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Stocks to watch: SingPost, SIA, companies with operations in the UK, KLW
SINGAPORE Post: SingPost on Thursday introduced a code of business conduct and ethics for its board directors, along with new policies governing directors' conflicts of interest, and board renewal and tenure - intended to strengthen the corporate governance foundation of the company.
Meanwhile, SingPost's Executive Committee, which assisted the board in overseeing the management of the business and affairs of SingPost, has been dissolved and its function has been subsumed into the board. The recruitment of the new board directors and group CEO is in progress, according to SingPost chairman Simon Israel.
Singapore Airlines: SIA will soon launch non-stop flights between Singapore and San Francisco, and will add a second daily service to Los Angeles in an expansion of its US operations.
SIA added on Thursday it will suspend services to Sao Paulo in Brazil as a result of the "sustained weak performance" of the route. SIA operates three weekly flights to Sao Paulo via Barcelona and the last flight will be operated on Oct 20, 2016.
Companies that have operations in the United Kingdom (such as ComfortDelGro, City Developments Ltd and Ascott): Analysts said on Wednesday that Singapore-listed companies are by and large insulated from Brexit risks except for a handful that have operations in the UK. They also noted that short-term volatility in the British pound may increase hedging costs and affect forex-translated earnings.
Corporates with UK exposure that spoke to The Business Times were largely unfazed by Brexit, saying that they expected London to remain a key city for business and that it will continue to attract investments in the long run even if Britain were to exit the European Union.
KLW Holdings: Catalist-listed door maker KLW has requested for a trading halt in its shares before market open on Thursday, saying it is "pending the release of an announcement".