Posts by Mark Darwin
Tencent’s revenue climbs 8% after blockbuster games summer
TENCENT Holdings’ revenue rose 8 per cent after the summer release of Dungeon & Fighter Mobile helped China’s most valuable company resist a severe economic downturn. Sales for the three months ended September rose to 167.2 billion yuan (S$31 billion), broadly in line with the average estimate. Net income was 53.2 billion yuan, compared with…
Read MoreAllianz beats forecasts with 22% rise in profit and rosier outlook
GERMANY’S Allianz on Wednesday (Nov 13) beat expectations with a 22 per cent rise in third-quarter net profit, helped by lower claims from natural catastrophes, and it gave an improved outlook for 2024. The property and casualty division was cited as a particular area of strength because claims from natural catastrophes were down from a…
Read MoreVietnam tech champion accelerates AI push with Japan expansion
VIETNAM’S software and telecommunications champion FPT plans to open an artificial intelligence (AI) data centre in Japan next year, capitalising on rising AI demand to accelerate its expansion abroad. The plant is scheduled to start operating as early as January 2025, with a first-phase investment of US$200 million with partners, FPT chairman Truong Gia Binh…
Read MoreBNP cuts 10% of China dealmaker jobs after 2022 expansion
BNP Paribas made its first round of layoffs in China investment banking since an expansion two years ago, cutting about 10 jobs amid a sluggish market for deals, sources familiar with the matter said. BNP let go seven Hong Kong-based staff across investment banking, corporate finance and equity capital markets last week, along with three…
Read MoreSiemens Energy boosts mid-term targets on infrastructure boom
SIEMENS Energy raised its mid-term targets after demand for its grid technologies helped offset losses at its beleaguered wind-turbine division. Revenue is likely to grow at a high single-digit to low double-digit percentage, with a profit margin of 10 to 12 per cent by fiscal 2028, the company said on Tuesday (Nov 12). Siemens Energy…
Read MoreGlobal EV sales up 35% in October, Europe ekes out a gain
GLOBAL sales of fully electric and plug-in hybrid vehicles rose 35 per cent in October from the same month last year, with growth across all regions led by a 54 per cent jump in sales in China, market research firm Rho Motion said on Wednesday (Nov 13). European sales rose just 0.8 per cent, but…
Read MoreGold prices flat, focus on US inflation print
Gold prices barely moved on Wednesday (Nov 13), as attention shifted to a key US inflation print due later in the day, which could shed more light on the Federal Reserve’s monetary policy path. Spot gold was flat at US$2,599.19 per ounce by 0021 GMT, after hitting its lowest since Sep 20 in the previous…
Read MoreFrasers Property remains keen on Singapore housing development but is cautious over entry costs and margins
FRASERS Property posted a net profit of S$148.9 million for the second half of its financial year ended Sep 30, reversing losses of S$52.6 million in the same period the prior year. This came as revenue for H2 FY2024 stood at S$2.7 billion, up 33.2 per cent from S$2 billion the previous year, it said…
Read MoreBoeing, Airbus throw supplier lifeline ahead of takeover
BOEING and Airbus will provide more than US$450 million in financial assistance to help keep key supplier Spirit AeroSystems Holdings afloat ahead of their planned purchase of the company’s assets next year. The US planemaker is providing a US$350 million advance to support the production of components for its commercial aircraft, Spirit disclosed in a…
Read MoreSingtel’s H1 profit falls 42.4% to S$1.23 billion in absence of exceptional gain
SINGTEL’S net profit for the first half ended September fell 42.4 per cent year on year to S$1.23 billion from S$2.14 billion. This was in the absence of a S$1.2 billion exceptional gain booked in the same period a year prior, for the issuance of Telkomsel shares to integrate Indonesian broadband provider IndiHome. On Wednesday…
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