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Published: Sun, 28 May 2017 14:54:46 +0800


Reliance Communications hit by Indian mobile price war

Sun, 28 May 2017 02:05:08 +0800

Indian mobile phone network operator Reliance Communications Ltd posted its second straight quarterly loss on Saturday, hit by the price war which has broken out in the world's second-biggest mobile market by number of users.

GM says ISS advises against Greenlight share plan, board nominees

Sun, 28 May 2017 01:45:07 +0800

General Motors Co said on Saturday that proxy advisory firm Institutional Shareholder Services has recommended that shareholders vote against a slate of directors proposed by hedge fund Greenlight Capital and reject the hedge fund's plan to divide GM shares into two classes.

Commentary: For big banks to succeed, they must operate like start-ups

Sat, 27 May 2017 15:00:39 +0800

Embracing uncertainty and not being afraid of failing are keys to innovation, says DBS Bank's group chief information officer David Gledhill.

Switch it up this year: Buy in May, till November stay

Sat, 27 May 2017 14:00:10 +0800

"Sell in May and go away" is perhaps the oldest saw on Wall Street, but it appears there's no shortage of U.S. mutual funds doing exactly that this year.

Commentary: Spreading the love, taking a piece of Singapore abroad

Sun, 28 May 2017 08:37:42 +0800

Ya Kun Kaya Toast’s Jesher Loi reveals how the family took the business overseas and dealt with challenges faced in expanding to less familiar markets.

Slim seeks to sell minority stake in tower company Telesites: sources

Sat, 27 May 2017 05:45:10 +0800

Billionaire Carlos Slim is looking to sell a minority stake in Telesites SAB de CV , the Mexican wireless tower company that he controls, people familiar with the matter said on Friday.

Kuwaiti logistics firm Agility settles US civil case

Sat, 27 May 2017 05:40:08 +0800

WASHINGTON: Agility Public Warehousing Co KSC , a major Kuwaiti logistics company, has agreed to pay US$95 million to settle a civil case involving allegations it overcharged for supplying food to the U.S. military from 2003 to 2010, the U.S. Justice Department said on Friday. The deal, which ...

Wall Street sets fresh records despite little movement

Sat, 27 May 2017 05:30:38 +0800

NEW YORK: Wall Street drifted marginally higher to new records on Friday despite finishing virtually flat ahead of a holiday weekend. With the three major stock indices clinging to advances made in a week-long rally, Friday's hair's-breadth gains were all that was necessary to see the Nasdaq and S ...

PepsiCo in bid to acquire Vita Coco owner: sources

Sat, 27 May 2017 05:10:07 +0800

Soft drink maker PepsiCo Inc is in talks to acquire All Market Inc, the owner of coconut water brand Vita Coco, whose celebrity investors include Madonna and Matthew McConaughey, people familiar with the matter said on Friday.

Chipotle says hackers stole payment card info in data breach

Sat, 27 May 2017 05:00:05 +0800

Chipotle Mexican Grill Inc said on Friday hackers used malware to access customers' card data, including its number, expiration date and internal verification codes, from payment systems at some of its restaurants between March 24 and April 18.

China's COFCO overhauls Brazil business after accounting crisis: Sources

Sat, 27 May 2017 01:48:34 +0800

Chinese food commodities trader COFCO is overhauling its operations in Brazil, including a management reshuffle, as it restructures its Nidera Sementes Ltda business following accounting irregularities reported last year, according to company documents and sources.

Fractious politics leads 'Far Cry' video game to US

Sat, 27 May 2017 01:26:01 +0800

The latest edition of the blockbuster shooter video game "Far Cry" plays out on US soil, inspired by angry political divides and intense isolationist passions in rural America.

Some investors bet Brazil has further room to fall

Sat, 27 May 2017 01:40:09 +0800

Some investors are betting the worst is yet to come for Brazil's stock market, even after a brutal selloff last week.

Oversold: Oil traders punish OPEC for promising too much

Fri, 26 May 2017 22:50:10 +0800

As OPEC's latest meeting wrapped up in Vienna on Thursday night, ministers congratulated each other on its rare spirit of amity and consensus. The talks were, without a doubt, a success.

OPEC ponders how to co-exist with US shale oil

Fri, 26 May 2017 22:15:11 +0800

First, they ignored each other. Then, they went into a bruising fight. Finally, they are talking, albeit with opposing agendas.

Wall St. in holiday mode ahead of long weekend

Sat, 27 May 2017 00:55:06 +0800

REUTERS: U.S. stocks were little changed in early afternoon trading on Friday, taking a breather after six straight days of gains and ahead of a three-day holiday weekend. Another strong day for consumer stocks was offset by weakness in healthcare and real estate stocks, leaving the market in ...

US home prices to rise at a strong pace on tight supply: Reuters poll

Fri, 26 May 2017 21:20:11 +0800

U.S. home prices look poised to rise at a robust pace over the next few years, mainly because of a chronic shortage of houses and steady demand, a Reuters poll showed on Friday.

US economy grows at tepid 1.2 percent; business spending softens

Fri, 26 May 2017 21:35:17 +0800

U.S. economic growth slowed less sharply in the first quarter than initially thought, but the weakness was likely an aberration amid a strong labor market that is near full employment.

E-sport breathes some new life into waning consumer PC market

Fri, 26 May 2017 19:00:42 +0800

With improving performance in devices, particularly notebooks, and increased interest in online games, observers say e-sports is providing a "bright spot" in an industry in the doldrums.

Linde board to vote on Praxair merger on June 1: sources

Fri, 26 May 2017 18:50:35 +0800

German industrial gases group Linde's supervisory board is due to vote on a merger agreement with U.S. peer Praxair on June 1, two people close to the matter told Reuters on Friday.

Japan's big insurers expand their appetites for US Treasuries

Fri, 26 May 2017 16:55:19 +0800

Big Japanese life insurers, who are major bond investors globally, are primarily focusing on U.S. bonds while staying cautious on European bonds, earning reports and comments from industry executives show.

Irritation with Moody's reflects China's sensitivity as it seeks foreign investors

Fri, 26 May 2017 16:30:06 +0800

BEIJING/HONG KONG: China has tried to brush aside a rare cut to its credit rating by Moody's Investors Service as misinformed, but its reaction highlights its sensitivity to how it is being viewed just as it seeks more foreign capital in its equity and bond markets. The downgrade offered no new ...

Singapore manufacturing output up 6.7% in April

Fri, 26 May 2017 13:10:38 +0800

This was boosted by strong growth in the electronics sector.

China's reforms not enough to arrest mounting debt: Moody's

Fri, 26 May 2017 15:15:19 +0800

China's structural reforms will slow the pace of its debt build-up but will not be enough to arrest it, and another credit rating cut for the country is possible down the road unless it gets its ballooning credit in check, officials at Moody's said.

California says VW clean car spending plan has shortcomings

Fri, 26 May 2017 12:20:07 +0800

California regulators said Volkswagen AG's spending plan on clean vehicle infrastructure had shortcomings and that it lacked details on how it would help disadvantaged communities as well as promote hydrogen fuel cell technology.

US court fines UPS US$247 million over illegal cigarette shipments

Fri, 26 May 2017 11:25:08 +0800

A federal judge ordered United Parcel Service Inc to pay nearly US$247 million in damages and penalties for "illegally shipping" large volumes of untaxed cigarettes in New York state and City, a court filing showed on Thursday.

US inflation path since 2012 is worrisome, policymaker says

Fri, 26 May 2017 15:15:20 +0800

The current level of U.S. prices is noticeably lower than what it would be if the Federal Reserve had delivered on its 2-percent inflation target, St. Louis Federal Reserve President James Bullard said, calling the trend "worrisome."

Wall Street advances for sixth straight session

Fri, 26 May 2017 05:20:38 +0800

NEW YORK: Wall Street rose to fresh records on Thursday, with US stocks seeing their sixth straight winning finish amid persistent investor enthusiasm. But oil shares did not join the party, with crude prices tumbling as markets showed disappointment at producing countries' decision on Thursday ...

Big drop in US oil stocks finally on the way, traders say

Fri, 26 May 2017 04:45:08 +0800

Oil traders and analysts are expecting large volumes of crude to draw from storage tanks across the United States in coming weeks, in what would be the most tangible sign of an inventory overhang reduction that has punished prices over the last two years.

Viacom networks to return to Suddenlink customers

Fri, 26 May 2017 04:40:10 +0800

A number of Viacom Inc's networks, which include Nickelodeon, Comedy Central and MTV, will be available to Altice NV's Suddenlink subscribers more than two years after the cable provider dropped them in a carriage dispute, the companies said on Thursday.

GM pickup owners sue, alleging emissions cheating

Fri, 26 May 2017 03:48:04 +0800

DETROIT: Two US owners of General Motors diesel pickup models sued the giant automaker on Thursday (May 25), claiming it had used emissions-cheating devices similar to those in Volkswagen's global "dieselgate" scandal. The company quickly denied the allegations. The lawsuit, filed in a Detroit ...

Amazon opens first brick-and-mortar New York bookshop

Fri, 26 May 2017 07:46:18 +0800

NEW YORK: Online retail giant Amazon on Thursday (May 25) opened its first brick and mortar bookstore in New York, selling a limited range of its highest-rated books and letting customers browse products as in times gone by. Amazon, which launched as an online bookseller in 1995 but which now ...

GM is accused in lawsuit of cheating on diesel truck emissions

Fri, 26 May 2017 03:25:05 +0800

REUTERS: General Motors Co was accused in a lawsuit on Thursday of rigging hundreds of thousands of diesel trucks with devices similar to those used by Volkswagen AG , to ensure they pass emissions tests. The proposed class-action lawsuit covers people who own or lease more than 705,000 Chevrolet ...

BlackRock to pay US$1.25 billion over 20 years for New York headquarters

Fri, 26 May 2017 02:30:13 +0800

BlackRock Inc will initially pay about US$60 per square foot in rent for its future headquarters in the Hudson Yards district on the far west side of midtown Manhattan, the company said in a filing on Thursday.

Ballooning Chinese dollar borrowing a dilemma for index trackers

Fri, 26 May 2017 02:35:07 +0800

Record-breaking dollar bond sales from Chinese companies are steadily increasing China's weight in global indexes, raising concerns about overexposure among investors who track them.

Managing cash flow a top challenge for SMEs: Survey

Fri, 26 May 2017 17:47:05 +0800

SINGAPORE: Delays in receiving payments from customers is the top financing challenge faced by a quarter of small- and medium-sized enterprises (SMEs) surveyed in Singapore. This is according to a recent study conducted by SPRING Singapore, which polled 1,645 SMEs. “The customers are delaying ...

Bankrupt Westinghouse ends pensions for ex-CEOs, executives

Fri, 26 May 2017 09:36:36 +0800

Bankrupt Westinghouse Electric Co LLC, the U.S. nuclear technology firm owned by Toshiba Corp , has stopped making pension payments to former executives, according to a letter seen by Reuters, removing a benefit that has helped the company retain top talent.

Wilbur Ross seeks bigger budget for trade enforcement

Fri, 26 May 2017 00:15:14 +0800

U.S. Commerce Secretary Wilbur Ross said on Thursday that a US$5.5 million increase requested for the agency's enforcement budget this year will have a "real impact" in cracking down on unfair trade practices and export security violations.

Oil skids lower on Saudi comments before OPEC decision

Fri, 26 May 2017 00:20:38 +0800

LONDON: World oil prices briefly sank by two dollars on Thursday (May 25) after OPEC kingpin Saudi Arabia appeared to rule out deep production cuts at a meeting of the cartel. Crude futures later clawed back ground as traders awaited the conclusion of the latest gathering of the Organisation of ...

Payless to try fending off creditor probe of owners with own review

Fri, 26 May 2017 00:00:09 +0800

Discount retailer Payless ShoeSource is investigating whether its leveraged buyout by private equity firms and the dividend payments they received led to its bankruptcy, according to court papers.

GM International assisting employees in Singapore affected by restructuring

Fri, 26 May 2017 00:00:38 +0800

SINGAPORE: General Motors (GM) International on Thursday (May 25) said it is supporting employees affected by a restructuring of its regional office in Singapore. The US-based automaker’s international headquarters in Singapore oversees markets in India, Southeast Asia and South Korea, among ...

US Treasury sees business taxes as fruitful ground for bipartisan deal

Thu, 25 May 2017 23:00:19 +0800

The Trump administration is particularly hopeful it can reach a bipartisan tax deal when it comes overhauling laws for business taxes, Treasury Secretary Steven Mnuchin said on Thursday.

Anthem battle behind it, Cigna gives stock to 40,000 workers

Thu, 25 May 2017 22:45:11 +0800

Cigna Corp , which recently won court approval to break off its failed deal with Anthem Inc , on Thursday said it would give its more than 40,000 employees five Cigna shares each and expand its paid leave, as it embarks on its next phase of growth.

Prosecutors investigate Bosch employees in Daimler probe: Handelsblatt

Thu, 25 May 2017 22:30:11 +0800

German prosecutors who searched Daimler's offices this week as part of a probe into diesel pollution are also investigating employees at automotive supplier Bosch , daily Handelsblatt reported, citing the prosecutor's office.

S&P, Nasdaq open at record highs after Fed minutes

Thu, 25 May 2017 21:40:08 +0800

REUTERS: The S&P 500 and Nasdaq Composite opened at record highs on Thursday after minutes of the Federal Reserve's latest meeting showed policymakers expected the economy to pick up momentum and that they would raise interest rates soon. The Dow Jones Industrial Average rose 50.69 points, or 0 ...

New Ford CEO relies on veterans to reboot profits

Thu, 25 May 2017 22:35:10 +0800

Ford Motor Co on Thursday outlined a broad reshuffling of senior management under its new chief executive officer, including a new vice president for autonomous and electric vehicles hired away from ride services power Uber.

BlackRock CEO Larry Fink says global growth accelerating

Thu, 25 May 2017 21:15:24 +0800

BlackRock Inc Chief Executive Officer Larry Fink said global growth was accelerating and that corporate earnings were keeping pace with higher stock prices.

Rio Casa sold for S$575m in en bloc deal

Thu, 25 May 2017 21:10:38 +0800

SINGAPORE: Former HUDC estate Rio Casa has been sold for S$575 million to a joint venture company Oxley-Lian Beng Venture, announced marketing agent Knight Frank on Thursday (May 25).  To develop the site, the buyers intend to apply to top up the lease to a fresh 99 years, at an additional ...

Jobless claims up slightly; four-week average at 44-year low

Thu, 25 May 2017 20:40:15 +0800

The number of Americans filing for unemployment benefits rose less than expected last week and the four-week moving average of claims fell to a

Abercrombie posts smaller-than-expected drop in same-store sales

Thu, 25 May 2017 19:55:09 +0800

U.S. teen apparel retailer Abercrombie & Fitch Co , which has put itself up for sale, posted smaller-than-expected drop in comparable-store sales, helped by strong demand for its California beach-themed surfwear brand Hollister.

New certification, initiatives announced to boost HR profession

Thu, 25 May 2017 19:50:38 +0800

SINGAPORE: A national certification for human resources (HR) professionals and other initiatives were announced on Thursday (May 25) by the Ministry of Manpower (MOM) and Workforce Singapore (WSG). In a joint media release, they said the aim is to support the HR profession in developing and ...

Best Buy beats on profit, comparable sales; shares jump

Thu, 25 May 2017 20:00:08 +0800

Best Buy Co Inc , the No. 1 U.S. electronics retailer, reported on Thursday an unexpected rise in quarterly comparable sales, helped by demand for gaming and mobile products.

Some Uber and Lyft riders are giving up their own cars: Reuters/Ipsos poll

Thu, 25 May 2017 19:20:09 +0800

Wally Nowinski got his first car when he turned 16 in Michigan, the home of the U.S. auto industry. But after two years of living in New York City, he sold his wheels, using ride services, carsharing and bike sharing to get around.

Asian markets gain after Fed minutes, OPEC meeting in focus

Thu, 25 May 2017 19:00:38 +0800

HONG KONG: Asian markets rose on Thursday (May 25) as traders welcomed indications from the Federal Reserve that interest rates could rise next month, while oil prices rallied ahead of an expected extension to output cuts. Minutes from the Fed's May policy meeting showed board members thought that ...

Sears posts quarterly profit on Craftsman sale, cost cuts

Thu, 25 May 2017 21:40:10 +0800

REUTERS: Sears Holdings Corp reported its first quarterly profit in nearly two years, as the retailer benefited from the sale of its Craftsman brand and a program to cut US$1.25 billion in costs, amid doubts about its ability to continue as a going concern. The company's shares were up 17 percent ...

Singapore economy seen improving, but there are still headwinds

Thu, 25 May 2017 18:20:39 +0800

Niggling worries about the sustainability of the economy’s recovery remain, economists say.

Safdie Architects and Surbana Jurong partner to take on 'major' design projects

Thu, 25 May 2017 18:20:41 +0800

SINGAPORE: He is the man behind one of Singapore's most recognisable buildings - the Marina Bay Sands - and now, Moshe Safdie and his architectural firm will work with Singapore infrastructural consultancy firm Surbana Jurong to design and construct buildings in the Asia Pacific.  Safdie ...

Banks and funds will never quite be forex friends

Thu, 25 May 2017 18:00:27 +0800

On U.S. election day last November, banking executive David Puth stood in line behind Woody Allen to vote in his Manhattan neighborhood and then got on a plane to be shouted at for the rest of the day by a group of rich fund managers.

All aboard India's new luxury affordable train

Thu, 25 May 2017 17:02:53 +0800

India's passenger trains are notorious for being rickety and spartan, but the government is hoping to change all that with a new "luxury" service.

New Zealand unveils tax-cutting election-year budget

Thu, 25 May 2017 16:54:01 +0800

New Zealand on Thursday unveiled a tax-cutting election-year budget that the ruling National Party said will help families as it looks to win a record fourth consecutive term in power.

OPEC extends oil output cut by nine months to fight glut

Fri, 26 May 2017 00:14:43 +0800

VIENNA: OPEC decided on Thursday (May 25) to extend cuts in oil output by nine months to March 2018, OPEC delegates said, as the producer group battles a global glut of crude after seeing prices halve and revenues drop sharply in the past three years. The cuts are likely to be shared again by a ...

US oilfield service firms lag shale recovery; old deals hold

Thu, 25 May 2017 13:35:10 +0800

U.S. oil services companies have been doing a lot more work as recovering oil prices have lifted the shale industry from a two-year slump, but producers have been pocketing much of the new cash generated by rising output and squeezing service providers to keep costs down.

Lack of new launches leaves Ford playing catchup with GM

Thu, 25 May 2017 18:50:16 +0800

DETROIT: James Hackett spent the last year plotting Ford Motor Co's long-term self-driving car strategy. In his first week as chief executive, he has more immediate concerns: stopping a skid in North American sales and fending off a market share grab by resurgent archrival General Motors Co. The U ...

Moody's China downgrade 'illogical', overstates debt: People's Daily

Thu, 25 May 2017 10:05:12 +0800

The decision by Moody's Investors Service to downgrade China's credit rating is "illogical" and overstates the levels of government debt, a commerce ministry researcher said in an editorial in the official People's Daily newspaper on Thursday.

Asian shares firm, dollar and US bond yields slip after Fed

Thu, 25 May 2017 08:35:10 +0800

Asian shares eked out modest gains on Thursday while the dollar and U.S. bond yields slipped after the U.S. Federal Reserve signalled a cautious approach to future rate hikes and the reduction of its US$4.5 trillion of bond holdings.

Dollar on back foot after Fed minutes, euro resumes advance

Thu, 25 May 2017 08:25:12 +0800

The dollar was on the defensive early on Thursday after minutes of the latest Federal Reserve policy meeting were not as hawkish as anticipated, while the euro edged back up towards a 6-1/2-month high.

Worker advocacy group report says Tesla's injury rate higher than average

Thu, 25 May 2017 08:15:09 +0800

A California-based workers advocacy group released a report on Wednesday saying that Tesla Inc data showed its workers have been injured at a rate a third higher than the auto industry average.

Singapore exports surge 15.2% in Q1, forecast for year up

Thu, 25 May 2017 09:14:35 +0800

SINGAPORE: Non-oil domestic exports in Singapore surged 15.2 per cent in the first quarter of 2017, on the back of increased shipments of both electronic and non-electronic products, according to data released by International Enterprise (IE) Singapore on Thursday (May 25). This follows a 2.7 per ...

Singapore maintains 2017 growth forecast as economy expands 2.7% in Q1

Thu, 25 May 2017 23:20:23 +0800

The economy is expected to grow between 1 and 3 per cent for 2017, with growth likely to come in higher than 2 per cent “barring the materialisation of downside risks”, says the Ministry of Trade and Industry.

Most Japan firms favor cautious approach to any Toshiba delisting: poll

Thu, 25 May 2017 07:10:33 +0800

Most Japanese firms believe the Tokyo bourse should be cautious in its approach to any delisting of embattled Toshiba Corp , concerned about the potential impact on its clients, subcontractors and financial markets, a Reuters poll showed.

Boeing, DARPA to build prototype spaceplane

Thu, 25 May 2017 06:25:16 +0800

The U.S. Defense Advanced Research Projects Agency on Wednesday said it will invest up to US$146 million in an alliance with Boeing to build an experimental spaceplane that can deliver small satellites into orbit on a daily basis.

New Ford CEO eligible for US$13.4 million in annual compensation

Thu, 25 May 2017 06:25:12 +0800

REUTERS: Ford Motor Co said on Wednesday that new Chief Executive James Hackett is eligible for at least US$13.4 million in total annual compensation. Hackett, 62, a former chief executive of furniture manufacturer Steelcase Inc , was named to replace CEO Mark Fields on Monday. Hackett will earn ...

Software update can fix Fiat Chrysler's US diesel issue: lawyer

Thu, 25 May 2017 06:20:10 +0800

Fiat Chrysler Automobiles NV believes a software update can address U.S. regulators' contention that its diesel vehicles are producing excess emissions, a lawyer for the company said at a court hearing on Wednesday.

After Fed minutes, Wall Street posts fifth straight win

Thu, 25 May 2017 05:40:39 +0800

NEW YORK: Wall Street finished higher on Wednesday (May 24) for the fifth consecutive session, with investors reacting favorably to the US central bank's latest signals that it could raise interest rates as soon as next month. The broad-based S&P 500 rose to an all-time high, with all three major ...

Facebook signs BuzzFeed, Vox, others for original video shows: Sources

Thu, 25 May 2017 09:28:31 +0800

NEW YORK: Facebook Inc has signed deals with millennial-focused news and entertainment creators Vox Media, BuzzFeed, ATTN, Group Nine Media and others to make shows for its upcoming video service, which will feature long and short-form content with ad breaks, according to several sources familiar ...

General Motors to cut jobs in international HQ in Singapore

Thu, 25 May 2017 06:51:02 +0800

DETROIT: General Motors will slash headcount in its international headquarters in Singapore as part of its efforts to reduce exposure to unprofitable and unpromising markets. GM International - which oversees markets such as India, Southeast Asia, and South Korea, among others - will reduce its ...

US interest rates may pose risk to Trump budget's optimistic assumptions

Thu, 25 May 2017 02:50:18 +0800

If President Donald Trump's budget does touch off an economic boom that pushes growth up to 3 percent a year as it assumes, the government's borrowing is likely to cost much more than has been factored into the administration's fiscal proposals.

Disgruntled employees grill United at shareholders meeting

Thu, 25 May 2017 02:26:40 +0800

United Continental Holdings Inc executives faced disgruntled company and contracted employees at its annual shareholders meeting on Wednesday, as the airline tried to repair its public image damaged by recent customer relations fiascos.

New rate hike likely coming 'soon': US Federal Reserve

Thu, 25 May 2017 05:21:40 +0800

WASHINGTON: US central bankers say it will "soon" be time to raise the key lending rate again, according to minutes from the last Federal Reserve meeting released on Wednesday (May 24). Monetary policymakers say they may wait, however, to see if weak growth recorded earlier this year was only ...

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

Thu, 25 May 2017 01:20:41 +0800

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

Thu, 25 May 2017 01:00:29 +0800

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.

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

Fri, 26 May 2017 14:09:44 +0800

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

Thu, 25 May 2017 00:20:40 +0800

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 ...

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

Wed, 24 May 2017 23:00:17 +0800

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.

US inventories of oil, gasoline fall: EIA

Wed, 24 May 2017 22:40:33 +0800

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.

Home sales fall as tight supply boosts prices

Wed, 24 May 2017 23:40:22 +0800

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 ...

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

Wed, 24 May 2017 21:45:10 +0800

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 .

Citi struggles to bring back shine to its Mexican crown jewel

Wed, 24 May 2017 21:35:43 +0800

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 ...

Anthem still weighing 2018 Obamacare individual participation

Thu, 25 May 2017 00:10:17 +0800

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.

Kuwait says OPEC, non-OPEC could deepen oil cuts

Wed, 24 May 2017 20:40:10 +0800

VIENNA: OPEC and non-member oil producers could deepen output cuts or extend them for a year at a meeting in Vienna this week, Kuwait said on Wednesday, as they seek to clear a global stocks overhang and prop up the price of crude. The top oil producer in OPEC, Saudi Arabia, favors extending the ...

Tiffany's lackluster sales sends shares down

Wed, 24 May 2017 20:40:12 +0800

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

German prosecutor probing Daimler says is in touch with US authorities

Wed, 24 May 2017 19:50:06 +0800

German authorities involved in raiding Daimler's offices as part of a probe into diesel pollution are talking to authorities in the United States, the Stuttgart public prosecutor's office said on Wednesday.

'Food revolution': megabrands turn to small start-ups for big ideas

Wed, 24 May 2017 18:40:13 +0800

Food and drink megabrands are seeing their sales chewed away by smaller, nimbler, cooler rivals. They can't beat them - so now they're joining them.

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

Wed, 24 May 2017 22:59:09 +0800

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 ...

Asia stocks rise, Shanghai recovers from China downgrade

Wed, 24 May 2017 18:40:38 +0800

HONG KONG: Most Asian markets rose on Wednesday (May 24) following a positive lead from the US and Europe, while Shanghai recovered from early selling fuelled by Moody's decision to cut China's credit rating on worries about its growing debt mountain. The ratings agency said its downgrade on the ...

Linde, Praxair reach agreement on details of merger

Wed, 24 May 2017 23:15:18 +0800

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.

Lowe's quarterly comparable sales miss estimates

Wed, 24 May 2017 18:20:14 +0800

Lowe's Cos Inc , the No. 2 U.S. home improvement retailer, reported lower-than-expected quarterly comparable sales, sending shares down almost 6 percent in premarket trading on Wednesday.

General Electric signs 1 billion riyal deal to build gas turbines in Saudi Arabia

Wed, 24 May 2017 17:20:24 +0800

General Electric (GE) signed a one billion riyal (US$267 million) joint venture agreement on Wednesday with Saudi Arabia's state-backed Dussur industrial development company to manufacture gas turbines in the eastern city of Dammam.

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

Wed, 24 May 2017 20:55:15 +0800

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.

Bunge says not in talks with Glencore following approach

Wed, 24 May 2017 16:10:15 +0800

U.S. grains trader Bunge Ltd said on Tuesday it was not in talks with Swiss mining and commodities group Glencore Plc , after the latter said it had made an informal approach to discuss "a possible consensual business combination."