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Energy company problems expose cracks in S’pore bond market

Energy company problems expose cracks in S’pore bond market

Bondholders got a rude awakening last month when Swiber Holdings filed for creditor protection, making it Singapore’s biggest casualty of the oil slump and raising the spectre of further failures. SINGAPORE: The collapse of an oil services company and the deterioration in the finances of some other energy firms have exposed structural cracks in the […]

August 25, 2016 | By | Reply More
Taiwan to toughen anti-money laundering law after US fine

Taiwan to toughen anti-money laundering law after US fine

Taiwan’s cabinet passed a bill to amend the island’s anti-money laundering law in a bid to curtail money-laundering and telecom fraud, it said, which includes increasing the maximum fine for offenders. TAIPEI: Taiwan moved Thursday to toughen its anti-money laundering law after US authorities fined a local bank linked to the so-called Panama Papers scandal. […]

August 25, 2016 | By | Reply More
Oil prices hit reverse again

Oil prices hit reverse again

The stronger greenback makes dollar-priced crude more expensive for buyers using weaker currencies. LONDON: World oil prices skidded lower Thursday, reversing earlier gains as traders dwelled on rising US crude stockpiles and the stronger dollar. At 1145 GMT, US benchmark West Texas Intermediate (WTI) for delivery in October sagged 22 cents at $46.55 per barrel. […]

August 25, 2016 | By | Reply More
AirAsia values leasing unit at US$1 bln

AirAsia values leasing unit at US$1 bln

The Malaysian airline aims for its Asia Aviation Capital (AAC) to expand its portfolio to about 200 aircraft in five years from the current 55. SINGAPORE: AirAsia Bhd, Asia’s biggest low-cost airline, values its wholly owned leasing arm at 4.1 billion ringgit ($1 billion), and aims to attract an equity investor to the unit by […]

August 25, 2016 | By | Reply More
Taiwan to inspect Mega Financial branches in New York, Panama

Taiwan to inspect Mega Financial branches in New York, Panama

The comments come after New York’s state financial regulator fined Mega’s New York banking unit $180 million for violating anti-money laundering regulations, including lax attention to risk exposure in Panama. TAIPEI: Taiwan’s financial regulator said on Thursday it will send inspectors to Mega Financial Holding Co Ltd’s  banking branches in New York and Panama in […]

August 25, 2016 | By | Reply More
German firms see Brexit clouds approaching

German firms see Brexit clouds approaching

Germany’s DAX stock market index of 30 leading firms had fallen 1.36 percent by 0900 GMT on Thursday as investors absorbed the news, with every single blue-chip firm’s shares losing value. FRANKFURT: Germany is waking up to the threat of Brexit and could see weaker growth in 2017, analysts said on Thursday, after a key […]

August 25, 2016 | By | Reply More
Maybank second quarter profit slides, closely monitoring oil sector loans

Maybank second quarter profit slides, closely monitoring oil sector loans

Analysts have said Maybank has exposure to Swiber Holdings, which became the biggest Singapore business to fall victim to the oil price slump but Group CFO Amirul Feisal Wan Zahir declined to comment on the bank’s exposure to Swiber. KUALA LUMPUR: Malaysia’s biggest lender Malayan Banking Bhd (Maybank) said on Thursday it is keeping a […]

August 25, 2016 | By | Reply More
Maybank does not rule out another BNM rate cut this year

Maybank does not rule out another BNM rate cut this year

Last month, Bank Negara Malaysia surprised markets by cutting its overnight interest rate by 25 basis points to 3.00 percent, the country’s first rate cut since 2009. KUALA LUMPUR: Malaysia’s biggest lender Malayan Banking Bhd (Maybank) is not ruling out another 25-basis-point rate cut by the central bank this year, its chief executive Abdul Farid […]

August 25, 2016 | By | Reply More
Honda looks to revamped Acura NSX to fire up brand

Honda looks to revamped Acura NSX to fire up brand

“Generating profit from the NSX may be a struggle, but by focusing on both functional cars and also advanced performance we will raise the Honda brand,” Honda CEO Takahiro Hachigo said at the launch. TOKYO: With its aggressive design and six-figure price tag, Honda Motor Co’s revamped NSX is a far cry from its “cheap […]

August 25, 2016 | By | Reply More
Oil prices extend losses as dealers eye output talks

Oil prices extend losses as dealers eye output talks

Both main contracts plunged on the news, with West Texas Intermediate shedding 2.8 percent and Brent down 1.8 percent. SINGAPORE: Oil prices edged down again in Asian trade Thursday, a day after suffering hefty losses in response to data showing a surprise jump in US stockpiles, while hopes for a deal to limit output were […]

August 25, 2016 | By | Reply More