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He uses bank loans instead of CPF to buy property

elean
1 minute

Buying property is a huge leap, so doing proper research, planning and keeping enough cash on hand are important, says property industry executive Eugene Koh. Mr Koh's preferred financing strategy is to take a bank loan on property purchases, rather than draw on his cash reserves or Central Provident Fund (CPF). Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

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Dow, S&P 500, Nasdaq end at records after solid week

elean
2 minutes

NEW YORK (AFP) - Major Wall Street stock indices ended at records on Friday (Feb 12), concluding a solid week on expectations for more US stimulus and an economic rebound fueled by coronavirus vaccines. All three major indices finished at all-time highs, with the S&P 500 gaining 0.5 percent to finish at 3,934.83, up 1.2 per cent for the overall week. The Dow Jones Industrial Average edged up 0.1 per cent to 31,458.40, while the tech-rich Nasdaq Composite Index also won 0.5 per cent to 14,095.47. Markets meandered through much of the week, but generally drifted higher following mostly good corporate earnings. Much of the economic data has been weaker, but investors view that dynamic as lending further momentum to President Joe Biden's stimulus proposal. "We can see that Biden wants to move forward with his package quickly," said Gregori Volokhine, president of Meeschaert Financial Services. "We can also see more progress on coronavirus vaccines." Among individual equities, Disney dropped 1.8 per cent after reporting strong growth in new subscribers for its streaming service, while its parks and recreation division continued to suffer during Covid-19. Disney reported quarterly profit...

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Canada values Singapore’s support for a potential FTA with Asean

elean
1 minute

Canada will continue to pursue a free trade agreement (FTA) with Asean to expand trade and investment with one of the world’s fastest-growing markets, Ms Mary Ng, Canada’s Minister of Small Business, Export Promotion and International Trade, told The Straits Times. Ms Ng said she appreciated Singapore’s support for Canada’s efforts to deepen ties with the 10-nation trading bloc, which is also at the heart of Asia’s security architecture. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

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GIC partnering Chinese asset manager to bid for Philips’ home appliances unit: Sources

elean
2 minutes

LONDON • Singapore sovereign wealth fund GIC has teamed up with Chinese asset manager CDH Investments to submit a joint offer for the US$3.6 billion (S$4.8 billion) home appliance business of Philips, two sources told Reuters. The two are facing competition from Asia-focused private equity firm Hillhouse Capital and a consortium of Citic Capital, Sequoia and TCL Capital, according to the sources, who spoke on condition of anonymity. Philips has put pressure on the bidders to finalise their binding offers by the end of March, and raised the prospect of ditching the sale and pursuing an alternative listing of the business which produces coffee machines, vacuum cleaners and air fryers. Philips declined to comment while the other bidders were not available outside business hours. The intended sale is a central part of Philips' transformation into a health technology business focused entirely on hospital equipment and personal health products. Once a sprawling conglomerate, the Amsterdam-based company has narrowed its focus in recent years, spinning off the lighting and consumer electronics divisions for which it was previously best known. Philips' home appliance unit is valued at about...

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ThaiBev’s net profit for Q1 rises 0.5% to $375m

elean
4 minutes

Beer and liquor giant Thai Beverage (ThaiBev) yesterday posted a net profit of 8.47 billion baht (S$375 million) for its first quarter ended Dec 31, up 0.5 per cent from the 8.42 billion baht it chalked up for the year-ago period. The company, which controls Fraser and Neave (F&N) and Frasers Property, has been enjoying a positive share price momentum after confirming its intention earlier this month to spin off and list its brewery unit BeerCo on the Singapore Exchange mainboard. BeerCo brands include Chang Beer and Bia Saigon. The growth in net profit was largely due to increased net profit from ThaiBev's spirits, beer and non-alcoholic beverages businesses, which more than offset lower contributions from its food businesses and stakes in F&N and Frasers Property. Group sales revenue for the quarter declined 5.1 per cent on-year to 71.79 billion baht due to lower sales revenue in the beer, non-alcoholic beverages and food businesses. This was partially mitigated by increased sales in the spirits business, which booked a 1 per cent year-on-year growth in sales revenue despite the resurgence of Covid-19 in Thailand. ThaiBev also said that the spirits segment remained resilient duri...

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Canada values Singapore’s support for a potential FTA with Asean

elean
1 minute

SINGAPORE - Canada will continue to pursue a free trade agreement (FTA) with Asean to expand trade and investment with one of the world's fastest-growing markets, Ms Mary Ng, Canada's Minister of Small Business, Export Promotion and International Trade, told The Straits Times. Ms Ng appreciated Singapore's support of Canada's efforts to deepen ties with the 10-nation trading bloc which is also at the heart of Asia's security architecture. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

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What didn’t kill Serial System has made it stronger

elean
1 minute

What doesn't kill you will make you stronger. It is a saying that resonates with businessman Derek Goh Bak Heng. The executive chairman of mainboard-listed semiconductor trading company Serial System said he had a "near-death experience" two years ago when the company's biggest customer decided to pull the plug on it. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

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Uber’s pandemic food delivery boom fails to offset ride-hailing drop

elean
3 minutes

NEW YORK (BLOOMBERG) - Uber Technologies reported declining revenue in the fourth quarter, showing that demand for food delivery isn't making up for a falloff in ridership. Sales dropped 16 per cent to US$3.17 billion (S$4.2 billion), short of an average of analyst estimates compiled by Bloomberg. Performance in Canada, Latin America and the US was particularly dismal. The stock was down about 4 per cent in extended trading. Despite the shortfall, Uber narrowed its loss in the quarter that ended in December, riding a wave of deals that shed some of its more fanciful pursuits. It turns out that autonomous vehicles and flying cars weren't helping Uber achieve its goal of a quarterly profit before interest, taxes and other expenses by the end of this year. In the fourth quarter, when it sold those two business units to star-ups in exchange for equity, Uber posted an adjusted loss of US$454 million, beating analysts' estimates. In its quarterly results released on Wednesday (Feb 10), Uber said it's still on track to turn an adjusted profit some time this year. And it disclosed yet another asset sale, confirming a Bloomberg report in September that it was selling part of its stake in th...

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Mastercard to open up network to select cryptocurrencies

elean
2 minutes

BENGALURU (REUTERS) - Mastercard said on Wednesday (Feb 10) it was planning to offer support for some cryptocurrencies on its network this year, joining a string of big-ticket firms that have pledged similar support. The credit-card giant's announcement comes days after Elon Musk's Tesla revealed it had purchased US$1.5 billion (S$2 billion) of bitcoin and would soon accept it as a form of payment. Asset manager BlackRock and payments companies Square and PayPal have also recently backed cryptocurrencies. Mastercard already offers customers cards that allow people to transact using their cryptocurrencies, although without going through its network. "Doing this work will create a lot more possibilities for shoppers and merchants, allowing them to transact in an entirely new form of payment. This change may open merchants up to new customers who are already flocking to digital assets," Mastercard said. Mastercard specified that not all cryptocurrencies will be supported on its network, adding that many of the hundreds of digital assets in circulation still need to tighten their compliance measures. Many cryptocurrencies have struggled to win the trust of mainstream investors and the ...

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GIC partners Chinese asset manager for Philips’ home appliances bid: Sources

elean
2 minutes

LONDON (REUTERS) - Singapore's sovereign wealth fund GIC has teamed up with Chinese asset manager CDH Investments to submit a joint offer for the US$3.6 billion (S$4.8 billion) home appliance business of Philips, two sources told Reuters. The duo is facing competition from Asia-focused private equity firm Hillhouse Capital and a consortium of Citic Capital, Sequoia and TCL Capital, the sources said, speaking on condition of anonymity. Philips has put pressure on the bidders to finalise their binding offers by the end of March and raised the prospect of ditching the sale and pursuing an alternative listing of the business, which produces coffee machines, vacuum cleaners and air fryers. Philips declined to comment while the other bidders were not available outside business hours. The sale is a central part of Philips' transformation into a health technology business focused entirely on hospital equipment and personal health products. Once a sprawling conglomerate, the Amsterdam-based company has narrowed its focus in recent years, spinning off the lighting and consumer electronics divisions for which it was previously best known. Philips' home appliance unit is valued at about US$3.6...

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Jack Ma spotted playing golf, easing China detention fears

elean
4 minutes

BEIJING (BLOOMBERG) - For months, speculation over Jack Ma's whereabouts has run rampant. Mr Maybe the embattled billionaire had fled to Singapore, some posited. Or he had been placed under house arrest. Or worse yet, he was locked up in a high-security jail. As it turns out, China's most talked-about tycoon has been working on his golf game. The co-founder of Ant Group and Alibaba Group Holding teed off in recent weeks at the Sun Valley Golf Resort, a secluded 27-hole course on the Chinese island of Hainan, people familiar with the matter said, asking not to be identified discussing private information. Located near the island's southern tip, the course offers expansive greens and stunning views. It's the first known Mr Ma sighting since the former English teacher joined a live-streamed video chat with rural educators on Jan 20. While that appearance helped quiet talk of Mr Ma's detention, speculation about his standing with China's Communist Party has continued to swirl as authorities clamp down on his sprawling business empire. Mr Ma's golf outing adds to recent evidence that the outspoken entrepreneur has - for now at least - avoided nightmare scenarios like jail time or a gove...

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US stocks mixed after dovish Fed chairman comments

elean
2 minutes

NEW YORK (AFP) - Wall Street stocks finished mixed on Wednesday (Feb 10), with the Dow at a record following dovish remarks from the Federal Reserve chairman regarding inflation and monetary policy. Fed chairman Jerome Powell said the United States remains "very far" from a strong labour market, signalling no foreseeable change in the central bank's easy-money policies. Powell also repeatedly expressed scepticism about a rise in inflation, which some economists said could come if the US government approves another massive stimulus measure. His remarks came after consumer data released earlier on Wednesday showed tepid price increases. The Dow Jones Industrial Average gained 0.2 per cent to 31,437.74, narrowly eclipsing Monday's record after a choppy session. The broad-based S&P 500 dropped by a hair to 3,909.88, while the tech-rich Nasdaq Composite Index fell 0.3 per cent to 13,972.53, snapping a four-day streak of records. After all three major indices closed at records on Monday, equities have meandered the last two sessions. Investors remain generally upbeat on expectations for more US stimulus spending and the economic bounce from coronavirus vaccines. Among individual companie...

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Jurong Port to take over O.K. Lim family’s stake in Universal Terminal: Sources

elean
3 minutes

SINGAPORE (REUTERS) - Government-owned Jurong Port is set to take over the shares in a major oil storage terminal held by the Lim family behind collapsed oil trader Hin Leong, three sources with knowledge of the matter told Reuters. The deal marks the sale of the crown jewel among oil and shipping assets owned by oil tycoon Lim Oon Kuin, better know as O.K. Lim, his son Evan Lim Chee Meng and daughter Lim Huey Ching. It comes nearly a year after Hin Leong, once Asia's largest oil trader, racked up some US$4 billion (S$5.3 billion) in debt and entered court restructuring, followed by Ocean Tankers and Xihe Group also owned by the Lim family. Jurong Port is set to take over the Lim family's stakes in the terminal, the sources said, declining to be named as they are not authorised to speak to the media. The Lim family managed and owned 41 per cent of Universal Terminal through Universal Group Holdings. "Jurong Port's participation was well received by existing investors as it's a neutral partner as compared with commercial parties such as a trading house," said one of the sources. The investment details were not immediately clear but a previous sale of a stake in the terminal in 2016 ...

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DBS posts 33% fall in Q4 profit to $1.01 billion

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2 minutes

SINGAPORE - DBS Group Holdings posted a 33 per cent plunge in fourth-quarter earnings as its net interest margin fell and it set aside higher allowances for potential bad loans. South-east Asia's biggest lender on Wednesday (Feb 10) reported net profit of $1.01 billion, down from $1.5 billion a year ago. Its earnings were in line with an average estimate of $1.02 billion from four analysts, according to estimates compiled by financial data platform Refinitiv. The board has declared a final dividend of 18 cents a share, down from 33 cents for the year-ago period, to which the bank's scrip dividend scheme will apply. The bank's net interest income dipped 13 per cent year on year to $2.12 billion. Its net interest margin fell 37 basis points to 1.49. Net interest margin is a key gauge of profitability for banks, measuring the difference between income earned from loans and the interest paid to depositors. Total allowances at $577 million, were almost five times higher than the year before. DBS' earnings per share for the fourth quarter stood at $1.54, a decrease from $2.31 a year ago. For the full year, the bank's net profit dropped 26 per cent to $4.72 billion due to a decline in net...

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Bitcoin soars towards US$50,000 as Tesla takes it mainstream

elean
5 minutes

NEW YORK (REUTERS) - Bitcoin powered to a record high on Tuesday (Feb 9), approaching the US$50,000 (S$66,300) mark, basking in the afterglow of Elon Musk-led Tesla's investment in the cryptocurrency that had investors believing it may become a mainstream asset class. The most popular cryptocurrency has gained 1,150 per cent since its March 2020 lows, as institutional investors searched for alternative investments and retail traders rode the wave. It traded at a few hundred dollars only five years earlier. Glassnode, which provides insight on blockchain data, said in its latest report that bitcoin's limited supply suggested further gains for the virtual asset. Bitcoin's liquid supply is continuing to decrease, as investors increasingly acquire and "hodl" the asset for the long term. "Hodl" is crypto slang for the act of an investor holding the asset instead of selling it. Currently, around 78 per cent of issued bitcoin are either lost or being "hodled." This leaves less than four million bitcoins to be shared among future market entrants - including large institutional investors such as PayPal, Square, S&P 500 companies, and exchange traded funds, Glassnode said. On Monday, bitcoin...

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Nasdaq edges to record, extending rally

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2 minutes

NEW YORK (AFP) - The Nasdaq edged to a fresh record again on Tuesday (Feb 9), extending a bull run for markets buoyed by rising hopes for fiscal stimulus and expectations of a strong economic rebound. Investors remained optimistic about additional government spending and President Joe Biden met with the CEOs of JPMorgan Chase, Walmart and other companies to build support for his US$1.9 trillion (S$2.5 trillion) rescue plan. The Dow Jones Industrial Average was essentially flat, dipping less than 0.1 per cent to end at 31,375.83, retreating slightly from an all-time high set Monday. The broad-based S&P 500 slipped 0.1 per cent to 3,911.23, also sinking just below Monday's record. But the tech-rich Nasdaq Composite Index gained 0.1 per cent to 14,007.70, ending at a record for the fourth straight day. Besides stimulus expectations, the market also has been boosted by progress on coronavirus vaccines that have raised hopes for earnings growth in 2021 and beyond. "Indeed the good times are rolling in the capital markets, which are acting as if they have more money than they know what to do with, so they just keep doing what's been working: putting money to work in risk assets," said Br...

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Climate change is Temasek’s focus moving forward, says incoming CEO Dilhan Pillay

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4 minutes

SINGAPORE - Incoming Temasek chief executive Dilhan Pillay Sandrasegara said the state investor's focus and biggest consideration is climate change. "It's impacting businesses in every sector, in every part of the world, and we have to think what that means for the various geographies that we're operating in," he told a briefing held at Temasek's Dhoby Ghaut office on Tuesday (Feb 9). Mr Pillay, who will continue in his current job as CEO of the commercial arm Temasek International, will succeed Ms Ho Ching in her roles as Temasek CEO and executive director on Oct 1. He joined the company in 2010 and was appointed CEO of Temasek International in 2019, where he oversees its investment and portfolio activities. Temasek chairman Lim Boon Heng said that Mr Pillay, 57, will oversee Temasek's "stewardship role", particularly in its constitutional responsibilities to safeguard its own past reserves as a Fifth Schedule entity. Mr Lim added that Mr Pillay has shown that he can deliver the goods and rally a team to achieve the end results. Ms Ho said she is confident that Mr Pillay will take Temasek to the next level. She told the briefing that he has the willingness and confidence to bring ...

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Razer co-founder and director Lim Kaling pulls out of Myanmar joint venture

elean
3 minutes

SINGAPORE (THE BUSINESS TIMES) - Razer co-founder and director Lim Kaling is selling his one third stake in a joint venture that owns RMH Singapore Pte Ltd, a Singapore-based tobacco company which in turn owns 49 per cent of Virginia Tobacco Co Ltd (VTCL), the military-linked market leader in Myanmar's tobacco market. In a statement released on Tuesday (Feb 9), Mr Lim said he had been closely monitoring the situation in Myanmar and recent events there caused him "grave concern". "As a result, I have decided to exit my investment in Myanmar, disposing of my one-third stake in the joint venture that owns RMH Singapore Pte Ltd. "I am therefore exploring options for the responsible disposal of this stake," he said, adding that it is his only remaining investment in Myanmar, initiated nearly three decades ago under a very different circumstance. Back in 1993, Mr Lim started Distinction Investments to address an economic opportunity in Myanmar as the country was opening up to the rest of the world. "Through this venture, we had hoped to help the country spur economic growth, create jobs and raise standards of living," he said. Distinction Investments has three shareholders: Myanmar citiz...

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Bitcoin soars after Elon Musk’s Tesla buys US$1.5b of digital coin, plans to accept as payment for its cars

elean
5 minutes

NEW YORK (REUTERS) - Bitcoin took another large stride towards mainstream acceptance on Monday (Feb 8) after Elon Musk's Tesla revealed it had bought US$1.5 billion (S$2 billion) of the cryptocurrency and would soon accept it as a form of payment for its electric cars. The announcements, buried deep in Tesla's 2020 annual report, drove a 13 per cent surge in the world's most widely held cryptocurrency to an all-time high above US$44,000. At current prices, 0.88 bitcoins would be enough to buy an entry-level Tesla Model 3. Investors anticipated other companies will soon join a list of firms that invest in or hold bitcoin including BlackRock, the world's largest asset manager, and payments companies Square and PayPal. Mr Elon Musk has upended Wall Street over the last year and briefly became the world's richest person as shares of Tesla surged nearly 500 per cent to become the fifth most-valuable US company, leaving other companies and investors eager to follow in his wake. "If any lesser mortals had made the decision to put part of their balance sheet in Bitcoin, I don't think it would have been taken seriously," said Thomas Hayes, managing member at Great Hill Capital. "But when th...

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Wall Street sets record closing highs on stimulus hopes, vaccine deployment

elean
3 minutes

NEW YORK (REUTERS) - Wall Street reached all-time closing highs on Monday (Feb 8) as investor optimism was stoked by prospects of a speedier economic recovery from the global health crisis, driven by increased stimulus and an accelerated vaccine rollout. All three major US stock indexes gained ground, with the S&P 500 and the Dow posting their sixth consecutive gains, their longest winning streak since August. Small-caps, set to benefit most from the economic rebound, outperformed their larger peers. “Investors are starting to play the economy opening up and the vaccine starting to work,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “And maybe they can go to a baseball game this summer.” Still, the extended rally provides some cause for concern. “Stocks have been over-valued for much of the past year,” Nolte added. “And the things we’re seeing now, with GameStop and Bitcoin, those are signs of speculation, not investing.” Oil prices rose to their highest in over a year due to supply cuts and hopes for a stimulus-driven demand rebound, helping energy stocks jump 4.2%. Treasury Secretary Janet Yellen said if Congress approves the president’s $1.9 trill...