Singapore Daily Bulletin – 14/12/12

RELATED QUOTES

SymbolPriceChange
S68.SI7.48+0.01
O32.SI2.05+0.02
C22.SI1.0050.000

SGX Cautious On Blanket Ruling Over Biological Assets
In the wake of the Olam-Muddy Waters saga, Singapore Exchange (SGX) plans to be cautious on whether it should follow Hong Kong exchange’s footsteps in banning companies seeking a listing from including unrealised gains on biological assets, according to SGX head of issuer regulation Mohamed Nasser Ismail. The Hong Kong exchange noted that agricultural companies could not rely on “unrealised fair value gains on valuation of biological assets” to demonstrate a trading and profitability track record when listing. This accounting practice is at the heart of accusations by Muddy Waters against the commodity firm to boost the latter’s bottom line. Olam’s defence is that its accounting was in line with Singapore financial standards, which is a requirement by SGX; to prepare the statements according to accounting standards at levels of the International Financial Reporting Standards (IFRS), Singapore Financial Reporting Standards (SFRS) and US Generally Accepted Accounting Principles.

Significance: SGX has not determined whether a blanket ruling that unrealised gains on biological assets to be excluded in all circumstances and will not hastily respond to the recent issues on the accounting standards. It will closely monitor international developments and listen to informed opinion.

Elektromotive Sells Stake In UK Subsidiary For $10.8m
Elektromotive Group, a leading provider of technology and engineering solutions for electric vehicle (EV) recharging stations, is proposing to sell its 55 percent stake in its UK subsidiary, Elektromotive (UK) (EUK) to Chargemaster Plc for $10.8 million. EUK’s managing director, Calvey-Taylor Haw will also be selling his 42 percent stake to the company. After the proposed divestment, Elektromotive will receive a royalty-free license to use various legacy technologies and solutions developed by EUK in the past in Asia and Australasia, excluding Japan. Notably, the company’s net cash position is expected to exceed $10 million following the transaction and will be used to fund the recharging business opportunities in fast-growing Asian markets, particularly China to ride on the strong emphasis by the Chinese government to encourage EV sales to reduce emissions and fossil fuel consumption.

Significance: Elektromotive notes that part of the proceeds will also go towards rewarding its shareholders in the form of dividends and a share buy-back plan and is positive on breaking into the Asian market as the next high growth area.

China Merchants Purchases Jiurui Expressway In Jiangxi Province
China Merchants Holdings (Pacific) (CMHP) has entered into a conditional share purchase agreement with Liu Qiang and Gong Xiaoping to acquire Jiurui Expressway in Jiangxi Province, China for a maximum purchase price of Rmb925 million ($179.5 million). For the past two years, CMHP has taken major steps to expand the scale of operations of its toll road business and to strengthen its toll road portfolio. Apart from the Jiurui Expressway, the other two major acquisitions include Yongtaiwen Expressway and Beilun Port Expressway which were acquired in August 2011 and November 2012 respectively. Meanwhile, CMHP also intends to dispose of its non-core property development business in New Zealand, positioning it as a pure player in the toll road business.

Significance: With the acquisition of the Jiurui Expressway, CMHP’s toll road portfolio will comprise five expressways, diversified in four provinces with the expiry dates of the respective toll concession periods ranging between March 2025 and November 2033. However, one point to note is that Jiurui Expressway is currently loss-making due to high finance costs from bank borrowings taken up to finance its construction.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • AP Top Extended Financial Headlines at 11:33 p.m. EDT Associated Press - 4 minutes 23 seconds ago

    Need a loan for a diamond ring or used car or wrench set … More »

  • Asian stocks mixed as traders follow US debate
    Asian stocks mixed as traders follow US debate Associated Press - 4 minutes 29 seconds ago

    Asian stock markets were mixed Tuesday as traders followed the U.S. presidential debate between candidates Hillary Clinton and Donald Trump. KEEPING SCORE: Hong Kong's Hang Seng index advanced 0.4 percent ... … More »

  • BRIEF-United Malacca reports monthly production data Reuters - 6 minutes ago

    Sept 27 (Reuters) - United Malacca Bhd : * Aug fresh fruit bunches 29,036 tonnes; Aug crude palm oil 5,989 tonnes; Aug palm kernel 1,392 tonnes Source text : ( http://bit.ly/2dflunz ) Further company coverage:... … More »

  • China August industrial profits rise nearly 20 percent, fastest in three years
    China August industrial profits rise nearly 20 percent, fastest in three years Reuters - 15 minutes ago

    Profits earned by China's industrial firms in August grew at the fastest pace in three years helped by rising sales, higher prices and lower costs, pointing to strengthening economic activity. The world's second-largest economy has shown recent … More »

  • Asia stocks bounce, yen ebbs amid U.S. debate
    Asia stocks bounce, yen ebbs amid U.S. debate Reuters - 16 minutes ago

    Asian share markets recouped early losses on Tuesday and the dollar edged away from a one-month trough against the yen, suggesting investors judged Democrat Hillary Clinton was winning her debate against Republican Donald Trump. Markets have tended … More »

  • Gold slips as equities, dollar gain after US presidential debate
    Gold slips as equities, dollar gain after US presidential debate Reuters - 16 minutes ago

    Gold edged lower on Tuesday as equity markets bounced back and the U.S. dollar strengthened, hinting that investors viewed Democrat Hillary Clinton as the winner of her first U.S. presidential debate with Republican Donald Trump. Spot gold was … More »

  • China’s Shibor Climbs to Seven-Week High as PBOC Withdraws Funds Bloomberg - 28 minutes ago

    The one-month Shanghai Interbank Offered Rate climbed to 2.74 percent, the highest since Aug. 4, according to the National Interbank Funding Center. The People’s Bank of China has in the past month started to use 14- and 28-day reverse-repurchase … More »

  • Asia stocks bounce, yen ebbs amid U.S. presidential debate
    Asia stocks bounce, yen ebbs amid U.S. presidential debate Reuters - 34 minutes ago

    Asian shares recouped early losses on Tuesday and the dollar edged away from a one-month trough against the yen, suggesting investors judged Democrat Hillary Clinton was winning her debate against Republican Donald Trump. Markets have tended to see … More »

  • KWAP crosses out Airbnb potential Business Times - 35 minutes ago

    RETIREMENT Fund Inc (KWAP) has crossed off Airbnb, an online marketplace for property rental, as its second potential investment in a global digital company after pumping in US$30 million (RM123.8 million) in Uber Technologies Inc.  “We did look at … More »

  • UEM Edgenta to buy UEMS for RM563m Business Times - 36 minutes ago

    KUALA LUMPUR: UEM Edgenta Bhdis buying UEMS Pte Ltd for RM563 million to strengthen its healthcare services operations. UEMS is an established market leader, providing facilities management services to the healthcare sector. It serves more than 60 … More »

  • Good governance, leadership play key roles Business Times - 36 minutes ago

    MALAYSIA needs to keep its growth momentum going through good stewardship in terms of governance and leadership in order to further progress, said Khazanah Nasional Bhd managing director Tan Sri Azman Mokhtar. … More »

  • 'Khazanah firms to drive growth' Business Times - 37 minutes ago

    KUALA LUMPUR: Khazanah Nasional Bhd expects the continuation of a pro-growth and pro-society focus in the 2017 Budget, with its companies remaining the nation’s growth engines. Khazanah managing director Tan Sri Azman Mokhtar said at the same … More »

  • New concepts but Paris car show losing va-va-voom
    New concepts but Paris car show losing va-va-voom AFP News - 37 minutes ago

    The Paris Motor Show opens this week with promises of groundbreaking electric concept cars from Volkswagen and Opel, but the shine appears to be wearing off what was once a must event for the industry. Ford, Mazda, Volvo, Aston Martin, Bentley, … More »

  • China’s Long March to Rival Dollar Faces Obstacles After SDR (1) Bloomberg - 42 minutes ago

    The yuan will join the International Monetary Fund’s Special Drawing Rights this Saturday, marking a milestone in China’s efforts to build a currency that reflects the country’s economic and political sway. The SDR, created in 1969, gives IMF … More »

  • China Industrial Profits Jump Most in Three Years in August (1) Bloomberg - 48 minutes ago

    Industrial profits rose 19.5 percent in August from a year earlier to 534.8 billion yuan ($80.2 billion), the National Bureau of Statistics said Tuesday. "The pickup in industrial profit is driven by commodities prices and the property market boom, … More »

  • Tokyo stocks pare losses by break AFP - 52 minutes ago

    Tokyo shares pared their losses Tuesday morning as investors focus on the first US presidential candidates' debate. The benchmark Nikkei 225 index was down 0.33 percent, or 54.15 points, at 16,490.41 by ... … More »

  • Wall Street Shrinking in Asia Continues With Goldman, BofA Cuts Bloomberg - 55 minutes ago

    Bank of America plans to eliminate about a dozen senior positions at its corporate and investment-banking operations in Asia, the second time the U.S. firm is cutting jobs in the region this year, according to people with knowledge of the matter. … More »

  • China's Wanda in talks to buy Golden Globes producer
    China's Wanda in talks to buy Golden Globes producer AFP News - 1 hour 16 minutes ago

    Chinese conglomerate Wanda is considering ramping up its push into Hollywood with the acquisition of the production company behind the Golden Globes, the US firm said. Eldridge Industries, which controls Dick Clark Productions, said discussions to … More »

  • Asian Stocks Pare Losses as Clinton, Trump Spar in U.S. Debate Bloomberg - 1 hour 19 minutes ago

    The MSCI Asia Pacific Index fell 0.3 percent to 140.42 as of 10:51 a.m. in Tokyo after sliding as much as 0.9 percent earlier. While investors had became more risk-averse ahead of the U.S. debate, partly due to a rout in shares of Deutsche Bank AG, … More »

  • When deals go bad - China state firm managers spooked by new liability rules Reuters - 1 hour 32 minutes ago

    Business development managers at Chinese state-owned firms have been put on notice: mess up on M&A deals and you can be held personally liable - for life. Under new rules unveiled by China's State Council, or cabinet, last month, managers will be … More »

  • Asian Hunger for Yield Tested by Junk-Rated Casino Bond Plan (1) Bloomberg - 1 hour 34 minutes ago

    Imperial Pacific International Holdings Ltd. plans to sell dollar bonds for the first time to fund its casino resort in Saipan Island, a U.S. territory in the Pacific Ocean, according to a bond document. The bond is rated B1, four steps below … More »

  • U.S. Stock Futures Rise With Mexican Peso Amid Debate; Yen Falls Bloomberg - 1 hour 35 minutes ago

    With the first of three U.S. presidential debates taking place late Monday New York time, a Bloomberg poll showed Donald Trump and Hillary Clinton were tied in a head-to-head contest. “The peso started the debate near its weakest levels but at … More »

  • Clinton, Trump spar over plans for US economy AFP - 1 hour 35 minutes ago

    Hillary Clinton accused Donald Trump of peddling "trumped up trickle down" economics Monday on the presidential debate stage, as the candidates clashed in fiery exchanges over how to create American ... … More »

  • Nomura Sees More Europe Banks Boosting Defenses With Samurai (1) Bloomberg - 1 hour 40 minutes ago

    The London-based bank joined Standard Chartered Plc this month in selling yen bonds compliant with total loss-absorbing capacity, or TLAC rules, in a Samurai market where issuance is running at its lowest in four years. “Wherever you look, banks … More »

  • Ringgit opens lower against US Dollar Business Times - 1 hour 52 minutes ago

    KUALA LUMPUR: The ringgit closed lower against the US dollar today as investors remained cautious awaiting the outcome of the three-day Organisation of the Petroleum Exporting Countries (OPEC) meeting in Algiers that began on Monday.At 9.02 am, the … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.140.00+1.45%
    N21.SI
    0.107+0.004+3.88%
    43E.SI
    3.98+0.02+0.51%
    Z74.SI
    0.745+0.005+0.68%
    BS6.SI
    0.155+0.003+1.97%
    AFC.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    1.48+0.16+12.12%
    S91.SI
    0.245+0.025+11.36%
    K14.SI
    1.365+0.085+6.64%
    BVP.SI
    0.53+0.03+6.00%
    BFK.SI
    0.30+0.02+5.26%
    S71.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.56-0.18-24.32%
    5VJ.SI
    0.151-0.039-20.53%
    BGO.SI
    0.405-0.060-12.90%
    K1Q.SI
    0.15-0.02-11.76%
    5PL.SI
    0.10-0.01-9.09%
    5DL.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3584-0.0018-0.13%
    USDSGD=X
    1.5278-0.0025-0.16%
    EURSGD=X
    1.7634+0.0006+0.03%
    GBPSGD=X
    74.1500+0.426+0.58%
    SGDJPY=X
    5.7062+0.0069+0.12%
    SGDHKD=X
    3.0282-0.006-0.20%
    SGDMYR=X
    9,589.5410+10.7188+0.11%
    SGDIDR=X
    4.9084+0.0066+0.13%
    SGDCNY=X
    1.0416+0.003+0.29%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,339.00-5.10-0.38%
    GCZ16.CMX
    19.50-0.10-0.49%
    SIZ16.CMX
    94.45-1.31-1.37%
    ^XAU
    2.18-0.02-0.73%
    HGZ16.CMX
    43.85+0.41+0.94%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.13-0.03
    ^FVX
    1.59-0.03
    ^TNX
    2.33-0.01
    ^TYX