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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1 day ago

How Starbucks’ growth nearly destroyed the business, until one man saved its skin

Siow Li Sen - It cannibalised its own stores and lost its soul along the way, forcing its former CEO to return and steer it through a crisis. Inside the Storm looks at how he made his mark on this coffee giant twice.

1 day ago

Pfizer loses blockbuster drug patent fight in UK Supreme Court

Siow Li Sen - Pfizer lost the final round in a long-running patent battle in Britain on Wednesday after the country's highest court ruled against it in a case involving its US$5 billion-a-year pain drug Lyrica.

1 day ago

Tencent third-quarter profit rises 30% on investment gains

Siow Li Sen - Tencent Holdings said on Wednesday net profit in the September quarter rose 30 percent, beating estimates, as investment gains helped offset a weak performance in its core gaming business.

1 day ago

Blackrock reports ownership of 5 percent of Petrobras' preferred shares

Siow Li Sen - Blackrock Inc has reported owning 5 percent of preferential shares in Petroleo Brasileiro SA , the state-run oil company said in a statement on Wednesday.

1 day ago

Father who repeatedly raped teenage daughter gets 26 years’ jail, 24 strokes of the cane

youjin.low - Alfred Chua34 min 40 sec agoSINGAPORE — Calling it a “sad case” of a teenage daughter who was raped several times

1 day ago

Ford, Walmart collaborate to design automated-vehicle delivery

Siow Li Sen - Ford Motor Co, Walmart Inc and delivery service Postmates Inc will collaborate to design a service for delivering groceries and other goods to Walmart customers that could someday use autonomous vehicles, the companies said on Wednesday.

1 day ago

Asia Fashion CEO steps down; company responds to SGX queries over resignation of two board members on Nov 6

Navin Sregantan - THE chief executive officer (CEO) of Singapore-listed Asia Fashion Holdings, Airy Wang Jie Yao, has stepped down from her role with effect from Nov 14 due to personal reasons. This decision was made on her own accord. Ms Wang, 31, held the position of CEO since March 29, 2018.

1 day ago

TODAY's evening brief for Wednesday, Nov 14

asyrafkamil - 56 min 3 sec ago

1 day ago

Energy firms dive with oil in Asia, most regional markets retreat

Ann Williams - Asian energy firms took another battering on Wednesday after oil prices suffered their worst day in three years, while the region's equity markets fell into negative territory.

1 day ago

Oil seeks floor, stocks tumble, sterling braces for wild swings

Siow Li Sen - Oil struggled to find a floor and stocks tumbled on Wednesday as disappointing German GDP figures heightened worries over slowing global growth, while the pound eased off peaks as Prime Minister Theresa May faced the hard task of selling her Brexit deal.

1 day ago

Hong Leong Asia reports 36% drop in 3Q earnings to $2.8 mil

PC Lee - SINGAPORE (Nov 14): Hong Leong Asia reported a 35.7% drop in 3Q18 earnings to $2.8 million from a restated $4.4 million a year ago after the de-consolidation of the group’s consumer products unit Xinfei. 3Q18 revenue fell 14.8% to $756 million mainly due to lower revenue recorded by diesel engine ...

1 day ago

Grand Banks Yachts posts 10.1% dip in 1Q earnings on lower revenue, higher expenses

Michelle Zhu - SINGAPORE (Nov 14): Grand Banks Yachts’ net profit for 1Q19 dipped 10.1% y-o-y to $1.1 million from the group’s restated earnings of $1.3 million on the back of lower revenue and higher operating expenses. For the 1Q ended Sept, the luxury boat maker reported revenue of $21.6 million, down 10.7 ...

1 day ago

YuuZoo ends 3Q with earnings of $4.6 mil; auditors RT resign after EGM vote

Samantha Chiew - SINGAPORE (Nov 14): YuuZoo Networks Group, formerly known as YuuZoo Corporation, reported 3Q18 earnings of $4.57 million, compared to a loss of $7.24 million in 3Q17. This brings 9M18 earnings to $1.12 million, compared to a loss of $22.0 million in 9M17. Revenue for the quarter surged almost eight ...

1 day ago

RCEP fails to conclude by year-end as hoped; timeline extended to 2019

Vivien Shiao - THE much-awaited finalisation of the Asean-led Regional Comprehensive Economic Partnership (RCEP) will not materialise by the end of 2018 as initially hoped, confirmed Singapore Prime Minister Lee Hsien Loong in his opening remarks at the 2nd RCEP Summit on Wednesday.

1 day ago

PM Lee calls for reform of WTO system, notes that 'further work remains' for RCEP

Annabeth Leow - THE prevailing World Trade Organisation (WTO) system of global trade must be updated for relevance, Singapore Prime Minister Lee Hsien Loong told Asean leaders and key guests on Wednesday.

1 day ago

Singapore shares close 0.3% down on Wednesday

Wong Kai Yi - SINGAPORE stocks ended 0.3 per cent lower on Wednesday, with the Straits Times Index falling 10.41 points to 3,043.19.

1 day ago

OPEC, partners discuss oil supply cut of up to 1.4 million bpd: sources

Leila Lai - OPEC and its partners are discussing a proposal to cut oil output by up to 1.4 million barrels per day (bpd) for 2019, three sources familiar with the issue said, to avert an oversupply that would weaken prices.

1 day ago

Daimler to open new R&D center in China to accelerate localization

Leila Lai - German automaker Daimler AG said on Wednesday it plans to invest 1.1 billion yuan (US$158.23 million) in a second research and development center in Beijing to help accelerate localization of Mercedes-Benz vehicle models in China.

1 day ago

Construction sector gets S$4 million to boost digitalisation

Leila Lai - IMDA and BCA set aside $4 million to help construction firms digitalise and accelerate data integration.

1 day ago

SIA finds premium economy a tougher sell on new non-stop US flights

Leila Lai - SINGAPORE: Singapore Airlines is facing no problem selling business class tickets on its ultra-long non-stop flights to the United States but is having to price premium economy seats very attractively, a senior executive said on Wednesday (Nov 14). The carrier last month resumed after five years .. ...

1 day ago

FAA, Boeing study need for changes to 737-MAX software after crash

Leila Lai - SEATTLE: The US Federal Aviation Administration (FAA) and Boeing are evaluating the need for software or design changes to 737-MAX jets in the wake of last month's deadly Lion Air crash in Indonesia, the regulator said on Tuesday (Nov 13). Boeing shares fell 2.1 per cent on Tuesday on concerns ...

1 day ago

Bank of China launches first global fintech innovation lab in Singapore

Tay Peck Gek - BANK of China (BOC) has launched on Nov 14 its first global fintech innovation lab in Singapore to spearhead its worldwide research and development  (R&D) activities as well showcase its latest technologies.

1 day ago

Bank of China launches first global fintech innovation lab in Sngapore

Tay Peck Gek - BANK of China (BOC) has launched on Nov 14 its first global fintech innovation lab in Singapore to spearhead its worldwide research and development  (R&D) activities as well showcase its latest technologies.

1 day ago

Singapore Air gets four 'hold' calls in wake of weak 2Q results

PC Lee - SINGAPORE (Nov 14): Singapore Airlines reported an 81% decline in 2Q19 earnings to $56.4 million on higher fuel costs and lower passenger yield. Including share of one-off losses of $116 million at associate Virgin Australia, 1H earnings fell 69% y-o-y to $196 million. In a Wednesday report, DBS Gr ...

2 days ago

Medical inflation in Singapore to hit 10% in 2019

Staff Reporter - Submitted By:  Sandra Sendingan Case Study:  No Cancer and cardiovascular issues are pushing the medical plan costs up. The cost of medical plans paid by employers in Singapore is expected to hold steady at 10% in 2019, according to a report by insurer Aon, with cancer and cardiovascular ...

2 days ago

9 in 10 Singapore family businesses positive on growth

Staff Reporter - Submitted By:  Luz Wendy Noble Case Study:  No But only 8% have a formalised succession plan for their next generations. Singapore family businesses are more optimistic than their global and Asia Pacific counterparts (84%) as 89% of them expect to grow in the next two years, the Global Fa ...

2 days ago

Olam International Q3 profits fell 14.2% to $20.7m

Staff Reporter - Submitted By:  Arianna Danganan Case Study:  No It blamed tough trading conditions in coffee and weaker performance from its peanut business and commodity financial services. Olam International saw its Q3 profits drop 14.2% to $20.7m from $24.11m in 2017, an announcement revealed. However ...

2 days ago

Golden Wall Centre up for collective sale at $260m

Staff Reporter - Submitted By:  Luz Wendy Noble Case Study:  No It could be transformed into a mid-sized hotel development. Golden Wall Centre in Short Street is up for en bloc sale at $260m, Edmund Tie & Company (ET&Co) revealed. The freehold commercial property has a land area of approximately 2 ...

2 days ago

CapitaLand Q3 profits jumped 13.6% to $362.22m

Staff Reporter - Submitted By:  Arianna Danganan Case Study:  No The increase was due to higher operating income and gains from asset recycling. CapitaLand’s profits rose 13.6% to $362.22m in Q3 from $318.8m in 2017, an announcement revealed. However, revenue fell 16.9% to $1.26b from $1.52b. The fi ...

2 days ago

MAS to make it easier for fintech startups to test out solutions: Ong Ye Kung

youjin.low - Janice Lim33 min 6 sec agoSINGAPORE — The Republic’s central bank is looking to make it easier for financial te

2 days ago

Energy Market Company launches electricity procurement portal for businesses

Samantha Chiew - SINGAPORE (Nov 14): Energy Market Company (EMC), a wholly-owned subsidiary of Singapore Exchange (SGX), has developed a new online portal that helps businesses purchase electricity efficiently. The portal named PowerSelect is an electrical procurement portal for businesses in Singapore, offering di ...

2 days ago

Oil struggles to find footing after 7% slide as outlook darkens

Leila Lai - Oil markets struggled to find their footing on Wednesday after plunging by 7 percent the previous session, with surging supply and the specter of faltering demand keeping investors on edge.

2 days ago

Teenager scams S$14,000 from Carousell users by pretending to sell Universal Studios, Bruno Mars concert tickets

asyrafkamil - Asyraf Kamil12 min 11 sec agoSINGAPORE — A 19-year-old teen has been arrested for allegedly cheating online market

2 days ago

MAS seeking feedback on proposed fintech sandbox scheme with faster approvals

Leila Lai - THE Monetary Authority of Singapore (MAS) has released a consultation paper on creating pre-defined sandboxes called Sandbox Express, to complement the existing FinTech Regulatory Sandbox launched in 2016, the authority announced on Wednesday.

2 days ago

Improving margins, revaluation gains to give Amara a near-term leg up: RHB

Michelle Zhu - SINGAPORE (Nov 14): RHB Research is maintaining its “buy” call on Amara Holdings with an 88-cent target price after the hotel and property group’s 3Q18 results came in line with the research house’s expectations with a net profit of $2.5 million. In a Wednesday report, analyst Leng Seng Cho ...

2 days ago

Cyber security not just a ‘technical issue’ for IT personnel to handle: CSA CEO

asyrafkamil - Alfred Chua30 min 11 sec agoSINGAPORE — Cyber security should be viewed like the brakes of a car, in that one cou