Bizview: Today's top business stories

Investors take profits as subdued Singapore market closes 2.8 points down

The local market remained subdued on Thursday following two days of decline, as investors took profit on blue chips while keeping most of their attention on penny plays. The benchmark Straits Times Index (STI) closed 2.8 points or 0.08 per cent down to 3,356.37, marginally lower than Wednesday's close at 3,359.17.

Singapore June consumer prices down 0.3%, in 8th straight month decline

Singapore consumer prices fell for the eighth consecutive month of year-on-year declines, figures from the Singapore Department of Statistics showed on Thursday (July 23). The all-items consumer price index (CPI) dropped 0.3 per cent in June, exactly as predicted by the median forecast in a Reuters survey of economists.

Sheng Siong Group net profit up 23.1%, announces dividend

Sheng Siong Group has reported a 23.1 per cent year-on-year increase in its net profit to S$13.6 million for the quarter ended June 30, over higher revenue and improved gross margin. The company declared interim dividend of 1.75 cent per share, according to a release issued Thursday.

Sats Q1 profits up 14.5% to $49.6 million

Changi Airport's biggest ground handling firm, Sats, has reported profits of S$49.6 million - a 14.5 per cent year-on-year jump - in the three months ended June 30. This was despite a 4.2 per cent drop in group revenue to S$416.9 million, the firm said on Thursday.

Noble Group shares fall to 7-year low amid commodity rout, criticism

Shares of Noble Group fell to their lowest level since 2008 in Singapore trading as Asia's largest commodity trader by revenue battles a slump in resource prices and criticism of its accounting. The stock fell as much as 6.9 per cent to 60.5 cents, the lowest since December 2008, the year a crisis in US mortgage markets froze global credit flows.

Spring Singapore CEO Tan Kai Hoe leaving for private sector

Spring Singapore said on Thursday that its chief executive officer, Mr Tan Kai Hoe, will step down on July 31, 2015, to join the private sector. Deputy CEO Ted Tan will be the acting CEO from Aug 1 until a new head is appointed.

Malaysia reserves drop to five-year low on sign of intervention

Malaysia's foreign-exchange reserves fell to the lowest in almost five years, signaling thecentral bank may have intervened to stem the ringgit's decline. The holdings dropped 4.7 per cent to US$100.5 billion (S$ 137.27 billion) as of July 15 from two weeks earlier, data from Bank Negara Malaysia showed Thursday.