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Jan 26, 2016

Exclusive: Noble chairman sees company’s future as smaller, nimbler

  HONG KONG | By Anshuman Daga and Denny Thomas      Noble Group founder and Chairman Richard Elman poses at his office in Hong Kong, China January 22, 2016. Reuters/Bobby Yip                                         HONG KONG Noble Group, Asia’s biggest commodities trader, expects to ride out the market downturn and recover from recent accounting-related allegations by being nimbler and asset-light, its founder and chairman Richard Elman told Reuters in an interview on Friday.

Noble was thrust into the spotlight a year ago when Iceberg Research published the first of three detailed reports on the company, alleging it inflated its assets by billions of dollars by inaccurately representing the value of its contracts.

Elman, 75, said he sees no further disruptions to the business from those claims, which Noble rejects. A board-appointed consultant, PricewaterhouseCoopers, found Noble had complied with international rules.

Jan 26, 2016

S&P cuts Noble Group rating to junk; stock and bonds tumble

* Stock slides as much as 10 pct to 7-year lows

* Bonds tumble 7-8 points

* Downgrades put Noble under pressure to boost secured funding (Adds stock and bonds reaction, details on funding woes)

By Anshuman Daga and Umesh Desai

SINGAPORE/HONG KONG, Jan 8 Standard & Poor’s cut its credit rating on Noble Group to junk, adding to concerns about financing costs for Asia’s biggest commodity trader a week after a similar downgrade by Moody’s Investors Service and sending its stocks and bonds sliding.

Jan 26, 2016

Malaysia’s CIMB cuts jobs in Hong Kong equities, investment bank unit

* CIMB cuts 32 jobs in investment banking, equities

* Cuts account for quarter of workforce in CIMB Hong Kong- source

* Many investment banks are paring back their presence in Asia (Adds comment on head of research paragraph 5)

Jan 26, 2016

Sembcorp Industries may inject funds or buy full control of Sembcorp Marine -sources

* Sembcorp Marine cash flows, profitability hit by weak oil

* Parent buyout seen as likely option -sources

* Sembcorp Marine, Keppel hit by Brazil non-payments

By Rujun Shen and Anshuman Daga

SINGAPORE, Jan 19 Singapore’s Sembcorp Industries Ltd may inject funds into Sembcorp Marine Ltd or buy full control of the drilling rig builder to replenish finances strained by a collapse in oil prices, people familiar with the matter said.

Jan 26, 2016

Barclays to slash about 1,000 investment bank jobs worldwide

HONG KONG | By Anshuman Daga and Lawrence White   HONG KONG Barclays (BARC.L) will cut about 1,000 jobs in investment banking worldwide and close its cash equities business in Asia as new Chief Executive Jes Staley wields the axe in a bid to reduce costs and boost returns.

The harsher-than-expected cuts are among the most sweeping by an investment bank in recent years and follow similar moves by other European lenders seeking to cut costs in a tough global environment for banks.

Barclays will shut its investment banking businesses in countries including Australia, Indonesia, Malaysia, Philippines, South Korea, Taiwan and Thailand, an internal memo seen by Reuters showed, with those markets to be covered from financial hub cities in their respective regions.

Jan 5, 2016

Exclusive: Barclays to cut Asia investment banking jobs next week – sources

Barclays will announce investment banking job cuts across Asia next week, including closures in South Korea and Taiwan, sources with direct knowledge of the matter told Reuters.

The British bank’s latest cost cuts as part of its global restructuring will include corporate finance and advisory staff in South Korea and Taiwan, as well as equities sales and research staff among a total of at least 50 job losses throughout the region.

Jan 5, 2016

Bank of China taps banks for world’s biggest aircraft leasing IPO -sources

Bank of China (601988.SS) has hired Goldman Sachs (GS.N) and BOC International as joint sponsors for a $3 billion Hong Kong listing of its aircraft leasing arm, people with knowledge of the matter said.

Bank of China plans to launch the IPO of Singapore-based BOC Aviation in the second quarter of this year, the people said, in what is set to be the world’s biggest listing by an aircraft lessor.

Jan 5, 2016

Moody’s cuts Noble’s rating to junk, company CEO defends financials

The chief executive of embattled commodity trader Noble Group Ltd defended its financial position after what it called an “unexpected” move by Moody’s Investors Service to cut its credit rating to junk status, slamming its stocks and bonds.

The one-notch cut to a Ba1 rating by Moody’s, which said on Tuesday it had concerns over Noble’s liquidity, means financing will become more costly for Asia’s biggest commodity trader, investors said. Moody’s had put Noble on review for a possible downgrade in mid-November.

Dec 31, 2015

UPDATE 1-Baring Asia to offer $320 mln for PE-backed Interplex Holdings

(Adds confirmation of deal, details of proposed offer)

By Anshuman Daga

Dec 23 Baring Private Equity Asia is looking to offer S$450 million ($320 million) to buy Interplex Holdings, a Singapore-listed engineering company, majority owned by CVC Capital Partners and the private equity arm of Standard Chartered.

“The offer represents an opportunity for Baring to acquire control in a precision engineering company with a strong track record, global manufacturing footprint, and diversified customer base,” Baring said in a statement on Wednesday.

Dec 31, 2015

Moody’s downgrades Noble to junk as commodity rout deepens

The company logo of Noble Group is seen at its headquarters in Hong Kong in this March 23, 2015 file photo. REUTERS/Bobby Yip/Files The company logo of Noble Group is seen at its headquarters in Hong Kong in this March 23, 2015 file photo. REUTERS/BOBBY YIP/FILES

Moody’s Investors Service downgraded its credit rating on Noble Group Ltd on Tuesday to junk status with a negative outlook due to concerns over the Singapore-listed commodity trader’s liquidity, profitability and cash flow.

In a blow to the company’s efforts to retain its investment grade rating and slash debt by selling assets, Moody’s cut Noble’s senior unsecured bond ratings to Ba1, which represents junk status, from Baa3 and assigned a Ba1 corporate family rating to Noble.

    • About Anshuman

      "Anshuman Daga has been with Reuters since 13 years, most of that tracking companies and equity markets. After joining in Mumbai, Anshuman did a stint in India's technology hub of Bangalore and then spent a few years covering European stock markets in London. He moved to Singapore in 2008, with a focus on news coverage of Southeast Asia and technology stories from Asia."
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