Posts by Mark Darwin
Oil gains in recovery rally as markets eye retaliation by Iran
OIL rose on Thursday (Aug 8), extending its rebound from a recent plunge with traders still glued to fluctuations in wider markets and tensions in the Middle East. West Texas Intermediate advanced 1.3 per cent to settle above US$76 a barrel. Israel continues to brace for an attack from Iran, though comments from the Iranian…
Read MoreTan Su Shan is ‘continuity candidate’ pick for new DBS CEO, analysts say
She will have about eight months to transition to the CEO role, during which she will ‘try out and get comfortable with all the moving parts to run a bank’, says Piyush Gupta BANKING icon Piyush Gupta’s impending departure from DBS is unlikely to rock the boat for South-east Asia’s largest bank, according to analysts.…
Read MoreBurger King owner’s sales hurt by deepening restaurant slump
RESTAURANT Brands International’s sales grew less than anticipated in the second quarter, the latest sign of consumer malaise hitting restaurants. The company missed estimates for sales growth at restaurants open more than 13 months, as a stronger-than-foreseen showing for Tim Hortons’ Canada business could not offset unexpected weakness in the rest of the operation. System-wide…
Read MoreWarner Bros Discovery slides as US$9 billion write-down points to TV woes
SHARES of Warner Bros Discovery plunged more than 11 per cent on Thursday (Aug 8) after a US$9.1 billion write-down of the media giant’s TV assets sparked doubts about its broadcasting business. The company reported a US$10 billion net loss for the second quarter and missed Wall Street estimates for quarterly results, overshadowing strong streaming…
Read MoreThai Beverage 9-month Ebitda rises 2.2% to 38.6 billion baht
THAI Beverage posted a 2.2 per cent rise in earnings before interest, taxes, depreciation, and amortisation (Ebitda) to 38.6 billion baht (S$1.4 billion) for the nine months ended Jun 30, from 37.8 billion baht a year ago. The Ebitda growth was driven by the company’s beer and non-alcoholic beverage segments, due to effective cost management,…
Read MoreBHG Retail Reit posts 28.6% lower H1 DPU amid weakening renminbi
BHG Retail Reit’s distribution per unit (DPU) fell by 28.6 per cent to S$0.25 for its first half year ended June, from S$0.35 the year before. The drop comes despite a sustained net property income during the period, as the China-focused real estate investment trust recorded lower income from early lease termination amid a weakening renminbi.…
Read MoreChina auto market hits milestone as EVs, hybrids make up half of July sales
HALF of all vehicles sold in China in July were either new pure electric vehicles (EV) or plug-in hybrids, industry data showed, a milestone that underscores how far the world’s biggest auto market has leapt ahead of Western counterparts in EV adoption. Sales of so-called new energy vehicles (NEVs) jumped 37 per cent last month…
Read MoreChina chipmaker SMIC beats Q2 estimates despite steep profit fall
SEMICONDUCTOR Manufacturing International Corp (SMIC) reported a 59.1 per cent fall in second-quarter net profit on Thursday (Aug 8) though the result from China’s largest chip foundry beat expectations. SMIC reported US$164.6 million in unaudited profit attributable to owners for the three months to Jun 30, topping the US$103.8 million expected by analysts polled by…
Read MoreBritish Airways suspends Beijing flights on airspace challenges
BRITISH Airways will suspend flights from London to Beijing starting Oct 26, the latest airline to pull services to China amid continued Russian airspace closure and weaker demand. The airline, owned by IAG, said it will halt services until November 2025 and offer affected passengers options to rebook or take a full refund, according to…
Read MoreMalaysia’s Petronas withdraws from South Sudan amid investment shift
MALAYSIAN state energy firm Petroliam Nasional (Petronas) said it will withdraw from South Sudan as it tailors its investment strategy to business conditions. “The decision was made following a two-year period of divestment initiatives in alignment with Petronas’ long-term investment strategy amid the changing industry environment and accelerated energy transition,” the firm said in a…
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