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.
* 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.
* 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)
* 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.
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.
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.
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.
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.
(Adds confirmation of deal, details of proposed offer)
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.
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.