SYDNEY (BLOOMBERG) – BHP Group, the world’s biggest miner, has posted its highest-ever full-year profit due to record commodity prices and will push ahead with growth options on a stronger demand outlook in China. It will study plans to expand its top-earning iron ore unit to 330 million tonnes of production a year, and is continuing […]
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 […]
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 & […]
SEOUL (BLOOMBERG) – Thailand’s baht has rebounded so rapidly in the past few weeks on optimism about the country’s tourism-led growth that it’s already hit year-end analyst targets. The currency has jumped 4.6 per cent to around 35.3 per US dollar this month, leading gains in Asia by a wide margin. In addition to rising […]
SINGAPORE (THE BUSINESS TIMES) – Casino and resort operator Genting Singapore reported a 4.3 per cent fall in net profit for the first half of the financial year from the year-ago period, the company said in a filing on Friday (Aug 12). Net profit for the six months ended June 30 came to $84.4 million, […]
A picture shows a woman walking in front of the hospital in Gao, Mali on Oct 14, 2020. (MICHELE CATTANI / UNOCHA) GENEVA – UN humanitarian projects face a record funding gap this year, with only a third of the required $48.7 billion secured so far as global needs outpace pledges, a spokesman for the […]
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 […]
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 – Rental prices for Housing Board flats and private apartments continued to rise last month, with analysts noting that the trend will continue as completed housing projects are unable to catch up with demand. HDB rents climbed at a slower pace of 1.5 per cent in July compared with June’s 2.3 per cent, with […]
SINGAPORE (THE BUSINESS TIMES) – Bus operator SBS Transit on Wednesday (Aug 10) announced earnings of $34.6 million for the first half-year ended June, down 5 per cent from $36.5 million in the year-ago period. The decline was attributed to a jump in tax expense for the period to $8.1 million, from $1.1 million a […]
SINGAPORE – Singapore has raised its full-year trade forecasts after its export performance in the second quarter of 2022 came in better than expected due to higher oil prices and electronics. Total merchandise trade is expected to grow by 15 to 16 per cent this year, up from the previous projection of 8 to 10 […]
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 […]
SINGAPORE – The framework used by GIC, the Monetary Authority of Singapore (MAS) and Temasek to determine their contributions to the nation’s Budget every year is based on their long-term expected returns and is not affected by short-term performances. The statement from Finance Minister Lawrence Wong last week follows questions in Parliament about the impact […]
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 […]
SINGAPORE (THE BUSINESS TIMES) – Real estate agency PropNex on Wednesday (Aug 10) posted a 20.7 per cent drop in net profit for the second quarter, as revenue fell due to fewer marketing launches. Net profit for the three months to June 30 stood at $13.1 million, compared with $16.5 million posted for the same […]
BEIJING (BLOOMBERG) – Electric vehicles sales in China are forecast to hit a record 6 million this year as consumers flock to cleaner cars. The China Passenger Car Association raised its estimate from 5.5 million, after releasing data showing deliveries of new-energy vehicles more than doubled in July to around 486,000 units – accounting for […]
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 […]
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 […]
BEIJING (BLOOMBERG) – From London to Hong Kong, large initial share sales have all but dried up across the world’s major financial centres this year. But the market in China is bustling with activity. Initial public offerings (IPOs) on mainland exchanges have climbed to US$57.8 billion (S$79.8 billion) so far in 2022, the largest ever for […]
SINGAPORE – Takings at the till in Singapore grew at a slower pace in June as inflation that month touched its highest levels since 2008. Retail sales rose 14.8 per cent year on year, cooling from the 17.8 per cent growth in May, according to figures released by the Department of Statistics (SingStat) on Friday […]