Posts by Mark Darwin
Singapore shares rise at Wednesday’s open; STI up 0.5%
SINGAPORE shares started trading in positive territory on Wednesday (Feb 19). As at 9 am, the Straits Times Index (STI) opened 0.5 per cent or 17.67 points higher at 3,943.23. Across the broader market, gainers outnumbered losers 54 to 36 after 22 million securities worth S$73.9 million changed hands. As at 9.01 am, among the…
Read MoreSingtel’s Q3 profit surges 183.4% to S$1.3 billion on exceptional gains
SINGTEL’S net profit for the third quarter ended Dec 31 climbed 183.4 per cent to S$1.3 billion from S$465 million in the same period the year before. This was mainly attributed to a net exceptional gain of S$639 million, compared to a net exceptional loss of S$94 million in the same period the previous year,…
Read MoreStocks to watch: UOB, Singtel, Parkson Retail Asia, Cordlife
THE following companies saw new developments that may affect trading of their securities on Wednesday (Feb 19). UOB: The lender on Wednesday posted a net profit of S$1.52 billion for the fourth quarter ended December, up 8.6 per cent from S$1.4 billion in the previous corresponding period. This included S$17 million in one-off expenses from…
Read MoreBP weighs sale of Castrol lubricants unit amid Elliott push
BP, IN which activist investor Elliott Investment Management has built up a nearly 5 per cent stake, is considering a potential sale of its lubricants business, according to sources familiar with the matter. The oil major’s unit, which operates under the Castrol brand, could be worth about US$10 billion in a deal, the sources said,…
Read MoreTrump floats 25% tariffs on cars, pharmaceuticals and chips
US PRESIDENT Donald Trump said on Tuesday (Feb 18) he intends to impose auto tariffs “in the neighbourhood of 25 per cent” and similar duties on semiconductors and pharmaceutical imports, the latest in a series of measures threatening to upend international trade. On Friday, Trump said levies on automobiles would come as soon as Apr…
Read MoreFinal curtain for Cathay Cineplexes at West Mall as struggling chain exits after settling S$12 million rent arrears
ROLL the end credits – beleaguered cinema chain Cathay Cineplexes is closing its West Mall outlet on Thursday (Feb 20), the same day its lease at the Bukit Batok shopping complex expires. The closure aligns with its strategy to “optimise its operational footprint”, said mainboard-listed media company mm2 Asia, which operates the cinema chain, in…
Read MoreLights, camera, adios: Struggling Cathay Cineplexes to shutter West Mall outlet
ROLL the end credits – beleaguered cinema chain Cathay Cineplexes is closing its West Mall outlet on Thursday (Feb 20), the same day its lease at the Bukit Batok shopping complex expires. The closure aligns with its strategy to “optimise its operational footprint”, said mainboard-listed media company mm2 Asia, which operates the cinema chain, in…
Read MoreAussie “Big Four” banks cut rates, mirroring central bank
AUSTRALIAN “Big Four” lenders cut their interest rates by 25 basis points on Tuesday (Feb 18), in tandem with the central bank cutting its rates for the first time since November 2020. The Reserve Bank of Australia (RBA) cut its cash rate by 25 basis points to 4.1 per cent, saying progress had been made…
Read MoreHSBC axes 40 dealmakers in Hong Kong as part of revamp to cut costs: source
HSBC has laid off around 40 investment bankers in Hong Kong, according to a source with direct knowledge of the matter, as part of a global restructuring exercise at the Asia-focused lender to cut costs. The job cuts in its regional hub Hong Kong started on Monday (Feb 17), said the source and another source…
Read MoreAustralia backs Virgin-Qatar Airways tie-up citing improved air services
AUSTRALIA’S competition watchdog on Tuesday (Feb 18) backed a planned alliance between Virgin Australia and Qatar Airways, saying it would provide air travellers with improved services and products. The Australian Competition and Consumer Commission’s (ACCC) draft determination comes after it gave its interim approval to Virgin Australia in November to market and sell 28 weekly…
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