Straits Times News
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Singapore Airlines Ltd., Southeast Asia’s biggest carrier, fell the most in more than 1 1/2 years in Singapore trading after lower passenger and cargo fares pushed the company into a wider fourth-quarter operating loss.
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Singapore Telecommunications Ltd., Southeast Asia’s biggest phone company, plans to spend S$2 billion ($1.6 billion) within three years on acquisitions to boost growth after posting a drop in profit.
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Eu Yan Sang International Ltd. climbed by the most since February 2012 after the distributor of traditional Chinese medicine signed a joint venture agreement to process and export herbs from China.
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Hong Kong container throughput fell 12 percent in April from a year earlier as a 40-day strike at billionaire Li Ka-shing’s port operations diverted traffic and slowed business at Hongkong International Terminals Ltd.
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Neptune Orient Lines Ltd., Southeast Asia’s biggest container-shipping company, said it will add more fuel-efficient ships this year to pare costs as a vessel glut continues to damp freight rates.
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Noble Group Ltd., Asia’s largest publicly traded commodity trader by sales, dropped by the most in six months in Singapore after reporting a 62 percent slump in first-quarter profit.
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Olam International Ltd., the commodity trader targeted by short-seller Carson Block, said its third-quarter profit gained 10 percent as sales volumes jumped at its grains business.
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Asian stocks rose, with the regional benchmark index heading for a second day of gains, as advancing Japanese utilities countered a slide in Chinese stocks.
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Neptune Orient Lines Ltd., Southeast Asia’s biggest container-shipping company, posted a profit in the first quarter, helped by gains from selling its headquarters and lower fuel costs.
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Noble Group Ltd., Asia’s largest publicly traded commodity supplier by sales, said first-quarter profit plunged 62 percent, weighed down by a loss at its agricultural unit.
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