News Highlights of Singapore

Shares opened higher in Singapore on Friday

SINGAPORE share prices opened higher on Friday with the Straits Times Index up 6.15 points to 3,412.73.
Volume was 56.9 million shares worth S$82.2 million.
Gainers outnumbered losers 96 to 46.

 

F J Benjamin Q2 FY15 profit rises to S$1.24m

RETAILER F J Benjamin posted a net profit of S$1.24 million for the second quarter ended Dec 31, 2014, up from S$586,000 in the corresponding quarter a year earlier.
This was despite revenue slipping 17 per cent to S$87.09 million, as the retail industry battled headwinds.
Meanwhile, earnings per share grew to 0.22 Singapore cent, up from 0.10 cent.
The bottom line was boosted in part by higher share of results of associates/joint ventures, which came in at S$853,000 versus S$151,000 previously.
FJ Benjamin said: "The increased volatility in the global economy, in particular softer growth in China, will continue to weigh down on Asia's economic outlook and affect consumer sentiment. In view of this, the group continues to focus on improving productivity through store rationalisation, managing inventory levels and capitalising on cost efficiencies."

 

Singapore's GIC buys over $1 billion stake in Nielsen

Singapore sovereign wealth fund GIC has bought a 5 per cent stake in Nielsen NV, a leading provider of TV audience ratings data, for an undisclosed amount, according to a regulatory filing.

A report in the Wall Street Journal (WSJ) said the deal is valued at over US$800 million (S$1.1 billion).

GIC Private Ltd disclosed its holding of common stock in Nielsen, which has a market value of $16.7 billion, in a US Securities and Exchange Commission filing dated Feb 4.

Over the past year, GIC, ranked by the Sovereign Wealth Fund Institute as the world's eighth-largest fund with $320 billion of assets, has taken a series of stakes in businesses in both emerging and developed markets.