Third Point likes opportunities in Europe: letter

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Hedge fund manager Daniel Loeb told investors on Thursday that his US$16 billion hedge fund Third Point saw more opportunities in Europe and was positioned to absorb a modest sell-off in U.S. stocks.

Hedge fund manager Daniel Loeb speaks during a Reuters Newsmaker event in Manhattan, New York, U.S., September 21, 2016. REUTERS/Andrew Kelly

NEW YORK: Hedge fund manager Daniel Loeb told investors on Thursday that his US$16 billion hedge fund Third Point saw more opportunities in Europe and was positioned to absorb a modest sell-off in U.S. stocks.

Third Point took a position in Italian bank Unicredit Spa and German utility E.ON, the firm said in its first quarter letter. During the first three months of the year, Third Point earned a 5.9 percent return.

(Reporting by Svea Herbst-Bayliss; Editing by Andrew Hay)



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Judge says Exxon owes US$19.95 million for Texas refinery pollution


A federal judge ruled on Wednesday that ExxonMobil Corp should pay a US$19.95 million penalty for pollution from its Baytown, Texas, refinery between 2005 and 2013, according to the decision accompanying the ruling.

A view of the Exxon Mobil refinery in Baytown, Texas September 15, 2008. REUTERS/Jessica Rinaldi

HOUSTON: A federal judge ruled on Wednesday that ExxonMobil Corp should pay a US$19.95 million penalty for pollution from its Baytown, Texas, refinery between 2005 and 2013, according to the decision accompanying the ruling.

U.S. District Court Judge David Hittner issued the ruling in a citizen lawsuit brought under the U.S. Clean Air Act by Environment Texas and the Sierra Club.

(Reporting by Erwin Seba; Editing by Michael Perry)



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Cabinet changes: Josephine Teo, Desmond Lee promoted to full ministers


SINGAPORE: Senior Ministers of State Josephine Teo and Desmond Lee will be promoted to full ministers with effect from May 1, the Prime Minister’s Office (PMO) said on Thursday (Apr 27).

Mrs Teo, who is currently Senior Minister of State for Foreign Affairs, Transport and in the Prime Minister’s Office, will be appointed as Minister in the Prime Minister’s Office and Second Minister for Manpower and Foreign Affairs. She will relinquish her appointment in the Ministry of Transport, but will continue to oversee population matters, assisting Deputy Prime Minister Teo Chee Hean.

Her promotion means that Singapore will have two female full ministers – including Minister of Culture, Community and Youth Grace Fu – in its Cabinet for the first time.

Mr Lee, who is currently Senior Minister of State for Home Affairs and National Development, will be appointed Minister in the Prime Minister’s Office, and will also be Second Minister for Home Affairs and National Development.

Dr Lam Pin Min, Dr Janil Puthucheary, Dr Koh Poh Koon and Mr Chee Hong Tat will be promoted to Senior Ministers of State in their current ministries. Dr Lam will also be appointed as Senior Minister of State for Transport.

Clockwise from top left: Dr Lam Pin Min, Dr Janil Puthucheary, Mr Chee Hong Tat and Dr Koh Poh Koon.

Ms Low Yen Ling and Associate Professor Faishal Ibrahim will be promoted to Senior Parliamentary Secretaries in their current ministries.

Mr Sam Tan Chin Siong will be appointed as Minister of State for Foreign Affairs, and will continue as Minister of State for Manpower and in the Prime Minister’s Office.

Mr Amrin Amin will be appointed as Parliamentary Secretary for Health, and will continue as Parliamentary Secretary for Home Affairs.

TEO SER LUCK RETIRES

Prime Minister Lee Hsien Loong has accepted Minister of State for Manpower and Mayor of North East CDC Teo Ser Luck’s request to step down from public office. Mr Teo will return to the private sector, the PMO said.

Mr Teo will relinquish his appointment as Minister of State on Jun 30, and as mayor when his current term ends on May 26. He will continue serving Sengkang Central division as a Member of Parliament for Pasir Ris-Punggol GRC.

In a Facebook post on the new appointments, Mr Lee thanked Mr Teo for his service to the Government.

“Ser Luck has contributed much in the ministries he served in – Transport, MTI, Manpower – and worked with his fellow mayors on many meaningful projects. I thank him for his contributions and wish him all the best in his future endeavours,” Mr Lee wrote.  

Deputy Prime Minister Teo Chee Hean also thanked Mr Teo for the “innovative and meaningful NE CDC programmes” that have benefited residents, such as an inclusive toy library for kids of all abilities in Elias Community Club.

Mr Desmond Choo will be appointed as mayor of North East CDC, it added. Dr Maliki Osman, Dr Teo Ho Pin, Ms Denise Phua and Ms Low Yen Ling will be reappointed as mayors, and Ms Low Yen Ling will be appointed as coordinator for the CDCs.

The new mayor appointments will take effect when the terms of the current mayors end on May 27.

This is the third round of changes in appointments that Prime Minister Lee Hsien Loong has made to this Cabinet. The first changes on Aug 22 last year saw Mr Lawrence Wong appointed as Second Minister for Finance, and Ms Sim Ann appointed as Senior Minister of State for Trade and Industry and relinquishing her appointment in the Ministry of Finance. The second round of changes on Oct 28 last year saw Mr Ong Ye Kung and Mr Ng Chee Meng promoted to full ministers.

The changes are part of leadership renewal, the PMO said.



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United's Rashford aims to become complete forward


Manchester United striker Marcus Rashford aims to become a complete forward under the tutelage of manager Jose Mourinho, saying he has improved despite playing as a winger this season.

Britain Football Soccer – Burnley v Manchester United – Premier League – Turf Moor – 23/4/17 Manchester United’s Marcus Rashford arrives before the match Reuters / Andrew Yates Livepic

REUTERS: Manchester United striker Marcus Rashford aims to become a complete forward under the tutelage of manager Jose Mourinho, saying he has improved despite playing as a winger this season.

Rashford, who made his United debut under Louis van Gaal in February last year, was moved out to the wing by Mourinho to accommodate striker Zlatan Ibrahimovic at the start of the campaign.

The 19-year-old England international believes his new role under the Portuguese coach has helped him become a far more rounded player, saying the profile of a forward in the game has evolved over the years.

“For me the development has been going great all the way through,” Rashford told The Daily Telegraph.

“I didn’t feel uncomfortable in the wide role, but when something is different it takes a while to get used to it.

“You look at all the strikers in the world now, I can only think of two, three who are No 9s – (Tottenham Hotspur’s Harry) Kane, (Bayern Munich’s Robert) Lewandowski, (Barcelona’s Luis) Suarez. The qualities a striker needs now are different to what they used to be.”

Rashford has made 45 appearances this season and will be in line to start at centre forward against Manchester City in the Premier League on Thursday after Ibrahimovic was ruled out for the rest of the season with a cruciate knee ligament injury.

The 35-year-old Swede, having enjoyed a successful career in the Netherlands, Italy, Spain and France before arriving at Old Trafford, has been a great role model for Rashford.

“His influence on the younger players, especially, is fantastic,” added Rashford. “You will see the benefits in years to come. What I have learnt from him is irreplaceable.”

United are fifth in the league, trailing fourth-placed City by one point in the race for a Champions league qualifying spot ahead of Thursday’s crunch Manchester derby.

(Reporting by Hardik Vyas in Bengaluru; Editing by Ken Ferris)



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Train services for Downtown Line to start later on Sundays from May


This is to facilitate the testing of the entire line in preparation for the opening of stage three of the Downtown Line by end-2017, the Land Transport Authority and SBS Transit say.

SINGAPORE: Train services on the Downtown Line (DTL) will start later on Sundays from May 14 to Aug 27, the Land Transport Authority (LTA) and train operator SBS Transit announced on Wednesday (Apr 26).

During this period, except for the Hari Raya Puasa weekend on Jun 25, the first train will leave at 7.30am – one hour and 40 minutes later than the current starting time of 5.50am from Bukit Panjang station. This is to facilitate the testing of the entire line in preparation for the opening of the third phase of the line (DTL3) by end-2017, LTA and SBS said.

“We are making good progress on the DTL3 and are on track to open the 16 new stations by the end of the year,” LTA chief executive Ngien Hoon Ping said. 

“Before this, we need to carry out comprehensive systems testing and run trains along the entire DTL from Bukit Panjang to Expo. It is, therefore, necessary that we extend our limited engineering hours once a week to allow our engineers to test the system in an integrated manner.”

LTA and SBS said that one round-trip loop between the Bukit Panjang and Expo stations will take about two-and-a-half hours. They will thus need to add two hours for these test runs, in addition to the three engineering hours used for running tests on the line usually.

Extra time is also needed for preparation prior to each test and to ready the systems for passenger service, they added.

According to both parties, the DTL is more complex than SMRT’s Circle Line, which has a shorter rail line and fewer trains. They also said the late opening hours are necessary for more rigorous testing and system integration.

Affected commuters can use existing public bus services to travel between the DTL corridor and the city area. A shuttle bus service that runs parallel to the alignments of the existing two phases of the line and that stops at each of the existing DTL stations will also be provided.

Prices for this shuttle bus service will follow the DTL fare structure.



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AT&T unexpectedly loses postpaid subscribers in first quarter


AT&T Inc , the No. 2 U.S. wireless carrier, reported a drop in quarterly revenue and unexpectedly lost postpaid subscribers as lower prices for its unlimited plans failed to attract customers in a saturated wireless market.

People walk past the AT&T store in New York’s Times Square, June 17, 2015. REUTERS/Brendan McDermid

REUTERS: AT&T Inc , the No. 2 U.S. wireless carrier, reported a drop in quarterly revenue and unexpectedly lost postpaid subscribers as lower prices for its unlimited plans failed to attract customers in a saturated wireless market.

The company said it lost 61,000 postpaid subscribers, or those who pay monthly bills, in North America on a net basis in the first quarter.

Analysts on average had estimated 95,000 subscriber additions, according financial data and analytics firm FactSet.

AT&T’s total operating revenue fell nearly 3 percent to US$39.37 billion, mainly due to record-low sales of wireless handset sales.

The company, which is in the process of Time Warner Inc , also said it would no longer give a full-year revenue forecast due to the unpredictability of wireless handset sales.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Savio D’Souza)



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