China developers in ‘survival mode’ slashes property investment

BEIJING (REUTERS) – Chinese developers in “survival mode” sharply cut property investment in July while new construction starts suffered their biggest fall in nearly a decade, suggesting the liquidity-challenged sector is not about to turn the corner anytime soon. China’s property market, accounting for about a quarter of the economy, has been trapped in a […]

Trek 2000 founder and thumb drive inventor Henn Tan pleads guilty to falsifying accounts, cheating

SINGAPORE (THE BUSINESS TIMES) – Henn Tan, who founded the company that developed the ubiquitous thumb drive, pleaded guilty on Monday (Aug 15) to five charges of engaging in conspiracies to falsify accounts, forge documents to cover his tracks and cheat external auditors. Represented by Mr Daniel Cai and Mr Wesley Chan of Drew & […]

Sembmarine cuts first-half loss to $142.9m as easing Covid-19 curbs aid project deliveries

SINGAPORE (REUTERS) – Sembcorp Marine (Sembmarine) said on Friday (Aug 12) its half-year loss narrowed 78 per cent from a year earlier, as the group finished delayed projects after Covid-19 pandemic curbs were eased while also benefiting from cost management. The company said that its overall order visibility has improved on the back of rising […]

Fed seen slowing on rate hikes as US inflation eases, but policymakers say more is needed

WASHINGTON (REUTERS) – Slowing US inflation may allow Federal Reserve policymakers to downshift their most aggressive round of monetary policy tightening in decades when they meet next month, though data on tap in the coming weeks could still change the picture. After a US Labour Department report on Wednesday (Aug 10) showed that consumer prices […]

Deliveroo says losses spike due to investment costs, plans to exit Netherlands

LONDON (AFP) – Deliveroo, the international delivery food app, announced on Wednesday a big increase in losses as investment costs ate into rising revenues, adding it planned to exit its struggling Dutch market. Loss after tax jumped 41 per cent to £153.8 million (S$256.15 million) compared with the first six months of last year, the British […]

Lendlease Reit second-half DPU gains 4.9%, revenue up on Jem acquisition

SINGAPORE (THE BUSINESS TIMES) – Lendlease Global Commercial Reit (Lendlease Reit) on Monday (Aug 8) posted an improved second-half performance, with distribution per unit (DPU) gaining 4.9 per cent to 2.45 cents from 2.34 cents a year ago. Gross revenue was 68.6 per cent higher at $62.5 million, following the acquisition of Jem in the second half […]