Business Headlines & Market News

Business Headlines and Stock Market News by Singapore Financial News Publishers

Latest Business Headlines and Stock Market News Published by Singapore Publisher Channel News Asia, Deal Streat Asia, Singapore Business Review, The Business Times, The Edge Market, Today Online @ SGinvestors.io

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3 days ago

Mapletree Industrial Trust posts 2.9% fall in Q3 DPU to 3.39 Singapore cents

Elysia Tan - MAPLETREE Industrial Trust’s (MIT) distribution per unit (DPU) dropped by 2.9 per cent to 3.39 Singapore cents for its third quarter of FY2022/2023 ended Dec 31, 2022, from 3.49 Singapore cents in the corresponding year-ago period.

3 days ago

Dow misses Q4 profit estimates, to cut 2,000 jobs

DOW is planning to cut about 2,000 jobs as part of a US$1 billion cost-saving plan, after its profits in the fourth quarter of 2022 fell short of Wall Street estimates.

3 days ago

Mercatus divests 50% indirect stake in Nex for $652.5 mil

Felicia Tan - Mercatus Co-operative, the real estate arm of NTUC Enterprise, has divested its 50% indirect stake in Nex to Frasers Property Limited and Frasers Centrepoint Trust (FCT) for a consideration of $652.5 million.The agreement was entered into by Mercatus’ subsidiary, Mercatus Tres, on Jan 26.In line w ...

3 days ago

Mobileye expects strong 2023 as customers lap up autonomous driving tech

MOBILEYE Global forecast fiscal 2023 revenue higher than analysts’ projections and delivered better-than-expected fourth-quarter earnings, as vehicle makers lapped up its driver-assistance technology.

3 days ago

China’s CATL German plant targets six battery cell production lines by end-2023

CHINESE battery giant CATL is set to install six battery cell production lines by the end of 2023 and hopes to secure approval for 24 gigawatt-hours (GWh of capacity) by June, Matthias Zentgraf, president of CATL Europe, said on Thursday (Jan 26).

3 days ago

Rockwell raises FY profit outlook on industrial automation strength

Rockwell Automation Inc on Thursday raised its 2023 profit outlook on high demand for industrial automation machines amid a tight labor market.Demand in red-hot automation stayed resilient, as companies invested more to offset labor shortages. Still, ongoing supply chain snags and higher costs have ...

3 days ago

Dow is cutting about 2,000 jobs, or 5% of workforce

Materials science company Dow is cutting about 2,000 jobs, or approximately 5 per cent of its global workforce, as part of an effort to reach US$1 billion in cost savings this year. The Midland, Michigan-based company currently employs approximately 37,800 people. Dow will take a charge of US$550

3 days ago

Politics aside, China's CATL ramps up cell production in Germany

ARNSTADT, Germany :Chinese battery giant CATL is putting down roots near the small central German town of Arnstadt, ploughing ahead with the ramp-up of battery cell production despite uncertainty over Germany's future relations with China.The Arnstadt plant delivered its first sample cells to c ...

3 days ago

China's CATL German plant targets six battery cell production lines by end-2023

BERLIN : Chinese battery giant CATL is set to install six battery cell production lines by the end of 2023 and hopes to secure approval for 24 gigawatt-hours (GWh of capacity) by June, Matthias Zentgraf, president of CATL Europe, said on Thursday. CATL's 1.8-billion-euro German factory, its fir ...

3 days ago

American Airlines forecasts higher profit on buoyant travel demand

AMERICAN Airlines on Thursday (Jan 26) forecast sharply higher profit for the full year and beat estimates for quarterly earnings on buoyant demand for air travel.

3 days ago

Elevator-maker Kone to slash 1,000 jobs, sees recovery in Asia

FINNISH elevator-maker Kone said on Thursday (Jan 26) it would slash up to 1,000 jobs globally as it cuts costs and it expects demand to pick up in its main market China and elsewhere in Asia this year.

3 days ago

Mobileye expects smooth ride in 2023 as customers lap up autonomous tech

:Mobileye Global Inc forecast fiscal 2023 revenue higher than analysts' projections and delivered better-than-expected earnings in the fourth quarter, as vehicle makers lapped up its driver-assistance technology.The company is benefiting from the automotive industry increasingly adopting sophis ...

3 days ago

Mobileye beats revenue estimates as carmakers lap up autonomous tech

Mobileye Global Inc beat revenue estimates for fourth quarter on Thursday, driven by strong demand for its driver-assistance technology as manufacturers and fleet operators look to add more functionality to their vehicles.Revenue jumped 59 per cent to $565 million in the quarter ended Dec. 31 for Mo ...

3 days ago

Southwest Airlines forecasts first-quarter loss on cancellations impact

SOUTHWEST Airlines on Thursday (Jan 26) warned of a loss in the current quarter, as passengers shunned the carrier in the immediate aftermath of a tech meltdown that forced it to scrap thousands of flights between Christmas and New Year’s Eve.

3 days ago

Chemicals giant Dow misses quarterly profit estimates, plans to cut 2,000 jobs

CHEMICALS producer Dow on Thursday (Jan 26) missed Wall Street estimates for fourth-quarter profit, hurt by higher energy costs, weaker demand and supply chain disruptions and said it would cut about 2,000 jobs globally.

3 days ago

Koji Sato, incoming Toyota CEO, must navigate shift to clean energy

TOKYO : Koji Sato, who was named on Thursday as the future CEO of Japan's top automaker Toyota Motor Corp, is an engineer with a background in diesel engines who will be tasked with navigating the company's shift to clean energy. Currently the CEO of Toyota's luxury brand Lexus, Sato ...

3 days ago

Yew Kee Duck Rice, Chicha San Chen franchise operator to raise S$16.6m in Catalist IPO

Uma Devi - YKGI on Thursday (Jan 26) launched its initial public offering (IPO) for a listing on the Catalist board of the Singapore Exchange (SGX).

3 days ago

Dutch central bank fines cryptocurrency exchange Coinbase 3.3 million euros

THE Dutch central bank (DNB) has fined US cryptocurrency exchange Coinbase 3.3 million euros (S$4.7 million) for failing to obtain the correct registration in the Netherlands before offering services.

3 days ago

Exclusive-Renault, Nissan aim to announce deal on reshaped alliance on Feb 6 -sources

TOKYO/PARIS : French car maker Renault and its Japanese partner Nissan Motor aim to formally unveil a deal to reshape their alliance in London on Feb. 6, two sources close to the matter told Reuters on Thursday.Leaders of the two companies were meeting via video link for an alliance board meeting on ...

3 days ago

Kuwait Airways annual revenue up 115% from 2021, says chairman

KUWAIT Airways’ revenue last year rose by 115 per cent from 2021 and was up 10 per cent from pre-pandemic 2019, its chairman Ali Aldokhan told a news conference on Thursday (Jan 26).

3 days ago

European chipmaker STMicro posts Q4 sales rise on strong consumer demand

EUROPEAN chipmaker STMicroelectronics (STMicro) beat fourth-quarter sales expectations despite challenging economic conditions, the company said on Thursday (Jan 26).

3 days ago

IMF urges Japan to meet spending rise with higher revenue

TOKYO : Japan must pursue fiscal consolidation by meeting any increase in government expenditure with steps to boost revenues, International Monetary Fund (IMF) Deputy Managing Director Gita Gopinath said on Thursday."Our overall message is that any increase in expenditures should be met with a ...

3 days ago

FCT, Frasers Property team up to acquire 50% stake in Nex

Benjamin Cher - THE manager of Frasers Centrepoint Trust (FCT) and sponsor Frasers Property Limited (FPL) announced on Thursday (Jan 26) the joint acquisition of a 50 per cent stake in suburban mall Nex for S$652.5 million.

3 days ago

Frasers Centrepoint reports continued shopper traffic and sales growth for Q1 FY2023

Benjamin Cher - FRASERS Centrepoint Trust reported that shopper traffic and tenant sales for Q1 FY2023 ending Dec 31 continued to grow. Shopper traffic grew 38.3 per cent y-o-y while tenant sales grew 13.4 per cent year-on-year for the quarter.

3 days ago

Morgan Stanley fines its bankers over messaging breaches

MORGAN Stanley fined some of its own bankers more than US$1 million each for conducting business on WhatsApp and other messaging platforms, the latest fallout from an industrywide probe that saw US regulators impose the record penalties for monitoring lapses.

3 days ago

Frasers Centrepoint Trust reports improved committed occupancy in business update

Goola Warden - Frasers Centrepoint Trust reported all round better performance for its malls. The portfolio’s committed occupancy improved 0.9%-pt q-o-q and 1.2%-pt y-o-y to 98.4% as leasing demand remains firm, FCT’s manager said. This was underpinned by improved occupancy at Changi City Point with a reconfig ...

3 days ago

Hyundai unveils 10.5 trillion won spending plan as EVs rise

HYUNDAI Motor Company will invest 10.5 trillion won (S$11.2 billion) over the course of 2023, based on an exchange filing on Thursday (Jan 26), as it moves to electrify more of its fleet to meet rising consumer demand for greener cars.

3 days ago

Hyundai unveils S$11.2 billion spending plan as EVs rise

HYUNDAI Motor Company will invest 10.5 trillion won (S$11.2 billion) over the course of 2023, based on an exchange filing on Thursday (Jan 26), as it moves to electrify more of its fleet to meet rising consumer demand for greener cars.

3 days ago

Strong demand for tech talent in Singapore despite global Big Tech layoffs: Josephine Teo

Ammiel Jr Wan - DEMAND for tech talent in Singapore is still strong despite global layoffs by tech giants, while both Singaporeans and the government remain keen on opportunities in tech, said Minister for Communications and Information Josephine Teo at the launch of a tech talent training programme on Thursday (Ja ...

3 days ago

Singapore stocks rise for third consecutive day; STI up 0.7%

Raphael Lim - THE bullish momentum in Singapore stocks continued for the third consecutive day on Thursday (Jan 26), even as regional markets traded mixed.

3 days ago

Adani Group says it's exploring legal action against Hindenburg

Bloomberg - The Adani Group said it’s exploring legal action against US investor Hindenburg Research after the short seller released a report alleging “brazen” market manipulation and accounting fraud by Asia’s richest man’s empire.“We are evaluating the relevant provisions under US and Indian laws ...

3 days ago

Paragon REIT 'one of the key beneficiaries' of Singapore's reopening; upgrade to 'buy': DBS

Felicia Tan - DBS Group Research analysts Geraldine Wong and Derek Tan have upgraded Paragon REIT (formerly SPH REIT) to “buy” from “hold” previously.Wong and Tan have also raised their target price to $1.10 from 96 cents.Singapore’s tourism sector looks set to get a lift from China’s border reopening ...

3 days ago

Toyota CEO Akio Toyoda to step down after 14 years at the helm

Akio Toyoda, president and chief executive of Japan's Toyota Motor Corp for nearly 14 years, will resign from the top job in April to become chairman, handing over the reins to the company's top branding officer. Here's a chronology of key events and milestones in Toyota's histor ...

3 days ago

RHB Singapore offers exclusive 4.28% p.a. fixed deposit rate at refreshed Cecil branch

Felicia Tan - RHB Singapore is offering an interest rate of 4.28% per annum for its 12-month fixed deposit. The rate, which is one of the highest in the market, and slightly higher than the 12-month treasury bill (T-bill) offered by the Singapore government, is offered exclusively at RHB’s refreshed branch and ...

3 days ago

Resilient DPU, stable valuations, faltering ICR

Goola Warden - Mapletree Logistics Trust and Suntec REIT which announced results on Jan 19 and 20 respectively, and AIMS APAC REIT (AAREIT) which announced on Jan 25, reported rises in their distributions per unit (DPU). Suntec REIT’s DPU was supported by capital distributions. Capital distributions are paid ou ...

3 days ago

Toyota names Lexus chief its new CEO as car industry faces historic shift

TOYOTA has made Lexus president Koji Sato its chief executive officer, replacing the long-serving Akio Toyoda. This comes as the world’s biggest carmaker navigates the auto industry’s once-in-a-generation shift towards electrification and greater automation.