Bizview: Today's top business news

Sembcorp Marine opens S-E Asia's largest steel structure fabrication workshop

Rigbuilder Sembcorp Marine on Tuesday (Nov 3) opened a new steel structure fabrication workshop - the largest of its kind in South-east Asia. The 35ha facility in Tuas Boulevard operates with a suite of computerised systems and equipment, as well as a process that aims to optimise production efficiency while reducing man-hours and production time to half the previous process requirements for every tonne of steel fabricated.

F&N dismisses media reports about offer to buy stake in Vinamilk

Fraser and Neave (F&N) has dismissed media reports about its US$4 billion (S$5.6 billion) offer to buy a stake in Vietnam Dairy Product Joint Stock Company (Vinamilk).

Far East H-Trust sees 9% drop in Q3 DPSS

Far East Hospitality Trust (Far East H-Trust) reported a 9.1 per cent fall in distribution per stapled security (DPSS) of 1.2 cents for the third quarter ended Sept 30 from 1.32 cents in the year-ago period.

China Minzhong Food Corp Q1 profit falls 73%

Vegetable processor China Minzhong Food Corp reported on Tuesday (Nov 3) a 73.1 per cent fall in net profit to RMB15.5 million (S$3.41 million) for the first quarter ended on Sept 30. This was mainly the result of an exchange loss of RMB23.6 million, arising from the revaluation of foreign currency assets and liabilities at the holding company level, it said.

Temasek drags Olam from Muddy Waters to winning US$1b loan

Olam International Ltd., the Singapore commodities trader that fended off an attack from US-based short seller Muddy Waters in 2012, is discovering it is good to have friends with deep pockets. Nineteen banks from around the globe last week lent US$1 billion (S$1.4 billion) to the company, which has been controlled by Singapore state investment fund Temasek Holdings since 2014.

Singapore scores just above 'pessimistic', but still 12th most optimistic country in the world: Nielsen

Consumer confidence in Singapore edged up in the third quarter of this year to just cross the border line between optimism and pessimism, according to the latest edition of a survey by Nielsen.

StanChart axes 15,000 jobs, announces US$5.1b capital-raising plan after Q3 loss

Asia-focused British bank Standard Chartered said on Tuesday (Nov 3) it would axe 15,000 jobs and raise US$5.1 billion (S$7.12 billion) in capital after posting a "disappointing" third-quarter loss as it struggles to return to growth. The job losses are part of a major restructuring that will cost around US$3 billion, the bank said.

UBS reorganises management, postpones profitability target

UBS Group AG is reorganising management and postponing a profitability target after reporting third-quarter profit that more than doubled. The shares fell. Net income rose to 2.07 billion Swiss francs (S$2.94 billion) in the three months through September from 762 million francs a year ago, UBS said in a statement on Tuesday.

Activision Blizzard to buy Candy Crush maker King for S$8.2 billion

Video game maker Activision Blizzard has said it will buy Candy Crush Saga creator King Digital Entertainment for US$5.9 billion (S$8.2 billion) to strengthen its games portfolio. Activision, which owns popular game franchises such as World of Warcraft, Call of Duty and Diablo, will pay S$25 in cash per King share, a premium of 16 per cent to King's closing price on Monday.

Australia central bank holds rates but leaves door open to easing

Australia's central bank kept its cash rate steady at a record low of 2 per cent on Tuesday (Nov 3), but said low inflation offered scope to ease further if needed. The Reserve Bank of Australia (RBA) made the announcement following its monthly policy meeting.

Thailand extends tax incentives for long-term equity investment: Finance Minister

Thailand's Cabinet approved on Tuesday an extension of tax incentives for long-term-equity funds (LTFs) for three more years from 2016 to help revive flagging stock market sentiment and boost domestic savings, the finance minister said.