Posts by Mark Darwin
Low Keng Huat sinks into the red with S$10.2 million net loss in H1
The property developer’s half-year revenue tumbles 85% to S$38.7 million, from S$257.9 million the previous year [SINGAPORE] Property developer Low Keng Huat has sunk into the red with a net loss of S$10.2 million for its first half ended Jul 31, compared with a net profit of S$5.8 million in the previous corresponding period. Its…
Read MoreCarlyle, EQT, HongShan among final bidders for Starbucks China: sources
[HONG KONG] Global investment firms Carlyle Group and EQT, alongside regional players HongShan Capital Group and Boyu Capital, are preparing final offers for a controlling stake in Starbucks’ China operations, said five people with knowledge of the matter. Starbucks has asked them to submit binding bids by early October, said three of the sources, who…
Read MoreWegovy-maker Novo Nordisk to cut 9,000 jobs in restructuring
[COPENHAGEN] Wegovy-maker Novo Nordisk will cut 9,000 jobs, or about 11.5 per cent of its workforce, in a restructuring to save eight billion Danish crowns (S$1.6 billion) annually, it said on Wednesday (Sep 10), as it battles rising pressure from US rival Eli Lilly. “Novo Nordisk today announced a company-wide transformation to simplify its organisation,…
Read MoreHow does Tesla get to US$8.5 trillion value? Robots, robotaxis and hope
[SAN FRANCISCO] How can Tesla become an US$8.5 trillion company? That is the market valuation the electric vehicle maker would have to reach to justify CEO Elon Musk’s new pay package announced last week. Selling 100 million humanoid robots in a year could do it; creating a robotaxi network with more than 10 times the…
Read MoreStill ‘more things to be done’ to reap synergies across OCBC: deputy CEO Tan Teck Long
[SINGAPORE] OCBC’s incoming chief executive wants to continue building on the bank’s cross-selling and integration strategy. “We are an integrated financial services group, so there will be synergies to be reaped from working better together,” said Tan Teck Long, deputy CEO and head of global wholesale banking at OCBC, in an interview with The Business…
Read MoreJohor-Singapore SEZ helps southern state beat Singapore, Malaysia’s growth: DBS
[SINGAPORE] The Johor-Singapore Special Economic Zone (JS-SEZ) is showing great potential, based on a DBS report released on Thursday (Sep 4). The Johor state’s economy grew faster than Singapore and Malaysia’s in 2024 and attracted strong foreign investment as a result of the JS-SEZ, accounting for about 61 per cent of all approved investment there…
Read MoreChinese battery maker CATL expects Hungarian production to start by early 2026
The battery maker has been extending its lead in the EV battery market, with a 38% share globally in 2024, up from 36% a year earlier Published Mon, Sep 8, 2025 · 06:44 AM [MUNICH] Chinese battery maker Contemporary Amperex Technology Co Limited’s (CATL) new plant in Hungary is expected to start production by early…
Read MoreOpec+ set to raise oil output further from October: sources
[LONDON/MOSCOW] Opec+ is set to agree to further raise oil output on Sunday (Sep 7) while probably slowing the pace of increases from October compared with recent months because of weakening global demand, Opec+ sources said. Opec+ has reversed its strategy of output cuts from April and has already raised quotas by about 2.5 million…
Read MoreOpec+ agrees further oil output boost from October to regain market share
[LONDON/MOSCOW] Opec+ has agreed to further raise oil production from October as its leader Saudi Arabia pushes to regain market share, while slowing the pace of increases compared with previous months due to an anticipated weakening of global demand. Opec+ has been increasing production since April after years of cuts to support the oil market,…
Read MoreMeta’s backstop is linchpin for US$26 billion AI data-centre deal
[NEW YORK] When Meta Platforms turned to lenders to secure US$26 billion in debt funding for the construction of a sprawling new data centre, one key detail made all the difference in fuelling a heated bidding war for the deal: the technology giant agreed to a special guarantee on the Louisiana complex. The financing is…
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