Now they suffer !!. Sg got no talents so sinky companies con others to make a living. Look at creative tech. Look at osim. Look at Raffles education. All drop unitll like no tomorrow. This is because the true talents that will survive in any enviroment has been chased out of sg by NS.
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DBS shares fall to 5-year low
DBS Group Holdings, South-east Asia's biggest bank by assets, fell to the lowest in five years on concern its compensation to customers of structured products tied to Lehman Brothers Holdings will reduce profit, reported Bloomberg News.
DBS shares fell as much as 7.8 per cent to $10.70, the lowest since July 7, 2003.
The stock traded at $10.80 at 9.55 am in trading, down 48 per cent this year.
The bank said late on Wednesday that it expected compensation to customers in Singapore and Hong Kong to amount to as much as $80 million.
More than 500 investors held public rallies in Singapore for two straight weeks to seek compensation for losses on Lehman-linked products.
'Whilst the earnings impact from the Lehman Minibond sales is seen to be small, we continue to be cautious on DBS,' Mr Leng Seng Choon, an analyst at DMG & Partners Securities, said in a note today, estimating the compensation will lower DBS's profit by about 3 per cent. 'We are reviewing our DBS earnings forecast.'
DBS said 4,700 customers in Singapore and Hong Kong invested $360 million in these products. In Singapore, 1,400 customers invested $103 million in High Notes 5.
'We have found that a number of cases did not meet the standards DBS upholds and the bank will be compensating these customers with effect from tomorrow,' DBS said in a statement to the Singapore exchange on Wednesday, reported Bloomberg News.
Jubilee Series, Minibond Along with DBS's High Notes 5, Merrill Lynch's Jubilee Series 3 and the so-called Minibond program were also tied to Lehman.
Lehman, once the No. 4 US securities firm, filed for bankruptcy protection on Sept. 15, falling victim to the global financial crisis that has generated US$658.5 billion (S$989.5 billion) of writedowns and credit losses.
The Monetary Authority of Singapore said yesterday two international financial institutions have offered to restructure the notes to allow them to run to maturity, a move that could help investors recoup some losses.
It didn't release the terms of the proposals, saying talks are confidential.
Other financial companies have also said they plan to compensate some investors. Malayan Banking, the largest Malaysian bank by assets, said on Wednesday it will pay 'deserving' customers who purchased minibonds.
The company has interviewed some of the investors and is working out details of the compensation plans, the bank said in an e-mailed statement.
Hong Leong Finance said in a statement it will buy back minibonds from customers who were at Singapore's retirement age of 62 at the time of the purchase and aren't educated beyond grade school, reported Bloomberg News.
Read also:
DBS to pay investors $80m
=======================================
DBS shares fall to 5-year low
DBS Group Holdings, South-east Asia's biggest bank by assets, fell to the lowest in five years on concern its compensation to customers of structured products tied to Lehman Brothers Holdings will reduce profit, reported Bloomberg News.
DBS shares fell as much as 7.8 per cent to $10.70, the lowest since July 7, 2003.
The stock traded at $10.80 at 9.55 am in trading, down 48 per cent this year.
The bank said late on Wednesday that it expected compensation to customers in Singapore and Hong Kong to amount to as much as $80 million.
More than 500 investors held public rallies in Singapore for two straight weeks to seek compensation for losses on Lehman-linked products.
'Whilst the earnings impact from the Lehman Minibond sales is seen to be small, we continue to be cautious on DBS,' Mr Leng Seng Choon, an analyst at DMG & Partners Securities, said in a note today, estimating the compensation will lower DBS's profit by about 3 per cent. 'We are reviewing our DBS earnings forecast.'
DBS said 4,700 customers in Singapore and Hong Kong invested $360 million in these products. In Singapore, 1,400 customers invested $103 million in High Notes 5.
'We have found that a number of cases did not meet the standards DBS upholds and the bank will be compensating these customers with effect from tomorrow,' DBS said in a statement to the Singapore exchange on Wednesday, reported Bloomberg News.
Jubilee Series, Minibond Along with DBS's High Notes 5, Merrill Lynch's Jubilee Series 3 and the so-called Minibond program were also tied to Lehman.
Lehman, once the No. 4 US securities firm, filed for bankruptcy protection on Sept. 15, falling victim to the global financial crisis that has generated US$658.5 billion (S$989.5 billion) of writedowns and credit losses.
The Monetary Authority of Singapore said yesterday two international financial institutions have offered to restructure the notes to allow them to run to maturity, a move that could help investors recoup some losses.
It didn't release the terms of the proposals, saying talks are confidential.
Other financial companies have also said they plan to compensate some investors. Malayan Banking, the largest Malaysian bank by assets, said on Wednesday it will pay 'deserving' customers who purchased minibonds.
The company has interviewed some of the investors and is working out details of the compensation plans, the bank said in an e-mailed statement.
Hong Leong Finance said in a statement it will buy back minibonds from customers who were at Singapore's retirement age of 62 at the time of the purchase and aren't educated beyond grade school, reported Bloomberg News.
Read also:
DBS to pay investors $80m
