Global A&T Electronics, a Singapore-based chip assembler that took on hefty debt a decade ago through a buyout by TPG Capital and Affinity Equity Partners, filed for bankruptcy as a 2013 debt exchange came back to haunt it.The chip-assembler listed debt of more than $1 billion and assets of over $500 million in Chapter 11 papers filed Sunday in U.S.
Singapore’s home sales rose in November, extending gains for a year that is already the best since 2013, as developers marketed more projects.Developers sold 785 units last month, up from a revised 760 in October, according to Urban Redevelopment Authority data released Friday.
Asian markets rallied on Friday, bringing a volatile week to a positive end as tech firms extended their rebound while investors tracked advances on Wall Street following reports Donald Trump is planning to unveil a big-spending public works plan.Global equities have struggled this week, hit by profit-taking, fears over the progress of a probe into Russia's US election meddling, stumbling Brexit talks and President Trump's recognition of Jerusalem as Israel's capital.The issues
Bitcoin hit a fresh record of $14,000 Thursday as investors piled in, triggering a warning the cryptocurrency was "like a charging train with no brakes" which would inevitably slip back.It touched a new a high of $14,400 in Asian trade before slipping back to $13,900, according to Bloomberg News.
Oil retreated the most in more than two weeks amid worries that OPEC’s deal to extend production cutbacks may take US shale activity to a whole new level.Futures closed 1.5 percent lower in New York. OPEC and partners including Russia last week agreed to keep cutting output through the end of next year.
The Philippines is looking at regulating so-called initial coin offerings, as the use of cryptocurrencies gains ground in the Southeast Asian nation.Bangko Sentral ng Pilipinas Governor Nestor Espenilla said the central bank is in talks with the nation’s Securities and Exchange Commission on ways to oversee ICOs, in which companies raise funds through the sale of digital tokens.
Oil dropped below 58 dollars a barrel as investors weighed an increase in US oil drilling rigs against OPEC’s promise to extend output cuts through the end of next year.Futures fell as much as 0.9 percent in New York after adding 1.7 percent Friday. OPEC and its allies including Russia last week agreed to keep their supply cuts in place and beefed up the extension with the inclusion of Nigeria and Libya. Executives from three of the biggest independent U.S.
The rising supply of homes and slowing population growth may undermine the recent recovery in Singapore residential property prices, the country’s central bank said.Future development projects could potentially add 20,000 private housing units over the next one or two years, more than doubling the existing number available for sale, the Monetary Authority of Singapore said in its annual financial stability report published Thursday.“Over the medium term, as these development projects are prog
Oil explorers took advantage of a market rally to lock in prices for almost 1 million barrels a day’s worth of future output, signaling the shale boom’s staying power as OPEC ponders the extension of its supply curbs.New hedging contracts in the third quarter covered 897,000 barrels a day of annualized production, a 147 percent increase over the second quarter, according to an analysis of 33 companies released Tuesday by industry researcher Wood MacKenzie Ltd.
Singapore will ensure its tax system is based on “solid” economic performance and the principle that higher income earners pay more, a senior government official said, after the prime minister signaled that the nation needs to prepare for tax increases.“It must be all based on solid economic activity,” Indranee Rajah, senior minister of state for law and finance, said in an interview on Tuesday.
