Posts by Mark Darwin
Dyna-Mac chief AC Lim stays cool amid takeover offer tussle, remains focused on steady growth
Although he maintains that he is risk-averse, the CEO is already gunning for inorganic expansion should the Hanwha deal fall through DYNA-MAC chief executive officer Lim Ah Cheng – better known in the industry as AC Lim – deserves every accolade. After taking the helm in 2020, he managed to bring the beleaguered offshore oil…
Read MoreMaersk raises profit outlook on strong market
Danish shipping group AP Moller-Maersk said on Monday (Oct 21) it had raised its full-year forecasts on the back of strong third quarter results, robust demand and the continuing disruption to shipping in the Red Sea. Maersk said it had revised its outlook for global container market volume growth in 2024 to around 6 per…
Read MoreDisney to name CEO Bob Iger’s replacement in 2026, taps Morgan Stanley’s Gorman as chair
WALT Disney named Morgan Stanley veteran James Gorman as chair on Monday (Oct 21) and said it would announce a replacement for CEO Bob Iger in early 2026, for the first time announcing a timetable for succession at the storied media and entertainment company. Gorman will step down as executive chair of Morgan Stanley at…
Read MoreUS: Wall Street opens lower as caution prevails ahead of earnings
Wall Street’s main indexes edged lower on Monday (Oct 21), pausing after gains in the previous week ahead of major earnings reports that could influence whether indexes retreat from record highs or sustain the momentum. The Dow Jones Industrial Average fell 53.7 points, or 0.12 per cent, at the open to 43,222.21. The S&P 500…
Read MoreStrong US economy and ‘Trump trades’ boost dollar
THE US dollar climbed on Monday (Oct 21) and cryptocurrency Bitcoin hit a three-month high as a rise in US bond yields and the looming presidential election continued to impact markets. Currency moves last week were driven by the European Central Bank’s dovish rate cut and strong US data that scaled back expectations for how…
Read MoreSyngenta seeks US$3 billion ESG loan, Asia’s biggest this year
AGROCHEMICALS giant Syngenta Group is seeking a US$3 billion sustainability-linked loan, in what would be Asia’s largest US dollar facility linked to environmental, social and governance-related metrics so far this year. The Sinochem-owned company has mandated Agriculture Bank of China, Bank of China, China Construction Bank, Credit Agricole Corporate & Investment Bank, Industrial & Commercial…
Read MoreA lighter brown might be better than total brown in energy transition: Sembcorp CEO
THE chief executive officers of both Sembcorp Industries and Aramco highlighted the need to rely on fossil fuels, such as natural gas, in equitable energy transitions. They are among the many panelists who believe the fossil fuel would make up a greater portion of the energy mix by 2035, during the first day of the Singapore…
Read MoreUK watchdog fines Volkswagen financial services unit for unfair customer treatment
The unit used poorly templated, automated communications and took away cars from vulnerable customers without considering other solutions VOLKSWAGEN’S British financial services unit will be fined £5.4 million (S$9.2 million) for unfairly treating customers who were in financial difficulty between 2017 and 2023, a British regulator said on Monday (Oct 21). Volkswagen Finance Services (UK)…
Read MoreEnterprise Singapore and EDB to launch sustainability reporting grant in November
ENTERPRISE Singapore (EnterpriseSG) and the Economic Development Board (EDB) will launch the sustainability reporting grant (SRG) on Nov 1 to help companies produce their first International Sustainability Standards Board’s (ISSB)-aligned sustainability report in Singapore before mandatory reporting takes effect. The initiative will support Singapore-incorporated companies impacted by or those who are preparing for mandatory climate…
Read MoreMost base metals rise on China lending rate cuts, stimulus hopes
MOST nonferrous metals rose on Monday (Oct 21), buoyed by lending rate cuts in top consumer China and expectations of further stimulus to spur economic growth. Three-month copper on the London Metal Exchange (LME) rose 1.1 per cent to US$9,730 per metric tonne by 0802 GMT, while the most-traded November copper contract on the Shanghai…
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