done ...

3 days ago

Bank of Singapore names ex-BlackRock exec as global head of alternative investments and managed solutions

Tan Nai Lun - BANK of Singapore (BOS) is appointing industry veteran Robert Reid as its new global head of alternative investments and managed solutions, with effect from May 30.

3 days ago

Loh of Centurion Corp and Gooi of Frencken Group raise their respective stakes

David Loh Kim Kang, executive director and joint chairman of Centurion Corp, has increased his stake in the operator of workers and students’ accommodation. On May 23, Loh acquired 1.5 million shares for 35 cents each on the open market. In a separate filing, Loh was shown to have bought another 1 ...

3 days ago

Singapore factory output expands 6.2% in April, led by aerospace production

Tessa Oh - SINGAPORE’S factory output grew 6.2 per cent year on year in April, led by the transport engineering sector which continued to see good performance this month, according to data from the Singapore Economic Development Board (EDB) on Thursday (May 26).

3 days ago

Brokers’ take: SAC upgrades UMS to ‘buy’ after strong Q1 showing

Boo Zhixuan - SAC Capital has upgraded its call on UMS Holdings to “buy” from “hold”, with a higher target price of S$1.55 compared to S$1.39 previously, after the mainboard-listed precision engineering company exceeded its projections for Q1 FY2022.

3 days ago

China's Lenovo posts 6.8% rise in Q4 revenue

HONG KONG : China's Lenovo Group posted a 6.8 per cent rise in fourth-quarter revenue, its slowest growth in six quarters, as people shopped for fewer of its personal computers after months of strong pandemic demand.Revenue rose to $16.694 billion in the quarter ended March 31 from $15.63 billi ...

3 days ago

Myanmar central bank orders state bodies not to use foreign currencies

Myanmar's central bank has ordered ministries and local governments not to use foreign currencies for domestic transactions, to help relieve pressure on the kyat currency. The Southeast Asian country's economy has been in crisis since the military seized power last year, halting a decade o ...

3 days ago

Brokers’ take: CGS-CIMB cuts TDCX target price to US$18 on slower growth estimates

Tan Nai Lun - CGS-CIMB cut its target price on digital customer experience solutions provider TDCX to US$18 from US$24 as it expects the company will face slower agent growth amid recent macro uncertainties.

3 days ago

China will give cash subsidies to airlines for two months

BEIJING : China's finance ministry said on Thursday that it would offer subsidies to Chinese airlines from May 21 to July 20, to help carriers weather the COVID-19 downturn.Cash support will only be provided when average daily numbers of domestic flights per week are lower or equal to 4,500 fli ...

3 days ago

Dollar steady near one-month low as Fed minutes contain few surprises

LONDON : The U.S. dollar was little changed on Thursday, hovering above a one-month low, as minutes from the Federal Reserve's May meeting contained few surprises, with most participants favouring additional 50 basis point rate hikes at the June and July meetings. The dollar index, which measur ...

3 days ago

Dollar near one-month low as Fed minutes point to rates pause

TOKYO : The dollar hovered near a one-month low on Thursday as minutes from the Federal Reserve's May meeting confirmed the potential for a pause in rate hikes after likely further increases in June and July.The dollar index - which measures the currency against six major peers - edged 0.1 per ...

3 days ago

Dollar hovers near one-month low as Fed minutes lack surprise

TOKYO : The safe-haven dollar hovered near a one-month low on Thursday amid improving risk appetite after minutes of the Federal Reserve's May meeting confirmed the potential for a pause in rate hikes after two more half-point increases in June and July.The dollar index, which measures the curr ...

3 days ago

CGS-CIMB keeps 'add' call on TDCX but lowers target price

They see potential reasons to re-rate the stock to include pickup in revenue growth for 2HFY2022 and also earnings accretive acquisitions. Key risks, meanwhile, include prolonged economic uncertainties.TDCX shares closed on May 25 at US$12.15, down 10.4% for the day and down 36.29% since it started ...

3 days ago

More solid earnings recovery expected for the rest of the year, analysts maintain positive on CDL

“Plans are underway to rebrand the Millennium Downtown New York into an M Social in 2023. We believe that the hospitality segment should continue to trade well for the rest of 2022 with the rebound in global travel,” says Lock.Natarajan concurs, adding that with major easing of Covid-19 restrict ...

3 days ago

US securities regulators unveil proposal to fight 'greenwashing'

NEW YORK: US securities regulators unveiled Wednesday (May 25) a proposed rule to tighten disclosure requirements on the rising number of investments that tout their commitment to environmental, social and governance (ESG) goals. Seeking to address the problem of "greenwashing", where fin ...

3 days ago

Asian shares stumble on growth worries as central banks tighten

SHANGHAI : Asian share markets slipped on Thursday after minutes from the Federal Reserve's early May meeting showed a majority backing half-percentage-point rate hikes in June and July, and as persistent concerns over global growth sapped confidence.While the minutes also highlighted policymak ...

3 days ago

China central bank urges more lending to small firms amid COVID shocks

BEIJING :China's central bank said on Thursday it would promote more credit for smaller firms and boost financial institutions' confidence to lend funds, as policymakers struggle to get the COVID-stricken economy back on track.The People's Bank of China (PBOC) urged national banks in ...

3 days ago

China central bank urges more credit lending to small firms

BEIJING : China's central bank said on Thursday it would promote credit lending to small firms and boost financial institutions' confidence to lend.The People's Bank of China (PBOC) in a notice urged national banks to prioritise lending to central and western regions, as well as areas ...

3 days ago

Malaysia's Finance Minister Zafrul says economy on track, has room to raise rates

Malaysia’s economy is growing strongly thanks to the rise in commodity prices and central bankers “still have room” to tighten monetary policy to tackle accelerating inflation if needed, according to Finance Minister Zafrul Aziz.The economy gained speed in the first quarter of this year, as th ...

3 days ago

Canada customer data firm Telus makes $830 million play for Australia's Appen

:Canadian data analytics software maker Telus International made a A$1.2 billion ($830 million) buyout approach for Australian rival Appen Ltd, the target company said on Thursday, sending its shares soaring.A deal, if successful, would help build the Canadian firm's offering at a time when cor ...

3 days ago

Singapore retail rents and inflation moving in tandem may put retailers in a bind

Fiona Lam - SOME retail businesses, including those selling recreational goods and furniture, are likely to be hit harder by rising rents coupled with inflationary pressures in Singapore, an analysis by the Institute of Real Estate and Urban Studies (IREUS) suggests.

3 days ago

Oil climbs on tight supply, though EU ban on Russian supply still uncertain

:Oil prices rose on Thursday, extending a cautious rally this week on signs of tight supply while the European Union (EU) wrangles with Hungary over plans to ban imports from Russia, the world's second-largest crude exporter, after it invaded Ukraine.Brent crude futures for July settlement gain ...

3 days ago

Oil firms on tight supply though EU ban on Russian oil still uncertain

MELBOURNE : Oil prices rose on Thursday, extending a cautious rally this week on signs of tight supply while the European Union (EU) wrangles with Hungary over plans to ban imports from Russia, the world's second-largest crude exporter, after it invaded Ukraine.Brent crude futures for July sett ...

3 days ago

Apple boosts pay budget for US workers: Report

Apple Inc is boosting pay for workers by increasing the overall compensation budget, the Wall Street Journal reported on Wednesday (May 25), citing an email sent to employees. The starting pay for hourly workers in the United States will rise to US$22 an hour, or higher based upon the market, a 45 p ...

3 days ago

China car sales up 34% on April but still weaker than last year - industry

SHANGHAI :Chinese retail car sales data for May has added to a picture of a grinding economic recovery from severe anti-pandemic measures, with manufacturers selling more vehicles than last month but still fewer than a year before.Releasing the data late on Wednesday, the China Passenger Car Associa ...

3 days ago

China car sales up 34% in first three weeks of May vs month earlier -CPCA

SHANGHAI : Retail car sales in China jumped 34 per cent in the first three weeks of May from the same period a month earlier, data from the China Passenger Car Association (CPCA) showed.But sales of passenger vehicles during May 1-May 22 fell 16 per cent from the same period a year earlier to 780,00 ...

3 days ago

Japan to urge moving ahead with 'green' GDP indicator - draft

TOKYO : Japan plans to call for moving ahead with a new "green" gross domestic product (GDP) indicator that will reflect the country's progress in reducing greenhouse gas emissions, a draft of its annual economic policy outline seen by Reuters showed.The government will make a mention ...

3 days ago

Singapore stocks rise at Thursday’s open, STI up 0.9%

Tan Nai Lun - SINGAPORE shares opened higher on Thursday (May 26), tracking gains on Wall Street.

3 days ago

Japan's corporate service prices rise at fastest pace in over 2 years

TOKYO : An index measuring prices Japanese firms charge each other for services rose in April at the fastest annual pace in more than two years, data showed on Thursday, a sign that inflationary pressure is building broadly across the economy.The services producer price index rose 1.7 per cent in Ap ...

3 days ago

SingLand receives URA's permission to redevelop Clifford Centre

Singapore Land Group has received the go-ahead from URA to redevelop Clifford Centre, one of its properties, as part of its portfolio management strategy.Clifford Centre is a 29-storey office and retail building right next to Raffles Place MRT.Redevelopment works will start by early next year.“The ...

3 days ago

HRnetGroup co-invests S$500,000 into Indonesia flexible staffing business

Vivienne Tay - RECRUITMENT company HRnetGroup on Thursday (May 26) said it co-invested S$500,000 into the flexible staffing business of Recruit First Indonesia (RFI), through its wholly-owned subsidiary HRnet One.

3 days ago

South Korea delivers back-to-back interest rate hikes to combat inflation

SEOUL : South Korea's central bank hiked interest rates for a second consecutive meeting on Thursday to wrestle consumer inflation down from 13-year highs, and further raised its projections for prices to rise to their highest since 2008. In his first rate review after taking office in April, g ...

3 days ago

S Korea's central bank raises rates to 1.75%, as widely expected

SEOUL : South Korea's central bank raised its policy rate on Thursday in a second consecutive meeting, as largely expected, to wrestle consumer inflation down from 13-year highs.The Bank of Korea's Monetary Policy Board voted to raise the benchmark interest rate by a quarter of a percentag ...

3 days ago

South Korea steps up inflation fight with back-to-back rate hikes

SEOUL: South Korea's central bank on Thursday (Apr 26) delivered back-to-back interest rate hikes and forecast further aggressive increases to wrestle consumer inflation down from 13-year highs. The Bank of Korea raised its benchmark policy rate by a quarter of a percentage point to 1.75 per ce ...

3 days ago

Valuetronics H2 profit drops 40.5% to HK$56.9m

Helene Tian - ELECTRONICS manufacturing services provider Valuetronics on Thursday (May 26) posted a 40.5 per cent drop in its net profit for the second half ended Mar 31.