Posts by Mark Darwin
Sherman Kwek: CDL board rift sparked by action to rein in Catherine Wu, Kwek Leng Beng’s adviser
THE “primary reason” for the ongoing dispute at City Developments Ltd is “a very serious issue of corporate governance” involving Dr Catherine Wu, Kwek Leng Beng’s adviser, group chief executive Sherman Kwek said in a statement on Thursday (Feb 27) evening. He cited Dr Wu as holding an official position as advisor to the board…
Read MoreApac Realty’s H2 profit halves to S$3.1 million as new home sales drop
REAL estate services player Apac Realty posted a 53.6 per cent fall in net profit to S$3.1 million for the six months ended Dec 31, 2024, hit by a fall in new home sales. The company’s revenue for the half-year dipped 0.6 per cent to S$295.9 million, on the back of a 30.5 per cent…
Read MoreBusiness Standing Check: What That Certificate Really Means
Ever wonder what that business certification really means? It’s like having your business’s ID card, showing that you’re legit and playing by the rules. Whether you’re just starting out or have been around the block a few times, understanding this certification can be key to your business’s success. Let’s break it down and see why…
Read MoreHSBC cutting staff numbers by 900 at China Pinnacle unit: sources
HSBC is reducing staff numbers at its China digital wealth business Pinnacle by nearly half, or about 900 people, two sources said, a sharp reversal of the bank’s ambition for the unit as part of its expansion plans in that country. Pinnacle was launched in 2020 and sells insurance and fund products through a digital…
Read MoreSingapore shares gain ground; STI rises 0.3% despite Yangzijiang Shipbuilding dive
The three local banks show mixed performance, with DBS declining while OCBC and UOB advance SINGAPORE equities climbed on Thursday (Feb 27) as investors took stock of company earnings. The benchmark Straits Times Index (STI) rose 0.3 per cent or 13.14 points to 3,921.19. Across the broader market, losers beat gainers 289 to 269, after…
Read MoreCenturion’s planned Reit will do the ‘heavy lifting’ of its assets, says CEO
The group hopes to “rationalise its assets” in a way that will help them to grow bigger PURPOSE-BUILT accommodation operator Centurion Corporation said on Thursday (Feb 27) that the proposed real estate investment trust (Reit) comprising some of its worker and student accommodation assets will do “the heavy lifting” as the group focuses on becoming…
Read MoreQuick takes: What observers are saying about the CDL boardroom tussle
One observer says the group could have better corporate governance, while another says its core businesses will remain unaffected A BATTLE for board control erupted within property giant City Developments Limited (CDL) on Wednesday (Feb 26), pitting father and son against each other in the Kwek-family controlled company. Executive chairman Kwek Leng Beng issued a…
Read MoreChina Aviation Oil H2 profit falls 8.1% to US$36 million
CHINA Aviation Oil (CAO) reported a 8.1 per cent fall in net profit to US$36 million for the second half ended Dec 31, from US$39.1 million in the previous corresponding period. This was mainly attributed to a decrease in gross profit, partially offset by a fall in expenses, said the jet fuel trader on Thursday…
Read MoreHong Kong exchange’s 2024 profit rises 10% on higher trading revenues
HONG Kong’s bourse operator reported on Thursday a 10 per cent rise in profit in 2024, beating forecasts, bolstered by a sharp jump in trading revenues after China’s announcement of economic stimulus measures boosted investor sentiment. The exchange also benefitted from an increased momentum in new listings, particularly in the second half of the year,…
Read MorePepsiCo’s Apac CEO Tan Wern-Yuen to join Hillhouse Investment
PEPSICO’S Asia-Pacific CEO and global chief commercial officer, Tan Wern-Yuen, is set to join private equity firm Hillhouse Investment in March. The Business Times understands that the executive will lead the global consumer and retail team at Hillhouse. The firm has more than US$100 billion in assets under management. In a LinkedIn post on Feb…
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