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    Dow Jones Newswires 27/08/15

    27 August 2015 iX Biopharma’s FY15 net loss widens to $10.6 million SINGAPORE (Aug 27): iX Biopharma has reported net loss widened to $10.56 million in the financial year ended June 30, 2015, from $3.03 million a year ago.
    The larger loss was largely due to higher expenses incurred by the pharmaceutical company.
    Revenue increased more than five times to $7.4 million from $1.3 million, mainly due to the contribution of two subsidiaries, Syrinx Pharmaceuticals Pty Ltd (Syrinx) and Chemical Analysis Pty Ltd (CAPL).
    iX Biopharma says its operations will be financially impacted by the ongoing foreign exchange fluctuation in the US and Australian dollar currencies.
    Shares in iX Biopharma ended down four cents or 11.1% at 32 cents on Wednesday.

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    27 August 2015 Nasdaq executive urges China

    27 August 2015 Nasdaq executive urges China authorities to use circuit breakers [COPENHAGEN] Nasdaq OMX Group's global trading head says the collapse in Chinese share prices, the biggest in two decades, suggests the country needs to follow Europe and the US and halt trading when prices plunge.
    Chinese officials should consider implementing so-called circuit breakers when price losses or gains are extreme, Hans- Ole Jochumsen, president of global trading and market services at Nasdaq, said in an interview in Copenhagen on Tuesday. Such triggers can help avert the kind of panic selling that gripped Chinese stocks this week, he said.
    "In Europe, each exchange can have its own system for triggers and they have," Mr Jochumsen said. "It works. We haven't had any flash crashes in Europe."
    China's stocks extended the steepest five-day drop since 1996 after a rate cut by the People's Bank of China failed to stem a rout that followed the devaluation of the yuan. The Shanghai Composite Index fell 1.3 per cent at the close, after plunging 7.6 per cent on Tuesday.
    The government halted its intervention in the equity market earlier this week, according to people familiar with the situation. China already has banned major shareholders, corporate executives and directors from selling stakes in listed companies for six months, and ordered government-owned institutions to maintain, or boost, their stock holdings.
    Such measures risk feeding a downward spiral by driving away investors, Jochumsen said. Better to impose circuit breakers, he said.
    "The way regulators in China are handling the situation is, in reality, they create a situation in which people cannot get out," Mr Jochumsen said. "When you buy, you cannot know whether you can get out. That creates a pretty unhealthy situation." Circuit breakers have become features of markets in both Europe and the US. They were introduced after the 1987 crash.
    Earlier this week, the plunge in stocks almost triggered the first of a series of circuit breakers on the US market, Mr Jochumsen said.
    The Standard & Poor's 500 Index dropped as much as 5.3 per cent on Aug 24, nearing the 7 per cent threshold that would automatically have brought trading to a halt across all US markets for 15 minutes.
    "If you want to control markets it is very difficult," Mr Jochumsen said. "You can regulate but you cannot control." With circuit breakers, "you create a break where people have the opportunity to think before they move on." BLOOMBERG

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    27 August 2015 US: Wall St rallies but markets still gripped by China fears

    27 August 2015 US: Wall St rallies but markets still gripped by China fears [NEW YORK] US shares rallied strongly on Wednesday after a top Federal Reserve official hinted the bank would not raise interest rates, but there was little sign that the global financial turbulence rooted in China's market meltdown was over.
    Even another rate cut by the People's Bank of China did not stem worries that slowdown in the world's second-largest economy could stall world growth.
    Widespread concerns remained over whether authorities in Beijing were doing enough to calm the markets and sustain economic activity at the current level, despite the injection of hundreds of billions of yuan into markets to support stocks and the currency itself.
    "If problems in China's financial markets and real economy deepen, and the authorities fail to contain the situation, a full-blown financial and economic crash in China could ensue," said Christophe Donay, chief strategist at Pictet Wealth Management.
    "This is currently the biggest risk for the global economy and financial markets." The day saw mixed movements in major bourses - Shanghai fell another 1.27 per cent and European shares, represented by the Eurostoxx 50 blue chip index, lost 1.47 per cent while Tokyo added 3.2 per cent.
    But Wall Street broke free of a six-day losing streak.
    Helped by a 5.7 per cent gain from Apple, the S&P 500 closed with a 3.90 per cent gain; the Dow added 3.95 per cent, and the Nasdaq Composite was up a heady 4.24 per cent.
    Even with the US gains, S&P-Dow Jones Indices said US$3.45 trillion in value had been wiped from shares around the world over seven days in the China-driven rout.

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    FED, ECB VIGILANT

    FED, ECB VIGILANT

    The US rebound came after William Dudley, the head of the New York branch of the Fed and one of the most influential members of its monetary policy board, said the reasons for moving to a long-awaited rate hike in September had weakened.
    "The slowdown in China could lead... to a slower global growth rate and less demand for the US economy," Mr Dudley said.
    "We're concerned about the outlook, how is the economy going to perform in the future... And there, international developments and financial market developments do have relevance because they can impinge and affect the economic outlook."
    While Mr Dudley's comments do not preclude the US central bank from embarking on its first rate increase in nine years in the coming meeting - he stressed that the world's largest economy remained in good shape - analysts saw it as a sign that the Fed would weigh the global turbulence in making the decision.
    Analysts also pointed to comments by European Central Bank executive board member Peter Praet on Wednesday that the ECB was prepared to expand its quantitative easing stimulus programme if China's slowdown further dampens inflation.
    For the markets, however, Capital Economics said the worst may be over.
    "Looking ahead, we... suspect that investors will be less worried about China in due course, as it becomes apparent that her economy is not collapsing," they wrote in a note.

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    CHINA RATE CUTS ENOUGH?

    CHINA RATE CUTS ENOUGH?

    But worries remained over how deep China's downturn will be and over the effectiveness of Beijing's interventions.
    ANZ economist Liu Li-Gang told AFP that the two trillion yuan (S$438.9 billion) the government is estimated to have spent to support the market had gone "down the drain".
    The central bank needs to "make sure the money can go to the real economy," he said.
    After the Shanghai stock index slid 22 per cent over four days, the People's Bank of China on Tuesday cut lending and deposit rates by 0.25 percentage points each, and banks' minimum reserve levels by 0.50 percentage points.
    That took its lending rate to a record low 4.60 per cent, which should make it easier for individuals, companies and local governments to borrow - essential as China tries to wean its economy off exports and investment and move towards a consumer-driven model.
    But four previous cuts since November have failed to add any spark, and analysts said the impact of the latest adjustments would be limited without structural changes to accompany them.
    A Chinese slowdown threatens world growth because the Asian powerhouse represents around 15 per cent of global economic activity, and is a top consumer of many commodities.
    It could also undermine efforts by the Fed and ECB to shore up growth and battle deflation in their respective economies. AFP

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    27 August 2015 Dollar gains as Wall St rebounds from 6-day rout

    27 August 2015 Dollar gains as Wall St rebounds from 6-day rout [NEW YORK] The dollar broadly strengthened on Wednesday as a strong US equities rally snapped a six-day rout, signaling resilience in the face of China's woes that have roiled markets.
    A better-than-expected official US manufacturing report, showing orders for durable goods - products expected to last at least three years - jumped 2.0 per cent in July.
    "Two days of gains now have the US currency in positive territory for the volatile week. Fueling the dollar's modest winning streak has been the first up day in seven on Wall Street, which helped whet market appetite for risk, weighing on the euro and buoying the dollar," said Joe Manimbo, senior market analyst at Western Union Business Solutions.
    The euro fell to US$1.1312 in late-afternoon trade, from US$1.1518 a day earlier.
    A top Fed official earlier in the day downplayed the potential for a hike in near-zero interest rates in September, a timing that had been widely expected until China's surprise currency devaluation two weeks ago unleashed global market turmoil.
    The need to begin normalising monetary policy next month "seems less compelling to me than just a few weeks ago," said William Dudley, head of the Fed's New York branch and a voting member of the rate-setting Federal Open Market Committee. AFP

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    27 August 2015 US: Wall St rallies but markets still gripped by China fears

    27 August 2015 US: Wall St rallies but markets still gripped by China fears [NEW YORK] US shares rallied strongly on Wednesday after a top Federal Reserve official hinted the bank would not raise interest rates, but there was little sign that the global financial turbulence rooted in China's market meltdown was over.
    Even another rate cut by the People's Bank of China did not stem worries that slowdown in the world's second-largest economy could stall world growth.
    Widespread concerns remained over whether authorities in Beijing were doing enough to calm the markets and sustain economic activity at the current level, despite the injection of hundreds of billions of yuan into markets to support stocks and the currency itself.
    "If problems in China's financial markets and real economy deepen, and the authorities fail to contain the situation, a full-blown financial and economic crash in China could ensue," said Christophe Donay, chief strategist at Pictet Wealth Management.
    "This is currently the biggest risk for the global economy and financial markets." The day saw mixed movements in major bourses - Shanghai fell another 1.27 per cent and European shares, represented by the Eurostoxx 50 blue chip index, lost 1.47 per cent while Tokyo added 3.2 per cent.
    But Wall Street broke free of a six-day losing streak.
    Helped by a 5.7 per cent gain from Apple, the S&P 500 closed with a 3.90 per cent gain; the Dow added 3.95 per cent, and the Nasdaq Composite was up a heady 4.24 per cent.
    Even with the US gains, S&P-Dow Jones Indices said US$3.45 trillion in value had been wiped from shares around the world over seven days in the China-driven rout.

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    27 August 2015 LanTroVision posts 23% fall in 4Q earnings to $2.4 mil

    27 August 2015 LanTroVision posts 23% fall in 4Q earnings to $2.4 mil SINGAPORE (Aug 27): LanTroVision, the network cabling specialist, says 4Q earnings for the three months ended June fell by 23% to $2.4 million from a year ago even as revenue increased 3% to $41.3 million.
    The higher revenue was primarily due to more installation projects in Singapore.
    However, selling and distribution expenses also rose by $0.5 million was mainly due to higher staff costs of $1.0 million. There was also an increase of $0.3 million in general and administrative expenses.
    Other operating expenses also increased by $0.4 million was mainly due to increased foreign exchange loss by $0.2 million as well as higher upkeep expenses for tools and equipment of $0.1 million.
    Meanwhile, contributions from associates dropped by $0.4 million due to the losses from our associated companies in Singapore and Thailand.
    For the full year ended June, earnings came in at $10.5 million compared to $13.9 million a year ago as revenue fell 3% to $155.9 million.
    LanTroVision closed 0.8% higher at $1.24 om Wednesday.

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    SINGAPORE (Aug 27): Singapura Finance reported

    SINGAPORE (Aug 27): Singapura Finance reported a 21.6% decline in earnings to $4.5 million in FY2015 ended June.

    Total income rose 10.2% to $24 million, on the back of higher net interest income which arose from higher loan volumes. But total income was partly offset by lower non-interest income, which saw a lower gain on sale of investments, dividend income and other operating income.

    Operating expenses rose 18.6% from higher other operating expenses, due to the additional commissions paid to auto loan dealers in line with growth in auto loans.
    Total loans and advances net of allowances grew 18.1% to $935 million, and total deposits increased 15.4% to $978 million.
    Singapura Finance expects a challenging time ahead, due to Singapore’s modest economic outlook, property cooling measures and possible competitive pressures on funding costs.
    The group declared a first and final dividend of two cents for the current financial year.
    Singapura Finance’s shares closed 0.5% higher at 97.5 cents on Wednesday.

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    26 August 2015 Oil dips after mixed US petroleum supply report

    26 August 2015 Oil dips after mixed US petroleum supply report [NEW YORK] Oil prices dipped on Wednesday after US petroleum data showed lower crude-oil inventories but barely any decline in production despite sinking prices.
    US benchmark West Texas Intermediate for October delivery shed 71 cents at US$38.60 a barrel on the New York Mercantile Exchange.
    European benchmark Brent oil for October delivery lost seven cents at US$43.14 a barrel in London.
    Crude supplies in the United States fell by 5.5 million barrels for the week ending August 21, according to US Department of Energy data.
    However, the report also showed US crude production slipped a scant 11,000 barrels a day, keeping output above 9.3 million barrels, not far from a decades-high production level.
    In another bearish indicator, gasoline supplies increased by 1.7 million barrels, the data showed.
    "The market continues to try to push off from six- or seven-year lows," said Gene McGillian, broker and analyst at Tradition Energy.
    However, after the inventory report came out, "some of the buying pressure evaporated," Mr McGillian said.
    US oil prices have fallen below US$40 a barrel this week as worries about the slowing Chinese economy, the world's second-biggest consumer of crude oil after the US, have added to concerns about an already heavily supplied global petroleum market. AFP

 

 

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