World Trading News
Yongnam unit wins S$159m JV contract
A joint venture (JV) between Yongnam Engineering & Construction -
a subsidiary of Yongnam Holdings - and Jian Huang Construction Co has
won a S$159 million contract for the JTC Food Hub @ Senoko.
The JV will build a new seven-storey ramp-up development in the Senoko Food Zone.
Built
on a land area of 33,000 square metres, the development will consist of
50 modular factory units and will feature an integrated
coldroom-warehouse facility. When completed, this integrated facility
will be operated by a third party logistics service provider, offering
logistics to Food Hub tenants.
Construction is expected to commence from this month, with completion slated for the first half of 2017.
Seow
Soon Yong, chief executive of Yongnam, said: "We are excited to have
secured the JTC Food Hub @ Senoko project, which is a significant
milestone that reinforces Yongnam's capabilities and competitiveness."
Global investors at risk from low quality assets, warns IIF
LAST October, the International Monetary Fund (IMF) warned investors
in unusually blunt terms against pouring money into global stock and
bond markets under the "illusion of liquidity", and that financial
markets could be headed for a bust.
Asia: Markets struggle as profit-taking offsets Wall St rally
Asian equities were mostly lower Tuesday after healthy
gains in the previous session attracted profit-takers, offsetting a
strong lead from Wall Street.
Shanghai tumbled 2.20 per cent, or 73.24 points, to 3,263.05 after
rallying Monday in response to the Chinese central bank's weekend
interest rate cut. Hong Kong shed 0.74 per cent, or 184.66 points, to
end at 24,702.78 Tokyo closed flat, slipping 0.06 per cent or 11.72
points to 18,815.16.
Sydney - which ended Monday at a seven-year high - fell 0.42 per
cent, or 24.98 points, to 5,933.90 after the Australian central bank
kept interest rates on hold, confounding expectations for a cut to
another record low.
However, Seoul finished 0.23 per cent, or 4.57 points, higher at 2,001.38.
Oil prices stabilise in Asian trade
Oil prices stabilised in Asia on Monday following sharp
gains in the previous session as dealers predicted the end of volatile
trading and the beaten-down commodity bottoming out, analysts said.
US
benchmark West Texas Intermediate (WTI) for April delivery fell 37 US
cents to US$49.39 while Brent crude eased 28 US cents to US$62.30 in
late-morning trade.
WTI advanced US$1.59 while Brent gained a hefty US$2.53 on Friday.
WTI,
after having fallen in early 2015 to a six-year low, has swung wildly
in February, but finished the month a little more than US$1.50 higher.
By contrast, Brent gained about US$12.
Stocks to watch: Noble, Centurion, Global Invacom, Pacific Radiance, Banyan Tree, StarHub, Sheng Siong
NOBLE Group halted the trading of its shares on Thursday after Iceberg Research launched its second litany of allegations
against the commodity group, saying that Noble's profits are overstated
as Noble books fair-value gains on long-term offtake agreements it has
with its suppliers upfront.
It also highlighted that the fair value of unrealised commodity
contracts (mark-to-market) which are related to its long-term offtake
agreements is too high and needs to be written down.
It added that Noble's operating cash flows are weak and the reported
operating cash flows are inflated as it excludes interest expenses and
includes cash balances with futures brokers not immediately available
for use in the business operations.
Centurion Corp reported on Thursday that its net profit for the fourth quarter ended Dec 31, 2014, soared to S$72.97 million, thanks to a major boost from the fair-value gain on its investment properties.
Euro loses steam after rising on Greek debt deal as caution lingers
[TOKYO] The euro held steady on Monday, rising initially in relief
following a conditional loan extension deal for Greece, but losing steam
as caution towards the debt saga persisted.
Euro zone ministers late on Friday agreed to extend Greece's financial rescue package by four months.
Greece had asked for a six-month extension, but the financial markets
still drew some relief as the agreement removed the immediate threat of
its exit from the single currency bloc after weeks of difficult and
often predictable negotiations.
The euro's gains on Friday were nevertheless modest as there were still kinks to be ironed out on Monday.
Germany holds up Greek bid for euro zone loan extension
Germany rejected a Greek proposal for a six-month extension to its euro zone loan agreement on Thursday, saying it was "not a substantial solution" because it did not commit Athens to stick to the conditions of its international bailout.
Berlin's stance, describing the carefully worded Greek letter as a
"Trojan horse" for shirking commitments, set the scene for tough talks
at a crucial meeting of euro zone finance ministers on Friday. Greece's
leftist-led government is scrabbling to avoid running out of money
within weeks and will face pressure to make further concessions in
Brussels.
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