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  1. #41
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    17 August 2015 Noble seeks Investor Day turnaround as share price dives

    17 August 2015 Noble seeks Investor Day turnaround as share price dives SINGAPORE (Aug 17): Noble Group is down 7.1% to 45.5 cents a share with 36.7 million shares changing hands as at 11.51am.
    The stock is near its lowest in nearly seven years as the commodities trader struggles with its reputation following accusations of accounting irregularities.
    The company says its accounting is fair and follows the rules, but its share price has fallen nearly 63% since February when an anonymous blogger originally raised concerns.
    Noble is scheduled to hold an Investor Day on Monday afternoon to give stakeholders and opportunity to ask questions.

  2. #42
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    17 August 2015 Oil prices slide further in Asia

    17 August 2015 Oil prices slide further in Asia [SINGAPORE] Oil prices resumed their decline in Asia on Monday as a global glut of crude supplies showed no signs of abating in the face of sluggish demand, analysts said.
    US benchmark West Texas Intermediate (WTI) for September delivery fell 63 cents to US$41.87 a barrel in late-morning trade, the lowest since March 2009. Brent crude for October, a new contract, was down 65 cents to US$48.54.
    WTI and Brent's September contract rose in New York on Friday after closing at their lowest level in six and a half years in the prior session.
    But oil came under renewed pressure in Asia after the latest data showing the number of rigs drilling for US oil increased last week, the sixth rise in seven weeks, analysts said.
    The news added to fears of a prolonged global surplus as output from the Organization of the Petroleum Exporting Countries and the United States remains robust despite the tumbling prices.
    "The combination of elevated stockpiles in the US and increasing production from Opec, sluggish demand growth, and a stronger US (dollar) would continue to pressure oil prices," said Bernard Aw, market strategist at IG Markets in Singapore.
    The dollar strengthened in Asia on Monday after solid data boosted expectations of an imminent US rate rise, after China's shock devaluation of the yuan last week hurt Asia-Pacific currencies.
    As oil is traded in the US currency, a strong dollar makes it more expensive for international investors, dampening demand.
    "The devaluation of the yuan by China led to the weakening of other emerging market currencies," said Sanjeev Gupta, who heads the Asia-Pacific oil and gas practice at professional services firm EY.
    "This spells negative news for crude as a strong US dollar makes crude expensive for importing countries, thereby curtailing demand." Mr Gupta said traders will be watching Chinese home prices data due for release Tuesday for further clues on the health of the world's second-largest economy.
    Traders will also comb through the minutes of the US central bank's meeting in late July, due for release Wednesday, for signs on when the Fed will raise interest rates.
    "We continue to expect further short-term downside in WTI crude over the next few months," the Australia and New Zealand Banking Group (ANZ) said in a market commentary. AFP

  3. #43
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    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

  4. #44
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    17 August 2015 Highlight

    17 August 2015 Highlight Not right time yet to adjust property restrictions: minister SINGAPORE (Aug 17): Property-cooling measures will stay for now and the right time to adjust or even lift some of the temporary initiatives is when the market equilibrium is a lot more certain and sustainable, local media reported National Development Minister Khaw Boon Wan as saying.
    Private-home prices fell 0.9% between April and June, extending a slide for the seventh straight quarter — their longest streak in 13 years.
    However, Khaw said that while the property market is “a lot less hot” and price adjustment in certain sub-sectors of the private market, for example, has been drastic, there is “some distance to go” in other segments.
    While the authorities are monitoring the sales and purchase data in both private- and public-housing markets, they are also scrutinising the trends and price movements in sub-sectors, he added. “So it’s not a straightforward (matter of) looking for a figure or a statistic, then you say, ‘Aha, we have arrived’, because the various moving parts are actually interlinked.”
    Khaw noted that structural and temporary initiatives, such as Additional Buyers’ Stamp Duty and loan-to-value limits, were among the several rounds of cooling measures rolled out by the government.
    “Measures have to be adjusted and perhaps even lifted, when it’s the right time. The right time is when the equilibrium is a lot more certain, more sustainable. And I don’t think we are at that point yet,” he said.
    The external environment would also have an impact on Singapore’s economy and property market, he noted. A major factor is interest rates, and Khaw pointed out that central banks all over the world had been talking about normalisation of interest rates for a long time. “It’s almost certain that the process towards normal will take a long time too.”
    Adding that policymakers have been “lucky” with a property market that is “softening nicely”, Khaw said: “It’s a complex system that we are part and parcel of. That’s why we have to watch carefully and, at various points, make some judgment calls.”
    The lacklustre housing market has prompted developers to call for the property-cooling measures to be relaxed.
    Last month, Monetary Authority of Singapore’s managing director Ravi Menon said it was premature to remove the cooling measures as the price correction had been modest, in the context of a 60% increase in property prices over three years to reach their peak in 2013.
    17 August 2015 Yuan likely to move in both directions: PBOC economist BEIJING (Aug 17): China's move to weaken the yuan last week could head off further similar "adjustments", and the yuan is likely to move in both directions as the economy stabilizes, Ma Jun, chief economist at the central bank said on Sunday.
    The People's Bank of China (PBOC) shocked global markets by devaluing the yuan by nearly 2% on Aug 11. The PBOC called it a free-market reform but some saw it as the start of a long-term yuan depreciation to spur exports.
    The yuan's drop last week and its increased flexibility could help "sharply reduce the possibility" of similar adjustments in future, Ma said.
    In the near term, it is more likely there will be "two way volatility," or appreciation and depreciation of the yuan, Ma said in a question-and-answer statement sent by email.
    The central bank would move only in "exceptional circumstances" to iron out "excessive volatility" in the exchange rate, Ma said.
    Ma played down market fears that a "currency war" could be triggered by China's devaluation, which dragged some other Asian currencies to multi-year lows.
    "China has no intention or need to participate in a 'currency war'," Ma said in the statement.
    "There is no need to worry" that the central bank will continue to intervene in the market to support the yuan as China's economy stabilizes, Ma said.
    "In the future, even if the central bank needed to intervene in the market, it may be in either direction," he added.
    Ma also said that he expected the economy to grow around 7% this year - in line with the government's targe

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    17 August 2015 Loss-making Artivision ties up with Israeli ad agency McCann

    17 August 2015 Loss-making Artivision ties up with Israeli ad agency McCann ARTIVISION Technologies said on Monday it has signed a "definitive and exclusive agreement" with McCann Worldgroup, one of the world's largest advertising agencies in Israel, for collaborations that might give its top and bottom lines a boost.
    The salient terms of the deal include Artimedia providing McCann Worldgroup subsidiary McCann Disciplines (UMD) with its programmatic video advertising network which offers video inventory on major online Israeli publishers, with UMD expected to buy up to 18 million Israeli shekel (S$6.7 million) of media inventory from Artimedia annually.
    Together with four other Israeli advertising agency contracts which it secured earlier this year, Artivision expects to generate a gross revenue of up to 27 million shekel over the next six to 18 months.
    Artivision believes the agreement will have a positive impact on its consolidated net tangible assets per share and earnings per share for the current financial year ending March 31, 2016.
    For its first quarter ended June 30, 2015, Artivision made a net loss of S$1.8 million, on revenue of S$1.74 million, which was 11 per cent lower than a year ago.

  6. #46
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    Market Talk

    17 Aug 2015 11:47 CST DJ GBP/SGD Cross Likely Headed to 2.22 in Short Term, UOB Says -- Market Talk 0347 GMT [Dow Jones] The British pound, Singapore dollar cross rate could head toward 2.22 in the short term if the current trend continues, UOB said. "The strong rebound last Friday could be the start of the next leg higher towards our target at 2.2200. However, the recent high near 2.2060 is clearly a strong resistance and this level has to break before a sustained rally can be expected," the bank wrote in a note. It said it has moved its stop-loss level higher to 2.18 from 2.1670 previously. The GBP/SGD was trading slightly stronger at 2.2009 recently.

  7. #47
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    Market Talk

    17 Aug 2015 11:42 CST DJ Weak Singapore Exports Signal Soft Third Quarter, OCBC Says -- Market Talk 0342 GMT [Dow Jones] Singapore's export growth is expected to cool further after averaging 2.7% on year in the first seven months of 2015, OCBC said. The bank cited a higher base of comparison from the second half of last year and reiterated its 2015 non-oil domestic exports growth forecast at between 0% and 2.0%. "Global demand also likely took a step back in July, given that only three of the top 10 non-oil domestic exports markets grew in July," OCBC said, adding that shipments to China, the European Union, the U.S. and Indonesia all reverted to contraction in July.

  8. #48
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    Market Talk

    17 Aug 2015 11:37 CST DJ Noble Prays Investor Day Turns Around Share-Price Nose-Dive -- Market Talk 0337 GMT [Dow Jones] Commodities trader Noble Group (N21.SG) slumps as much as 8.2% to S$0.45 a share, its lowest in nearly seven years as the Singapore-listed company struggles with its reputation following accusations of accounting irregularities. The company says its accounting is fair and follows the rules, but its share price has fallen nearly 63% since February when an anonymous blogger originally raised concerns. Noble is scheduled to hold an "investor day" Monday afternoon to give stakeholders and opportunity to ask questions.

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    Market Talk

    Market Talk
    17 Aug 2015 10:46 CST DJ China Eastern: Board Approves Plan to Wind Up Jetstar Hong Kong By Joanne Chiu

    The board of China Eastern Airlines Corp. (0670.HK) has approved a plan to terminate the operations of its joint venture company Jetstar Hong Kong Airways Ltd. and it will begin negotiations with other shareholders about the winding up of the low-cost carrier.
    China Eastern's decision comes after the Hong Kong government in late June rejected an application by the low-cost carrier to set up a locally-based service in the city, as it didn't comply with a legal requirement that locally-registered airlines have their principal place of business in Hong Kong, with management and control exercised within the city.

    Jetstar Hong Kong is a stand-alone budget airline under a joint venture between Australian Qantas Airways Ltd.'s (QAN.AU) Jetstar Group, China Eastern and Shun Tak Holdings Ltd. (0242.HK).

    China Eastern said it remains optimistic about the potential of the budget-airline sector and will continue to explore investment opportunities in the industry.



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    17 August 2015 Dyna-Mac struggled with first-ever loss in Q2

    17 August 2015 Dyna-Mac struggled with first-ever loss in Q2 It reported a $3.1m loss.
    Dyna-Mac Holdings reported its first-ever loss since its IPO in the second quarter, on back of a steep decline in revenue.
    The group’s bottomline was impacted by project delays, which exacerbated fixed overhead expenses at idle facilities its yards.

 

 

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