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Dow, S&P 500, Nasdaq all end at records, extending rally

elean
2 minutes

NEW YORK (AFP) - Wall Street stocks surged to fresh records on Friday (Dec 4), extending a post-election rally as disappointing US jobs data boosted the prospects for fiscal stimulus. All three major indices finished the week at all-time highs, with the Dow Jones Industrial Average gaining 0.8 per cent to 30,218.26. The broad-based S&P 500 jumped 0.9 per cent to close at 3,699.12, while the tech-rich Nasdaq Composite Index advanced 0.7 per cent to 12,464.23. The rally came even following government data showing the jobs recovery stalled, as US employers added just 245,000 new jobs in November. And though the unemployment rate dipped to 6.7 per cent from 6.9 per cent, the lowest since the pandemic struck, that was due to Americans leaving the workforce. Noting that new Covid-19 cases are “raging” in the US, FHN Financial’s Chris Low warned in a note “job growth will be sluggish for the next three or four months, minimum.” Still, Low pointed out that US approval of the first coronavirus vaccine could come as soon as next week. Analysts said the weak jobs data provides further impetus for Congress to enact a new stimulus package, and Senate Republican leader Mitch McConnell and House ...

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SMT is about to Enter the Singapore Market

aseanpr
2 minutes

SMT, an Answer to the Korean Waterjet Industry https://www.youtube.com/watch?v=4_TJ972cWSw&feature=youtu.be SMT, the only manufacturer of ultra-high pressure water jet nozzles and tools in Korea, is accelerating its entry to the Southeast Asian water jet market. Founded in 1993, SMT is leading the Korean and Japanese waterjet based on its precise and advanced technology; its technology has been also recognized in Europe, where waterjet technologies are already quite developed. From 2020, it is planning to fully enter the Southeast Asian waterjet market. SMT, whose technology of 30 years has been proven, is expected to make a huge sensation by providing agile CS and perfect solutions in Singapore, which serves as the hub of the Southeast Asian waterjet market. SMT's main products include 'Diamond Orifice' for waterjet cutting,'Diamond Fan Jet Nozzle' used for semiconductor cleaning,'(Double)Spin Nozzle' & 'Cyclone Nozzle' for general pipe cleaning, surface cleaning and heat exchange and 'Rotating Nozzle', water jet guns and valves for primary cleaning. Among them, SMT Diamond water cut nozzles have 15 to 20 times higher life time compared with sapphire nozzles, even at ...

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Singapore’s budding start-ups: Producing food-grade protein in a resource crunch

elean
1 minute

SINGAPORE - Sophie's Bionutrients, a Singapore-based start-up, has been working on plant-based protein flours that can be used to make milk alternatives or energy beverages. Its co-founder and chief executive Eugene Wang, 51, shared that the market for plant-based liquids is more accessible than the one for meat alternatives, given that plant-based milk does not require the same extensive research and development that meat-like products do. 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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Producing food-grade protein in a resource crunch

elean
1 minute

Sophie's Bionutrients, a Singapore-based start-up, has been working on plant-based protein flours that can be used to make milk alternatives or energy beverages. Its co-founder and chief executive Eugene Wang, 51, shared that the market for plant-based liquids is more accessible than the one for meat alternatives, given that plant-based milk does not require the same extensive research and development that meat-like products do. 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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Thailand beats S’pore again as top IPO market in South-east Asia

elean
3 minutes

Thailand's initial public offering market has chalked up another stellar performance, beating Singapore for the second year running as the top IPO market in South-east Asia by value of funds raised, according to research from professional services firm Deloitte. Singapore had eight listings that raised a total of US$852 million (S$1.14 billion) in the first 101/2 months of this year. This was dwarfed by the US$3.9 billion raised from 23 IPOs in Thailand in the same period. Last year's competition was keener, with Thailand raising US$3 billion from 34 listings, compared with the US$2.26 billion from 11 listings in Singapore. Thailand, South-east Asia's second-largest economy, also outdid the combined performance of the region's largest economy Indonesia, Singapore and the three other countries in Deloitte's research - Malaysia, the Philippines and Vietnam. They raised a total of US$2.54 billion this year. Disruptive events advisory leader at Deloitte Thailand Wilasinee Krishnamra said: "Largely driven by home-grown companies and fuelled by increasing investor interests in firms focused on consumer businesses, (Thailand's IPO market) continues to appeal strongly to investors and fund...

SeaPRwire

Look to China for opportunities: Minister

elean
2 minutes

China's rebalancing of domestic and export growth drivers, diversification of its markets and supply chains, and changing demographics are three areas that present opportunities for future cooperation with Singapore, said Trade and Industry Minister Chan Chun Sing yesterday. He was delivering the opening keynote speech at the Singapore-China Trade and Investment Forum, organised by the Singapore Business Federation as part of this year's China International Import Expo. Pointing to Chinese President Xi Jinping's "dual circulation strategy", Mr Chan said this was a natural evolution of Chinese economic development, with its previous export-led model (external circulation) rebalanced with, and complemented by, a domestic-consumption one (internal circulation). "This presents many opportunities for the world, given the size of the Chinese market. To seize the new opportunities, we must deeply understand the complexities and diversity of the Chinese market," he said. "Different cities, provinces, age groups and education profiles have their unique needs, and we should never mistake the Chinese market as monolithic or homogenous." He also noted that Chinese companies were increasingly l...

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US job growth stronger than expected in October

elean
3 minutes

WASHINGTON • The US labour market improved in October by more than forecast, defying expectations for more subdued gains amid an intensifying Covid-19 pandemic and lack of additional fiscal relief. Non-farm payrolls increased by 638,000 after an upwardly revised 672,000 gain in the previous month, according to a Labour Department report yesterday. That compared with the 580,000 median estimate of economists surveyed by Bloomberg, and reflected a decline of 147,000 in temporary census workers. The unemployment rate in the United States fell to 6.9 per cent from 7.9 per cent, a bigger decline than economists projected. Progress in the US labour market is holding up as household savings help fuel spending and business investment rebounds, providing whoever wins the presidential election with an economy that is in better shape than many analysts expected just six months ago. But jobs remain 10 million below pre-pandemic levels, and with coronavirus infections rising at a record rate this week, maintaining the pace of hiring may be difficult. Other figures point to an increasingly fragile labour market beneath the headline numbers. The number of permanent job losses was at 3.7 million l...

ACN Newswire

Southeast Asian Film Financing Project Market 2020 Finalists Announced

indie
7 minutes

Singapore - Nov 6, 2020 - (ACN Newswire) - ScreenSingapore today announced finalists for the Southeast Asian Film Financing (SAFF) Project Market 2020. Ten projects from China, Malaysia, Myanmar, Netherlands, Philippines, Singapore and Thailand were selected based on the project's co-production viabilities and the strength of the filmmaking team. This year's SAFF Project Market sees entries coming in from 14 countries and regions across Asia, Europe and North America, including first-timers from Finland, France, and Iran. Taking Asian Storytelling to the World Since its launch in 2015, the SAFF Project Market has emerged as a recognised regional platform for established and upcoming content creators to come together and present their projects to the international marketplace. Finalists will be able to meet with financiers, commissioners, and investors - albeit virtually this year - who will be able to bridge them with the resources needed to take their projects to a global audience. Selected projects will join the ranks of SAFF Project Market alumni who have seen their projects produced, undergo production, or acquire financing. "The SAFF Project Market funnels expertise and resour...

ACN Newswire
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Southeast Asian Film Financing Project Market 2020 Finalists Announced

indie
7 minutes

SINGAPORE, Nov 6, 2020 - (ACN Newswire) - ScreenSingapore today announced finalists for the Southeast Asian Film Financing (SAFF) Project Market 2020.Ten projects from China, Malaysia, Myanmar, Netherlands, Philippines, Singapore and Thailand were selected based on the project's co-production viabilities and the strength of the filmmaking team.This year's SAFF Project Market sees entries coming in from 14 countries and regions across Asia, Europe and North America, including first-timers from Finland, France, and Iran.Taking Asian Storytelling to the WorldSince its launch in 2015, the SAFF Project Market has emerged as a recognised regional platform for established and upcoming content creators to come together and present their projects to the international marketplace.Finalists will be able to meet with financiers, commissioners, and investors - albeit virtually this year - who will be able to bridge them with the resources needed to take their projects to a global audience.Selected projects will join the ranks of SAFF Project Market alumni who have seen their projects produced, undergo production, or acquire financing."The SAFF Project Market funnels expertise and resource from ...

ACN Newswire

With Two Potential First-in-class Innovative Drugs’ Commercialization around the Corner, RemeGen is Expected to Explode upon Listing

indie
5 minutes

HONG KONG, Nov 6, 2020 - (ACN Newswire) - According to Bloomberg, recent years have seen the strong performance of biopharmaceutical enterprises in Hong Kong stock market. Bonnie Chan, Head of Listing of HKEX, said at the HKEX Biotech Summit on 1st September this year that 20 pre-revenue biotechnology companies had been listed in Hong Kong by then, raising a total of HK$48 billion in IPOs, and a total of HK$46 billion in post-IPO financing. The public offerings of BeiGene, Innovent Biologics and Junshi Biosciences have all expanded multiple times upon their IPO in their market value. With the listing of RemeGen next Monday, Hong Kong is to welcome another biotech superstar.Popular subscription and substantial room for rise in market value post IPOThe public offering of Ant Group last week froze a large amount of capital, posing pressure on other pre-listing companies. However, offering from RemeGen still gained great traction, with its institutional books hundreds multiple times covered and retail book over 50-time subscription in pool A and hundreds of times in pool B. With the sudden halt of Ant Group's IPO and hundreds of billions of funds being refunded to Hong Kong investors, ...

ACN Newswire

IDC giant GDS secondary listing receives great support led by its promising prospect

indie
4 minutes

HONG KONG, Nov 2, 2020 - (ACN Newswire) - According to South China Morning Post. At present, China's digital economy is developing rapidly. As the information infrastructure is closely related to the development of the Internet, IDC demand has experienced strong growth, and IDC business revenue has continued to grow rapidly. GDS Holdings Limited ("GDS"), the absolute leader in China's IDC industry, initiated its secondary listing amid the good timing of the industry's development, and was officially listed on the Hong Kong Stock Exchange today, which has been enthusiastically sought after by market investors.GDS actively makes its presence in the first-tier cities to seize high-quality resources. Its data centers are mainly located in Shanghai, Beijing, Shenzhen, Guangzhou, Hong Kong, Chengdu and Chongqing. All of which are major financial, commercial, industrial and communications hubs in various regions of China. In addition, the features of high power density and low PUE of the data centers owned by GDS can effectively help customers reduce their operating costs, proving that GDS has formed a strong competitiveness in providing services to customers.The data centers operated by ...

SeaPRwire

S’pore nearly replaces Thailand as Asia’s worst stock market this year

elean
2 minutes

Singapore stocks took a beating last week amid the twin uncertainties of the United States election and the worsening pandemic in the West, almost replacing Thailand as Asia's worst equity market this year. The Straits Times Index (STI) fell 1.1 per cent last Friday, taking its decline so far this year to 24.95 per cent, compared with a fractionally bigger 24.96 per cent loss for Thailand's SET index. The STI, which relies heavily on exports, was down about 4.5 per cent last week, among the region's worst performances. A recovery in Singapore's stocks from the market plunge triggered by the pandemic has been hampered by the economy's integration with global trade and supply chains, and a lack of technology shares in the index. More than 80 per cent of Singapore's benchmark is made up of cyclical equities - the most among regional peers. A resurgence in coronavirus cases in America and Europe and uncertainty surrounding stimulus in the US are expected to limit gains in the near term. "Singapore is particularly sensitive to global risk-off sentiment, and risk appetite has worsened from the resurgence in virus cases and expectations of a slow pace of economic recovery," said Ms Pan Ji...

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Unusual ups and downs in Covid-19 rental market

elean
1 minute

The Covid-19 pandemic is affecting the property market here in ways not seen in previous recessions. Despite many workers facing income and job cuts, prospective bargain hunters have been sorely disappointed, because overall property prices here have been holding up very well. 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.

ACN Newswire
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Tianzow Breeding (1248.HK) harnesses a favourable industry situation by bringing three cornerstone investors into the market

indie
3 minutes

HONG KONG, Oct 29, 2020 - (ACN Newswire) - According to SCMP: According to the recently announced third quarter performance forecasts, all major listed breeding companies have recorded varying degrees of profit growth. Meanwhile, Huaan Securities believes the price of live pigs has stabilized and rebounded, and is expected to remain relatively high in 2020-2021. In terms of new IPOs, Sichuan Tianzow Breeding Technology Co., Ltd. (1248.HK), a newcomer in the industry, began its public offering period from October 29 to November 6 and has priced its shares at a price ranging between HK$26.00 to HK$38.80. The company plans to become listed publicly on the Hong Kong Main Board on November 16.Tianzow Breeding mainly provides high-quality breeding stock and market hogs, as well as related ancillary products and services. According to a report by China Insights Consultancy, in 2019, the company ranked first among all breeding stock farming companies in China in terms of breeding stock sales revenue and was also one of the top 50 market hogs companies in China. Tianzow Breeding has reportedly entered cornerstone investment agreements with the following cornerstone investors: controlling sh...

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Job recovery in S’pore likely slow and uneven despite immediate rebound in retail, F&B: MAS

aseanpr
4 minutes

SINGAPORE - The road to recovery for the labour market is likely to be slow and uneven, with resident unemployment rates taking a longer time to reach pre-crisis levels compared with during the global financial crisis, said the Monetary Authority of Singapore (MAS). In its review of the macroeconomic situation released on Wednesday (Oct 28), MAS said the unemployment rate of Singaporeans and permanent residents is expected to decrease gradually next year after peaking in the second half of 2020, but will remain elevated overall. It added that this will weigh on wages for the rest of this year and possibly into 2021. These projections for the labour market are despite employment prospects looking up in the immediate term in the retail and food and beverage (F&B) sectors, and in support services such as cleaning and security industries. These business areas rebounded quickly with Singapore exiting the circuit breaker in June, said MAS. In construction, the gradual resumption of activities in the second half of this year would also likely lead to more hiring. As for the travel-related sector, MAS said some modest employment recovery can be expected with the easing of safe distancing m...

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EMC Provides One-stop Marketplace for Businesses to Buy Electricity and Offset Consumption

indie
6 minutes

SINGAPORE, Oct 22, 2020 - (ACN Newswire) - Singapore's Energy Market Company (EMC) announced that organisations committed to environmental sustainability can now conveniently purchase electricity and offset their electricity consumption with Renewable Energy Certificates (RECs) through EMC's PowerSelect platform. Toh Seong Wah, CEO of EMCEsther An, Chief Sustainability Officer, City Developments Limited (CDL)His Excellency Dr. Rashid Al Leem, Chairman of the Sharjah Electricity, Water and Gas Authority (SEWA)RECs are an additional offering on the PowerSelect platform, which helps businesses efficiently source the best electricity packages across a large number of electricity retailers in Singapore. With this new service, organisations can access a wide range of RECs from local and overseas energy providers, across different renewable energy sources. Increased choices for both electricity packages and RECs translate into more competitive prices for customers.RECs are financial instruments that certify the purchase by an investor of units of electricity generated from renewable energy sources. Once the renewable energy is fed into the national power grid by the power generator, the R...