Stocks to watch: OCBC, SGX, Sats, Frasers Property, Frasers Hospitality Trust
OCBC : The lender on Friday announced the retirement of its incumbent chief executive officer Helen Wong, who will step down on Dec 31, 2025, for family reasons. The current head of global wholesale banking Tan Teck Long, who will succeed Wong on Jan 1, 2026. Tan will immediately assume the additional role of deputy CEO. Wong will remain chairman of OCBC China and director of OCBC Hong Kong after stepping away from the helm. Shares of OCBC closed 0.9 per cent or S$0.15 higher at S$16.89 on Friday, before the announcement.
Singapore Exchange (SGX) : The manager of NTT DC Reit (real estate investment trust) said the public tranche of its Singapore initial public offer was about 9.8 times oversubscribed. Based on the 30 million units available to the public for subscription, there were 14,166 valid applications for an aggregate of 294.8 million units. Shares of SGX ended on Friday 1 per cent or S$0.16 lower at S$15.46.
Sats : Its CEO Kerry Mok was paid more than S$3.1 million in total remuneration for FY2025 ended March, a 30.5 per cent pay raise from the S$2.4 million in FY2024. Mok received S$1 million in salary, S$1.2 million in bonuses, around S$862,500 worth of Sats shares and S$74,000 in benefits. This comes as the group's earnings for FY2025 soared more than four times to S$243.8 million from the year-ago period. Sats shares closed 0.3 per cent or S$0.01 lower at S$3.12 on Friday.
Frasers Property , Frasers Hospitality Trust (FHT) : The manager said on Friday that it received in-principle approval from the Singapore Exchange Securities Trading Limited (SGX-ST) to delist and remove FHT from the official list of SGX-ST. The scheme by FHT's sponsor Frasers Property to privatise the stapled group at S$0.71 per stapled security will require approval from stapled securityholders of FHT, the manager added. Shares of Frasers Property ended on Friday unchanged at S$0.89. Stapled securities of FHT ended on Friday flat at S$0.70.
Aims Apac Rei t: Aims Financial Group raised its stake in Aims Apac Reit to nearly 18.7 per cent, after acquiring an additional 7 per cent stake of over 57 million units in the trust, its manager said on Monday. The units were acquired from substantial unitholder, ESR HK Management, which is part of ESR Group. Units in Aims Apac Reit ended on Friday 0.8 per cent or S$0.01 higher at S$1.33, before the news.
Creative Technology : The group warned that revenue for its second half ended June would likely be below its target, at US$30 million. This comes as its topline was 'negatively impacted' by macroeconomic uncertainty and weakening consumer sentiment due to tariffs and trade tensions, which have adversely hit the business environment for many of its products, the group said on Friday. Creative's shares rose S$0.005, or 0.6 per cent to close at S$0.83 on Friday.
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Straits Times
2 hours ago
- Straits Times
Trump, EU's von der Leyen meet to clinch trade deal, rating chances 50-50
TURNBERRY, Scotland - European Commission President Ursula von der Leyen met US President Donald Trump on Sunday to clinch a trade deal that would likely result in a 15 per cent tariff on most EU goods, but end months of uncertainty for European Union companies. US and EU negotiators huddled in final talks on tariffs facing crucial sectors like cars, steel, aluminium and pharmaceuticals before the meeting began at Trump's golf course in Turnberry, western Scotland. Trump, who had earlier played a round with his son, told reporters as he met von der Leyen that he wanted to correct a trading arrangement he said was "very unfair to the United States" and repeated his comments from Friday that the chances of a US-EU deal were 50-50, a view echoed by von der Leyen. "We have three or four sticking points I'd rather not get into. The main sticking point is fairness," he said insisting the EU had to open up to American products. Von der Leyen acknowledged there was a need for "rebalancing" EU-US trade. "We have a surplus, the United States has a deficit and we have to rebalance it... we will make it more sustainable," she said. US Commerce Secretary Howard Lutnick, who flew to Scotland on Saturday, told "Fox News Sunday" that the EU needed to open its markets for more US exports to convince Trump to reduce a threatened 30 per cent tariff rate that is due to kick in on August 1. Top stories Swipe. Select. Stay informed. Singapore Sewage shaft failure linked to sinkhole; PUB calling safety time-out on similar works islandwide Singapore Tanjong Katong Road sinkhole did not happen overnight: Experts Singapore Workers used nylon rope to rescue driver of car that fell into Tanjong Katong Road sinkhole Asia Singapore-only car washes will get business licences revoked, says Johor govt World Food airdropped into Gaza as Israel opens aid routes Sport Arsenal beat Newcastle in five-goal thriller to bring Singapore Festival of Football to a close Singapore Benchmark barrier: Six of her homeschooled kids had to retake the PSLE Asia S'porean trainee doctor in Melbourne arrested for allegedly filming colleagues in toilets since 2021 "The question is, do they offer President Trump a good enough deal that is worth it for him to step off of the 30 per cent tariffs that he set," Lutnick said, adding that the EU clearly wanted - and needed - to reach an agreement. A separate US administration official was upbeat that a deal was possible. "We're cautiously optimistic that there will be a deal reached," the official said, speaking on condition of anonymity. "But it's not over till it's over." The EU deal would be a huge prize, given that the US and EU are each other's largest trading partners by far and account for a third of global trade in goods and services. Ambassadors of EU governments, on a weekend trip to Greenland organised by the Danish presidency of the EU, held a teleconference with EU Commission officials on Sunday to agree on the amount of leeway von der Leyen would have. In case there is no deal and the US imposes 30 per cent tariffs from August 1, the EU has prepared counter-tariffs on 93 billion euros (S$139 billion) of US goods. EU diplomats have said a deal would likely include a broad 15 per cent tariff on EU goods imported into the US, mirroring the US-Japan trade deal, along with a 50 per cent tariff on European steel and aluminium for which there could be export quotas. EU officials are hopeful that a 15 per cent baseline tariff would also apply to cars, replacing the current 27.5 per cent auto tariff. Possible exemptions Some expect the 27-nation bloc may be able to secure exemptions from the 15 per cent baseline tariff for its aerospace industry and for spirits, though probably not for wine. The EU could also pledge to buy more liquefied natural gas from the US, a long-standing offer, and boost investment in the United States. Trump told reporters there was "not a lot" of wiggle room on the 50 per cent tariffs that the US has on steel and aluminium imports, adding, "because if I do it for one, I have to do it for all." The US president, in Scotland for a few days of golfing and bilateral meetings, said a deal with the EU should draw to a close discussions on tariffs, but also said pharmaceuticals, for which the United States is looking into new tariffs, would not be part of a deal. The EU now faces US tariffs on more than 70 per cent of its exports, with 50 per cent on steel and aluminium, an extra 25 per cent on cars and car parts on top of the existing 2.5 per cent and a 10 per cent levy on most other EU goods. EU officials have said a "no-deal" tariff rate of 30 per cent would wipe out whole chunks of transatlantic commerce. A 15 per cent tariff on most EU goods would remove uncertainty but would be seen by many in Europe as a poor outcome compared to the initial European ambition of a zero-for-zero tariff deal on all industrial goods. Seeking to learn from Japan, which secured a 15 per cent baseline tariff with the US in a deal almost a week ago, EU negotiators spoke to their Japanese counterparts in preparation for Sunday's meeting. For Trump, aiming to reorder the global economy and reduce decades-old US trade deficits, a deal with the EU would be the biggest trade agreement, surpassing the US$550 billion deal with Japan. So far, he has reeled in agreements with Britain, Japan, Indonesia and Vietnam, although his administration has failed to deliver on a promise of "90 deals in 90 days." REUTERS
Straits Times
3 hours ago
- Straits Times
US, China to resume tariff talks in effort to extend truce by 90 days
Find out what's new on ST website and app. US Treasury Secretary Scott Bessent and Chinese Vice-Premier He Lifeng will lead tariff talks on July 28, in Stockholm. STOCKHOLM – Senior US and Chinese negotiators will meet in Stockholm on July 28 to tackle longstanding economic disputes at the centre of the countries' trade war, aiming to extend a truce keeping sharply higher tariffs at bay. The South China Morning Post reported on July 27 that the two sides are expected to agree to extend the truce by three more months. China is facing an Aug 12 deadline to reach a durable tariff agreement with President Donald Trump's administration, after Beijing and Washington reached a preliminary deal in June to end weeks of escalating tit-for-tat tariffs. Without an agreement, global supply chains could face renewed turmoil from duties exceeding 100 per cent. The Stockholm talks, led by US Treasury Secretary Scott Bessent and Chinese Vice-Premier He Lifeng, take place a day after European Union chief Ursula von der Leyen meets Mr Trump at his golf course in Scotland to try to clinch a deal that would likely see a 15 per cent baseline tariff on most EU goods. Trade analysts on both sides of the Pacific say the discussions in the Swedish capital are unlikely to produce any breakthroughs but could prevent further escalation and help create conditions for Mr Trump and Chinese President Xi Jinping to meet later in 2025. Previous US-China trade talks in Geneva and London in May and June focused on bringing US and Chinese retaliatory tariffs down from triple-digit levels and restoring the flow of rare earth minerals halted by China and Nvidia H20 AI chips and other goods halted by the United States. Top stories Swipe. Select. Stay informed. Singapore Sewage shaft failure linked to sinkhole; PUB calling safety time-out on similar works islandwide Singapore Tanjong Katong Road sinkhole did not happen overnight: Experts Singapore Workers used nylon rope to rescue driver of car that fell into Tanjong Katong Road sinkhole Asia Singapore-only car washes will get business licences revoked, says Johor govt World Food airdropped into Gaza as Israel opens aid routes Sport Arsenal beat Newcastle in five-goal thriller to bring Singapore Festival of Football to a close Singapore Benchmark barrier: Six of her homeschooled kids had to retake the PSLE Asia S'porean trainee doctor in Melbourne arrested for allegedly filming colleagues in toilets since 2021 So far, the talks have not delved into broader economic issues. These include US complaints that China's state-led, export-driven model is flooding world markets with cheap goods, and Beijing's complaints that US national security export controls on tech goods seek to stunt Chinese growth. 'Stockholm will be the first meaningful round of US-China trade talks,' said Mr Bo Zhengyuan, Shanghai-based partner at China consultancy firm Plenum. Deals, deals, deals Mr Trump has been successful in pressuring some other trading partners, including Japan, Vietnam and the Philippines , into deals accepting higher US tariffs of 15 to 20 per cent. He said there was a 50-50 chance that the US and the 27-member European Union could also reach a framework trade pact, adding that Brussels wanted to 'make a deal very badly'. Two of Mr Trump's top trade officials, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer, will attend the Scotland talks and then travel to Stockholm. Analysts say the US-China negotiations are far more complex and will require more time. China's grip on the global market for rare earth minerals and magnets, used in everything from military hardware to car windshield wiper motors, has proved to be an effective leverage point on US industries. Trump-Xi meeting? In the background of the talks is speculation about a possible meeting between Mr Trump and Mr Xi in late October. Mr Trump has said he will decide soon whether to visit China in a landmark trip to address trade and security tensions. A new flare-up of tariffs and export controls would likely derail any plans for a meeting with Mr Xi. 'The Stockholm meeting is an opportunity to start laying the groundwork for a Trump visit to China,' said Ms Wendy Cutler, vice-president at the Asia Society Policy Institute. Mr Bessent has already said he wants to work out an extension of the Aug 12 deadline to prevent tariffs snapping back to 145 per cent on the US side and 125 per cent on the Chinese side. Still, China will likely request a reduction of multi-layered US tariffs totaling 55 per cent on most goods and further easing of US high-tech export controls, analysts said. Beijing has argued that such purchases would help reduce the US trade deficit with China, which reached US$295.5 billion (S$379 billion) in 2024. China is currently facing a 20 per cent tariff related to the US fentanyl crisis, a 10 per cent reciprocal tariff, and 25 per cent duties on most industrial goods imposed during Mr Trump's first term. Mr Bessent has also said he would discuss with Mr He the need for China to rebalance its economy away from exports toward domestic consumer demand. The shift would require China to put an end to a protracted property crisis and boost social safety nets to encourage household spending. Mr Michael Froman, a former US trade representative during former president Barack Obama's administration, said such a shift has been a goal of US policymakers for two decades. 'Can we effectively use tariffs to get China to fundamentally change their economic strategy? That remains to be seen,' said Mr Froman, now president of the Council on Foreign Relations think-tank. REUTERS
Business Times
5 hours ago
- Business Times
Trump, EU's von der Leyen to meet to clinch trade deal
[GLASGOW] European Commission President Ursula von der Leyen is set to meet US President Donald Trump on Sunday (Jul 27) to clinch a trade deal for Europe that would likely see a 15 per cent baseline tariff on most EU goods, but end months of uncertainty for EU companies. US and EU negotiators huddled in final talks on tariffs facing crucial sectors like cars, steel, aluminium and pharmaceuticals before the meeting, which is expected at 1530 GMT on Trump's golf course in Turnberry, western Scotland. US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick flew to Scotland on Saturday and EU Trade Commissioner Maros Sefcovic arrived on Sunday morning. Lutnick told 'Fox News Sunday' that the EU needed to open its markets for more US exports to convince Trump to reduce a threatened 30 per cent tariff rate that is due to kick in on Aug 1. 'The question is, do they offer President Trump a good enough deal that is worth it for him to step off of the 30 per cent tariffs that he set,' Lutnick said, adding that the EU clearly wanted – and needed – to reach an agreement. A separate US administration official was upbeat that a deal was possible. 'We're cautiously optimistic that there will be a deal reached,' the official said, speaking on condition of anonymity. 'But it's not over till it's over.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The EU deal would be a huge prize, given that the US and EU are each other's largest trading partners by far and account for a third of global trade. Ambassadors of EU governments, on a weekend trip to Greenland organised by the Danish presidency of the EU, held a teleconference with EU Commission officials on Sunday to agree on the amount of leeway von der Leyen would have. In case there is no deal and the US imposes 30 per cent tariffs from Aug 1, the EU has prepared counter-tariffs on 93 billion euros (S$140 billion) of US goods. EU diplomats have said a deal would likely include a broad 15 per cent tariff on EU goods imported into the US, mirroring the US-Japan trade deal, along with a 50 per cent tariff on European steel and aluminium for which there could be export quotas. EU officials are hopeful that a 15 per cent baseline tariff would also apply to cars, replacing the current 27.5 per cent auto tariff. Possible exemptions Some expect the 27-nation bloc may be able to secure exemptions from the 15 per cent baseline tariff for its aerospace industry and for spirits, though probably not for wine. The EU could also pledge to buy more liquefied natural gas from the US, a long-standing offer, and boost investment in the US. Trump told reporters there was 'not a lot' of wiggle room on the 50 per cent tariffs that the US has on steel and aluminium imports, adding, 'because if I do it for one, I have to do it for all.' The US president, in Scotland for a few days of golfing and bilateral meetings, told reporters upon his arrival on Friday evening that von der Leyen was a highly respected leader and he was looking forward to meeting with her. He said there was a 50-50 chance that the two sides could reach a framework trade pact, adding that Brussels wanted to 'make a deal very badly'. The EU now faces US tariffs on more than 70 per cent of its exports, with 50 per cent on steel and aluminium, an extra 25 per cent on cars and car parts on top of the existing 2.5 per cent and a 10 per cent levy on most other EU goods. EU officials have said a 'no-deal' tariff rate of 30 per cent would wipe out whole chunks of transatlantic commerce. A 15 per cent tariff on most EU goods would remove uncertainty but would be seen by many in Europe as a poor outcome compared to the initial European ambition of a zero-for-zero tariff deal on all industrial goods. Seeking to learn from Japan, which secured a 15 per cent baseline tariff with the US in a deal earlier this week, EU negotiators spoke to their Japanese counterparts in preparation for Sunday's meeting. For Trump, aiming to reorder the global economy and reduce decades-old US trade deficits, a deal with the EU would be the biggest trade agreement, surpassing the US$550 billion deal with Japan. So far, he has reeled in agreements with Britain, Japan, Indonesia and Vietnam, although his administration has failed to deliver on a promise of '90 deals in 90 days.' REUTERS
