Bizview: Today's top business news

Penny stock crash probe: Court denies businessman John Soh Chee Wen's bid to return to Malaysia

Malaysian dealmaker John Soh Chee Wen's request to return to Malaysia was turned down by the courts on Wednesday (Jan 27), after the prosecution said that charges may be brought against him soon.

Credit Agricole to integrate wealth management businesses into single brand

Credit Agricole is combining its global wealth management businesses under one single entity, as the French bank looks to streamline its operations in response to industry changes. Credit Agricole's wealth management businesses were previously scattered across several entities and subsidiaries, such as Credit Agricole Luxembourg or Credit Agricole Suisse in Hong Kong.

STMicroelectronics announces plans for 1,400 job cuts worldwide

Franco-Italian chipmaker STMicroelectronics on Wednesday said it would cut about 1,400 jobs worldwide as part of a global restructuring plan affecting its set-top box activity. The headcount reduction includes about 430 positions in France, 670 in Asia and 120 in the United States, STMicro said in a statement.

Shunfu Ville at Bishan relaunched for en bloc tender

Shunfu Ville, a 358-unit residential development in the Bishan/Thomson area has been relaunched for tender, its sole marketing agent JLL said on Wednesday (Jan 27). Over 80 per cent of the development's owners have consented to the collective sale.

OUE Commercial Reit's distribution per unit rises 37.4 per cent to 1.36 cents

The acquisition of a stake in One Raffles Place helped OUE Commercial Reit double its net property income in the three months to Dec 31. Distribution per unit also shot up 37.4 per cent to 1.36 cents, while revenues doubled to $40.3 million.

China December industrial profits fall 4.7%, dragged down by slowing economy

Profits earned by Chinese industrial firms in December fell 4.7 per cent from a year earlier, the seventh straight month of decline, as the slowing economy hit sales and forced many companies to cut prices to win business. Industrial profits fell 2.3 per cent in 2015 from 2014, the National Bureau of Statistics(NBS) said on its website on Wednesday (Jan 27).

Flat iPhone sales fail to dent Apple profit

Apple on Tuesday posted record quarterly profit even as iPhone sales flattened out after years of rocketing growth. Net income for the quarter ending Dec 26 was 2 per cent higher than the same period a year earlier at US$18.4 billion (S$26.2 billion), while revenue of US$75.9 billion set another record for the company.

US Federal Reserve seen keeping interest rates steady amid market volatility

The Federal Reserve is expected to leave interest rates unchanged on Wednesday (Jan 27) and acknowledge that turmoil in financial markets threatens its upbeat view of the US economy, leaving the chances of a March hike diminished but alive.