U.S. stocks were little changed on Wednesday after retailer Target Inc cut its sales forecast and depressed retail shares, offsetting gains in major energy companies as oil hit a one-month high.
Stocks and factors to watch:
- Food and beverage firm Yeo Hiap Seng said it expects to make a loss for 2007 due to tax provisions on three property projects the firm is involved in.
- United Engineers, Singapore's biggest builder by market value, said it has sold its 67-percent stake in an energy firm to a Chinese power company for $85.6 million.
- Singapore Press Holdings, Southeast Asia's biggest newspaper publisher, said it will buy a Hong Kong media company selling luxury magazines for around $16 million, to be funded by cash.
- South Korean shipping firm STX Pan Ocean said it has established a joint venture company in Dubai, United Arab Emirates to engage in the dry bulk and tanker business in the Middle East, India and Pakistan region.
- CitySpring Infrastructure Trust said it has received in-principle approval from the Singapore Exchange to list new units as part of its fund raising activities to finance its purchase of Basslink, which owns the world's longest underwater power cable.
- Xpress Holdings, a dotcom firm turned printer, plans to expand in Vietnam to tap demand from the country's growing financial sector, company officials told Reuters.
- Singapore Airlines, the world's second-largest carrier by market value announced a new three-year contract for its chief executive officer Chew Choon Seng.
- Singapore's Straits Times Index gained 1.13 percent to 3,473.21 points on Wednesday.
- The Dow Jones Industrial Average inched up 0.02 percent to end at 13,551.69. The Nasdaq Composite Index gained 0.40 percent to 2,724.41.
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