"Japan posts first trade deficit in 5 months; Higher energy prices overwhelmed slower growth in exports due to Chinese New Year. Japan falls into deficit every year in January, but expected to steadily recover."
"10,000 potential buyers showed up at Tanah Merah Condominium, Grandeur Park Residences. CEL Development Exec Director expressed that no new projects in the area and also the pricing quantum brought about the overwhelming response."
"All 3 local banks saw a fall in their full-year net profit; DBS at $4.25 billion down by 5%, OCBC at $3.47 billion down by 11% and UOB at $3.1 billion down by 3.5%; Concerns validated, however all 3 showed resilience amid challenges."
Summing up the week's market shifts and businesses for 13 Feb to 17 Feb.
"STI up by 0.35% as the full-year economic grew by 2%; Gainers include Singapore Technologies Engineering rising 6.47%, UOB rose by 1.73%, Keppel Corp rose by 1.68% and SembCorp Industries rose by 0.95%."
"Once mighty shipping company Hanjin Shipping finally declared bankrupt yesterday. The company has been forced to sell off all assets in Korea as well as overseas, to pay off debts. The downfall may have started from the time when its owner's widow took over, with no experience at all."
"DBS net profit dropped by 9%, though revenue up by 5% and share prices closed at 1.7% higher; Mostly affected by allowances for NPLs (non-performing loans) that surge 87% in the quarter. The bank is also affected by Oil/Gas bad loans, although CEO believes DBS has passed the worst."
"OUE buying Oxley's IHC stakes, paying 10.6 cents a share and also made a cash offer for all remaining IHC stock at the same price. IHC shares rose sharply by 112%; OUE may privatise it once it controls more than 90% of IHC."