ThaiBev defers brewery unit’s Singapore IPO plans once again

SINGAPORE (BLOOMBERG) – Thai Beverage has deferred the initial public offering (IPO) of its brewery unit in Singapore once again, citing “prolonged challenging market conditions” for its decision. The maker of Chang Beer said it will continue to monitor market conditions and explore opportunities to maximise shareholders’ value, including potentially reviewing the proposed spin-off listing […]

S’pore drew $6.3b in fixed asset investments in Q2; projects to create over 5,100 jobs

SINGAPORE – Singapore drew $6.3 billion of fixed asset investments in the second quarter of 2022, as the country continues to pull in investments amid a challenging global environment. The Republic also attracted $2.1 billion of total business expenditure (TBE) for the April to June period, the Ministry of Trade and Industry (MTI) said in […]

Singapore’s ChemOne Group to finalise financing for $6 billion Johor project

SINGAPORE – Singapore-based ChemOne Group is expected to secure funding for its US$4.4 billion (S$6.1 billion) Pengerang Energy Complex (PEC) in Johor, Malaysia, later this year. Mr Alwyn Bowden, chief executive of PEC, a unit of ChemOne which will operate and manage the 150,000 barrel-per-day condensate processing plant, said construction will commence in the fourth quarter […]

Mitsubishi Heavy Industries Achieves 22% YoY Increase in Order Intake and 52% YoY Increase in Net Profit in a Challenging First Quarter

TOKYO, Aug 5, 2022 – (JCN Newswire via SEAPRWire.com) – Mitsubishi Heavy Industries (TSE Code: 7011) announced that order intake rose 22.3% year-over-year to YEN917.8 billion in the quarter ended June 30, 2022. Revenue rose 2.3% to YEN871.3 billion year-over-year, resulting in business profit(1) of YEN14.9 billion, a 30.4% decrease from the previous fiscal year, […]

Glencore to return $6 billion to shareholders as profit doubles to record

LONDON (BLOOMBERG) – Glencore will return an additional US$4.45 billion (S$6.14 billion) to shareholders in dividends and share buybacks as first-half profit more than doubled to a record thanks to surging coal prices. Glencore, the world’s top coal shipper, has been one of the biggest winners from the global energy crunch as demand for the […]

Semiconductors are ‘cool’ again: GlobalFoundries CEO

SINGAPORE – These are glory days for semiconductors, an industry that shot into global focus after supply chain disruptions during the pandemic and the attempts to decouple technologically from China highlighted how strategic the sector is to the resilience of major powers. On Thursday, the US House of Representatives passed 243-187 a US$280 billion (S$386.4 […]

Shell quarterly profit rockets to $24.9b on high oil and gas prices

LONDON (AFP, REUTERS) – British energy giant Shell said on Thursday (July 28) that its second-quarter profit rocketed to US$18 billion, smashing its previous record just three months earlier, as it rewarded shareholders with another bumper stock buyback. The surge in net profit in the three months to June was partially attributable to a reversal […]

Facebook parent Meta posts first-ever revenue drop as inflation throttles ad sales

NEW YORK (REUTERS) – Shares of several major US companies tumbled in extended trade on Wednesday (July 27) following poor quarterly results and forecasts that underscored fears about a potential recession. Facebook parent Meta Platforms issued a gloomy forecast after recording its first-ever quarterly drop in revenue, with a global recession looming and competitive pressures […]