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Business Headlines & Market News

Business Headlines and Stock Market News by Singapore Financial News Publishers

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New York fines BNP Paribas US$350m over fake currency trading

NEW YORK: New York state bank regulators fined BNP Paribas US$350 million for "illegal, unsafe and unsound" currency trading practices that included use of secret hand signals to dupe customers, officials announced on Wednesday (May 24). The charges involved "significant, long-term violations," ...

'Fight for 15' targets McDonald's shareholder meeting

Hundreds of fast-food workers demanding wage increases marched on Wednesday outside of the McDonald's Corp headquarters in a Chicago suburb during the company's annual shareholder meeting.

Bunge shares touch 22-month high as consolidation talk swirls

Today - CHICAGO - Shares of Bunge Ltd scaled to a 22-month peak on Wednesday after merger overtures by Glencore Plc's agriculture unit whetted investors' appetite for consolidation in the commodities sector. But Bunge's lukewarm response to a "possible...

Loeb says Dow-DuPont deal can create US$20 billiob more value

Activist investor Daniel Loeb's Third Point LLC said Dow Chemical and DuPont could create US$20 billion in additional shareholder value by tweaking their plan to split into three companies following the merger.

European stocks tread water before Fed minutes

LONDON: European equities traded broadly flat on Wednesday (May 24), despite gains across most of Asia, as dealers waited on news from the Federal Reserve's most recent policy meeting. Meanwhile, oil prices dipped despite data showing a drop in crude stockpiles in the United States and progress by . ...

Anthem still weighing 2018 Obamacare individual participation

Anthem Inc is looking at each state to determine what its participation in the Obamacare individual market will be next year given the political and regulatory uncertainty, Chief Executive Officer Joseph Swedish said on Wednesday.

Wall St. creeps higher; Fed minutes eyed

U.S. stocks looked set to open little changed on Wednesday ahead of the Federal Reserve releasing the minutes of its May meeting that could cement the chances of a rate hike next month.

Two dead in blasts at bus terminal in Jakarta

[JAKARTA] Two blasts rocked a public transport terminal in the Indonesian capital Jakarta on Wednesday and caused casualties, police said.

Home sales fall as tight supply boosts prices

WASHINGTON: 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. The National Association of Realtors said on Wednesday (May 24) existing home sales declined 2.3 per ...

RBS talks to settle Goodwin trial hindered by missing investors

[LONDON] Royal Bank of Scotland Group Plc continues to make progress toward settling a lawsuit linked to the lender's near collapse during the financial crisis, according to a lawyer for bank investors who pushed back against reports that talks had faltered.

U.S. regulator may have edge in court arguments on its structure

Today - WASHINGTON - A divided U.S. appeals court on Wednesday appeared to tilt slightly in favor of the Consumer Financial Protection Bureau's arguments that its structure does not violate the Constitution, in one of two cases that could weigh on the policing of...

Linde, Praxair reach agreement on details of merger

German industrial gases group Linde's supervisory board will vote next week on a merger agreement with U.S. peer Praxair , German weekly WirtschaftsWoche reported, citing sources close to the negotiations.

US appeals court hears arguments weighing on Wall Street policing

A U.S. appeals court panel questioned government lawyers at length on Wednesday in oral arguments on whether or not the Securities and Exchange Commission's hiring of administrative law judges for in-house proceedings violated the Constitution.

Chinese carmaker Geely to acquire Malaysia's Proton

KUALA LUMPUR: Chinese automaker Zhejiang Geely Holding Group on Wednesday (May 24) said it would buy a 49.9 per cent stake in Malaysia's national carmaker Proton from conglomerate DRB-HICOM, marking another major Chinese auto investment in Southeast Asia. Geely, parent company of Hong Kong-based ...

Bitcoin soars above US$2,400 to all-time high

Digital currency bitcoin hit a fresh record high on Wednesday, surging above US$2,400, as demand for crypto-assets soared with the creation of new tokens to raise funding for start-ups using blockchain technology.

Government to call for S$2.4b of ICT tenders this year for Smart Nation projects

SINGAPORE: To speed up Singapore's digital transformation and its push in becoming a Smart Nation, the Government will be calling for a projected S$2.4 billion of information and communications technology (ICT) tenders in the 2017 fiscal year. This was announced by the Government Technology Agency ...

US inventories of oil, gasoline fall: EIA

U.S. crude stocks fell last week as refineries hiked output, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said on Wednesday.

US existing home sales fall as tight supply lifts prices

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

US: Wall St little changed ahead of Fed minutes

[NEW YORK] US stocks were little changed in early trading on Wednesday as investors awaited Federal Reserve minutes of its May meeting that could cement the chances of a rate hike next month.

International Healthway Corporation warns of net loss for FY16 ended Dec 31

Lynette Khoo - INTERNATIONAL Healthway Corporation Limited (IHC) said it is expected to report a net loss for the full financial year ended Dec 31, 2016 based on a preliminary assessment of the group's draft unaudited financial results for fiscal 2016.

No va va voom for Eurosports Global as FY17 losses widen

PC Lee - SINGAPORE (May 24): Eurosports Global, the purveyor of supercars and luxury watches, reported FY17 losses widened to nearly $8 million from $4.5 million a year ago in FY16. Full-year revenue fell 17.5% to $52.4 million due to lower sales of supercars and watches. Sales of supercars decreased by 22% ...

Secura signs cyber-security strategic alliance with ComfortDelGro Insurance Brokers

PC Lee - SINGAPORE (May 24): Secura Group, the provider of security products, services and solutions in Singapore, announced that its wholly-owned subsidiary, Red Sentry, has entered into a two-year strategic alliance with ComfortDelGro Insurance Brokers (CDGI), an associate company of ComfortDelGro Corporat ...

Trustee-manager of RHT Health Trust prices S$60m fixed notes due 2018

Lynette Khoo - RHT Health Trust Manager Pte Ltd, the trustee-manager of RHT Health Trust, has priced the S$60 million fixed rate notes due 2018 with 4.50 per cent interest.

Analysts wary over Fiat Chrysler's emissions but say not as bad as VW

Any potential fines Fiat Chrysler (FCA) may need to pay to settle a U.S. civil lawsuit over diesel emissions will unlikely top US$1 billion, analysts said, adding the case appeared less serious than at larger rival Volkswagen .

Sinwa wins contracts totalling $8.3 mil from Shell Prelude FLNG project

PC Lee - SINGAPORE (May 24): Sinwa, the marine, offshore, supply and logistics player, have won a number of new supply agreements totalling A$8 million ($8.3 million), for vessels involved in the Shell Prelude Floating Liquefied Natural Gas (FLNG) Project. This is a milestone for the group as it is the highe ...

Citi struggles to bring back shine to its Mexican crown jewel

The newly refurbished Citibanamex branch in Mexico City's affluent Del Valle neighborhood opens into a Scandinavian-chic space where salespeople chat with clients at touch screens. The next room, though, is filled with customers queueing up in front of tellers or waiting on benches. Outside, more .. ...

Pollux Properties posts 55.5% rise in full-year profit

Lynette Khoo - POLLUX Properties reported a 55.5 per cent rise in net profit for the full year ended March 31 to S$2.58 million, thanks to a surge in share of results from a joint venture.

EuroSports posts deeper loss of S$7.97m for FY17

Lynette Khoo - EUROSPORTS Global, which is the agent for Lamborghini, sank deeper into the red for the full year ended March 31, chalking up a net loss of S$7.97 million compared to a net loss of S$4.5 million a year ago.

Anthem weighing Obamacare individual market in each state

Anthem Inc is looking at each state to determine what its participation in the Obamacare individual market will be next year given the political and regulatory uncertainty, Chief Executive Officer Joseph Swedish said on Wednesday.

Vallianz enters agreements with Swiber, Rawabi to restructure US$139m in net payables, shareholder's advances

Lynette Khoo - OFFSHORE support vessel provider Vallianz Holdings Limited has entered into separate set-off and settlement agreements (SOSAs) with Swiber Holdings Limited and Rawabi Holding Company Limited to restructure net payables and shareholder's advances of up to US$138.7 million.

Wall St. set to open little changed ahead of Fed minutes

U.S. stocks looked set to open little changed on Wednesday ahead of the Federal Reserve releasing the minutes of its May meeting that could cement the chances of a rate hike next month.

Judge gives RBS a week to end investor suit or face trial

Royal Bank of Scotland is struggling to reach a deal with all the investors who allege the lender misled them during a 12 billion pound (US$15.6 billion) cash call in 2008, two sources familiar with the situation said.

Sinwa secures A$8m worth of new supply contracts from Shell Prelude FLNG project

Lynette Khoo - OFFSHORE supply and logistics player Sinwa Limited secured a number of new supply agreements totalling A$8 million (S$8.3 million) for vessels involved in the Shell Prelude Floating Liquefied Natural Gas (FLNG) project.

Oxley Holdings buys freehold property at East Coast for S$10.5m

Lynette Khoo - OXLEY Holdings Limited said it has exercised an option to purchase the property at 494 Upper East Coast Road from its owner for S$10.5 million.

Secura Group in 2-year alliance with ComfortDelGro Insurance Brokers

Lynette Khoo - SECURITY products provider Secura Group Limited said its wholly-owned subsidiary, Red Sentry Pte Ltd, has entered into a two-year strategic alliance with ComfortDelGro Insurance Brokers (CDGI), an associate company of ComfortDelGro Corporation.

Tiffany's lackluster sales sends shares down

Tiffany & Co reported a surprise drop in quarterly comparable sales due to lower spending by tourists and domestic customers in the Americas.

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