Posts by Liam Redmond
UOB beats expectations with Q4 profit up 8.6% to S$1.52 billion; announces S$3 billion capital distribution package
UOB on Wednesday (Feb 19) posted a net profit of S$1.52 billion for the fourth quarter ended December, up 8.6 per cent from S$1.4 billion in the previous corresponding period. This included S$17 million in one-off expenses from the lender’s Citigroup integration costs after taxes, which was 81.9 per cent lower than the S$94 million…
Read MoreFormer OpenAI tech chief Murati launches AI startup, poaching staff from ChatGPT maker
FORMER OpenAI chief technology officer Mira Murati launched an AI startup called Thinking Machines Lab on Tuesday, with a team of about 30 leading researchers and engineers from competitors including OpenAI, Meta and Mistral. The latest entrant into the crowded AI startup space wants to build artificial intelligence systems that encode human values and aim…
Read MoreBP weighs sale of Castrol lubricants unit amid Elliott push
BP, IN which activist investor Elliott Investment Management has built up a nearly 5 per cent stake, is considering a potential sale of its lubricants business, according to sources familiar with the matter. The oil major’s unit, which operates under the Castrol brand, could be worth about US$10 billion in a deal, the sources said,…
Read MoreKFC shifts US headquarters from Kentucky to Texas
FRIED chicken restaurant giant KFC will be moving its US headquarters from Louisville, Kentucky, to Plano, Texas, its parent company said on Tuesday. The shift comes as part of a plan for parent firm Yum! Brands to have two brand headquarters in the United States, one in Texas and the other in California. “This strategic…
Read MoreTrump floats 25% tariffs on cars, pharmaceuticals and chips
US PRESIDENT Donald Trump said on Tuesday (Feb 18) he intends to impose auto tariffs “in the neighbourhood of 25 per cent” and similar duties on semiconductors and pharmaceutical imports, the latest in a series of measures threatening to upend international trade. On Friday, Trump said levies on automobiles would come as soon as Apr…
Read MoreToyota is backing LG battery plant with US$1.5 billion order
TOYOTA Motor has agreed to shift a US$1.5 billion order with LG Energy Solution to bolster operations at a Michigan battery plant after General Motors (GM) backed out of the project, according to sources familiar with the matter. GM said in December it would sell its US$1 billion stake in the Lansing, Michigan, plant, leaving…
Read MoreCordlife expects to be in the red for FY2024; ‘no assurance’ of profitability in FY2025
PRIVATE cord-blood bank Cordlife expects to post a loss for the 2024 fiscal year due to the financial fallout from lapses discovered in the storage of its cord-blood units two years ago. In a bourse filing on Tuesday (Feb 18), the company said that the expected loss, which is based on a preliminary assessment of…
Read MoreUS: Wall St opens higher with Fed policy, Trump tariffs in focus
WALL Street’s main indexes opened higher on Tuesday (Feb 18), as investors focused on potential tariff developments and the US Federal Reserve’s interest-rate strategy following last week’s drop in Treasury yields. The Dow Jones Industrial Average rose 37.8 points, or 0.08 per cent, at the open to 44583.91. The S&P 500 rose 7.0 points,…
Read MoreWhat D’Angelo Russell’s trip around the NBA taught him about embracing his new role with the Nets
The last time D’Angelo Russell was a Net, he earned his only All-Star Game appearance and helped them to an unexpected playoff berth. In his Brooklyn return, Russell is convinced they can make an even more shocking postseason run this time around. “Last time it just … kind of happened,” Russell said. “So I think…
Read MoreGoldman hoists gold target to US$3,100 on central-bank demand
GOLDMAN Sachs Group raised its year-end gold target to US$3,100 an ounce on central-bank buying and inflows into bullion-backed exchange-traded funds, highlighting Wall Street’s enthusiasm for the metal. Central-bank demand may average 50 tonnes a month, more than previously expected, analysts Lina Thomas and Daan Struyven said in a note. Should uncertainty over economic policy…
Read MoreTourism bounce helps Thai banks trim bad loans from three-year high
NON-performing loans at Thailand’s commercial banks dropped from a three-year high as a post-pandemic tourism recovery boosted debt repayment ability of hotels, restaurants and other travel-related businesses. Bad loans totalled 552.1 billion baht (S$22 billion) at the end of December, or some 2.78 per cent of commercial banks’ outstanding loans, Assistant governor Suwannee Jatsadasak told…
Read MoreParkson Retail Asia reports S$5.8 million in Q4 profit
Earnings per share for its continuing operations stands at S$0.0086, down from S$0.0116 previously DEPARTMENT store operator Parkson Retail Asia posted net profit of S$5.8 million for the fourth quarter ended Dec 31, down 26.3 per cent from S$7.8 million the year before. The figure excludes its discontinued operations. Revenue for the quarter went up…
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