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. 






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