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Showing posts from August, 2016

MMP Resources to raise S$1.3m for Japan expansion through share placement

MMP Resources is conducting a share placement to raise about S$1.3 million for its expansion into Japan.

More Chinese investors expected to jump into ‘smart beta’ market

Despite capital inflow into “smart-beta” exchange traded funds (EFT) hitting a record high globally, take-up for the new breed of EFTs – which track every conceivable segment of the market – by Chinese investors remains cool.

Ruling on Citron research report is not a freedom issue, it is about investor protection

Where does freedom of speech end, and investor protection kick in?

Cash up or ship out: it's the big O&M squeeze post-Swiber

Cash flow statements and debt refinancing plans of O&M (offshore and marine) counters have come under intense scrutiny, as analysts and stakeholders attempt to distinguish players more at risk than others.

Money, in the eye of the beholder

I was shopping for fruit at a Bangkok supermarket, feeling rather perplexed. There I was, a Singaporean earning a salary that was easily many times that of the average Thai. But I was reluctant to spend. The items on offer were even more expensive than Singapore prices: normal-looking small apples at S$1 each, withered navel oranges going for S$2, and bags of grapes going for S$15.

Herbalife may have misled investors, SEC on impact of FTC deal, one short-seller says

After US multi-level marketing company Herbalife settled a probe of its sales practices with the US Federal Trade Commission last month, top executives assured investors that the company would be able to thrive under the new rules.

China stock traders feel the heat with 774 probes in two months

China's regulators are intensifying scrutiny of unusual movements in stocks as they seek to damp speculation in the nation's financial markets.

Questions over dividends after Imperium Crown loss

The full-year net loss of $12.5 million racked up by property investment firm Imperium Crown means it may be in trouble for paying out dividends without generating the profits to foot the bill.

US hacking firm teams up with short seller

When a team of hackers discovered that St Jude Medical Inc's pacemakers and defibrillators had security vulnerabilities that could put lives at risk, they didn't warn St Jude. Instead, the hackers, who work for cybersecurity startup MedSec, e-mailed Carson Block, who runs the Muddy Waters Capital LLC investment firm, in May. They had a money-making proposal.

China's most risky short goes from first to worst

After suffering through a 953 per cent rally in shares of Yirendai Ltd since mid-February, hedge funds and other bearish speculators were rewarded over the past four days as the Chinese peer-to-peer lender sank 35 per cent in US trading. Holding on to the trade has been especially costly after annualised borrowing rates for Yirendai shares jumped to about 40 per cent, the highest level among big Chinese companies tracked by IHS Markit Ltd.

MAS prosecutes its first 'front-running' case for alleged insider trading

In the first "front running" case being prosecuted for insider trading here, the Monetary Authority of Singapore (MAS) slapped more than 300 charges on two dealers from First State Investments Singapore (FSI) and a remisier with UOB Kay Hian for alleged offences involving counters listed in Singapore and abroad.

Adequate disclosures required for 'death spiral' convertibles: SGX

Shareholders must be informed of the risks and directors must give opinion on proposed deal

How to profit, even with rock-bottom stock price

The answer is to exercise so-called "death spiral" convertible bonds at an even lower price.

China Bearing to buy Indonesia nickel ore mine through reverse takeover

China Bearing, which became a cash company after disposing of its operating subsidiary in December last year, is acquiring an Indonesian nickel ore mine via a reverse takeover.

SGX suspends minimum trading price rules to consider addition of market cap test

The Singapore Exchange (SGX) is imposing a moratorium on its minimum trading price (MTP) requirement while it seeks feedback on adding a market capitalisation test to existing criteria.

Ex-IPCO CEO Quah, LionGold employee Chen, others ordered to pay $17.488 mil

Bankrupt former IPCO International CEO Quah Su-Ling and LionGold Corp’s director of business and corporate development Peter Chen are among eight parties that have been ordered to pay $17.488 million to the defendants in a lawsuit initiated four years ago. And, the details of the legal tangle, which has not been widely discussed, provide an interesting backstory to the penny stock crash of October 2013 that sparked Singapore’s biggest securities fraud investigation. The Edge

ISR sidesteps volley of queries from SGX

ISR Capital declined to reveal the identity of the subscriber of debt securities recently issued by one of its subsidiaries, and did not specifically state the names of the individuals and companies related to its overdue trade receivables $2.382 million as at June 30, despite being asked to do so by the Singapore Exchange.

Short-sellers smell blood as Japan Inc wounded by accounting scandals

Short-sellers who made their names and fortunes wiping billions off Chinese and Southeast Asian companies are setting their sights on Japan after a series of accounting scandals amplified concerns about weak corporate governance there.

Son of Malaysian ex-minister made bankrupt

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The son of Malaysia's former finance minister Daim Zainuddin was made a bankrupt last week over some $1.65 million in debts that he owed to Maybank Kim Eng Securities.

Rise of the machines: Chinese investors flock to robo-advisers

Tired of spending hours at her Beijing bank discussing her finances and a myriad of investment options with her account manager, Lauren Ma turned to Lingji, a phone app that pre-selects a range of assets and trades for her automatically.

No conflict of interest? ISR's stand on adviser's role puzzling

The board of ISR Capital is making a mockery of the notion of conflict by insisting that there is no issue with taking deal advice from someone who also sits on the opposite side of the table.

ISR reveals corporate advisor's link to vendor in major acquisition

ISR Capital has revealed that it is taking advice on a major acquisition from a corporate advisor whose partner is also a director of the vendor in the deal, according to the company's replies to queries from the Singapore Exchange (SGX).

China's small-time stock investors aren't buying rebound

When Frank Chen sees China's stocks rise, he thinks of how he can reduce his investments.

Singapore Medical up 7% after RHB initiates coverage with 'buy' call

Singapore Medical Group (SMG) on Thursday rose as much as two cents or 7.4 per cent to S$0.29 in early trading, after RHB initiated coverage on the specialist healthcare provider with a "buy" rating and a target price of S$0.45.

Rise and fall of industry darling

The fate of Swiber Holdings may now be hanging precariously in the balance, but the home-grown company was once a darling in the offshore and marine industry.

Thirteen lenders extended over US$736m of facilities to Swiber group

Court hearing on firm's judicial management confirms DBS as single largest creditor; followed by China Development Bank, ICICI and UOB

Oil and gas sector facing S$1b bond redemptions by next year

With about S$1 billion in Singapore oil-and-gas bonds due by next year, fears are building that Swiber's collapse will trigger a domino effect on its peers.

Noble shares fall for second day ahead of rights shares listing

Shares in Noble Group continued to fall on Wednesday in heavy trading as investors sold the rights shares ahead of their listing on Thursday and as more traders jumped on the selling bandwagon amid the plunge.

Crowdo gets full securities crowdfunding licence

Homegrown startups are making a name for themselves. On Monday, crowdfunding platform Crowdo reported that it has received the coveted full licence to conduct securities crowdfunding here, while tech media platform e27 announced that it has raised S$3 million in Series A funding.

Fund vacuum last straw as Swiber bites the dust

Oil price slump and failure of equity fund to pay for $268m shares deal heavy blow

Working capital crunch may have been straw that broke Swiber

Cash on hand just a fraction of US$25.9m in letters of demand as at July 26

Independent or irrelevant directors?

Independence of these three Swiber directors is debatable

The new normal in property taxation

Plenty of people are asking when the Government will reduce or remove the Additional Buyer's Stamp Duty, but perhaps the real question is whether it will do so at all, given recent comments that suggest the slew of stamp duties and taxes on property may be here to stay

Greater regulatory independence: a difficult but necessary road

When the possibility of having a listed regulator was first raised as a suitable model for the local stock market in the late 1990s, not only was it novel - it appeared to have plenty of appeal. After all, not only had other markets adopted it, but who better to police the universe of listed entities than one of its own?

Why did board not consider JM or creditor scheme before winding-up move?

The swift turn of events and the company's clarification announcements suggest that there might not have been adequate deliberation by the board of directors on its courses of action and the implications of its decisions.