HONG KONG (BLOOMBERG) – Huobi Group founder Leon Li is in talks with a clutch of investors to sell his majority stake in the crypto exchange at a valuation of as much as US$3 billion (S$4.1 billion) , in what could be the industry’s largest takeover since a US$2 trillion global crypto rout began. The […]
SHANGHAI (BLOOMBERG) – Shares of a manufacturer and distributer of computer components doubled in their Shanghai debut on Friday (Aug 12), heading for the second-biggest first-day pop among large listings in China this year. Hygon Information Technology soared as much as 105 per cent to 73.80 yuan. Its offering raised 10.8 billion yuan (S$2.2 billion) […]
SINGAPORE (BLOOMBERG) – Thai Beverage has deferred the initial public offering (IPO) of its brewery unit in Singapore once again, citing “prolonged challenging market conditions” for its decision. The maker of Chang Beer said it will continue to monitor market conditions and explore opportunities to maximise shareholders’ value, including potentially reviewing the proposed spin-off listing […]
SINGAPORE – Tax collection here rose by $11.1 billion, or 22.4 per cent, in the last financial year compared with the previous year. The Inland Revenue Authority of Singapore (Iras) said on Thursday (Aug 11) that total tax collection amounted to $60.7 billion, representing 73.6 per cent of the Government’s operating revenue and 11.4 per cent […]
SINGAPORE – Singapore drew $6.3 billion of fixed asset investments in the second quarter of 2022, as the country continues to pull in investments amid a challenging global environment. The Republic also attracted $2.1 billion of total business expenditure (TBE) for the April to June period, the Ministry of Trade and Industry (MTI) said in […]
SINGAPORE (THE BUSINESS TIMES) – City Developments Limited (CDL) on Thursday (Aug 11) posted a record net profit of $1.1 billion for the first half ended June 30, reversing from a net loss of $32.1 million recorded in the same period last year. This was mainly due to divestment gains from the sale of Millennium […]
SINGAPORE – Singapore-based ChemOne Group is expected to secure funding for its US$4.4 billion (S$6.1 billion) Pengerang Energy Complex (PEC) in Johor, Malaysia, later this year. Mr Alwyn Bowden, chief executive of PEC, a unit of ChemOne which will operate and manage the 150,000 barrel-per-day condensate processing plant, said construction will commence in the fourth quarter […]
SYDNEY (BLOOMBERG) – Elon Musk sold US$6.9 billion (S$9.5 billion) of his shares in Tesla the billionaire’s biggest sale on record, saying he needed cash in case he is forced to go ahead with his aborted deal to buy Twitter. “In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity […]
A sign displays mask wearing information at Penn station in New York on Aug 2, 2021. (KENA BETANCUR / AFP) WASHINGTON / BERLIN – A group of 23 state attorneys general led by Florida told a federal court on Monday that the US Centers for Disease Control and Prevention lacks the legal authority to impose a nationwide […]
TOKYO (BLOOMBERG) – SoftBank Group’s Masayoshi Son said he plans widespread cost cutting at his Japanese conglomerate and its Vision Fund investment arm after a record US$23.4 billion (S$32.3 billion) loss on plunging portfolio valuations and foreign currency losses. The company lost the vast majority of that money – US$17.3 billion – in the Vision […]
A local resident pushes her bicycle through damaged buildings in Toretsk, eastern Ukraine, on Aug 5, 2022. (BULENT KILIC / AFP) WASHINGTON / KIEV – The administration of US President Joe Biden announced Monday that the United States will provide Ukraine with US$1 billion worth of additional security assistance, the largest one-time weapons package since […]
TOKYO (BLOOMBERG) – SoftBank Group reported a record 3.16 trillion yen ($32.3 billion) net loss as a sell-off in global tech stocks continued to hammer its Vision Fund’s portfolio of investments. The Vision Fund segment posted a loss of 2.33 trillion yen in the three months ended June 30, following a then record 2.2 trillion yen loss […]
NEW YORK (BLOOMBERG) – Billionaire investor Warren Buffett’s Berkshire Hathaway is following an age-old adage: Buy the dip. The conglomerate was a net buyer of equities in the quarter, reporting US$3.8 billion (S$5.2 billion) in purchases, according to results released on Saturday (Aug 6). It was a net seller in the second quarter of last […]
SINGAPORE (THE BUSINESS TIMES) – Yangzijiang Shipbuilding has posted a 32 per cent increase in net profit from continuing operations to nearly 1.2 billion yuan (S$245 million) for the first half ended June, from the year-ago figure of 884.6 million yuan. The annualised return on equity rose to 14 per cent in the first half of […]
TOKYO, Aug 5, 2022 – (JCN Newswire via SEAPRWire.com) – Mitsubishi Heavy Industries (TSE Code: 7011) announced that order intake rose 22.3% year-over-year to YEN917.8 billion in the quarter ended June 30, 2022. Revenue rose 2.3% to YEN871.3 billion year-over-year, resulting in business profit(1) of YEN14.9 billion, a 30.4% decrease from the previous fiscal year, […]
LONDON (BLOOMBERG) – Glencore will return an additional US$4.45 billion (S$6.14 billion) to shareholders in dividends and share buybacks as first-half profit more than doubled to a record thanks to surging coal prices. Glencore, the world’s top coal shipper, has been one of the biggest winners from the global energy crunch as demand for the […]
LONDON (REUTERS, AFP) – British oil giant BP returned to profit in the second quarter following a big loss due to its exit from Russia over the war in Ukraine, company results showed on Tuesday (Aug 2). The company reported a net profit of US$9.3 billion (S$12.8 billion) – a threefold increase from the same three-month […]
SINGAPORE – These are glory days for semiconductors, an industry that shot into global focus after supply chain disruptions during the pandemic and the attempts to decouple technologically from China highlighted how strategic the sector is to the resilience of major powers. On Thursday, the US House of Representatives passed 243-187 a US$280 billion (S$386.4 […]
LONDON (AFP, REUTERS) – British energy giant Shell said on Thursday (July 28) that its second-quarter profit rocketed to US$18 billion, smashing its previous record just three months earlier, as it rewarded shareholders with another bumper stock buyback. The surge in net profit in the three months to June was partially attributable to a reversal […]
NEW YORK (REUTERS) – Shares of several major US companies tumbled in extended trade on Wednesday (July 27) following poor quarterly results and forecasts that underscored fears about a potential recession. Facebook parent Meta Platforms issued a gloomy forecast after recording its first-ever quarterly drop in revenue, with a global recession looming and competitive pressures […]