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Singapore Technologies Engineering (ST Engineering)
|Singapore Technologies Engineering (ST Engineering) on Friday reported a 6.1 per cent year-on-year drop in net profit to about S$125 million for the second quarter ended June 30, dragged down partly by lower finance income and higher finance costs. Group revenue was 2.6 per cent lower at S$1.55 billion as its marine segment revenue fell due to lower shipbuilding revenue from both local and US operations as well as lower engineering revenue.
|United Engineers on Friday posted a second-quarter net profit of S$17.55 million, down 57 per cent from the previous corresponding's S$40.8 million. Revenue for the three months ended June 30 dropped 59 per cent to S$468.2 million.
|Wheelock Properties on Friday posted an 85.3 per cent slump in net profit for the three months ended June 30 to S$17.74 million. This was mainly because the year-ago corresponding quarter carried a negative goodwill of S$109 million. Revenue for Q2 surged to S$80.1 million from S$24.1 million as the group recognised sales from residential project The Panorama
17 August 2015 Oil prices pulled down by shrinking Japanese economy
|17 August 2015 Oil prices pulled down by shrinking Japanese economy [SINGAPORE] Oil prices fell in early Asian trading on Monday as Japan's economy contracted on the back of falling exports and consumer spending, adding to fears that Asia's biggest economies are starting to slow at the same time.
US crude was trading at US$42.07 per barrel at 0012 GMT, 43 cents below their last settlement and close to more than six-year lows. Brent futures were at US$48.69 a barrel, down 50 cents but still some way off from their 2015-low of US$45.19.
Japan's economy, the second biggest in Asia and number three in the world, shrank at an annualised pace of 1.6 per cent in April-June as exports slumped and consumers cut back on spending.
The slowdown in Asia's biggest economy, China, and its impact on the region have also heightened the chance that any rebound in growth in July-September will be modest, analysts say.
The weak economic data comes at a time when production around the world remains at or near record highs. "Opec is expected to boost crude oil production to 33 million barrels day, the most ever, after international sanctions are removed against Iran. Oman, the biggest non-Opec oil producer in the Middle East, has also increased its production. Oman pumped one million barrels per day in July, a 0.5 per cent increase from June's daily output level," ANZ bank said on Monday.
Production in Russia and the United States also remains near records. REUTERS
17 August 2015 Ringgit extends emerging-currency slump with oil as yuan steady
|17 August 2015 Ringgit extends emerging-currency slump with oil as yuan steady [KUALA LUMPUR] Malaysia's ringgit slid, extending the worst week for Asian currencies since 2011, as oil slipped toward a six-year low. Most shares in the region climbed as China kept its currency steady for a second day.
The ringgit weakened 0.8 per cent by 9:45 am in Hong Kong, dragging the Bloomberg JPMorgan Asia Dollar Index to a fifth straight loss, the longest such streak since February. The dollar was stronger against most peers and US equity-index futures were little changed. About nine shares rose for every seven that fell on the MSCI Asia Pacific Index, while Malaysian equities retreated. US oil sank 1.2 per cent amid ongoing concern over a global glut.
China's shock devaluation of its currency last week focused investors minds on frailties in other emerging markets, notably Malaysia and Turkey, which both are facing political crises. The yuan will probably move in both directions in the future, according to Ma Jun, chief economist at China's central bank. A report on US manufacturing Monday may offer clues on the timing of the Federal Reserve's first interest-rate increase since 2006.
"The real lesson from the yuan last week was that the US dollar is likely to appreciate against other Asian currencies," Sam Tuck, a senior currency strategist at ANZ Bank New Zealand Ltd. in Auckland, said by instant message. "With a September Fed hike priced around a 50 per cent probability, any developments that suggest a change in timing are being acted upon." BLOOMBERG
17 August 2015 China strengthens yuan rate against dollar by 0.01% [SHANGHAI] China'
|17 August 2015 China strengthens yuan rate against dollar by 0.01% [SHANGHAI] China's central bank on Monday raised the value of the yuan against the US dollar by 0.01 per cent, the national foreign exchange market said, after a devaluation last week rocked markets.
The daily reference rate was set at 6.3969 yuan to US$1.00, slightly stronger than Friday's 6.3975, the China Foreign Exchange Trade System said.
Chinese authorities keep a tight grip on the currency and it is only allowed to fluctuate up or down two per cent on either side of the reference rate.
Authorities had based the rate on a poll of market-makers, but last week shocked financial markets by suddenly cutting the value of the yuan nearly two per cent and moving to what they say is a more market-oriented system.
The mechanism now also takes into account the previous day's close, foreign exchange supply and demand and the rates of major currencies. AFP
17 August 2015 Noble tumbles ahead of meeting with investors:
|17 August 2015 Noble tumbles ahead of meeting with investors: Will it say enough? NOBLE Group shares traded lower on Monday ahead of the management's meeting with investors later in the afternoon.
Noble was trading around S$0.46 a share, down 3 Singapore cents, or 6 per cent at 09:29am. More than 12 million shares changed hands.
At 2pm on Monday, the Hong Kong-based commodities group will present an explanation of how its business works, its interim results and the findings of the PricewaterhouseCoopers (PwC) Assurance Opinion, with a full and open Q&A session at the Ritz Carlton Hotel in Singapore.
The Business Times understands that Noble is holding a separate meeting with sell side analysts this morning.
"The key question today is whether Noble will provide additional information beyond what was said during its 2Q15 results call last week including the proportion of profits booked up front from off take agreements...Clearly what was provided thus far has not been sufficient, with the stock price down 16% over the past week,'' said Mervin Song, an analyst with DBS Group Research.
Mr Song noted, "Noble's previous stance that it will not provide detailed information on specific transactions or deals due to competitive and confidentially reasons which is understandable, there is a possibility that today's event will not scare away the short sellers or satisfy Noble's critics.''
"Thus, the next catalyst will be an update from Noble on the approaches it has received,'' he said.
Last week, Noble reported a 5 per cent drop in net profit for the second quarter ended June 30 to US$62.61 million, dragged by commodity pricing pressures. Revenue for the quarter saw a 22 per cent slump to US$18.36 billion.
The associate value of Yancoal, recognised as an associate on its balance sheet, has declined from US$825 million upon closing of the merger in 2012 to US$306 million as at June 30 due to the losses incurred by Yancoal and impairments. Noble had acquired its 13.2 per cent stake in Yancoal via a sale of 100 per cent of its shares in Gloucester Coal into Yancoal Australia.
While PwC said that the commodities trader adhered to international requirements and standard industry practices when valuing contracts, that provided little relief to the market which felt the mandate was narrow as the issue of whether valuations were reasonable or misleading were not addressed.
17 August 2015 Artivision Technologies inks another contract in Israel SINGAPORE
|17 August 2015 Artivision Technologies inks another contract in Israel SINGAPORE (Aug 17): Artivision Technologies has announced an exclusive deal worth up to 18 million Israeli Shekels ($6.7 million) a year, with advertising agency McCann Worldgroup in Israel.
Under this deal, McCann Disciplines, a McCann subsidiary, has committed to buy up to 18 million Israeli Shekels worth of video advertising inventory from Artimedia, a subsidiary of Artivision Technologies.
The video offered by Artimedia claims to have the intelligence to reach out to the specific viewers according to their behavioural and usage patterns, which in turn, presumably translates into more effective advertising spending.
“The company believes that the agreement will have a positive impact on the consolidated net tangible assets per share and earnings per share of the group for the current financial year ending 31 March 2016,” states Artivision in its Aug 17 announcement.
This latest deal comes on top of a series of contracts Artivision has inked with four other Israeli advertising agencies, which is likely to generate total revenue of 27 million ILS over the next six to 18 months.
As at 10.23am, Artivision traded at 6.5 cents, up 0.2 cents.
|17 Aug 2015 09:06 CST DJ USD/SGD on Firm Footing Before Yuan Fixing Monday -- Market Talk 0106 GMT [Dow Jones] USD/SGD appears to be well-supported Monday on positive U.S. retail sales data and industrial production numbers released Friday. The pair is treading water for now until the USD/CNY daily benchmark rate -- which may be lower today -- is published. The yuan's recent gyrations have sparked increased volatility in other regional currencies, but China's central bank has indicated that it should soon stabilize -- which might remove one possible reason for the U.S. Federal Reserve to delay raising interest rates September. USD/SGD might hence keep rising toward the 5-year high of 1.4164 notched Wednesday if the People's Bank of China sets the yuan parity rate close to where it was last fixed at 6.3975. But on the off-chance that the yuan is marked a lot stronger versus the U.S. dollar today, USD/SGD could retreat sharply. USD/SGD at 1.4075, up from its Friday close of 1.4062
|17 Aug 2015 10:27 CST *DJ China Eastern Remains Optimistic About Potential of Low-Cost Airline Sector 17 Aug 2015 10:27 CST *DJ China Eastern to Negotiate With Jetstar HK's Two Other Shareholders on Proposed Winding Up of Joint Venture
17 Aug 2015 10:25 CST *DJ China Eastern: Board Approves Plan to Wind Up Jetstar Hong Kong
17 Aug 2015 09:02 CST DJ Singamas Container: Tianjin Unit Has Suspended Operations By Joanne Chiu
Singamas Container Holdings Ltd. (0716.HK) said Monday its Tianjin unit has suspended operations after its depots were damaged by explosions at a warehouse in the northeastern Chinese city on Wednesday.
The Hong Kong-listed container-box maker said it hasn't been able to contact one of its employees at Singamas Logistics (Tianjin) Co. after the blasts last week and a few staff have suffered minor injuries.
Singamas Container said it couldn't estimate the exact losses for its Tianjin unit because Chinese authorities have restricted access into the area for safety reasons. The company said revenue from SLTC accounts for a small portion of its total sales.