Possible class action lawsuit against Cordlife by customers could take at least 2 years
Megan Cheah - A REPRESENTATIVE action suit against beleaguered cord-blood bank Cordlife could take at least two years to conclude, should affected Cordlife customers decide to go through with such a lawsuit, said partners at law firm Withers KhattarWong.
SAP extends CEO Klein’s contract until 2028
SAP has prolonged CEO Christian Klein’s contract for a further three years, extending it to the end of 2028, the German software company announced on Monday (May 6).
Paragon Reit posts 3% rise in Q1 gross revenue to S$73.8 million
Sharanya Pillai - PARAGON Real Estate Investment Trust (Reit) grew its gross revenue 3 per cent year on year to S$73.8 million in the first quarter ended Mar 31, it announced in a business update on Monday (May 6).
Grayscale Bitcoin Trust's shares jump after first inflow since January
Shares of Grayscale Bitcoin Trust jumped 5 per cent in premarket trading on Monday after the exchange-traded fund (ETF) that tracks the price of bitcoin saw its first day of inflow since January.The move marks a major milestone for GBTC, which has seen $17.46 billion in withdrawals since it converte ...
Boeing's new Starliner capsule set for first crewed flight to space station
CAPE CANAVERAL, Florida: Boeing Co's new Starliner astronaut capsule was poised for a Monday (May 6) night launch of its long-delayed inaugural crewed test flight to the International Space Station, two years after its first voyage without humans to the orbital laboratory. The gumdrop-shaped CS ...
ISOTeam ‘well-positioned’ within rebound in construction and built environment, says SAC Capital
Felicia Tan - SAC Capital analysts Daniel Ng and Matthias Chan like ISOTeam after its “strong” performance for the 1HFY2024 ended Dec 31, 2023. For the six-month period, ISOTeam reported earnings of $1.4 million, 34% higher y-o-y, and revenue of $62.7 million, 16.5% higher y-o-y. The improved set of figures w ...
Daily Debrief: What Happened Today (May 6)
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LREIT reports slightly higher occupancy rate for 3QFY2024 with more takers for Italy office space
The Edge Singapore - Lendlease Global Commercial REIT has reported an improved portfolio committed occupancy of 88.8% as at March 31 versus 87.9% as at last December, as it secured more takers for its office space in Italy, the Sky Complex. In its 3QFY2024 business update, LREIT, whose key assets are stakes in three ret ...
Shell in talks to sell Malaysia fuel stations to Saudi Aramco: sources
ENERGY giant Shell is in talks with Saudi Arabia’s state-owned Saudi Aramco to sell its gas station business in Malaysia, the second-largest such network in the country, four industry sources aware of the discussions said, and a deal could be worth up to US$1 billion.
Singapore Airlines orders 1,000 tonnes of sustainable aviation fuel from Neste
Sharanya Pillai - SINGAPORE Airlines (SIA) has agreed to purchase one thousand tonnes of sustainable aviation fuel from renewable fuel producer Neste, the national carrier announced on Monday (May 6).
Analysts like Mapletree Logistics Trust for ‘resilient’ performance; UBS upgrades to ‘buy’
Felicia Tan - Analysts are upbeat over Mapletree Logistics Trust ’s (MLT) prospects after it reported its results for the 4QFY2024 and FY2024 ended March 31 on April 29. MLT’s distribution per unit (DPU) for the 4QFY2024 stood at 2.211 cents, 2.5% lower y-o-y, while its FY2024 DPU dipped by 0.1% y-o-y to 9.00 ...
Shell in talks to sell Malaysia fuel stations to Saudi Aramco: Report
SINGAPORE: Energy giant Shell is in talks with Saudi Arabia's state-owned Saudi Aramco to sell its gas station business in Malaysia, the second-largest such network in the country, four industry sources aware of the discussions told Reuters, and a deal could be worth up to US$1 billion. Shell d ...
Paragon REIT reports higher revenue in 1QFY2024 update, mulls acquisitions
The Edge Singapore - Paragon REIT has reported gross revenue of $73.8 million for its 1QFY2024, up 2.5% y-o-y. Paragon, its crown asset, enjoyed higher revenue of $44.5 million for the quarter ended March, up from $42.7 million in the year earlier, says the REIT in a presentation deck for it 1QFY2024 business update. ...
Reits lead gainers on Monday as STI climbs 0.3%
Raphael Lim - SINGAPORE stocks closed higher on Monday (May 6), with real estate investment trusts (Reits) and property stocks leading the gainers.
Singapore battles to revive struggling stock market
SINGAPORE is studying proposals to shake up its struggling stock market as the gap between the financial hub’s performance and other regional exchanges widens.
Luxury home sales fall 50% on-year in Q1, with just one foreign buyer
Observers said the doubling of property taxes has dampened the interest from overseas investors in buying residential properties in Singapore.
SIA to purchase 1,000 tonnes of sustainable aviation fuel from Neste
Jovi Ho - The Singapore Airlines (SIA) Group has signed an agreement with Neste to purchase 1,000 tonnes of neat Neste MY Sustainable Aviation Fuel, according to a May 6 statement. This will make SIA and Scoot, the two airlines in the group, the first carriers to receive sustainable aviation fuel (SAF), produ ...
Keong Hong sounds profit warning as higher construction costs persist
The Edge Singapore - Keong Hong Holdings expects to report lower earnings for 1HFY2024 ended March, no thanks to higher material and labour costs incurred in the aftermath of the pandemic. According to the company, the higher costs have persisted into the current reporting period although the new projects awarded in 202 ...
China home sales slump 47% over May Day holiday vs 2023
BEIJING: China's average daily home sales during the major May Day public holiday sank 47 per cent from a year earlier, and were down around 30 per cent from pre-pandemic levels in 2019 for the same holiday period, according to a private survey on Monday (May 6). Home sales fell in 19 of 22 sur ...
Indonesia's PGN, Freeport sign gas supply deal for smelter
INDONESIA’S PT Perusahaan Gas Negara (PGN), a unit of state energy firm Pertamina, has signed a gas supply deal with copper miner PT Freeport Indonesia to power its smelter, the company said on Monday (May 6).
Struggling French tech group Atos weighs financial lifelines
STRUGGLING French tech group Atos, an Olympics partner and key French defence contractor, said on Monday (May 6) it would make a decision on financial restructuring offers by May 31.
Brokers’ take: DBS cuts Venture Corp price target after Q1 earnings miss
Benicia Tan - DBS Group Research has lowered its price target for Venture Corp to S$16.40 from S$16.90 previously after the technology solutions provider posted weaker-than-expected financial earnings for the first quarter ended Mar 31.
China May Day holiday spending delivers mixed picture on post-COVID recovery
BEIJING: Domestic travellers spent 166.9 billion yuan (US$23.13 billion) during one of China's longest breaks, the May Day holiday, for a rise of 13.5 per cent from pre-pandemic levels, government data showed on Monday, but expenditure per head lagged 2019 rates. Boosting consumer confidence ha ...
GLP says 2025 bond repayment sources identified
ASIAN logistics operator GLP told investors it has identified sources to help it repay a US$1 billion US dollar bond due 2025 and has already paid back US$1.7 billion of its other bonds this year.
Volvo Cars April sales rise on strong EV demand
VOLVO Cars’ sales rose 27 per cent in April from a year earlier to 65,838 cars, boosted by demand for electric and hybrid vehicles, the Sweden-based group said on Monday (May 6).
KKR to buy India's Healthium Medtech at US$839 million valuation
GLOBAL investment firm KKR will buy Indian medical devices maker Healthium Medtech from UK-based Apax Partners in a deal that three sources with direct knowledge of the matter say is valued at US$838.60 million.
Citi appoints Damien Tan as head of corporate bank for Singapore
Ashley Lo - Citi has appointed Damien Tan as head of corporate bank for Singapore. Tan was appointed to the role on May 1. His new role focuses on driving the business performance and strategy for Citi’s corporate banking business in Singapore and taking charge of the bank’s coverage of top tier local cor ...
Maersk says Red Sea disruption will cut capacity by 15-20% in Q2
THE disruption to container shipping traffic in the Red Sea is increasing and is expected to reduce the industry’s capacity between the Far East and Europe by some 15 per cent to 20 per cent in the second quarter, shipping group Maersk said on Monday (May 6).
Analysts maintain ‘buy’ calls on FEHT following recovery in leisure sector
Ashley Lo - Maybank Securities’ Krishna Guha, UOB Kay Hian’s Jonathan Koh and PhillipCapital’s Liu Miao Miao have maintained their “buy” calls on Far East Hospitality Trust (FEHT) with unchanged target prices of 80 cents, 82 cents and 79 cents respectively. These positive outlooks follow FEHT’s resu ...
Why Asia's growth depends on digitalising the boring parts of banking
Richard Zhu - Asia has quickly embraced digital transformation in its continued pursuit of growth. The region has even been able to leapfrog more developed markets, thanks in part to collective policy action by governments and rising investments from the private sector. By many measures, Asia is now a clear leade ...
Adani in talks with banks to borrow US$600 million for gas unit
BILLIONAIRE Gautam Adani’s conglomerate is seeking an offshore loan of about US$600 million to refinance existing debt, according to people familiar with the matter.
CGS International raises Japfa's target price on better market dynamics
The Edge Singapore - Tay Wee Kuang of CGS International has maintained his "add" call along with a higher target price of 37 cents from 26 cents for Japfa , following much-improved earnings for its 1QFY2024. Revenue for the three months ended March increased by 11.6% y-o-y to US$1.1 billion on better selling p ...
Citi promotes Damien Tan to corporate banking head for Singapore
Michelle Zhu - CITI has named banking veteran Damien Tan as its head of corporate bank for Singapore.
China’s Sinopec in talks for gas offtake, stake in Canada’s Cedar LNG
CHINA’S Sinopec is in discussions with Pembina Pipeline for a liquefied natural gas (LNG) offtake agreement and equity stake in the Canadian company’s proposed Cedar LNG project, two sources with knowledge of the matter told Reuters.
