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Saudi Aramco Q2 profit soars to record $66b on high oil prices, production

RIYADH (BLOOMBERG, REUTERS) – Saudi Aramco has posted the biggest quarterly adjusted profit of any listed company globally, driven by high crude prices and production. Aramco followed big oil rivals reporting a surge in profits. Net income rose to 181.64 billion riyals (S$66.3 billion) in the second quarter, up from 95.47 billion riyals a year earlier, […]

High inflation isn’t going away soon. How can you better protect your money?

Singapore’s core inflation reached 4.4 per cent in June – the highest it’s been since the global financial crisis in 2008. Core inflation excludes accommodation and private transport. The Monetary Authority of Singapore noted in a July statement that “inflationary pressures will remain elevated in the months ahead”. In this column, Mr Winston Lim, UOB’s head […]

Five Chinese state-owned companies to delist from NYSE amid US tensions

SHANGHAI/HONG KONG (REUTERS) – Five Chinese state-owned companies, including oil giant Sinopec and China Life Insurance, said on Friday (Aug 12) they would delist from the New York Stock Exchange, amid economic and diplomatic tensions with the United States. The companies, which also include Aluminium Corporation of China (Chalco), PetroChina and a separate Sinopec entity, […]

Retail investors’ muted response to S’pore’s 1st sovereign green bond expected given long tenor: Analysts

SINGAPORE – The muted response from retail investors to Singapore’s inaugural sovereign green bond was expected given the product’s 50-year tenor, analysts said. The lengthy period before the bond matures seems daunting to many individuals but is seen as being more appropriate to institutional investors such as pension funds and insurance companies that have long-term […]

China’s SMIC warns of ‘rapid freeze’ in chip orders as smartphone demand skids

BEIJING (BLOOMBERG) – Semiconductor Manufacturing International Corp (SMIC) warned that clients in sectors such as smartphones were freezing orders, underscoring how a downturn in consumer electronics demand is hurting the chip sector. Waning demand from makers of smartphones and TV components is forcing SMIC to readjust its manufacturing plans, co-CEO Zhao Haijun told analysts on […]