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Singapore business news in brief

Singapore business news in brief including that the Singapore Exchange has appointed Seck Wai Kwong as executive vice-president and chief financial officer, effective June 2.

Singapore, Hong Kong exchanges take profit hit

The Hong Kong and Singapore stock exchanges have reported 25% falls in their March quarter profits as trading volumes tumbled on uncertainty over the Iraq war and the spread of the Severe Acute Respiratory Syndrome (SARS) virus.

Foreign news in brief

Foreign news in brief including: Xstrata gets nod to pursue MIM, China bottle maker plans SGX listing, Chinese TV maker wins Iraqi order, UOB-Kay Hian to buy Millennium

SGX laying off 67 employees

THE Singapore Exchange (SGX) will lay off 67 of its 741 staff as it restructures its operations. It will make redundancy payments of about S$3.5mil as a result, which will be recognised in the current financial year.

Quarterly report rules eased

Singapore Exchange Ltd (SGX) has decided to waive mandatory quarterly reporting for listed firms with a market value of less than S$75mil.

All eyes on second board

INVESTORS and regulators are expected to set their eyes on the second board of the Kuala Lumpur Stock Exchange (KLSE) come Monday.

SGX, ASX double co-trading link stocks

The Singapore Exchange Ltd (SGX) and the Australian Stock Exchange Ltd (ASX) have doubled the number of companies whose stocks can be traded on their joint trading link.

VibroPower unit buys genset ops of Volvo Penta

SGX-LISTED Vibro-Power Corp Ltd (VibroPower), a leading specialist in power needs, has signed an agreement with Volvo Penta to take over the Swedish multinational#039;s generator set (genset) assembly and distribution business in Malaysia.

SGX records higher 2nd quarter net profit of S$12.39mil

SINGAPORE Exchange Ltd (SGX) said yesterday that uncertainty in the equity market hit trading volumes in its fiscal second quarter, but its net profit showed a year-on-year increase because a one-off provision had hurt its bottom line the year before.