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Author: traderhub8   |   Latest post: Tue, 17 Sep 2019, 8:51 AM


Phillip Capital Morning Note

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Nikki Haley suddenly resigns as Trump's UN ambassador. Nikki Haley abruptly resigned on Tuesday as the US ambassador to the United Nations, in the latest departure from President Donald Trump's often shifting national security team. Ms Haley was coy on her reasons for quitting, saying only that it was "important to understand when it's time to stand aside" after a string of challenging jobs.

Oil prices gain as Iranian crude exports fall, Hurricane Michael nears. Oil prices rose about one per cent on Tuesday on growing evidence of falling Iranian crude exports before the imposition of new US sanctions, as well as a partial production shutdown in the Gulf of Mexico because of Hurricane Michael. Brent crude futures rose US$1.09 to settle at US$85.00 a barrel, a 1.30 per cent gain. The global benchmark hit a four-year high of US$86.74 last week but slipped as low as US$82.66 on Monday.US West Texas Intermediate (WTI) crude futures rose 67 cents to settle at US$74.96 a barrel, a 0.90 per cent gain.

Dual-class share IPOs still an 'emotive debate', CFA Institute poll finds. Singapore and Hong Kong both revamped their listing rules to allow the use of dual-class shareholdings (DCS) in initial public offerings this year, citing support from a “majority” of stakeholders in their latest round of consultation. Warning that DCS structures could be a slippery slope into the erosion of corporate governance standards, the CFA Institute urged exchanges that have DCS structures to consider mandating time-based sunset provisions to safeguard minority shareholders.

Shareholders of Q & M associate vote to delist Aidite. Shareholders of Aidite (Qinhuangdao) Technology voted on Monday to delist the Q & M Dental Group (Singapore) associate from a Chinese stock exchange, Singapore-listed Q & M's board said the next day. Aidite, a maker of dental supplies, was spun off in 2016 for a listing on China's National Equities Exchange and Quotations, also known as the New Third Board.

Addvalue Tech discloses new inter-satellite data relay system service contract. Addvalue Technologies has inked a contract to provide its inter-satellite data relay system (IDRS) service to a low-Earth orbit satellite operator, with the customer committing to an initial order of terminals for a launch programme that starts in 2019.

SIA reclaims world's longest flight with non-stop route to New York, without economy class. About six months after Qantas Airways started a direct service from Perth to London, Singapore Airlines is bringing back its 16,700km jump to New York on Oct 11, pipping Qatar Airways' Doha-Auckland route to reclaim the title of the world's longest commercial flight.

Source: CNBC, Bloomberg, Reuters, Business Times, Phillip Securities Research

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