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Author: traderhub8   |   Latest post: Mon, 17 Feb 2020, 4:33 PM


Phillip Capital Morning Note

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Venezuela’s oil inventories have climbed to their highest levels in at least five years, according to satellite data, a sign that U.S. sanctions are stifling sales and could continue to drive up global prices.

Huawei Technologies Co. said it would hire 200 new employees and increase research and development spending in Canada as the Chinese company attempts to counter U.S. efforts to pressure allies to abandon its equipment over security concerns. On the other hand, Mr Trump wrote on Twitter: “I want the United States to win through competition, not by blocking out currently more advanced technologies.”

Volkswagen chief executive Herbert Diess has warned import tariffs from the US could cost the German carmaker billions of euros each year. Mr Diess said the US threat of a 25 per cent tariff on European-produced cars is the biggest worry for the continent’s carmakers in 2019.

The chief executive of Kraft Heinz, Bernardo Hees, says that valuations among its peers have become “more attractive” since its $143bn swoop for Unilever collapsed two years ago, an indication that the acquisitive owners of the food company could soon return to dealmaking. Separately, Kraft Heinz disclosed Thursday that it has received a subpoena from the Securities and Exchange Commission in October as part of an investigation into the company's accounting policies.

In response to queries from The Business Times, the Ministry of Manpower said the greatest impact from the upcoming foreign worker quota cuts for the services sector would be felt in accommodation; arts, entertainment and recreation; food services; real estate services; and transportation and storage.

Hyflux has convinced a Singapore High Court to order a scheme meeting for creditors on April 5, where they will vote on whether to accept its proposed rescue plan.

ERA Realty Network is rolling out a service tailored for wealthy buyers across the Asia-Pacific, known as Plush, which will help the firm's staff be more adept at catering to the increasing demands of high-net-worth individuals.

Best World International has obtained permission to extend its trading halt by up to two more days in order to prepare, finalise and release a clarification announcement to address certain matters, it said on Thursday.

Source: Business Times

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