Singapore

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Singapore Shipyard Orders Hit by Oil Price Slide

The order book at Singapore shipyards fell by more than half last year as the city-state’s offshore industry was battered by the slide in oil prices. Companies in the sector have been forced to restructure debts and slash costs, including cutting their w ...

Daily Headline - global.abi.org - 05/25/2017 - 17:35 - 0 comments

Moody’s Downgrades Noble Group, Warns It May Struggle to Cover Debts

Ratings agency Moody’s has downgraded Noble Group further into junk territory on Monday, warning that the embattled commodity trader may not have enough cash and bank lines be able to cover debts maturing in the next 12 months. Noble Group, whose shares ...

Daily Headline - global.abi.org - 05/15/2017 - 22:44 - 0 comments

DBS Cuts Executive Pay in 2016 Amid Surging NPLs, Control Lapses

DBS Group Holdings Ltd. cut senior executive pay by 13 percent last year to hold managers accountable for weaknesses in three areas including surging nonperforming loans, Chief Executive Officer Piyush Gupta said. Besides bad loans, the management of Sin ...

Daily Headline - global.abi.org - 04/27/2017 - 22:45 - 0 comments

Shipping Line Rickmers to Wind Down

The trustee of Rickmers Maritime said Wednesday that the container ship operator would be winding down its business after failing to reach an agreement with creditors that would allow it to continue operating, The Wall Street Journal reported. Rickme ...

Daily Headline - global.abi.org - 04/13/2017 - 22:35 - 0 comments

Default Fears Resurface Over Singapore's Looming Debt Wall

Default fears are resurfacing in Singapore ahead of a wall of maturing corporate debt, as a U.S. bankruptcy filing by a firm from the city flags lingering pain despite economic recovery, Bloomberg News reported. Pressure to pay down obligations has been ...

Daily Headline - global.abi.org - 03/20/2017 - 22:22 - 0 comments

The Subdued Mood In Singapore’s Financial Industry

Singapore owes its existence, and its prosperity, to its place at the heart of intra-Asian trade, The Economist reported. In more than 50 years of independence, the city-state has striven mightily to attract investment from all over the world. Such h ...

Daily Headline - global.abi.org - 03/09/2017 - 20:59 - 0 comments

Singapore's Big Banks' Bad-Loan Woes May Be Getting Worse

The woes of Singaporean energy-services provider Ezra Holdings Ltd. are a stark reminder to the city’s biggest banks of the threat souring oil and gas loans pose to their earnings. A writedown flagged by Ezra recently has refocused attention on the debt- ...

Daily Headline - global.abi.org - 02/12/2017 - 22:35 - 0 comments

Oceanus In Debt Restructuring Deal With Key Creditors

Homegrown premium seafood supply chain manager Oceanus Group has entered into a binding term sheet with its key creditors in relation to a proposed debt restructuring, The Business Times reported. This is done by converting 76.4 per cent of its total ...

Daily Headline - global.abi.org - 01/24/2017 - 22:53 - 0 comments

Falcon Bank’s Former Singapore Manager Sent to Prison in 1MDB Probe

A Singapore court Wednesday sentenced a former branch manager of Switzerland’s Falcon Private Bank AG to prison for crimes connected to the alleged multibillion-dollar misappropriation at Malaysian state investment fund 1MDB, The Wall Street Journal ...

Daily Headline - global.abi.org - 01/11/2017 - 23:44 - 0 comments

Singapore Puts Banker on Trial in Case Linked to 1MDB Money Laundering

A private banker who helped manage the accounts of Malaysian state investment fund 1MDB went on trial Monday in Singapore. The proceedings against Yeo Jiawei, 33 years old, formerly a wealth manager at the local branch of Swiss bank BSI SA, marks a step ...

Daily Headline - global.abi.org - 11/01/2016 - 21:52 - 0 comments

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