Posts by Mark Darwin
DP World plans US$3 billion African ports investment by 2029
DP World plans to spend $3 billion over the next three to five years on new port and logistics infrastructure in Africa to meet long-term growth that includes surging demand for critical mineral exports. “The cost of logistics and supply chain across Africa is very high relative to other global markets,” which presents a good…
Read MoreIncome Insurance says it is in discussion with Allianz for potential transaction of shares
INCOME Insurance is currently “in discussion” with European insurer Allianz on a transaction relating to Income’s shares, it said on Friday (Jun 14). The statement follows media reports that the two insurers are in talks about a possible tie-up, which could see Allianz buying a stake in Income, or a partnership agreement. Bloomberg also earlier…
Read MoreSingapore shares fall amid mixed regional showing; STI down 0.8%
SINGAPORE shares ended lower on Friday (Jun 14), with the benchmark Straits Times Index (STI) falling 0.8 per cent or 26.98 points to 3,297.55. Across the broader market, losers beat gainers 317 to 247 after 1.2 billion securities worth S$835.2 million changed hands. IG market analyst Yeap Jun Rong said in a note on…
Read MoreChanel billionaire’s son builds US$110 million private equity firm
THE son of one of Chanel’s billionaire owners is building a team to help run his private equity venture as a huge luxury goods fortune trickles down to the fourth generation. David Wertheimer, 37, whose father Gerard is one of the brothers behind the purveyor of expensive handbags and tweed suits, started Luxembourg-based 1686…
Read MoreTesco sales rise as shoppers switch from rival grocers
TESCO said shoppers are spending more in stores and online as food price inflation eases, with its market share growing the most in two years. Comparable sales at Britain’s largest grocer rose 4.6 per cent in the quarter through May 25. Tesco expects to hit a retail operating profit of at least £2.8 billion (S$4.8…
Read MoreWorld container shipping rates keep rising amid port congestion
INFLATION looks to be easing across the developed world, except for one glaring pocket of hot prices: cargo costs on the high seas. Spot rates for full-size shipping containers to the US and Europe from Asia rose again in the most recent data, with three key routes all topping US$6,000 for a 40-foot equivalent unit,…
Read MoreGlobal container shipping prices keep rising amid port congestion
INFLATION looks to be easing across the developed world, except for one glaring pocket of hot prices: cargo costs on the high seas. Spot rates for full-size shipping containers to the US and Europe from Asia rose again in the most recent data, with three key routes all topping US$6,000 for a 40-foot equivalent unit,…
Read MoreHot stock: Soilbuild Construction hits 5-year high on Tuas Port contract win
SHARES of Soilbuild Construction surged on Friday (Jun 14) morning, after the group announced that it had bagged a S$647.5 million Tuas Port construction contract the day before. As at 9.25 am, the counter had surged 113.9 per cent or S$0.041 to S$0.077, with about 6.5 million shares changing hands. The last time it reached…
Read MoreUS government returns US$156 million worth of 1MDB funds to Malaysia, embassy says
THE US government has returned another US$156 million to Malaysia in recovered assets linked to scandal-hit state fund 1Malaysia Development Berhad (1MDB), taking the total returned so far to US$1.4 billion, the US embassy in Kuala Lumpur said. The recovered funds were being returned following the US Justice Department’s approval of a remission petition submitted…
Read MoreSingapore offers carbon tax rebates for refiners near term, sources say
SINGAPORE is offering refiners and petrochemical companies rebates of up to 76 per cent for its planned carbon tax for 2024 and 2025 to help them ease cost stress and remain competitive versus rivals elsewhere, four sources familiar with the matter said. The tax concessions will provide a significant buffer for refiners’ profit margins amid growing competition…
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