Posts by Stephanie Irvin
Brokers’ take: Phillip Capital initiates ‘buy’ on Oiltek with S$0.70 target price
PHILLIP Capital initiated coverage on Oiltek International with a “buy” call on the company’s growing book orders and its belief that the company is currently riding multiple capital expenditure (capex) cycles. The research house set a price target of S$0.70 for Oiltek, which works out to a price-to-earnings ratio estimate of 15 times. This implies…
Read MoreStandard Chartered sets up first global fund management entity in Singapore
STANDARD Chartered has incorporated its first variable capital company (VCC) in Singapore, the banking group announced on Monday (Jun 10). Its new global fund management entity, Standard Chartered Funds VCC (SC Fund), will enable the group to launch a series of funds catered to its high-net-worth clients. The fund will offer such clients exclusive access…
Read MoreSu Jianfeng gets 17 months jail, the longest sentence among the ten money launderers
MONEY launderer Su Jianfeng, one of the 10 foreign nationals arrested in Singapore’s largest money laundering case, was handed a jail term of 17 months on Monday (Jun 10). This came after the 36-year-old Vanuatu national pleaded guilty to one count of money laundering under the Corruption, Drug Trafficking and Other Serious Crimes Act (CDSA)…
Read MoreBinance-linked token’s record cements founder Zhao as richest US inmate
THE BNB token, a cryptocurrency linked to Binance and its incarcerated co-founder Zhao Changpeng, surged to a record high in the first week of his four-month jail sentence in the US. Its rally underscores Zhao’s status as the richest person ever to do time in a US federal lock up. Zhao reported to a prison…
Read MoreWTI expected to extend losses following breakdown
WEST Texas Intermediate (WTI) oil prices have continued to decline from their highs since reaching a peak of US$87.60 per barrel in mid-April this year, falling to their lowest levels since February following the Organization of Petroleum Exporting Countries and allies (Opec+) meeting held at the start of this month. In the meeting, members signalled…
Read MoreMexican peso posts worst week in 4 years as traders rush for exit
The Mexican peso is wrapping up the worst week in four years as a surprise election outcome sent traders rushing to unwind one of the most crowded positions in global currency markets. The peso tumbled more than 7.5 per cent after the Morena ruling party’s unexpected landslide win in congressional races stoked fears that lawmakers…
Read MoreIndian stocks recoup losses sparked by Modi’s election upset
INDIAN stocks surged to a new all-time high, recouping losses from Tuesday’s unexpected election result that triggered a record sell-off in the world’s fifth-largest equities market. The NSE Nifty 50 Index closed 2.1 per cent higher at 23,290, bringing its weekly gain to more than 3 per cent. The surge over the past three sessions…
Read MoreEurope: Stocks fall as hot US payrolls flare rate worries
European shares fell on Friday (Jun 7), led by rate-sensitive sectors such as real estate and utilities after a stronger-than-anticipated US jobs report fanned worries that the Federal Reserve would not cut interest rates anytime soon. The continent-wide Stoxx 600 closed 0.2 per cent lower, but recorded its first weekly gain in three weeks. The…
Read MoreSabana Reit unitholders call for EGM to be held in fresh requisition letter
UNITHOLDERS of Sabana Industrial Real Estate Investment Trust (Sabana Reit) are urging the manager’s directors to hold the extraordinary general meeting (EGM) with amended resolutions using the original timeline and as soon as possible. An announcement posted by the Reit to the bourse on Friday (Jun 7) came attached with a fresh requisition letter from…
Read MoreTesla upgrades in-car navigation software in China, introduces lane-level guidance
TESLA released a software upgrade for its in-car navigation system in China on Friday (Jun 7), introducing new features such as displaying lane markings on its maps that correspond to the actual lanes on the road. The company announced the update on its official WeChat account along with a series of new features added in…
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