Singapore Airlines (SIA) has made a S$453 million takeover offer for budget carrier Tiger Airways, of which it now owns 55.8 per cent. The announcement on Friday morning (Nov 6) was made shortly after both carriers requested for a trading halt.
The move by Singapore Airlines to take back budget carrier Tigerair which it floated less than six years ago is a tactically well-timed move, says one analyst. SIA, which owns 55.8 per cent of Tiger Airways Holdings Ltd., is offering to pay S$0.41 in cash for each share, the carriers said in a joint statement on Friday morning (Nov 6).
Singapore can continue to play a catalytic role to promote the use of the yuan in South-east Asia and beyond. Its vibrant banking sector and capital markets, as well as strong asset and wealth management capabilities, have allowed it to support the internationalisation of the yuan, said Finance Minister Heng Swee Keat on Friday (Nov 6).
Singapore Technologies Engineering announced a 9.9 per cent rise in net profit to S$133.26 million for the third quarter ended Sept 30 from S$121.3 million for the year-ago period. Group revenue slipped 3.4 per cent to S$1.5 billion as revenue from its land systems and marine sectors conracted 11 per cent to S$319 million and 39 per cent to S$205 million, respectively.
Simon Perkins, the Singapore-based global head of aviation finance at Standard Chartered, who has helped the bank expand in the booming industry, is leaving the firm, people with direct knowledge of the matter said. The move comes days after StanChart announced plans to axe 15,000 jobs cut risky assets as part of a big restructuring to cut costs and improve profitability in the face of a tougher regulatory landscape.
Malaysia's exports in September rose 8.8 per cent from a year earlier, up for the fourth consecutive month, supported by strong demand from key markets such as China and the European Union, data from the Ministry of International Trade and Industry showed. September's exports registered their highest year-on-year growth since May 2014, surpassing economists' expectations in a Reuters poll of a 3.1 per cent rise.
A falling currency and a dry spell in the United States have helped Australian food exports jump by a quarter to an annual A$26 billion (S$26.13 billion), an outcome likely to please policymakers eager to find signs of life in non-mining sectors.