Bizview: Today's top business news

A file picture of the head office of Royal Dutch Shell i The Hague, The Netherlands. Shell is to axe 6,500 jobs this year and step up spending cuts, it announced after profits fell in the second quarter. PHOTO: EPA
A file picture of the head office of Royal Dutch Shell i The Hague, The Netherlands. Shell is to axe 6,500 jobs this year and step up spending cuts, it announced after profits fell in the second quarter. PHOTO: EPA

Shell to cut 6,500 jobs, reduce investment by US$7b to prepare for 'prolonged downturn'

Royal Dutch Shell, the oil producer buying BG Group for more than US$70 billion (S$95.88 billion), said it plans to cut 6,500 jobs this year and reduce capital investment by US$7 billion. Shell is planning for a "prolonged downturn", the company said Thursday in a statement.

SMRT hit by lower profit as operating expenses continued to surge

SMRT Corporation reported lower profit for its financial first quarter, when the transport operator was again burdened by high expenses and struggling train operations. Profit after tax for the three months to June 30 was down 10 per cent year-on-year to S$20.1 million, even as revenue rose 7.8 per cent year-on-year to S$320.3 million, SMRT said when announcing its latest results after market close on Thursday.

Noble Group gets SGX notice for trading activity in its stock

Shares of Noble Group got hit with a trade with caution notice from the Singapore Exchange on Thursday for unusual trading activity in its stock after it sank to its lowest point for the year at 52.5 cents. As at 4 pm, Noble shares are down 10.2 per cent or six cents to 53 cents, with 108.3 million shares traded.

IE Singapore partners Amazon, T-mall, Lelong to help SMEs go global online

International Enterprise (IE) Singapore announced partnerships with e-commerce platforms Amazon, China's T-mall and Malaysia's Lelong to give small and medium enterprises easier access to the booming global online marketplace. IE Singapore said Thursday the partnerships will help SMEs get online quickly by either developing their own platforms or using existing services such as Amazon and T-mall.

OCBC named world's 3rd strongest bank, DBS and UOB also among top 10

Singapore's Big Three banks have been ranked by Bloomberg Markets magazine as among the world's ten strongest lenders. OCBC was ranked the highest among the trio, at number three on the list, followed by DBS in the ninth spot and United Overseas Bank coming in 10th.

From 2017, auditor reports on Singapore listed companies will be more transparent

From 2017 onwards, auditor's reports of listed companies will be more transparent and contain more information on key matters. This will be the result of the enhanced auditor reporting standards that the Accounting and Corporate Regulatory Authority (Acra) and Institute of Singapore Chartered Accountants (ISCA) announced jointly on Thursday.

September? December? Fed's not saying but second rate hike will be more important

The Federal Reserve needs a little longer to decide when to raise interest rates for the first time in nine years. Traders and investors are more interested in when the second increase will be. Wednesday's Fed's policy statement noted continued improvement in labour markets while failing to provide clear guidance on whether policy makers plan to increase rates when they meet in September, or wait until December.