The value of equities traded on Singapore Exchange Ltd. sunk to a two-year low last month, threatening to slow the bourse’s earnings growth, as brokerages restricted investments in so-called penny stocks after three commodity companies plunged.
GrainCorp Ltd., eastern Australia’s largest grain handler, said Chief Executive Officer Alison Watkins resigned after a A$2.2 billion ($2 billion) takeover bid by Archer-Daniels-Midland Co. was blocked by Australia.
Archer-Daniels-Midland Co.’s A$2.2 billion ($2 billion) takeover of GrainCorp Ltd. was blocked by Australia, prompting a record drop in shares of the east coast’s biggest crop handler and a slide in the local currency.
The Australian government’s decision to block Archer-Daniels-Midland Co.’s takeover of GrainCorp Ltd. comes 12 weeks after Prime Minister Tony Abbott’s election-night vow that Australia is open for business.
Australia’s dollar fell to a 2 1/2- month low, heading for its sixth weekly drop, after the government’s rejection of a planned foreign takeover raised concern investment flows into the country may weaken.
Singapore Exchange Ltd. will use London Stock Exchange Group Plc technology for a new post-trade system to offer multi-currency and multi-asset products as the Asian bourse operator expands cooperation with the U.K. company.
Timothy Massad, a little-known Treasury official who oversaw the U.S. rescue of Wall Street, faces skepticism about his qualifications from lawmakers who will vote on his nomination to lead the country’s top derivatives regulator.