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Published: Mon, 21 August 2017 18:07:11 +0800


Total boosts North Sea business with US$7.5 billion Maersk Oil deal

Mon, 21 August 2017 17:45:08 +0800

PARIS/COPENHAGEN: Total is buying Maersk's oil and gas business in a US$7.45 billion deal which the French energy major said would strengthen its operations in the North Sea and boost earnings and cash flow. For Danish company A.P. Moller Maersk , the sale of Maersk Oil, with reserves equivalent ...

Asian markets start week cautiously

Mon, 21 August 2017 17:20:38 +0800

HONG KONG: Asian traders moved cautiously on Monday (Aug 21)with turmoil in the White House fuelling concerns about Donald Trump's economic agenda, as a central bankers' summit comes into view later in the week. While tensions over North Korea have eased, the deadly terror attack in Barcelona on ...

US business economists fret over Trump policy agenda

Mon, 21 August 2017 16:32:21 +0800

US business economists worry about the prospects for President Donald Trump's policy agenda, and the potential damage to the economy from his trade and immigration policies, according to a survey released on Monday.

France's Total to buy Maersk Oil for US$7.45 billion

Mon, 21 August 2017 16:27:04 +0800

French oil giant Total said on Monday that it would buy Maersk Oil, a unit of the Danish shipping giant A.P. Moller-Maersk, for $7.45 billion (6.35 billion euros).

Fiat Chrysler says not approached by Great Wall Motor

Mon, 21 August 2017 17:50:12 +0800

Fiat Chrysler Automobiles (FCA) has not been approached by China's Great Wall Motor regarding its Jeep sport utility vehicles brand nor any other matters relating to its business, the company said in a statement on Monday.

China's Great Wall interested in acquiring Fiat Chrysler: Great Wall official

Mon, 21 August 2017 16:05:11 +0800

China's Great Wall Motor is interested in acquiring Fiat Chrysler Automobiles (FCA) , a Great Wall official told Reuters on Monday.

Sempra Energy to buy Oncor for US$9.45 billion in cash

Mon, 21 August 2017 15:10:13 +0800

Sempra Energy said it will buy power transmission company Oncor, 80 percent owned by Energy Future Holdings Corp, for US$9.45 billion in cash, resolving the Texas utility's long-standing bankruptcy case.

Uber hikes Hong Kong fees amid legal troubles

Mon, 21 August 2017 14:34:33 +0800

Uber Technologies Inc on Monday hiked its Hong Kong fees by up to 80 percent after a review of its business there, the embattled ridesharing company said, adding it was not having issues financing its operations in the Asian financial hub.

Money laundering probe exposes Australian banks' compliance frailties

Mon, 21 August 2017 16:00:34 +0800

HONG KONG/SYDNEY: A money laundering probe at Commonwealth Bank of Australia is the latest in a slew of scandals denting the reputation of Australian banks as simple, reliable lenders at the forefront in the battle against financial crime. Australian banks have lagged their global peers in both ...

Energy Future drops Oncor deal with Buffett in favor of US$9.45 billion Sempra bid: sources

Mon, 21 August 2017 10:20:25 +0800

Bankrupt Texas utility Energy Future Holdings will abandon a deal to sell power transmission company Oncor to Warren Buffett's Berkshire Hathaway Inc for US$9 billion and will accept a US$9.45 billion bid for Oncor by Sempra Energy instead, people familiar with the matter said.

China Unicom Shanghai unit says to raise US$9.25 billion, less than flagged

Mon, 21 August 2017 08:55:09 +0800

China United Network Communications Ltd , the Shanghai-listed unit of telecoms group China Unicom, said it plans to raise 61.73 billion yuan (US$9.25 billion) in a private placement, more than US$2 billion less than previously announced.

Commentary: The millennial, the biggest customer Singapore retail cannot ignore

Mon, 21 August 2017 12:05:40 +0800

E-commerce has been cited as a key challenge to Singapore’s retail sector. But the biggest challenge of them all is demographic, argues Sulian Tan-Wijaya.

Exclusive: Hyundai Motor Group faces government calls to address 'big governance risk'

Mon, 21 August 2017 06:40:11 +0800

South Korea's new antitrust chief said he has been in talks with the autos-to-steel conglomerate Hyundai Motor Group about overhauling its complex ownership structure, which critics say gives too much power to its controlling family at the expense of shareholders.

NAFTA partners wrap up first round of renegotiation talks

Mon, 21 August 2017 05:37:35 +0800

The three NAFTA countries are "committed to an accelerated and comprehensive negotiation process that will upgrade our agreement and establish 21st century standards to the benefit of our citizens," according to a joint statement.

Saudi regulator approves Goldman Sachs application for dealing license

Sun, 20 August 2017 20:45:09 +0800

Saudi Arabia's Capital Market Authority said on Sunday it had approved Goldman Sachs' request to conduct dealing, underwriting and custody services in the kingdom.

Bankruptcy fight over Oncor to test Warren Buffett's discipline

Sun, 20 August 2017 13:10:08 +0800

REUTERS: Warren Buffett takes pride in naming his price to buy a company, and not paying a nickel more. But the largest U.S. natural gas distribution utility, an unyielding hedge fund, and a Delaware bankruptcy judge now present one of the biggest challenges to the billionaire's legendary ...

US did not detail request for auto rules of origin at NAFTA talks: source

Sun, 20 August 2017 07:55:07 +0800

In the opening NAFTA session of talks, the United States did not give precise details of how much it wanted to boost North American content for autos, a source directly familiar with the negotiations said on Saturday.

India's Infosys approves up to US$2 billion buyback of shares

Sat, 19 August 2017 14:35:07 +0800

MUMBAI: The board of India's second biggest IT firm, Infosys Ltd , on Saturday approved a share buyback program of up to 130 billion rupees (US$2.03 billion), a day after Vishal Sikka resigned as chief executive after a long-running feud with the company's founders. The Bengaluru-headquartered ...

Shift from non-GAAP bottom lines could be good for stock prices

Sat, 19 August 2017 08:50:10 +0800

Investors worried about lofty stock-market valuations may take comfort in signs that companies in the benchmark S&P 500 index are padding their bottomlines less than they have in previous years.

US launches formal trade investigation into China

Sat, 19 August 2017 06:57:40 +0800

The United States on Friday formally launched a trade investigation into China's intellectual property practices and forced transfer of American technology, which President Donald Trump had called for this week.

Former UAW official charged in Fiat Chrysler payoff probe

Sat, 19 August 2017 06:10:11 +0800

A former senior official at the United Auto Workers trade union was charged on Friday with conspiring with other union officials to accept improper payments from Fiat Chrysler Automobiles NV officials over a four-year period.

US prosecutors recommend three years in prison for VW engineer Liang

Sat, 19 August 2017 05:15:14 +0800

Federal prosecutors on Friday recommended a three-year prison sentence for Volkswagen AG engineer James Liang for his role in a diesel emissions scandal that has cost the German automaker as much as US$25 billion.

US stocks end week lower amid Trump woes

Sat, 19 August 2017 05:20:38 +0800

NEW YORK: Wall Street stocks fell on Friday (Aug 18), ending lower for the second day as White House turmoil continued with the ouster of controversial adviser Steve Bannon. Stocks had made a bid to rebound from the lower open which followed a battering Thursday in the wake of a major terror ...

Brief tourism impact from Spain attacks: Experts

Sat, 19 August 2017 03:39:17 +0800

The attacks in Catalonia may hit tourist numbers, but the recent experience of other European countries hit by jihadist violence suggests it will likely be brief, industry experts said.

Elliott Management lawyer says utility may top Buffett's Oncor bid

Sat, 19 August 2017 05:40:10 +0800

A lawyer for Elliott Management told a U.S. bankruptcy judge on Friday that an unidentified utility could pay US$9.3 billion to buy Texas power transmission company Oncor, topping a US$9 billion bid by Warren Buffett's Berkshire Hathaway Inc.

Citigroup tops eight-bank group for Petrobras unit IPO: Source

Sat, 19 August 2017 03:14:28 +0800

Citigroup Inc and seven other banks will underwrite the initial public offering of Petróleo Brasileiro SA's fuel distribution unit, which will likely occur in November, a person with direct knowledge of the plan said on Thursday.

Summer rumblings could herald a stormy fall for US stocks

Sat, 19 August 2017 03:10:15 +0800

The Trump-fed rally in stocks, lately showing signs of faltering as the long Wall Street summer nears its end, faces a key test in the weeks ahead with the approach of a historically unkind season for equities and a clutch of issues - such as raising the debt ceiling - awaiting the return of ...

N.Y. Fed raises US third-quarter GDP growth view above two percent

Sat, 19 August 2017 02:50:23 +0800

The New York Federal Reserve on Friday raised its estimate of U.S. gross domestic product growth for the third quarter above 2 percent based on this week's data on retail sales, industrial output and regional manufacturing.

Wells Fargo troubles shift from phony accounts it opened to real accounts it closed

Sat, 19 August 2017 02:10:07 +0800

After paying customers millions of dollars for opening phony accounts they did not want, Wells Fargo & Co has said it is now grappling with the possibility it harmed customers by closing real accounts they needed, leaving them without access to funds.

Stability concerns focus at Fed ahead of Yellen speech

Sat, 19 August 2017 01:15:17 +0800

The stock market's steady rise, still low long-term bond yields and a sagging dollar are girding the Fed's intent to raise interest rates again this year despite concerns about weak inflation, according to comments this week from Fed officials and analysts anticipating remarks next week by Chair ...

Facebook's Mark Zuckerberg to take two months of paternity leave

Sat, 19 August 2017 01:10:22 +0800

Facebook Inc founder Mark Zuckerberg said on Friday he would be taking two months of paternity leave after the birth of his second daughter.

US dollar stores stand their ground in escalating retail price war

Sat, 19 August 2017 00:40:18 +0800

U.S. dollar stores have not become collateral damage, as feared, in a price war among big retailers including Wal-Mart Stores Inc and Kroger Co , which has pushed down prices of key items such as eggs and laundry detergent.

Footwear retailers trampled as price war sparks concerns

Sat, 19 August 2017 00:05:24 +0800

Shares of sporting goods retailers were pummeled in early trading on Friday as dismal quarterly results from Hibbett and Foot Locker heightened investor concerns about a supply glut intensifying price wars in the industry.

Private banks EFG, VP Bank to raise headcount in Singapore

Sat, 19 August 2017 00:00:42 +0800

SINGAPORE: Lichtenstein-based VP Bank and Zurich-based EFG are planning to hire more staff in Singapore. Private bank VP Bank, which has been in Singapore since 2008, currently employs about 40 staff here and told Channel NewsAsia that it aims to double that figure within the next two to three ...

SEC drops case against ex-JPMorgan traders over 'London Whale'

Sat, 19 August 2017 00:00:20 +0800

The top U.S. securities regulator on Friday dropped its civil lawsuit accusing two former JPMorgan Chase & Co traders of trying to hide some of the bank's US$6.2 billion of losses tied to the 2012 "London Whale" scandal.

Bank Negara says statement on SGX's ringgit futures trading was meant for Malaysians

Fri, 18 August 2017 23:40:41 +0800

SINGAPORE: Bank Negara Malaysia on Friday (Aug 18) said that its recent statement which criticised the Singapore Exchange’s (SGX) trading of ringgit futures was meant for Malaysians. In a news conference, Malaysian central bank governor Muhammad Ibrahim said: “Our statement is actually for those ...

Nestle defends 'Kit Kat' campaign against Atari 'Breakout' lawsuit

Fri, 18 August 2017 22:25:18 +0800

Nestle SA on Friday paddled back claims in a new lawsuit in which Atari SA accused the Swiss food company of pilfering its classic 1970s video game "Breakout" to help sell Kit Kat chocolate-covered wafer bars.

AT&T considers sale of home security business: sources

Fri, 18 August 2017 21:30:20 +0800

AT&T Inc is exploring options for its Digital Life home security business, including selling it, as it seeks to pay down debt following its planned US$85.4 billion acquisition of Time Warner Inc , people familiar with the matter said.

Swiss road agency bans new Porsche Cayenne registrations

Fri, 18 August 2017 20:10:22 +0800

Switzerland's road agency on Friday imposed a preliminary ban on new registrations of Porsche Cayenne cars equipped with manipulated diesel engine management software.

Wall Street pares losses on report of Bannon's likely exit

Sat, 19 August 2017 00:00:17 +0800

U.S. stock index futures were little changed on Friday, a day after the S&P posted its biggest daily percentage loss in about three months, on mounting worries about President Donald Trump's ability to legislate his pro-growth agenda.

Top fund investors pumped brakes on fast-rising Tesla: filings

Fri, 18 August 2017 19:20:25 +0800

Top Tesla Inc investors Fidelity Investments and T. Rowe Price cut their holdings in the second quarter and indicated they were taking profits from the electric car maker stock, which is up 65 percent this year.

Future of Air Berlin's Niki uncertain as Lufthansa begins talks

Fri, 18 August 2017 22:25:21 +0800

Union representatives of insolvent Air Berlin's Austrian unit Niki Airlines said its future was unclear and they hoped for support from the Austrian government if it runs out of money.

Ukraine central bank warns of new cyber-attack risk

Fri, 18 August 2017 17:55:15 +0800

The Ukrainian central bank said on Friday it had warned state-owned and private lenders of the appearance of new malware as security services said Ukraine faced cyber attacks like those that knocked out global systems in June.

New tech tested at Sentosa can spot unattended objects, intruders at sea

Fri, 18 August 2017 16:40:39 +0800

SINGAPORE: Hitachi Asia has completed its first tests for the urban safety and security solutions it is developing in Singapore, which involves technology that can detect intruders at sea as well as unattended items at a crowded station concourse. The test, which was conducted at Sentosa island ...

China gets tough on long, odd company names

Fri, 18 August 2017 15:58:42 +0800

"Beijing Afraid of Wife Technology" and "What You Looking at Technology" are among the kind of company names that will become a thing of the past under new Chinese government rules.

India threatens Philip Morris with 'punitive action' over alleged violations

Fri, 18 August 2017 21:35:11 +0800

The Indian government has threatened Philip Morris International Inc with "punitive action" over the tobacco giant's alleged violation of the country's anti-smoking laws, according to a letter sent to the company by the federal health ministry.

Mediacorp appoints Tham Loke Kheng as CEO

Fri, 18 August 2017 15:31:57 +0800

SINGAPORE: Mediacorp on Friday (Aug 18) announced the appointment of Tham Loke Kheng as its CEO and board director, positions that she will assume on Sep 1. Ms Tham will succeed Shaun Seow, who will remain as executive director of the media company until Sep 30 before he joins Temasek. Ms Tham is ...

Malaysia surprises with 5.8% GDP growth, may add fuel to early election talk

Fri, 18 August 2017 23:33:26 +0800

KUALA LUMPUR: Malaysia's economy expanded at the fastest pace in more than two years in the second quarter on the back of domestic demand and robust exports, defying expectations for a slight slowdown. The strong performance is likely to add to speculation over whether Prime Minister Najib Razak ...

Infosys CEO Vishal Sikka resigns, cites recent "drumbeat of distractions"

Fri, 18 August 2017 13:50:14 +0800

India's No. 2 IT Services company Infosys Ltd said Vishal Sikka had resigned as managing director and chief executive of the company with immediate effect, sending shares tumbling more than 7 percent in early trading on Friday.

Nestle accused of pilfering Atari 'Breakout' game for 'Kit Kat' ads

Fri, 18 August 2017 09:00:12 +0800

REUTERS: A new lawsuit accuses Nestle SA of blatantly violating the rights of Atari by using without permission the classic 1970s video game "Breakout" in a new marketing campaign for its Kit Kat chocolate-covered wafers. In a complaint filed on Thursday in federal court in San Francisco, Atari ...

Despite legal victory, America Movil may face tough ride with regulator

Fri, 18 August 2017 08:45:12 +0800

Despite a landmark Supreme Court ruling in his favor, Mexican mogul Carlos Slim shouldn't break out the champagne just yet.

Deutsche Bank, Bank of America settle agency bond rigging lawsuits

Fri, 18 August 2017 06:10:20 +0800

Deutsche Bank AG and Bank of America Corp agreed to pay a combined US$65.5 million to settle investor litigation accusing large banks of rigging the roughly US$9 trillion government agency bond market over a decade.

Auto groups side with Canada, Mexico on NAFTA origin rules

Fri, 18 August 2017 05:45:14 +0800

WASHINGTON: Auto industry groups from Canada, Mexico and the United States are pushing back against the Trump administration's demand for higher U.S. automotive content in a modernized North American Free Trade Agreement. At talks underway this week in Washington, automaker and parts groups from ...

Lockheed Martin awarded part of US$499 million US defense contract: Pentagon

Fri, 18 August 2017 05:40:17 +0800

Top U.S. defense contractor Lockheed Martin was named on Thursday as one of six companies that will share a US$499 million contract for research into aerospace systems aimed at developing new technologies and capabilities, the Pentagon said.

US to sell pork to Argentina for first time since 1992

Fri, 18 August 2017 05:19:50 +0800

WASHINGTON: The White House announced an agreement with Argentina on Thursday (Aug 17) that will allow American farmers to export pork to the South American nation for the first time in 25 years. The agreement to open the market potentially worth US$10 million a year came after US Vice President ...

Wall Street tumbles on Spain terror, Trump policy worries

Fri, 18 August 2017 05:10:38 +0800

NEW YORK: US stocks fell sharply on Thursday (Aug 17) following a deadly attack in Spain and amid rising concerns President Donald Trump may have endangered his economic agenda after alienating business leaders. Investors also were rattled early Thursday by rumors White House economic advisor Gary ...

US pension funds sue Goldman, JPMorgan, others over stock lending market

Fri, 18 August 2017 04:50:11 +0800

Three U.S. pension funds sued six of the world's largest banks on Thursday, including Goldman Sachs Group Inc and JP Morgan Chase & Co , accusing them of conspiring to stifle competition in the more than US$1 trillion stock lending market.

On sidelines of trade talks, businesses tout NAFTA's benefits

Fri, 18 August 2017 04:40:15 +0800

Steps away from this week's NAFTA trade negotiations, business unified in hopes of sending a singular message: do no harm.

Applied Materials beats profit estimates, shares rise

Fri, 18 August 2017 04:30:15 +0800

REUTERS: Applied Materials Inc , the world's largest supplier of tools used to make semiconductors, reported a better-than-expected quarterly profit helped by strong growth in its semiconductor business. Shares of the company rose 4.2 percent to US$44.95 in extended trading on Thursday. Revenue ...

Gap same-store sales tops estimates, ups profit forecast; shares jump

Fri, 18 August 2017 04:35:09 +0800

Clothing retailer Gap Inc reported better-than-expected same-store sales for the second quarter, helped by strong demand for Old Navy products, fewer discounts, and the company's efforts to better manage inventory.

YouTube TV expands to 14 new markets, partners with Sinclair stations

Fri, 18 August 2017 04:25:18 +0800

Alphabet Inc's Google has expanded its YouTube TV streaming service into 14 new U.S. markets to reach half of American households, with an additional 17 markets to launch in the next few weeks, the company said on Thursday.

Airline investor Woehrl interested in Air Berlin

Fri, 18 August 2017 04:20:13 +0800

Airline entrepreneur Hans Rudolf Woehrl is interested in insolvent Air Berlin , a spokeswoman for his company INTRO-Verwaltungs GmbH told Reuters, responding to a media report saying he was planning a bid.

Chevron says to enter Mexican fuel market in local partnership

Fri, 18 August 2017 04:10:18 +0800

U.S. energy company Chevron Corporation said on Thursday it is set to enter Mexico's recently opened fuel sector, by importing, distributing and selling refined products in partnership with a local gas station network it did not name.

BlackRock's largest mutual fund boosts energy holdings: manager

Fri, 18 August 2017 03:20:17 +0800

BlackRock Inc's largest mutual fund hiked its exposure to "select names" in energy as the sector has lagged this year, one of its portfolio managers said on Thursday.

Exclusive: US SEC officials' holdings, legal work, pose potential conflicts

Fri, 18 August 2017 02:40:21 +0800

Two lawyers appointed to senior jobs at the U.S. Securities and Exchange Commission have ties to major companies including financial firms Goldman Sachs Group Inc and Wells Fargo & Co that could complicate efforts to regulate them, according to government documents viewed by Reuters.

Ackman's Pershing Square says ADP needs to streamline, modernize

Fri, 18 August 2017 02:35:13 +0800

Billionaire activist investor William Ackman on Thursday said Automatic Data Processing Inc's stock price could double in the next five years if the human resources outsourcing company cuts costs, streamlines its business and invests in technology upgrades.

Three airlines interested in Air Berlin assets: CEO

Fri, 18 August 2017 00:45:24 +0800

FRANKFURT AM MAIN: Air Berlin is in talks with three competitors about buying up its assets, the insolvent airline's boss said on Thursday (Aug 17), warning that not all jobs would be saved. "Aside from Lufthansa, we are in contact with two other interested parties from the aviation industry," Air ...

ECB engineers euro ebb

Fri, 18 August 2017 00:30:39 +0800

LONDON: Currencies were in focus on Thursday (Aug 17) as traders weighed the intentions of central banks on raising interest rates and pulling money out of markets. The dollar began to recover after falling in the wake of Federal Reserve minutes released Wednesday that hinted at a slower pace of ...

Wal-Mart reports lower profits but higher US sales

Fri, 18 August 2017 00:15:25 +0800

NEW YORK: Wal-Mart's namesake US stores turned in another quarter of increased sales on Thursday (Aug 17), although the retailing giant reported a drop in profits due to higher expenses. Walmart US, the biggest division at Wal-Mart Stores, scored a 1.8 per cent rise in comparable sales in the ...

Alibaba profit nearly doubles on robust revenues

Fri, 18 August 2017 00:18:59 +0800

SHANGHAI: Chinese e-commerce giant Alibaba said on Thursday (Aug 17) its net profit almost doubled in the latest quarter on the back of solid revenue growth in its core shopping business and in cloud computing. Alibaba, which has made billionaire founder Jack Ma one of China's richest men and a ...

US jobless claims hit six-month low in early August

Fri, 18 August 2017 00:10:39 +0800

WASHINGTON: New claims for US unemployment benefits fell sharply in early August, reaching their lowest weekly level in six months, according to Labour Department data released on Thursday (Aug 17). The new figures suggested labour markets continued to tighten and that the jobless was likely to ...

US industrial production rises despite sharp drop in autos

Fri, 18 August 2017 00:10:38 +0800

WASHINGTON: US factories increased production in July, despite a sharp decline in output of autos and parts, the Federal Reserve reported on Thursday (Aug 17). Industrial production rose 0.2 per cent compared to June, slightly less than expected by economists, as the manufacturing sector took a ...

Car owners' lawyers accuse GM of threats in ignition switch deal

Fri, 18 August 2017 07:50:07 +0800

In a blow to people suing General Motors Co over faulty ignition switches and other alleged vehicle defects, a trust that holds many GM liabilities from before its 2009 bankruptcy has canceled a settlement that sought to force the automaker to pay US$1 billion in shares to resolve millions of ...

Mylan, US finalize US$465 million EpiPen settlement

Fri, 18 August 2017 03:55:22 +0800

Mylan NV has finalized a US$465 million settlement with the U.S. Justice Department, resolving claims it overcharged the government for its EpiPen emergency allergy treatment, which became the center of a firestorm over price increases.

Wall Street sells off as Washington worries rise

Fri, 18 August 2017 03:35:24 +0800

Wall Street was set to open lower on Thursday as minutes from the Federal Reserve's July meeting showed growing concerns over weak inflation, while investors worried about President Donald Trump's ability to pursue his pro-growth policies.

US jobless claims fall to near six-month low

Thu, 17 August 2017 20:40:16 +0800

The number of Americans filing for unemployment benefits fell to near a six-month low last week, pointing to a further tightening in the labor market that could encourage the Federal Reserve to lay out a plan to start unwinding its massive bond portfolio.

Wal-Mart's comparable sales rise for 12th straight quarter

Thu, 17 August 2017 19:15:29 +0800

Wal-Mart Stores Inc reported its 12th consecutive rise in quarterly comparable sales on Thursday, driven by an increase in the number of shoppers who visited stores and made purchases online.

Alibaba's quarterly revenue beats estimates

Thu, 17 August 2017 19:10:12 +0800

Alibaba Group Holding Ltd , China's largest e-commerce firm, reported first-quarter revenue above Wall Street estimates, helped by strength in the Chinese e-commerce market.

Wisconsin bill giving US$3 billion incentives to Foxconn advances

Fri, 18 August 2017 09:00:13 +0800

The Wisconsin State Assembly on Thursday will consider a US$3 billion incentive package for a proposed liquid-crystal display factory by Taiwan's Foxconn, the first vote on the deal by a chamber of the state's Republican-controlled legislature.

Former OCBC Securities representative issued prohibition orders

Thu, 17 August 2017 15:00:39 +0800

The Monetary Authority of Singapore (MAS) has issued two prohibition orders against former OCBC Securities representative Prem Hirubalan, the authority announced in a press release on Thursday (Aug 17).

Creative Technology awarded S$36m in lawsuit against Huawei

Thu, 17 August 2017 17:39:23 +0800

SINGAPORE: Creative Technology and its subsidiary QMax Communications have been awarded about S$36 million in a legal tussle with Huawei over its failed wireless broadband venture.  The Singapore technology company said in a SGX filing on Wednesday (Aug 16) that it sought to recover damages and ...

ST Dynamics team wins S$500,000 in aviation challenge for baggage-handling prototype

Thu, 17 August 2017 22:59:20 +0800

SINGAPORE: A team led by Singapore Technologies (ST) Dynamics has won a challenge to automate labour-intensive processes in airport operations.   They were presented their cash prize of S$500,000 at an award ceremony on Thursday (Aug 17). The Aviation Challenge was launched in 2014 by the Civil ...

Buffett's Berkshire Hathaway will not increase its Oncor offer

Thu, 17 August 2017 11:00:11 +0800

The energy unit of Warren Buffett's Berkshire Hathaway Inc said on Wednesday it will "stand firm" on its US$9 billion offer to acquire 80 percent of Oncor Electric Delivery Company LLC and will not increase its offer.

Singapore exports up 8.5% in July in third straight month of growth

Thu, 17 August 2017 09:03:06 +0800

SINGAPORE: Non-oil domestic exports (NODX) in Singapore rose by 8.5 per cent year-on-year in July, the third consecutive month of growth, according to statistics released by trade agency International Enterprise (IE) Singapore on Thursday (Aug 17). July's rise comes after exports grew slightly in ...

Union Pacific to layoff 750 US employees amid broader cost-cutting

Thu, 17 August 2017 06:55:07 +0800

Union Pacific Corp said on Wednesday it will cut roughly 500 management jobs and 250 railroad workers by mid-September as the No. 1 U.S. railroad continues broader cost-cutting.

Seven charged in US insider trading ring

Thu, 17 August 2017 05:35:12 +0800

U.S. authorities on Wednesday announced insider trading charges accusing seven people of generating more than US$5 million of profit based on tips from a Bank of America Corp employee about dozens of pending corporate transactions.

Slim's America Movil wins telecom battle in top Mexico court

Thu, 17 August 2017 10:05:11 +0800

MEXICO CITY: Mexico's Supreme Court on Wednesday ruled billionaire Carlos Slim's telecommunications company America Movil should not be barred by law from charging competitors certain fees, prompting fears of a rollback of a sweeping antitrust reform. The 2014 telecom industry reform, one of ...

US stocks rise on dovish Fed minutes

Thu, 17 August 2017 04:50:38 +0800

NEW YORK: US stocks finished higher on Wednesday (Aug 16) after Federal Reserve policymakers hinted at a slower pace to future interest rate hikes and retailers gained following a solid earnings report by Target. The gains came as President Donald Trump disbanded a pair of business advisory boards ...

Cisco's security business revenue misses estimates, shares drop

Thu, 17 August 2017 06:35:08 +0800

Cisco Systems Inc's revenue fell for the seventh straight quarter as declines in its switches and routers businesses outpaced gains at its newer software-focused divisions, such as security.

Fed, split by inflation, should forge on with rate hikes: Mester

Thu, 17 August 2017 07:25:14 +0800

Cleveland Federal Reserve Bank President Loretta Mester said the recent weakness in U.S. inflation has not convinced her the Fed should delay plans for further interest rate hikes in an economy she feels remains on track for steady growth and rising wages.

GM's Maven may compete with Lyft and Uber in ride services

Thu, 17 August 2017 02:30:22 +0800

General Motors Co's Maven car sharing and rental unit could wind up competing with two of its biggest customers, Uber Technologies and Lyft Inc, with an ambitious expansion plan that could take it eventually into ride and delivery services.

US Fed Reserve can 'be patient' in raising rates: Minutes

Thu, 17 August 2017 04:09:55 +0800

WASHINGTON: US central bankers remain divided over inflation risks, and some argue they can afford to "be patient" before raising rates again, according to the minutes of the last policy meeting released on Wednesday (Aug 16). The Federal Reserve had been expected to raise the benchmark lending ...

Ackman says owned stake in Hilton, a previously unnamed bet

Thu, 17 August 2017 02:20:24 +0800

Investor William Ackman said on Wednesday his hedge fund had bought and sold a stake in Hilton Worldwide Holdings, identifying the portfolio company that recently earned him a double digit return.

Fed policymakers grow more worried about weak inflation: minutes

Thu, 17 August 2017 02:17:05 +0800

Federal Reserve policymakers appeared increasingly wary about recent weak inflation and some called for a halt to further interest rate hikes until it was clear the trend was transitory, according to the minutes of the central bank's last policy meeting.

Samsung, Foxconn to back cable-free phone tech

Thu, 17 August 2017 01:35:18 +0800

A startup backed by Tony Fadell, one of the fathers of the Apple iPod, plans to announce Wednesday it is working with Samsung Electronics Co Ltd , Foxconn parent Hon Hai Precision Industry Co Ltd and others on a new way for mobile phones to transfer large amounts of data without using wires or ...

Black banker sues Goldman Sachs for racial discrimination

Thu, 17 August 2017 01:10:19 +0800

A black banker in Goldman Sachs Group Inc's personal wealth management unit filed a lawsuit on Wednesday accusing the firm of steering top clients to her white colleagues and denying her promotions because of her race.

Chinese automakers kick tires at FCA, but any deal faces obstacles

Thu, 17 August 2017 01:00:28 +0800

Geely Automobile Holdings Ltd said on Wednesday it was not planning a bid for Fiat Chrysler Automobiles NV , and while other potential Chinese suitors remain any tie-up could face significant U.S. regulatory obstacles.

European stocks rise ahead of Fed Reserve minutes

Thu, 17 August 2017 05:26:49 +0800

LONDON: European and US stock markets rose on Wednesday (Aug 16) as investors looked ahead to the release of Federal Reserve minutes for clues on the US interest rate outlook. "European stock markets remain strong as the bullish sentiment that returned to the markets at the beginning of the week ...

Ireland rejects EU's demand that it collect 13 billion euros from Apple

Wed, 16 August 2017 23:55:27 +0800

Ireland's finance minister rejected the European Commission's demand that it retroactively collect 13 billion euros in taxes from Apple , saying this was not Dublin's job in an interview with Germany's Frankfurter Allgemeine (FAZ) newspaper.

Carmakers win brief reprieve from lawsuits over faulty Takata air bags

Thu, 17 August 2017 03:10:15 +0800

A U.S. judge overseeing the bankruptcy of Takata Corp's U.S. business on Wednesday halted lawsuits for 90 days against automakers brought by victims of its faulty air bag inflators.