Eagle Hospitality Trust to sacrifice distributions for the 'preservation and protection' of portfolio

27 May 2020 - The Edge Markets
SINGAPORE (May 27): Unitholders of beleaguered Eagle Hospitality Trust (EHT) will not receive any distributions for the period of May 24, 2019 to Dec 31, 2019 as the trust scrambles to utilise its funds for “preservation and protection” of its portfolio. “Given the present developments, it would no longer ...

SGX RegCo pressing Eagle Hospitality Trust for restructuring updates

27 May 2020 - The Edge Markets
SINGAPORE (May 27): The SGX RegCo is pressing Eagle Hospitality Trust for updates from the special committee that was formed in April, to help in its restructuring and strategic business review after it defaulted on a US$341 million syndicated loan. This special committee, whose composition was announced ...
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Chip Eng Seng axes childcare centre deal in Australia

27 May 2020 - The Edge Markets
SINGAPORE (May 27): Property and construction company Chip EngSeng Corporation, which is trying to diversify into the regional educational services sector, has run into a hitch in Australia. On May 27, the company announced the termination of an acquisition of a childcare centre in Victoria, Australia. ...

STI slips 10.82 points to close at 2,519.48; SIA the best performer, SGX is worst

27 May 2020 - The Business Times
SINGAPORE stocks ended Wednesday on a softer note, with the benchmark Straits Times Index closing at 2,519.48, down 10.82 points, or 0.43 per cent. This mirrored the broadly-softer tone across the region, following an interesting overnight Wall Street session that saw the S&P500 climb above the 3,000 ...
sgx:ap4 sgx:s68 sgx:546 hkex:388 klse:0080 sgx:c6l

Business receipts down 1.1% in Q1

27 May 2020 - Singapore Business Review
The recreation and personal services industry led the fall amongst sectors. Overall business receipts of the services industries (excluding wholesale and retail trade and accommodation and food services) dipped 1.1% YoY in Q1 as receipts of recreation and personal services posted a double-digit decline, ...

Utico lobbies to pay Hyflux creditors with equity

27 May 2020 - Singapore Business Review
The initial cash offer did not gain support from creditors. Utico is proposing to pay the creditors of embattled water treatment firm Hyflux and advisors with equity shares in place of cash, according to a letter filed in SGX. This follows after the initial restructuring agreement failed to gain approval ...
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SGX shares suffer biggest drop since 2003 as MSCI signs agreement with Hong Kong

27 May 2020 - The Edge Markets
(May 27): Shares in Singapore Exchange Ltd. plunged after MSCI Inc. announced it will move licensing for derivatives products on a host of gauges to Hong Kong from Singapore. SGX’s stock fell 11.8% as of 3:22 p.m. local time, set for the biggest drop since 2003, amid concerns over the loss of revenue ...

Stable playing field a gain for Singapore banks: report

27 May 2020 - Singapore Business Review
High credit costs can be covered by profits. Singaporean banks still reap the benefits of operating in an economically-stable environment, as shown by their robust funding profiles and the sound financial system, according to an S&P Global Ratings report. Sector fundamentals will remain healthy despite ...

Manufacturing output up 13% in April

27 May 2020 - Singapore Business Review
This is largely attributed to the pharmaceuticals segment which grew 141.3%. Singapore’s manufacturing output increased 13% YoY in April and 10% YoY in Q1, according to data from the Economic Development Board (EDB). On a monthly basis, the manufacturing output rose 3.6% in the same month as compared ...

SGX reduces licence agreement with MSCI from February 2021

27 May 2020 - The Edge Markets
SINGAPORE (May 27): Singapore Exchange (SGX) will reduce its licence agreement with MSCI from February 2021, it said in an announcement on Wednesday. With the exception of MSCI Singapore products, the reduced partnership will see SGX’s licence agreement with MSCI expire. MSCI Singapore futures and options ...