commodities

Gold's rally to 6-year high spurs people to sell their old Tiffanys and Rolexes

(June 26): Fund managers aren’t the only ones feeling the tailwind from gold’s rally to a six-year high.

Empire Gold Buyers saw business activity climb to the highest since 2011, when the precious metal traded at a record, CEO Gene Furman said. At House of Kahn Estate Jewellers, trading of old jewellery is up by almost half since last week, when the Federal Reserve signalled its openness to cut interest rates, propelling bullion prices higher, the company’s president Tobina Kahn said.

CNMC Goldmine announces near-trebling of 1Q earnings to $1.9 mil on higher gold output

SINGAPORE (May 14): CNMC Goldmine Holdings posted earnings of US$1.4 million ($1.9 million) for 1Q19, the group’s highest quarterly profit attributable to shareholders since 3Q16, and nearly triple of its earnings of US$0.5 million a year ago.  

The bottomline growth was largely attributed to a rise in gold output as the group’s flagship Sokor project in Kelantan, Malaysia, generated economies of scale.

Gold powers to 6-month high as turmoil spurs demand for haven

SINGAPORE (Dec 31): Gold is rallying into the end of 2018 as turmoil in global equities, the partial US government shutdown and concerns about the outlook for next year stoke demand, lifting prices to the highest in six months.

Bullion climbed as much as 0.4% on Wednesday, extending last week’s gain and on course for the biggest monthly advance since January 2017. Money managers are the most bullish on prices they’ve been in half a year.

CNMC Goldmine's dual listing plans rejected by Hong Kong Stock Exchange

SINGAPORE (Dec 24): CNMC Goldmine Holdings says plans for a dual primary listing in Hong Kong has been rejected by the Mainboard of the Hong Kong Stock Exchange (HKSE).  

This comes after the group’s application was reviewed by the exchange’s listing committee and ultimately, deemed unsuitable as CNMC’s market capitalisation failed to meet the requisite minimum of sum of HK$500 million ($87.7 million).

As at Dec 14, CNMC’s shares closed at 19.8 cents with a market cap of $80.7 million or about HK$458 million.

Will Wilmar's stricter environmental controls bear fruit?

SINGAPORE (Dec 11): Wilmar International last week signed a joint statement with Aidenvironment Asia, a not-for-profit consultancy in the field of sustainable production and trade, to reaffirm its commitment to “break the link between oil palm cultivation and deforestation, peatland development and social conflicts”.

The Dec 7 document was primarily signed between Wilmar chairman and CEO Kuok Khoon Hong and Eric Wakker, Aidenvironment’s co-founder.

World's top activist fund sets eyes on one of Singapore's banks

SINGAPORE (Aug 28): The world’s best-performing activist fund returned 103% in seven months by targeting mainly smaller Asian companies in industries from commodities to engineering and food.

Now, it’s getting ready to take on one of Singapore’s banks, according to Judah Value Activist Fund’s July newsletter obtained by Bloomberg.

“We are building a bigger position in this bank before we craft an open shareholder letter with proposals to improve operational efficiency that will unlock and increase value in the company,” the newsletter said. It didn’t name the lender.

Ongoing market uncertainty makes it all the more opportune to 'buy' this stock

SINGAPORE (July 4): RHB Research is reiterating its “buy” call on Wilmar International with an unchanged target price of $3.59, while highlighting ongoing market uncertainties and the recent retracement in share price as a good opportunity to accumulate the stock.

The research house has left its forecasts largely unchanged despite recent concerns of a trade war emerging between US and China, as it believes the low soybean prices at present will help to offset tariff fears.

IndoAgri's 1Q earnings plunge to $4.8 mil on commodity price declines

SINGAPORE (Apr 30): Integrated agribusiness group Indofood Agri Resources (IndoAgri) reported earnings of Rp 49.8 billion ($4.8 million) for the 1Q18 ended Mar, down more than threefold from Rp 170.6 billion a year ago on lower sales volume and selling prices of palm products.

Revenue for the quarter fell 27.1% to Rp 3.2 trillion from Rp 4.4 trillion in 1Q17 after lower sales contribution from its plantation and edible oils & fats (EOF) divisions.

Noble Group sweetens debt restructuring deal, gets founder's backing

SINGAPORE (Apr 16): Noble Group improved the terms of its controversial $3.4 billion debt restructuring deal and won the support of its biggest shareholder as the commodity trader seeks to complete the vital transaction.

Singapore-listed Noble's debt-for-equity swap has already won the backing of more than 83% of the holders of its senior debt but it also needs a majority of its shareholders to approve the restructuring.

Goldilocks says Noble's restructuring plans 'doomed to fail' unless group addresses proposal flaws

SINGAPORE (Apr 6): Goldilocks Investment Company, which owns an 8.1% stake in commodities trader Noble Group, says the latter’s currently proposed debt restructuring plan is “doomed to fail” unless it is redesigned to address a number of “serious flaws”.

In a press statement on Friday, the Abu Dhabi-based fund starts off by applauding Singapore Exchange Regulation’s (SGX RegCo) announcement yesterday stating that how Noble shareholders vote should not affect their share entitlement in the new company under the group’s restructuring plan.

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