Rex Enters Trading Halt
Regional Express, known as Rex, has paused trading after weekend reports indicated that the airline engaged Deloitte’s restructuring services. This development follows Rex’s recent decision to remove its executive chairman and major shareholder, Lim Kim Hai. In response, Lim has threatened to overthrow the board, with allies reportedly holding more than 50% of the airline’s shares. The turmoil has placed Rex under intense scrutiny, as the company navigates through significant internal conflict and potential restructuring to stabilize its operations and governance.

Pacific Smiles Gets Revised Offer from Genesis
Pacific Smiles Group has received a revised acquisition proposal from Genesis Capital, offering $1.90 per share via a scheme of arrangement. The new proposal allows Pacific Smiles shareholders the option to receive all or part of the consideration in scrip. The board, along with its advisers, is currently evaluating the offer. Previously, in April, Pacific Smiles had agreed to a deal with NDC BidCo for $1.911 per share, pending certain conditions. Despite the new offer from Genesis, the board continues to unanimously recommend the NDC Scheme, maintaining their initial agreement stance.

Oil Posts Largest Weekly Decline Since Beginning of May
Oil prices dropped significantly as algorithmic traders capitalized on market uncertainty, juxtaposed with mixed signals regarding Chinese demand and US stockpiles. West Texas Intermediate settled near $US77 a barrel, marking the steepest weekly decline since early May. The market has been under pressure from trend-following commodity trading advisers and a broader equity market retreat. Concerns over Chinese economic growth, despite Beijing’s rate cuts, have also contributed to the decline. Meanwhile, US inventories fell for the fourth consecutive week, but this expected drawdown has not been enough to stimulate buying, leaving futures in a narrow trading band.