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Fed Rates Unchanged; STI Slumps As Local Banks Tumble
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By: Joey Ho
Articles (30) Profile

Once again, benchmark federal funds rate remain unchanged, while the Federal Open Market Committee noted that the labour market has strengthened and other indicators were pointing towards growth.

Tech-heavy Nasdaq Composite Index edged closer towards its 52-week high, closing at 5,154.98 on Thursday, while the S&P 500 kept close to its 52-week high at 2,170.06. Both indices were lifted by technology stocks, Apple and Facebook, which reported better than expected quarterly results.

Over in Singapore, the Straits Times Index (STI) slumped during the week, erasing all year-to-date gains. The STI fell over 2.2 percent in just two days, slipping below 2,880, after closing at 2,941.49 on Wednesday.

DBS Group Holdings fell 6.3 percent during the week over concerns on its exposure of $700 million to Swiber Holdings (Swiber), of which the bank only expects to recover about half. The offshore marine group has been placed under provisional liquidation following its application to wind up after receiving several letters of demand totalling $35.1 million.

While Oversea-Chinese Banking Corporation noted that it was not listed as a principal banker to Swiber, the bank’s total oil and gas exposure stood at $12.6 billion, with close to half in the offshore oil services segment.

Swiber’s downfall has raised concerns on the survival of companies in the oil and gas sector. Early this week, Technics Oil & Gas was placed under judicial management, while Linc Energy has been under voluntary administration since mid-April.

Oil prices fell close to April lows as production and inventories continue to rise, coupled with concerns over future economic growth.

Equipped with a bachelor in banking and finance, Joey covers the finance, technology and healthcare industry in Singapore.

Please click here for more information about this author.

Linc Energy  -- -- --   
Business: A co that focuses on both conventional & unconventional oil & gas production. [FY15 Turnover] Oil & gas sales (93.2%), clean energy (6.8%).

Insight: Nov-15, Co fell into the red with 1Q16 net loss of... Read More
Technics Oil & Gas  -- -- --   
Business: Co is a full service integrator of compression systems & process modules serving mainly the O&G sector. [FY14 Turnover] Contract engrg (46.4%), procurement svcs (33%), engrg, procurement, construction & commissioning (20.6%).

Insight: Nov-15, FY15, Co rebounded strongly back to the bl... Read More
Oversea-Chinese Banking Corp  11.090 -0.06 -0.54%   
Business: [FY18 Turnover] Global corporate/investment banking (35%), global consumer/private banking (34.8%), OCBC Wing Hang (11.5%), insurance (11%), global treasury & mkts (7.7%).

Insight: May-19, 1Q19 total income rose 14.7% driven by str... Read More
DBS Group Hldgs  25.740 -0.15 -0.58%   
Business: [FY18 Total Income] Institutional banking (43.7%), consumer banking/wealth management (42.9%), treasury markets and others (13.4%).

Insight: Apr-19, 1Q19 net profit rose 9% to a record $1.7b.... Read More

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