Posts by Yurie Miyazawa
China woes cut BMW’s auto profit margin in Q2
BMW on Thursday (Aug 1) reported a lower-than-expected profit margin in its core automotive segment during the second quarter, as heightened competition and weaker demand in China weighed on the luxury carmaker’s sales. The German automaker’s earnings before interest and tax margin in its car segment fell to 8.4 per cent from 9.2 per cent…
Read MoreUOB positive on easing interest rates as loan demand picks up in Q2
For the second quarter ended Jun 30, 2024, the lender’s net profit rises 1 per cent to S$1.43 billion THE impending ease in global interest rates will likely be beneficial for UOB as it spurs more economic growth and activity in Asia, said UOB group chief executive Wee Ee Cheong. Even though lower interest rates…
Read MoreLatest Singapore 6-month T-bill cut-off yield falls to 3.4%; SSB 10-year return at 3.1%
THE cut-off yield on the latest Singapore six-month Treasury bill (T-bill) slid to 3.4 per cent, based on auction results released by the Monetary Authority of Singapore (MAS) on Thursday (Aug 1). This was a 0.24 percentage point drop from the 3.64 per cent offered in the previous six-month auction, which closed on Jul 18.…
Read MoreSembcorp inks MOUs with Panbil to pursue low-carbon industrial park projects in Batam
The proposed ventures aim to provide renewable energy solutions to light to medium industries and energy-intensive businesses SEMBCORP, through its wholly owned subsidiary Sembcorp Development, has signed memoranda of understanding (MOUs) with two subsidiaries of Panbil Group (Panbil) to jointly develop low-carbon industrial parks in Batam, Indonesia. In a bourse filing on Thursday (Aug 1),…
Read MoreGold scales two-week high as Fed nods to likely September rate cut
GOLD prices climbed to a two-week high on Thursday (Aug 1) as US Federal Reserve chair Jerome Powell opened the door to cutting interest rates as early as September. Spot gold was steady at US$2,448.38 per ounce, as at 0217 GMT, after hitting its highest level since Jul 18 earlier in the session. Prices were…
Read MorePayPal’s turnaround plan faces challenges from competition, analysts say
AS PAYPAL embarks on an ambitious turnaround strategy to revitalise growth after a post-pandemic slump, Wall Street analysts expressed some caution over competition from Big Tech and beyond. The concerns highlight the challenges to the profit margins of the company, which for years enjoyed the first-mover advantage in the digital payments industry but has ceded…
Read MoreChina’s BYD seeks entry to Canada EV market despite likely tariffs
CHINESE electric carmaker BYD is looking to enter the Canadian market just as Prime Minister Justin Trudeau’s government works to clamp down on imports of vehicles from the Asian powerhouse. Lobbyists for the company, which sells its electric vehicles (EVs) for less than US$10,000 in China, filed notice with Canada’s federal registry that they plan…
Read MoreAIG reports second-quarter loss due to Corebridge separation
AMERICAN International Group (AIG) booked a loss in the second quarter due to accounting charges tied to the formal separation of life and retirement business Corebridge Financial. AIG lost about US$4 billion after earning US$1.5 billion a year earlier, according to a statement on Wednesday (Jul 31). The property and casualty insurer recognised an “accumulated…
Read MoreMeta sales beat estimates on advertising growth; shares jump
META Platforms reported better-than-expected sales for the second quarter, offering evidence that the company’s heavy investments in artificial intelligence (AI) are helping it sell more targeted and personalised advertisements. Shares jumped in late trading. The Facebook and Instagram parent company reported sales of US$39.1 billion for the quarter ended Jun 30, compared with analysts’ estimates…
Read MoreProposed changes to leverage limits for S-Reits make sense given Manulife US Reit’s experience
ON THE final trading day of 2022, the manager of Manulife US Real Estate Investment Trust (MUST) put out an announcement headlined: “Aggregate leverage to remain within regulatory limit based on updated asset valuations”. The announcement was, in fact, a warning that MUST’s aggregate leverage as at end-2022 had risen to 49 per cent because…
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