Posts by Yurie Miyazawa
UBS sues Bank of America for US$200 million over crisis-era mortgage costs
UBS sued Bank of America for US$200 million on Wednesday (Jul 31), saying the second-largest US bank refused to cover its legal costs related to risky mortgages issued before the 2008 global financial crisis. The Swiss bank bundled mortgages from Countrywide Financial, which Bank of America bought in 2008, into securities, and said Countrywide agreed…
Read MoreIndia’s Adani Power Q1 profit down more than half as fuel costs bite
Consolidated net profit fell from 87.59 billion rupees a year earlier to 39.13 billion rupees (S$625.1 million) in the April-June quarter Indian thermal power producer Adani Power reported a 55.3 per cent drop in first-quarter profit on Wednesday (Ju 31), as higher fuel costs ate into heatwave-driven demand surge. The Adani Group company reported consolidated…
Read MoreYen hits highest level since March after BOJ decision
THE Japanese yen hit its strongest in over four months on Wednesday (Jul 31), as Bank of Japan (BOJ) governor Kazuo Ueda flagged the possibility of more rate hikes after the central bank raised interest rates and unveiled a plan to taper its huge bond-buying programme. The yen strengthened by as much as 1.8 per…
Read MoreSIA Q1 profit down 38.5% to S$451.7 million on surge in expenses
SINGAPORE Airlines (SIA) reported a net profit of S$451.7 million in the first quarter, a 38.5 per cent drop from S$734 million in the year-ago period. Weaker operating performance, a reduction in net interest income, lower surplus on disposal of aircrafts and spare engines, and a lower share of profit from its associated companies contributed…
Read MoreSMRT Trains’ full-year net profit down 82.4% to S$7.5 million
PUBLIC transport operator SMRT Trains posted an 82.4 per cent fall in net profit for FY2023/24 ended Mar 31 to S$7.5 million, from S$42.5 million in the previous financial year. This was due to a one-time S$40.8 million dividend payout from SMRT Thomson-East Coast Line (TEL) in FY2022/23, consisting of accumulated profits from when the…
Read MorePutting board directors at the forefront of enhancing shareholder value
UNCERTAINTY over geopolitics, interest rates and economic factors has made many of us less sanguine than before. While the US markets roar ahead – or perhaps because they are doing so – most other markets have witnessed fewer initial public offerings and more delistings, lower valuations and less liquidity. Singapore is no different, and new…
Read MoreGSK raises annual profit and sales forecast after second quarter beat
BRITISH drugmaker GSK raised its annual earnings and sales forecasts on Wednesday (Jul 31) and posted second-quarter results that beat market expectations, boosted by its cancer and HIV portfolio. CEO Emma Walmsley’s bet on cancer and infectious disease drugs and vaccines, including its blockbuster respiratory syncytial virus (RSV) vaccine Arexvy, has been paying off as…
Read MoreJapan to slap Toyota with corrective order for certification violations
THE Japanese government will issue a corrective order to Toyota Motor on Wednesday (Jul 31) due to violations in the company’s vehicle certification procedures, the transport ministry said in a statement. Transport ministry officials plan to hand over the corrective order to Toyota CEO Koji Sato when they meet at the ministry at 4 pm…
Read MoreParkway Life Reit acquires Osaka nursing home property for 2.4 billion yen
Parkway Life Real Estate Investment Trust (Reit) is acquiring a nursing home property in Osaka, Japan, for 2.4 billion yen (S$20.7 million), its manager said on Tuesday (Jul 30). The acquisition, which is at about 9.1 per cent below valuation, was made from Japanese company FDS – which also developed the site. It is expected…
Read MoreAviation insurance premiums expected to reach 20-year high in 2024 amid air travel boom
The cause of claims that emerged top is collision or crash incidents, accounting for 63 per cent of the value Gross written insurance premiums for the aviation sector will hit a 20-year high in 2024 of more than US$8 billion as air traffic increases, a report by Allianz Commercial published on Wednesday (Jul 31) showed.…
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