Posts by Mark Darwin
3M to return US$10 billion to shareholders, reiterates sales forecast
3M also reaffirmed its annual forecast of organic sales growth in the range of 2% to 3% 3M Co said on Wednesday (Feb 26) it would return at least US$10 billion in cash to shareholders and targeted an operating margin of about 25 per cent by 2027, as the diversified manufacturer benefits from a restructuring…
Read MoreYangzijiang Shipbuilding H2 profit up 50.5% at 3.6 billion yuan
YANGZIJIANG Shipbuilding reported a net profit of 3.6 billion yuan (S$659.3 million) for the second half ended Dec 31, 50.5 per cent higher than the 2.4 billion yuan recorded in the corresponding period a year earlier. Revenue stood at 13.5 billion yuan, a 5.5 per cent increase from the 12.8 billion yuan recorded in the…
Read MoreSingapore shares fall as company earnings disappoint; STI down 0.2%
On the broader market, gainers beat losers 330 to 236 after 1.5 billion securities worth S$1.7 billion changed hands SINGAPORE shares fell on Wednesday as Straits Times Index (STI) constituents OCBC and City Devleopments announced financial results that fell short of analyst expectations on Wednesday (Feb 26). The STI shed 0.2 per cent or 7.82…
Read MoreOCBC conservative about FY2025 targets amid trade tensions, uncertainties
OCBC rode on the strength of macroeconomic tailwinds to register healthy growth for the full year ended December, as net profit hit a record high. But its management is staying cautious about the year ahead. Notably, OCBC is maintaining a conservative view of three rate cuts for 2025 – compared with its peers’ expectations…
Read MorePlans to nationalise? Ask the government, says SingPost’s chairman
THE question of whether there are plans to nationalise Singapore Post (SingPost) should be posed to the government, said Simon Israel, chairman of the listed national postal service provider. “You have to ask the government, not me,” Israel said at a media roundtable on Wednesday (Feb 26). As to the question of possible privatisation, Israel…
Read MoreThai central bank surprises with rate cut as risks to growth increase
THE Bank of Thailand unexpectedly cut its key interest rate for the first time in four months, acting after disappointing growth data and public calls for lower borrowing costs from both the prime minister and the International Monetary Fund. Six of the seven-member Monetary Policy Committee voted to lower the one-day repurchase rate by…
Read MoreCDL says Sherman Kwek remains group CEO, as board battle erupts
City Developments Ltd (CDL) group chief executive officer Sherman Kwek said recent changes to the board have “never been about ousting our esteemed chairman, responding to moves by his father and executive chairman Kwek Leng Beng to remove him as CEO after an alleged “attempted coup”. The elder Kwek on Wednesday morning said that he…
Read MoreAdobe brings free Photoshop app to phones, courting younger users
The free version of the Photoshop app will have features such as splitting a photo into separate layers, masking off parts of it and adding text ADOBE said on Tuesday (Feb 25) it is bringing its Photoshop app to mobile phones for the first time, offering both a free version and a paid version at…
Read MoreBP to unveil strategy shakeup amid energy transition
BRITISH energy giant BP is set on Wednesday to announce a shakeup to its strategy after a difficult trading year and as countries transition to cleaner energy. A much anticipated presentation to investors gathered in London comes after BP earlier this month pledged to “fundamentally reset” following a 97-per cent slump to its net profit…
Read MoreOCBC shares fall nearly 3% after Q4 earnings miss
Net profit of S$1.69 billion for the fourth quarter fell short of the S$1.78 billion consensus forecast SHARES of OCBC fell in early trading on Wednesday (Feb 26) morning after the lender posted a net profit for the fourth quarter that fell short of consensus estimates. As at 9.10 am, the counter fell 2.8 per…
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