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Straits Times
10-06-2025
- Business
- Straits Times
Singapore stocks snap 5-day winning streak, with STI inching down 0.1%
In Singapore, the benchmark Straits Times Index fell about 0.1 per cent or 2.52 points to end at 3,933.80. ST PHOTO: BRIAN TEO SINGAPORE - Local stocks closed lower on June 10, ending five straight days of gains amid concerns that the US-China trade talks may not be going well. Chinese stocks fell ahead of the second day of trade talks with the US, a sign that investors are still nervous as the countries meet to address contentious issues in London. Some Chinese investors have speculated that the negotiations are not progressing well, following an earlier commentary listed in a social media account affiliated with state broadcaster CCTV. The post stated that 'the US should realistically view the progress made and revoke negative measures against China'. The Shanghai Composite fell 0.4 per cent at the close, and the Shenzhen Component shed 0.9 per cent. Still, the sustained dialogue between the US and China is encouraging market participants, 'even though immediate breakthroughs are not expected', said Mr Eric Mak, Asia equity research analyst at Julius Baer. In Singapore, the benchmark Straits Times Index (STI) fell about 0.1 per cent or 2.52 points to end at 3,933.80. In the broader market, gainers beat losers 249 to 216, with around 984.9 million securities worth nearly $943 million having changed hands. UOL advanced the most on the STI, rising 1.8 per cent, or 11 cents, to $6.18. DFI Retail reversed its June 9 performance as the biggest gainer to lose the most on June 10, down 1.8 per cent, or 5 US cents, to close at US$2.75. The trio of local banks ended lower. DBS Bank fell 0.8 per cent, or 34 cents, to close at $45.15; OCBC Bank dropped 0.6 per cent, or 10 cents, to $16.27; UOB dipped 0.2 per cent, or seven cents, to $35.25. Trade in the broader Asian region was mixed; apart from the declines in China, Hong Kong's Hang Seng Index, Malaysia's KLCI Index and the Philippines' PSEi closed lower. On the other hand, Japan's Nikkei, South Korea's Kospi and Taiwan's Taiex ended higher. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
04-06-2025
- Business
- Straits Times
Singapore stocks close higher amid regional gains; STI up 0.2%
The benchmark Straits Times Index rose 0.2 per cent or 9.5 points to 3,903.88. PHOTO: ST FILE SINGAPORE - Local stocks ended higher on June 4, mirroring regional gains after resilient US employment data bolstered investor sentiment. Speculations over a call between US President Donald Trump and China President Xi Jinping sometime this week to ease trade tensions added to the upbeat mood, although ramped-up tariffs on aluminium and steel US imports added trade uncertainty. The benchmark Straits Times Index (STI) rose 0.2 per cent or 9.5 points to 3,903.88. In the broader market, gainers beat losers 311 to 163 as one billion securities worth $1.2 billion changed hands. South Korea's Kospi led the region's gains, up 2.7 per cent after liberal candidate Lee Jae-myung won the presidency, ending months of political paralysis in the country. Hong Kong's Hang Seng Index increased 0.6 per cent. Japan's Nikkei 225 gained 0.8 per cent, while the Bursa Malaysia Kuala Lumpur Composite Index rose 0.3 per cent. Meanwhile, investors await Singapore's April retail sales data to be released on June 5. UOB's third-quarter outlook report on June 4 projects Singapore's economic growth in 2025 to moderate to 1.7 per cent, on a 'much weaker' second half-year as front-loading momentum dissipates. 'Payback from the earlier front-loading could result in a more protracted downturn in manufacturing and trade-related services into 2026, and we forecast GDP growth to slow further to 1.4 per cent,' noted UOB's global economics and market research team. On the STI, UOL led the gains, up 2.7 per cent or 16 cents to $6.02. Jardine Matheson was at the bottom of the list, down 2.3 per cent or US$1.02 to US$43.45. The trio of local banks ended mixed. DBS Bank went up 0.5 per cent or 21 cents to $45.01, and OCBC Bank gained 0.4 per cent or seven cents at $16.23. UOB was down 0.1 per cent or three cents to $35.30 on a cum dividend basis. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
03-06-2025
- Business
- Yahoo
💵 Santos aim to spread out £13m debt to secure Neymar renewal
Santos already has a plan to advance negotiations with Neymar for the renewal of the contract that ends on June 30. According to UOL, the club will not be able to pay the R$ 85 million in image rights to the star by the established deadline, which is until July 30. Advertisement The portal's report indicates that Santos believes it could cover the amount, but the strategy would be to negotiate the extension of the player's contract and the stretching of the payment over a new term of one or one and a half years. In the market, "stretching" a debt means extending the deadline to pay that debt. In other words, instead of paying within a set timeframe, the company (or person) starts to pay over a longer period. According to UOL, there has already been a meeting between President Marcelo Teixeira, Neymar, and Neymar Sr., and more talks will follow. The star's salary is up to date, in the work record, costing the club R$ 4.14 million. Advertisement Santos estimates, says UOL, that it has already obtained the amount owed through marketing exploitation with Neymar. However, the transfer of funds would not necessarily be automatic, as the club uses the money for other purposes in day-to-day operations – hence, it has not yet been paid. Of the sponsorships sold after the star's arrival, 75% of the amount must be passed on to Neymar – only 25% remains with Santos. The master sponsorship with the betting house 7K, which provides R$ 105 million to the club, is included, according to information from ge. This revenue sharing will continue for one year after the current contract, for all contracts signed until June 30. Advertisement Thus, according to UOL, even if the star leaves, Santos will continue to pay the equivalent part to NR Sports, Neymar Sr.'s company. This article was translated into English by Artificial Intelligence. You can read the original version in 🇧🇷 here. 📸 Miguel Schincariol - 2025 Getty Images
Straits Times
22-05-2025
- Business
- Straits Times
Thomson View's $810 million sale put on hold after lawyers submitted ‘incomplete' documents
UOL, SingLand and CLD signed a conditional call-and-put option in October 2024 to acquire the 99-year leasehold development at $810 million. PHOTO: THE BUSINESS TIMES SINGAPORE - The $810 million sale of Thomson View condominium was put on hold by a High Court judge after the lawyers representing the collective sale committee (CSC) submitted 'incomplete' documents. At least 25 residents and parties related to the Thomson View sale packed the courtroom on May 22, awaiting the High Court's ruling on the fate of the $810 million sale, potentially the biggest residential collective sale since Chuan Park's $890 million sale in May 2023. High Court Judge Audrey Lim spent a better part of the hearing dressing down the lawyers of the Thomson View CSC for errors in documents, including submitting an 'incomplete' affidavit, and told them 'it is important you do the proper due diligence'. Thomson View was sold to UOL, Singapore Land (SingLand) and CapitaLand Development (CLD), after at least 80 per cent of owners (206 units) consented to lower their reserve price to $808 million, allowing them to accept the $810 million offer that was below their original reserve price of $918 million. UOL, SingLand and CLD signed a conditional call-and-put option in October 2024 to acquire the 99-year leasehold development at $810 million. On Nov 25, 2024, UOL announced that it had exercised the call option for the purchase. In trying to determine if the 80 per cent threshold was met, Justice Lim sought clarifications on the number of signatures in the collective sale agreement (CSA) dated Jan 4, 2024, and the number of signatures in a supplementary collective sale agreement. The judge pointed out that 'the first time period to obtain all the signatures to cross the 80 per cent threshold is 12 months from the first signature, which means that all 206 signatures must be obtained between Jan 8, 2023, and Jan 7, 2024. 'Some of the signatures are signed out of the time period in October and November 2024,' Justice Lim noted. CSC lawyer Hui Choon Wai, a partner at Wee Seow Teow LLP, told the court that 'there were 211 unit holders' signatures on the CSA, of which 206 signed the supplementary agreement'. Justice Lim then asked Ms Hui to explain in another affidavit 'how the CSA and the supplementary CSA differs, in that the CSA contained 211 unit holders' signatures and the supplementary CSA contained 206 of these unit holders' signatures.' 'For the supplementary affidavit, it should only exhibit the extra five unit holders' signatures which are not found in the CSA already exhibited in (CSC member) Cecilia Koh's first affidavit. 'The affidavit should also explain how many of these unit holders signed between Jan 8, 2023, and Jan 7, 2024, and what proportion in terms of shares and plot size they comprise, and whether the 80 per cent requirement was met within the 12-month period,' the judge said. 'The affidavit should also explain that for those signatures that I have pointed out, that are after Jan 7, 2024, how many units they comprise and what is the proportion in terms of shares and plot size,' Justice Lim added. 'If the 80 per cent threshold is not made out, counsel is to file written submissions to explain why the court should grant this application' to approve the sale, Justice Lim said. 'It is important you do the proper due diligence,' the judge said. 'You spent a lot of time trying to get the requisite (80 per cent) threshold... and you have errors all over the place,' she added. A group of dissenting homeowners had filed objections to the Strata Titles Boards (STB) , which stopped the en bloc process after mediation efforts failed. It is unclear on what grounds they objected to the sale. Two of the six dissenting homeowners – Goh Mia Song and Lim Choe San – who had withdrawn their objections on March 29, were at the hearing. When asked by The Straits Times why they had objected initially, both declined to comment. The other four dissenting parties did not attend the hearing. They had withdrawn their objections one day before the CSC applied to the High Court on March 28 to seek approval for the sale. Apart from the stop order issued on March 19 for Thomson View, there have been no other stop orders issued for collective sales so far in 2025, an STB spokesperson told ST. The next court mention is July 1. Join ST's WhatsApp Channel and get the latest news and must-reads.
France 24
20-05-2025
- Politics
- France 24
Brazil Supreme Court opens landmark coup case against far-right leader Bolsonaro
Brazil' s Supreme Court began on Monday hearing testimony from key witnesses in the landmark trial of former far-right president Jair Bolsonaro, who is accused of trying to stage a coup. Bolsonaro could face decades in prison if convicted of conspiring to cling to power after losing 2022 elections. More than 80 people -- including high-ranking military officers, former government ministers and police and intelligence officials -- are to testify in a preliminary trial phase expected to last at least two weeks. Monday's hearings were conducted by Bolsonaro's arch-foe, Judge Alexandre de Moraes, by video link. Former army commander General Marco Antonio Freire Gomes was set to be questioned on Monday, with his former air force counterpart, Carlos de Almeida Baptista Junior, set to follow suit on Wednesday. Bolsonaro, 70, joined the hearings clad in a yellow Brazilian football jersey, a symbol of patriotism for his right-wing supporters. He could face up to 40 years in prison if convicted of plotting to remain in office after leftist rival Luiz Inacio Lula da Silva narrowly defeated him in October 2022 elections. Plot to assassinate Lula Prosecutors say Brazil's 2019-2022 leader led a "criminal organization" planning to declare a state of emergency so new elections could be held. He is already banned from seeking office until 2030 over his baseless criticism of Brazil's electronic voting system. Prosecutors in the current case say those attacks were aimed at discrediting the election and laying the ground for a military intervention. Bolsonaro is also accused of being aware of a plot to assassinate Lula, his vice president Geraldo Alckmin, and Judge de Moraes. Bolsonaro has always denied any role in a coup attempt, blaming the charges on "political persecution." Last week he told Brazil's UOL news site that prosecutors were fabricating a "telenovela scenario," a reference to the melodramatic TV soap operas popular in Latin America. 'Death penalty' The former army captain will be tried along with seven former aides accused of playing key roles in the alleged plot. They include four former ministers, one former navy commander and the head of intelligence services during Bolsonaro's presidency. Several former Brazilian presidents have had legal entanglements since the end of the 1964-1985 dictatorship, but Bolsonaro, who has expressed nostalgia for military rule, is the first to face coup charges. A 900-page report by the federal police lays out the alleged coup plan in detail, saying it called for a decree ordering a new election -- and for Lula's assassination. But the attempt failed to draw crucial military support and ultimately collapsed, prosecutors say. The charges cover the riots of January 8, 2023, when thousands of Bolsonaro supporters invaded and ransacked key government buildings, demanding a military intervention to oust Lula a week after his inauguration. Bolsonaro was in the United States at the time, but is accused of instigating the riots, which prosecutors say were the coup plotters' "last hope." Despite his ban on running in elections, Bolsonaro has insisted he plans to be a candidate in next year's vote. But after recent abdominal surgery -- his latest of many rounds to repair persistent damage from a knife attack in 2018 -- he has also said that a conviction now would be a "death penalty, political and physical." Building a case Key figures in the drama will be questioned during the preliminary trial phase. During those hearings "it will be possible to identify any contradictions, either between different witnesses or from the same witness," Rogerio Taffarello, an expert in criminal law at the Getulio Vargas Foundation, told AFP. "Only after that step can a case for conviction be built," he said. The former army and air force commanders under Bolsonaro, Freire Gomes and Baptista Junior, admitted having been present in meetings in which Bolsonaro "raised the hypothetical possibility of using legal instruments" to overturn the 2022 election result and justify a military intervention. But both officers said they refused to go along, and Freire Gomes said he even threatened to have Bolsonaro arrested if he proceeded with the plan. Following the introductory phase, the trial will continue in coming months with testimony from the accused, followed by a summation from prosecutors and final arguments by defense attorneys. Only then will the five high-court magistrates -- including Judge de Moraes -- vote on the fate of the accused and, if they are found guilty, sentence them.
