SINGAPORE, June 12 (Reuters) – Singapore is putting pressure
on oil companies operating in the city-state to cut their
dealings with Iran as it seeks to be exempted from U.S.
sanctions on Iran’s oil trade, sources said on Tuesday.
U.S. ally Singapore was absent from a list of countries that
Washington this week declared exempt from sanctions after they
reduced Iranian oil imports. The sanctions aim to cut the flow
of petrodollars that fund Iran’s nuclear programme, which the
West believes Tehran is using to develop weapons. Iran says it
needs reactors to supply electricity.
MELBOURNE/SINGAPORE (Reuters) – Singapore gaming operator Genting (GENS.SI: Quote, Profile, Research, Stock Buzz) said on Friday it had taken a stake in Echo Entertainment (EGP.AX: Quote, Profile, Research, Stock Buzz), raising the prospect of a battle for control over the $3 billion Australian casino company with billionaire rival James Packer.
Packer, who wants to use Echo’s license to build a new casino complex in Sydney to attract more Asian high-rollers, has been agitating for change at Echo after building a 10 percent stake in the company, and on Friday succeeded in ousting the company’s chairman.
MELBOURNE/SINGAPORE, June 8 (Reuters) – Singapore gaming
operator Genting said on Friday it had taken a $234
million stake in Echo Entertainment, raising the
prospect of a battle for control over the Australian casino
company with billionaire rival James Packer.
Packer, who wants to use Echo’s licence to build a new
casino complex in Sydney to attract more Asian high-rollers, has
been agitating for change at Echo after building a 10 percent
stake in the company, and on Friday succeeded in ousting the
SINGAPORE, May 11 (Reuters) – Oversea-Chinese Banking Corp
, Singapore’s second-largest lender, said on Friday it
saw “significant growth opportunities” as quarterly net profit
leapt 32 percent to a record high.
OCBC’s results mirrored strong profit announcements by
rivals United Overseas Bank Ltd and DBS Group
and showed Singapore lenders remain healthy even as
Western banks still feel strains from the financial crisis.
SINGAPORE, April 30 (Reuters) – Singapore’s economic
recovery is likely to be muted with continued weakness in
electronics a drag on growth, the central bank said on Monday,
painting a less rosy picture of the economy compared with other
“Despite the rebound in Q1, the pace of recovery for the
rest of the year is expected to be relatively subdued,” the
Monetary Authority of Singapore (MAS) said in its half-yearly
macroeconomic review issued on Monday.
SINGAPORE, April 27 (Reuters) – DBS Group,
Southeast Asia’s largest bank, posted a record quarterly profit
that beat analysts’ expectations due to higher loan margins and
trading income, and was bullish in its outlook.
“Our funding capacity is robust, our asset quality remains
sound and we believe we are well placed to seize opportunities
in the months ahead,” Chief Executive Piyush Gupta said in a
SINGAPORE, April 25 (Reuters) – Singapore’s historic Tanjong
Pagar Railway Station was bathed in revolving shades of orange,
pink and purple lights on Wednesday evening.
Less than a year after it ended life as an active train
station, models sashayed down a makeshift runway to show the
latest clothing from Italian fashion house Valentino and show
off one of Singapore’s architectural gems.
SINGAPORE, April 23 (Reuters) – Singapore’s inflation
accelerated sharply in March, led by a jump in the cost of cars
and housing, suggesting the central bank may tighten monetary
policy further when it comes up for review in October.
The city-state’s consumer price index (CPI) rose 5.2 percent
in March from a year earlier, the government said on Monday, far
exceeding February’s 4.6 percent pace and beating the estimates
of all 11 economists polled by Reuters.
SINGAPORE, April 20 (Reuters) – Japanese trading
conglomerate Marubeni Corp is buying a 22 percent stake
in Singapore reinsurer ACR Capital Holdings in a move that will
provide ACR with new capital, the Singapore firm said on Friday.
ACR did not disclose the amount of Marubeni’s investment,
but a source with knowledge of the matter said it will pay
around $250 million, becoming a major shareholder alongside
existing investors British private equity firm 3i,
Malaysia’s Khazanah Nasional Bhd and Singapore state
investor Temasek Holdings.
SINGAPORE, April 17 (Reuters) – Singapore’s non-oil domestic
exports fell unexpectedly in March as a recovery in electronics
and a strong showing by pharmaceuticals were weighed down by a
99 percent drop in ship and oil rig sales that tend to vary
sharply from month to month.
Another surprise was a year-on-year dip in the city-state’s
exports to China even as shipments to Europe and the United
States rose, highlighting the risk a slowing Chinese economy
could have on the rest of Asia.