Hong Kong-headquartered Noble was thrust into the spotlight a year ago when Iceberg Research published the first of three detailed reports on it, alleging it inflated its assets by billions of dollars by inaccurately representing the value of its contracts, a charge Noble has rejected.
Barclays shuts investment banking biz, axes 100s of jobs in south-east Asia, Australia, Russia markets
Barclays will shutter its investment banking businesses in Australia, Indonesia, Malaysia, Philippines, Russia, South Korea, Taiwan and Thailand. These markets will be covered from financial hub cities in their respective regions.
Standard & Poor’s cut its credit rating on Noble Group to junk, adding to concerns about financing costs for Asia’s biggest commodity trader a week after a similar downgrade by Moody’s Investors Service and sending its stocks and bonds sliding.
Analysts expect the downgrades to put more pressure on Noble, which has a total of $2.5 billion worth of loans due in 2016. Noble’s shares have fallen by around 70 percent since mid-February after blogger Iceberg Research questioned the company’s accounting practices.
The funds would be used for purposes ranging from working capital to debt refinancing and financing the equity portion of its aircraft.
Noble Group Ltd’s chief executive has written to staff to say the commodity trader’s financials were improving and did not warrant Tuesday’s “unexpected” move by Moody’s Investors Service to downgrade its credit rating to junk status. “We clearly feel this decision does not reflect the positive ratings impact of the… Read more »
The sources said COFCO was in talks to buy the remaining 49 percent of Singapore-listed Noble’s agribusiness for around $700-$750 million, having already acquired a 51 percent stake in April 2014 for $1.5 billion.
Singapore Exchange’s executive vice president Bob Caisley, who heads technology operations and technology solutions delivery, is leaving the company, people familiar with the matter said. Caisley, who is part of SGX’s executive management and has been with the bourse for nearly eight years, will relocate to Europe, they said. He… Read more »
Singapore’s financial regulator said it has fined a former Indonesia investment banking head of UBS S$434,912 ($313,857) in a 2012 insider trading case. The Monetary Authority of Singapore (MAS) said in a statement on Wednesday Jakarta-based Vincent Rajiv Louis bought 1 million PT Bank Danamon shares in March 2012 through… Read more »
Founders of Asian budget carrier AirAsia Bhd are sounding out investors to take the company private in a management-led buyout, after its shares took a beating this year following a critical research report, people familiar with the matter said. AirAsia boss Tony Fernandes and his long-time business partner Kamarudin Meranun are working… Read more »