singapore

 
 

Britain’s Dyson to build electric car in Singapore

LONDON, Oct 23 — British technology company Dyson said today t would build its electric car in Singapore, with a new site set for completion in 2020 ahead of the first vehicle launch a year later. Dyson, founded by the billionaire British inventor…


Securemetric’s IPO to raise RM17m

KUALA LUMPUR: Digital security solutions provider Securemetric Bhd, which is en route for a listing on the ACE market expects to raise RM17 million from its initial public offering (IPO) exercise.

The group is scheduled for listing on Nov 13, 2018.

Speaking at a press conference in conjunction with its prospectus launch today, Securemetric CEO Edward Law said that the bulk of the proceeds will be used for development of new digital security solutions and working capital.

Law said the proceeds raised will also be used for regional business expansion and repayment of borrowings.

The group currently offers digital security products and solutions across Southeast Asia, namely Malaysia, Vietnam, the Philippines, Indonesia and Singapore.

Its clients include government organisations, financial institutions, public certification authorities, software development companies and IT service providers.


Ringgit opens lower on negative sentiment

KUALA LUMPUR, Oct 23 — The ringgit opened marginally lower against the US dollar this morning as negative sentiment clouded demand for the currency, said a dealer.  At 9am, the ringgit was traded at 4.1595/1625 versus the…


Banks lead US stock slide, extending market’s losing streak

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Banks led a broad slide in U.S. stocks Monday as an early rally faded, giving the benchmark S&P 500 index its fourth straight loss. Health care and energy stocks also helped pull the market lower, outweighing gains by technology and consumer-focused stocks. Crude oil prices eked out a small gain after spending most of the day in the red. The latest losses came as traders geared up for a busy week of company earnings reports that should help answer how Corporate America is coping with rising interest rates, inflation andRead More


Is It Too Early to Get Back Into Alibaba Stock?

Alibaba

Alibaba (NYSE:BABA), like many Chinese stocks, has been under pressure in 2018, mostly due to trade war concerns. In fact, the pressure has driven BABA stock down 17% year-to-date. And the strengthening U.S. dollar and reports of a potential cooling of the Chinese economy have added to the uncertainty surrounding BABA in the past few weeks. However, despite the recent doom-and-gloom, long-term investors may consider investing in Alibaba stock, especially as the company gets closer to report earnings on Nov. 2. The Growth Story for BABA Stock Is Still Strong As oneRead More


Bullish City of London stays confident as Brexit nears

LONDON: London’s powerhouse financial district fretted over a brain drain when the country voted for Brexit, but its leading players are now convinced of one thing: the City will win. Christopher Hayward is one of the nearly 500,000 Londoners who work in the City, Europe’s largest financial centre and a hub that traces its origins […]


Uber to appeal against Singapore regulator’s decision on deal with rival Grab

SINGAPORE: Uber Technologies Inc has decided to appeal against a decision by the Singapore competition regulator that its merger with regional rival Grab violated the city-state's competition laws, the firm said today.

Last month, Singapore slapped ride-hailing firms Grab and Uber with fines and imposed restrictions on their businesses to open up the market to competitors, after concluding that their merger had driven up prices. It fined Grab S$6.42 million (RM19.35 million) million) and Uber S$6.58 million (RM19.84 million).

Uber said it was making the appeal independently of Grab, as a matter of principle. Separately, Grab said it would not appeal against the regulator's decision.

The Competition and Consumer Commission of Singapore's ruling that the transaction led to a substantial lessening of competition, and that Uber had intentionally breached the law, was “unsupported and incorrect”, Uber said in a statement.

Uber asked the CCCS to annul its fine, and said the regulator had used a very narrow definition of the ride-hailing market. It also pointed to Go-Jek's impending entry into the city-state, saying the Indonesian ride-hailing company would make for a formidable competitor.

Uber disputed the CCCS' allegation that Uber knew that the transaction infringed the law but nevertheless moved ahead.

“To the contrary, our view has always been that in a properly defined market – including at the very least
ride-sharing, street-hail taxis and new entrants – the
transaction respects the law and does not raise significant concerns,” it said.

Uber sold its Southeast Asian business to bigger regional
rival Grab in March in exchange for a 27.5% stake in the Singapore-based firm. But the deal invited regulatory scrutiny.

Last week, the Philippines' competition watchdog also fined the two firms, saying they consummated their merger too soon and that the quality of service had suffered.

“I do not expect that this decision or definition of the market used in Singapore by CCCS would significantly affect Uber elsewhere,” said Walter Theseira, an economics professor at the Singapore University of Social Sciences.

He said, however, that Uber may have an interest in conducting an economic analysis of the definition of the market to inform and contest similar cases elsewhere. – Reuters


Bumi Armada to get US$8.5m from sale of oil on FPSO

PETALING JAYA: Bumi Armada Bhd is expected to receive US$8.5 million (RM35 million) from the sale of crude oil stored on the Armada Perdana floating production storage and offloading (FPSO) by Erin Petroleum Nigeria Ltd.

The group told the stock exchange that Erin Petroleum, which has filed for bankruptcy, has been granted an agreed order to appoint a receiver/manager in Nigeria to oversee the sale of the crude oil stored on Armada Perdana FPSO.

In line with that, Bumi Armada (Singapore) Pte Ltd (BASPL) and Armada Oyo Ltd (AOL) are entitled to receive partial settlement of the outstanding amount owed to them by Erin Petroleum for the provision of services under the operational and maintenance services contract and bareboat charterparty contract for Armada Perdana FPSO.

In April, Erin Petroleum filed for bankruptcy together with its parent company Erin Energy Corp under Chapter 11 of the US Bankruptcy Code. The case was then converted into a liquidation proceeding under Chapter 7 of the code in July 2018.

“The company will continue to provide updates from time to time on any further material developments regarding the Armada Perdana FPSO,” said Bumi Armada.

Bumi Armada closed unchanged at 41 sen today on 13.82 million shares done.


Bumi Armada up 2.43% this morning

PETALING JAYA: Bumi Armada Bhd’s share price rose as much as 2.43% to 42sen at early trade, on news of receiving partial settlement from the sale of crude oil stored on the Armada Perdana floating production storage and offloading (FPSO).

At 10.59am, the stock was trading at 42sen with 2.07million shares done.

Bumi Armada is expected to receive a portion from the sale of crude oil stored on the Armada Perdana floating production storage and offloading (FPSO) by Erin Petroleum Nigeria Ltd amounting to US$8.5 million (RM35 million).

The group told the stock exchange yesterday that Erin Petroleum, which has filed for bankruptcy, has been granted an agreed order to appoint a receiver/manager in Nigeria to oversee the sale of the crude oil stored on Armada Perdana FPSO.

In line with that, Bumi Armada (Singapore) Pte Ltd (BASPL) and Armada Oyo Ltd (AOL) are entitled to receive partial settlement of the outstanding amount owed to them by Erin Petroleum for the provision of services under the operational and maintenance services contract and bareboat charterparty contract for Armada Perdana FPSO.

In April, Erin Petroleum filed for bankruptcy together with its parent company Erin Energy Corp under Chapter 11 of the US Bankruptcy Code. The case was then converted into a liquidation proceeding under Chapter 7 of the code in July 2018.


BoE reiterates confidence in preparations for the Brexit

Fundamental outlook THE Bank of England (BoE) reiterated its confidence its preparations against the impact of the Brexit. US building permit and existing home sales recorded a decline. China maintained that its GDP growth is still on track. US building permit rose 1.24 million in September, lower than the revised 1.24 million gains recorded in […]