The Business Times

Shell to sell Singapore oil refinery, chemicals assets to Glencore joint venture The transaction is expected to complete by the end of 2024. https://bt.sg/bUW8

Iswaran’s lawyers contest prosecution’s call for separate trials related to Ong Beng Seng, David Lum The charges against him relate to his respective dealings with billionaire hotel and property tycoon Ong Beng Seng and managing director of Singapore-listed Lum Chang Holdings David Lum Kok Seng. https://bt.sg/xxQE

UOB CEO ‘cautiously optimistic’ on 2024; Q1 profit down 1.6% to S$1.49 billion Delayed rate cuts may boost the lender’s net interest margin. https://bt.sg/fy4d

‘Limits’ to MOH intervention for Cordlife customer refunds, compensation: Janil “Government cannot overstep the law,” he said. https://bt.sg/6H87

SGX securities turnover jumps 37% in April; derivatives activity continues to gain ground Total market turnover volumes for the month rose to 37.1 million shares from 18.6 million shares in the same month last year. https://bt.sg/qu2A

Trade between Singapore and Asean was at S$295.6 billion in 2023 This was about 14% lower than the total trade in goods in 2022. https://bt.sg/tviQ

#BTOpinion: Tiger Balm maker Haw Par should show its stripes, hunt for growth in alternative segments If Haw Par goes on the hunt for acquisitions to boost its growth, perhaps investors would be more willing to bite into the stock – which would help soothe its market valuation pains. https://bt.sg/tBAS

Start your day with BT ☕️: Stocks to watch: UOB, DBS, Olam, Far East Orchard, Daiwa House Logistics Trust, Manulife US Reit https://bt.sg/Fa7L Top stories 1. Companies: DBS CEO Piyush Gupta sells S$2.7 million worth of bank shares https://bt.sg/DaxT 2. International: South-east Asia increasingly used for illicit money flows, terrorist financing: US Treasury official https://bt.sg/dFf4 3. Companies: (Opinion) Tiger Balm maker Haw Par should show its stripes, hunt for growth in alternative segments https://bt.sg/J4RhR

UOB Q1 profit down 1.6% to S$1.49 billion Total income for the quarter was flat at S$3.52 billion, as a drop in net interest income (NII) was offset by gains in net fee income and other non-interest income. https://bt.sg/csL7

Iras to claw back S$60 million from buyers who used ‘99-to-1’ loophole to avoid ABSD As at April, Iras has completed the review of 187 such 99-to-1 cases, of which 166 cases were found to have involved tax avoidance https://bt.sg/nKzA