MARKET UPDATES :
- SINGAPORE shares end higher on Monday.The Straits Times Index gained 6.45 points to 3,344.89.Some 1.1 billion shares, valued at S$906.1 million were traded. Gainers numbered 159 while losers numbered 245.
- M1 has appointed Keppel veteran Choo Chiau Beng as chairman and non-executive director, following the death of the telco’s previous chairman, Teo Soon Hoe, in December.Mr Choo was a director at Keppel Corporation from 1983 to 2013. He also served as the group’s CEO from 2009 to 2013, before becoming a senior advisor to the corporation last year. He is also currently a director of KrisEnergy Ltd.
- TEE Land’s net profit for the second quarter ended November 2014 rose 46 per cent to S$2.42 million, on the back of revenue jumping from S$2.44 million to S$15.12 million.For the half year ended November, net profit doubled from S$2.23 million to S$5.11 million. Revenue rose from S$16.01 million to S$21.56 million.The hike in net profit was due to higher progressive revenue being recognised for its Aura 83 development as well as increased contributions from its associates.
- Lowrys Farm, a Japanese casual wear fashion brand targeting young working adults, has decided to exit the Singapore market, closing all its eight stores. The stores are currently located in Bugis+, Plaza Singapura, VivoCity, [email protected], Jem, Suntec City Mall, Wisma Atria and Tampines 1. A key reason cited for the brand’s pullout was slow sales, attributable to differences in ‘climate’ and ‘fashion taste’.
- CREDIT Suisse now believes Singapore’s central bank will ease monetary policy in April, considering the weaker inflation outlook and subdued GDP (gross domestic product) growth prospects.Even so, the labour market continues to remain tight, and a still-healthy job market will likely limit the extent of easing by the Monetary Authority of Singapore (MAS), Credit Suisse research analysts said in a note on Monday.
- OLAM International said on Monday that it has agreed to sell wool broker Western Wool Marketing to Quality Wool, marking the Singapore commodities group’s exit from its niche Australian wool business.Western Wool Marketing – owned by Queensland Cotton, a wholly-owned subsidiary of Olam Australia – has stores throughout NSW and Victoria. The acquisition will make Quality Wool one of Australia’s largest, independent, family-owned and operated wool companies.
- EZRA Holdings’ wholly owned subsidiary London Marine Consultants has been awarded a US$110 million contract by Sembcorp Marine’s subsidiary, Jurong Shipyard of Singapore, to supply an external turret mooring system for the Libra field’s Extended Well Test Floating Production, Storage and Offloading (FPSO) vessel. The Libra oil field is a large ultra-deepwater (up to 2,500 metres) oil prospect located in the Santos Basin, about 230 kilometres off the coast of Rio de Janeiro, Brazil, north of Tupi field. The oil field, estimated to contain recoverable resources ranging between eight billion to 12 billion barrels of oil, is one of the largest deepwater oil accumulations globally.
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