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BMW poised to snatch luxury-sales crown back from Mercedes

elean 8 10 月

2 minutes

FRANKFURT (BLOOMBERG) - BMW's better handling of the chip shortage has turned the tables on the global luxury sales race, positioning the company to overtake its arch-rival for the first time since 2015. The carmaker delivered 1.7 million of its namesake branded vehicles in the first nine months of the year, exceeding Daimler's Mercedes-Benz by more than 112,000 cars and sport utility vehicles. BMW extended its lead in the third quarter by limiting its deliveries decline to 10 per cent, whereas Mercedes posted a 30 per cent plunge. The two German icons are among the carmakers being affected by recent factory shutdowns in Malaysia, a key hub for semiconductor packaging and testing. But BMW managed to hold out longer than most of its peers before having to pause production due to the supply squeeze. Back in January, the company said it placed orders on time for the amount of chips it needed for the year and expected its suppliers to deliver. The chances Mercedes overtakes its nemesis in the last quarter of the year look slim. Mercedes sounded somewhat more downbeat in its global sales release on Wednesday (Oct 6), warning that semiconductor shortages will likely impact production ove...

950,000 HDB households to receive GST rebates in October

aseanpr 1 10 月

2 minutes

SINGAPORE - About 950,000 households living in Housing Board flats will be receiving their quarterly goods and services tax (GST) rebates in October. They will be disbursed through the GST Voucher (GSTV) - U-Save initiative, and credited via offsets to household utility bills, said the Ministry of Finance on Friday (Oct 1). The total amount distributed under the GSTV - U-Save and U-Save Special Payment initiatives this financial year will tally up to about $460 million. The amount that households will get is tagged to the type of HDB residence. Households in one- and two-room HDB flats typically receive rebates that amount to an average of about three to four months of their utility bills. With the addition of the U-Save Special Payment, the rebates will amount to about 4½ to six months of their utility bills. For those in three- and four-room HDB flats, the additional support will be equivalent to about 1½ to three months of their utility bills. The next round of GSTV - U-Save rebates for this financial year will be in January next year. The U-Save Special Payment was previously given in April and July, where households received additional rebates amounting to 50 per cent of their...

A look back at outgoing CEO Ho Ching’s key contributions at Temasek Holdings

elean 1 10 月

5 minutes

SINGAPORE - Long-time Temasek Holdings executive director and chief executive Ho Ching officially steps down on Friday (Oct 1), after some 17 years in charge at the investment company. Ms Ho, 68, joined Temasek in 2002 as a director before taking on the role of CEO two years later. She is succeeded by Mr Dilhan Pillay Sandrasegara, who holds a dual role as CEO of both Temasek and its commercial arm Temasek International. Ms Ho has been appointed to the board of Temasek's philanthropic arm Temasek Trust effective Friday and will succeed Mr S. Dhanabalan as its chairman on April 1, 2022. The Straits Times looks back on some of Ms Ho's career highlights at Temasek. 1. Growing Temasek's portfolio Under Ms Ho's leadership, Temasek's net portfolio value more than quadrupled to $381 billion as at end-March this year. It had stood at $90 billion when she was first appointed in 2004. During this period, Temasek's exposure has expanded beyond Singapore's shores, with investments in China now accounting for the largest share of its portfolio at 27 per cent. About half of its asset exposure was concentrated in Singapore back in 2004, compared with around 24 per cent as at March this year. Fina...

Mazda Production and Sales Results for August 2021

ruth 30 9 月

2 minutes

TOKYO, Sep 30, 2021 - (JCN Newswire via SEAPRWire.com) - Mazda Motor Corporation's production and sales results for August 2021 are summarized below.I. Production1. Domestic ProductionMazda's domestic production volume in August 2021 decreased 53.7% year on year due to decreased production of passenger and commercial vehicles.[Domestic production of key models in August 2021]CX-5: 11,596 units (down 46.5% year on year)MAZDA3: 5,247 units (down 47.7%)CX-30: 2,905 units (down 48.6%)2. Overseas ProductionMazda's overseas production volume in August 2021 decreased 53.4% year on year due to decreased production of passenger and commercial vehicles.[Overseas production of key models in August 2021]CX-30: 7,583 units (down 35.2% year on year)MAZDA3: 5,844 units (down 34.4%)MAZDA2: 1,601 units (down 64.7%)II. Domestic SalesMazda's domestic sales volume in August 2021 decreased 25.4% year on year due to decreased sales of passenger and commercial vehicles.Mazda's registered vehicle market share was 4.0% (down 1.4 points year on year), with a 2.0% share of the micro-mini segment (down 0.5 points) and a 3.3% total market share (down 1.0 points).[Domestic sales of key models in August 2021]MAZ...

‘Tension’ between jobs, inflation the chief challenge facing US central bank: Fed chief

elean 30 9 月

4 minutes

WASHINGTON (REUTERS) - Resolving "tension" between high inflation and still-elevated unemployment is the most urgent issue facing the Federal Reserve right now, its chairman Jerome Powell said on Wednesday (Sept 29), acknowledging the US central bank's two goals are in potential conflict. "This is not the situation that we have faced for a very long time and it is one in which there is a tension between our two objectives...Inflation is high and well above target and yet there appears to be slack in the labour market," Mr Powell said at a European Central Bank forum, an apparent reference to the 1970s bout of US "stagflation" that combined high unemployment and fast-rising prices. The United States is more than 5 million jobs short of where it was before the pandemic. At the Fed's most recent meeting policymakers lifted their inflation forecasts for this year to 4.2 per cent - more than twice the targeted level of 2 per cent. They see that pace easing in 2022 to 2.2 per cent, modestly above where they had pegged it in their previous projections in June. Mr Powell said the Fed's working "hypothesis" is that inflation will largely ease on its own as the global economy returns to norm...

Pajero Sport and Outlander Won SUV of the Year 2021 in Russia

ruth 29 9 月

3 minutes

TOKYO, Sep 29, 2021 - (JCN Newswire via SEAPRWire.com) - Mitsubishi Motors Corporation (MMC) announced that the 2020 Pajero Sport(1) and the 2021 Outlander won SUV of the Year 2021(2) in Russia. Pajero Sport won in the mid-size SUV category chosen by expert jury, while Outlander won in the mid-size crossover category chosen by the general public. Pajero Sport also earned Best New Product of the Year in Car of the Year 2021 in Russia(3).Designed with a refined, powerful exterior and high-quality interior, the Pajero Sport mid-size SUV inherits the Pajero series' off-road capability, reliability and durability, while at the same time offering comfortability and practicality. Outlander crossover SUV has been highly recognized around the world for its utility and road performance of an SUV, as well as its eco-friendliness and economy. Both models are built on Mitsubishi Motors' SUV expertise and all-wheel control technology that enable safe, secure and comfortable driving, which helped them win these awards. "We celebrate the 30th anniversary of Mitsubishi Motors in Russia this year, and all these years, we have continued improving our cars to develop an ideal SUV for Russian roads and...

Malaysia’s AirAsia X reports record quarterly loss of $7.95 billion

elean 28 9 月

2 minutes

KUALA LUMPUR (REUTERS) - Malaysia's AirAsia X on Monday (Sept 27) posted a record quarterly loss of RM24.6 billion (S$7.95 billion), eight times more than a year ago, as a multi-billion-dollar provision to cover debts drove operating costs higher. It was the ninth loss in succession for the airline, an affiliate of AirAsia Group. The net loss for the April-June period widened from a RM305.2 million loss a year ago. The airline said it made an accounting provision of RM23.8 billion to its creditors during the quarter as it is in default under the contract terms. Revenue dropped 20.9 per cent to RM72.3 million, versus RM91.4 million. In a stock exchange filing, it said the impact of the provision should be temporary. "The contractual liabilities for which the provision is made will be waived upon a successful completion of the proposed debt restructuring exercise," it said. To reduce costs, the airline group plans to operate a reduced fleet and return excess aircraft to the lessors. It said it has returned one aircraft and is in discussions with other aircraft lessors "to achieve the optimal fleet size". Discussions to reduce future lease rental rates are ongoing, as are talks with o...

US Fed says may ‘soon’ be time to remove stimulus

elean 23 9 月

2 minutes

WASHINGTON (AFP) - The Federal Reserve said on Wednesday (Sept 22) that increasing Covid-19 cases have slowed the United States' economic recovery, but it may nonetheless be ready to "soon" begin to remove stimulus. The economy has healed to the point that the central bank may slow the pace of its massive monthly bond purchases "if progress continues broadly as expected", the policy setting Federal Open Market Committee (FOMC) said in a statement after concluding its two-day meeting. When the pandemic hit the country in March last year, the Fed slashed its benchmark interest rate and began buying bonds and other securities to ease lending conditions and ensure the financial system would not seize up. Fed chairman Jerome Powell has signalled that the start of the taper process could begin before the end of the year, but an increase in the key borrowing rate would not come until later. But in their quarterly forecasts, more members of the committee now see at least one interest rate hike next year, and as many as three in 2023. That tightening would come amid rising prices, as the median inflation forecast is now 4.2 per cent for the year, even as their growth outlook was cut to just...

FedEx cuts forecast as rising costs smother price hikes

elean 22 9 月

3 minutes

(BLOOMBERG) - FedEx Corp. struggled with higher costs as package growth stalled, leading the courier to cut its annual earnings outlook and post quarterly profit below analysts' expectations. Adjusted earnings were US$4.37 a share for the quarter ending Aug. 31, down from US$4.87 a year earlier, FedEx said in a statement. Analysts had expected US$4.92, according to 24 estimates compiled by Bloomberg. Unadjusted operating margin was 6.4 per cent, down from 8.2 per cent a year earlier. The company said costs suffered because of a tight labour market, as a dearth of workers drove up wages, reduced network efficiencies and increased the need to hire outside transportation services. This led to a US$450 million increase in costs from a year earlier. Average daily package volume unexpectedly fell slightly from a year earlier at both the Express and Ground units as "continued supply-chain disruptions have slowed US domestic parcel demand compared to the company's earlier forecast." "The current labour environment is driving inefficiencies in the operation of our networks and significantly impacting our financial results," said Raj Subramaniam, FedEx's president and chief operating officer...

Yale-NUS students get $70,000 subsidy a year, 3 times that given to those taking arts or science degree

aseanpr 21 9 月

1 minute

SINGAPORE - The Yale-NUS College may have provided a first-rate liberal arts education, but tuition alone came at a high cost of $90,800 per year for each student. Singaporean students paid $20,500 a year for tuition on their own, while the government subsidised the remaining $70,300 a year. In comparison, a Singaporean student enrolled this year in the newly set up College of Humanities and Sciences (CHS) at the National University of Singapore will pay $8,200 in tuition fees yearly and receive a tuition grant of $22,300 from the government. The total cost amounts to $30,500. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

Prepare for bumpy ride in the rest of September

elean 20 9 月

5 minutes

SINGAPORE - September has traditionally been a rocky month for equity markets, and this year appears to be no exception. Wall Street's main indices - which have overwhelming influence over global markets - continued their slide, weighed down by concerns over stubbornly high Covid-19 infection numbers and uncertainties over policymakers' next moves, which could potentially impact market liquidity and sentiment. The Dow Jones index had its third straight week of losses to end at 34,584.88 points, for a 0.07 per cent loss over the five days. Over the past month, this marquee index is down 1.52 per cent, though it is still up 13 per cent year to date. The S&P 500, which captures a broader spectrum of the market, ended 0.57 per cent down for the week at 4,432.99, while the tech-heavy Nasdaq gave up 0.47 per cent to end the week at 15,043.97. In Singapore, the liquidity-starved Straits Times Index (STI) slid 27.57 points or 0.9 per cent for the week to 3,071.23. The STI is a diversified benchmark and while it was down almost 1 per cent on the week, performances ranged from City Developments gaining 8.7 per cent to $7.25, to Yangzijiang Shipbuilding declining 8.1 per cent to $1.48. While ...

Singapore Airlines uses up last $600m of $8.8b from 2020 rights issue

elean 17 9 月

2 minutes

SINGAPORE (THE BUSINESS TIMES) - Singapore Airlines (SIA) on Thursday said that it has exhausted the $8.8 billion in gross proceeds raised from its rights issue in June last year, with the last $600 million having been used for aircraft and aircraft-related payments between July 1 and Sept 1. In a filing to the Singapore Exchange, the flag carrier said that the net proceeds of $6.2 billion from the issuance of additional mandatory convertible bonds (MCBs) in June this year had yet to be utilised as at Thursday. SIA said it has also raised $21.6 billion in fresh liquidity since April 1 last year. The group added that, in addition to the cash on hand, it continues to retain access to $2.1 billion of committed lines of credit that are currently undrawn. As far as the 2020 rights issue goes, SIA spent the proceeds of $8.8 billion between June 8 last year and Sept 1 this year. SIA had used $2 billion of the proceeds for the repayment of the bridge loan from DBS Bank, which was set up in April last year to provide the liquidity required by SIA for the completion of the rights issue last year. Other uses of the proceeds included $2.2 billion for operating expenses during the period, $1.4 ...

Goldman Sachs cuts US growth forecast amid Delta variant spread

elean 7 9 月

2 minutes

WASHINGTON (BLOOMBERG) - Goldman Sachs Group economists revised down their forecast for growth in the United States economy this year, pointing to a "harder path" ahead for the American consumer than previously anticipated. Overall expansion this year is now seen at 5.7 per cent, economist Ronnie Walker wrote in a report to clients on Monday (Sept 6). That compares with an expectation of 6 per cent published at the end of last month. Mr Walker said the weaker growth will follow through into more of a pickup next year. Goldman raised its forecast for that year to 4.6 per cent, up from 4.5 per cent previously. Explaining the downgrade for this year, Mr Walker wrote that American consumers are likely to spend less amid the emergence of the Delta variant of the coronavirus, fading fiscal support and a switch from demand for goods to services. He added that supply-chain disruptions had hit inventory restocking too. "The hurdle for strong consumption growth going forward appears much higher: the Delta variant is already weighing on third-quarter growth, and fading fiscal stimulus and a slower service sector recovery will both be headwinds in the medium term," said Mr Walker. The bank als...

16 weeks’ jail for woman caught not wearing mask at MBS and several places

aseanpr 6 9 月

2 minutes

SINGAPORE - A woman who failed to wear a mask on numerous occasions at public places, including the Marina Bay Sands (MBS) integrated resort, admitted to her offences in a district court on Monday (Sept 6) and was sentenced to 16 weeks in jail. Phoon Chiu Yoke, 54, who appeared via video link, was first charged last year after she failed to have a mask over her nose and mouth at Newton hawker centre between 7.20pm and 8pm on May 8, during the Covid-19 circuit breaker period. She left Singapore for Britain soon after and returned to Singapore on June 28 last year. The Singaporean then had to stay in a room at MBS under a 14-day stay-home notice. But she left the room between 8.07pm and 8.23pm on June 28. After that, Phoon loitered around various places in the hotel and was not wearing a mask when she did so. In May this year, she was captured on video not wearing a mask at MBS. She committed similar offences at other places, including outside the State Courts building, between Dec 2 last year and May 24 this year. Phoon was out on bail when she failed to wear a mask at the Mandarin Orchard Singapore hotel on June 25. A month later, she was charged over this incident. Her bail of $12...

Mazda Production and Sales Results for July 2021

ruth 30 8 月

2 minutes

TOKYO, Aug 30, 2021 - (JCN Newswire via SEAPRWire.com) - Mazda Motor Corporation's production and sales results for July 2021 are summarized below.I. Production1. Domestic ProductionMazda's domestic production volume in July 2021 decreased 19.3% year on year due to decreased production of passenger and commercial vehicles.[Domestic production of key models in July 2021]CX-5: 26,417 units (down 25.8% year on year)CX-9: 6,498 units (up 77.6%)MAZDA3: 5,073 units (down 25.8%)2. Overseas ProductionMazda's overseas production volume in July 2021 decreased 23.6% year on year due to decreased production of passenger and commercial vehicles.[Overseas production of key models in July 2021]CX-30: 11,241 units (up 2.5% year on year)MAZDA3: 7,593 units (down 3.8%)MAZDA2: 2,082 units (down 32.8%)II. Domestic SalesMazda's domestic sales volume in July 2021 decreased 16.7% year on year due to decreased sales of passenger and commercial vehicles.Mazda's registered vehicle market share was 3.5% (down 0.7 points year on year), with a 1.9% share of the micro-mini segment (down 0.3 points) and a 3.0% total market share (down 0.4 points).[Domestic sales of key models in July 2021]MAZDA2: 2,125 units (do...

Woman who had Covid-19 given 12 weeks’ jail for exposing others to infection risk

aseanpr 30 8 月

3 minutes

SINGAPORE - A woman who exposed others to the risk of Covid-19 infection after returning to Singapore from Britain last year was on Monday (Aug 30) sentenced to 12 weeks' jail. Esther Tan Ling Ying, who arrived here in March last year, tested positive for Covid-19 a week later. On Aug 16 this year, District Judge Ng Peng Hong convicted the 24-year-old Singaporean of an offence under the Infectious Diseases Act, after a trial. Tan began her bachelor's degree course in acting in London in 2017, but was back here last year before completing her studies, following an advisory by the Singapore Government to return. Prior to leaving Britain, she had flu-like symptoms and had lost her sense of taste and smell. She did not see a doctor there and instead chose to self-isolate until the day of her departure from London. Tan still had a blocked nose and no sense of taste or smell when she landed at Changi Airport Terminal 1 on March 23 last year. She was issued a stay-home notice (SHN) and an Immigration and Checkpoints Authority officer told her to go home immediately. She cleared immigration at about 2.40pm. But before heading home, she and her parents ate at the foodcourt in Terminal 1, sp...

After Fed chief’s dovish taper talk, eyes on US and China data

elean 30 8 月

1 minute

SINGAPORE - So the long awaited Federal Reserve Jackson Hole gathering has come and gone without causing major calamity to financial markets. At the closely watched symposium last Friday, chairman Jerome Powell indicated that the Fed taper - the pullback on the massive bond-buying programmes unleashed last year - will come before the year end. But he said interest rate hikes are not imminent as there is still "much ground to cover" before the United States economy hits full employment. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

Sales of homes in Sentosa Cove soar to new heights

elean 29 8 月

1 minute

SINGAPORE - Sales of apartments and houses in Sentosa Cove hit record heights in the first eight months of the year, racking up multimillion-dollar takings in the process. There have been 103 transactions this year until Aug 16 - for 85 condominiums and 18 landed homes - a new benchmark and 84 per cent up on the 43 condos and 13 landed homes sold for all of last year, according to data from the Urban Redevelopment Authority (URA). Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

HTSC Posts Record First-half Turnover and Profit in 2021

indie 27 8 月

6 minutes

HONG KONG, Aug 27, 2021 - (ACN Newswire via SEAPRWire.com) - HTSC (stock code: 6886.HK; "the Company") announced its interim results for the six months ended June 30, 2021. The Company achieved RMB 24.62 billion in total revenue and other gains with a year-on-year increase of 29.75%. Profit for the period attributable to shareholders increased 21.32% to RMB 7.77 billion. The Company's deepening digital transformation and platformization have fostered a new business and development model, bolstering wealth management and institutional services and continuing to improve the comprehensive strength of the Company, delivering another set of financial result records for the first half of 2021.Platformization Brings Efficiency as Number of New Clients Hits 1.83 MillionWith the next wave of digital disruption and a new generation of investors at play, the Company implemented a linear organizational structure in tandem with its integrated platformization, to improve client services and asset allocation efficiency. As of June 30, 2021, the total number of clients reached 18.92 million, with total assets of client accounts exceeding RMB 5.2 trillion. The trading volume of stocks and funds in ...

Bike price cut, rising costs to hit Peloton’s profitability

elean 27 8 月

2 minutes

BENGALARU (REUTERS) - Peloton Interactive Inc said on Thursday (Aug 26) its near-term profitability would suffer due to a decision to slash the price of its exercise bike and higher commodity and marketing costs. The fitness equipment maker also introduced monthly financing options for its Bike+ and Tread products across all regions, as it looks to prevent a slowdown in its business after last year's home fitness boom. The moves, aimed at making its bikes more affordable, will weigh on its performance in the first quarter. The company's revenue forecast of US$800 million ($1.08 billion) was below analysts' average estimate of US$1.01 billion, according to Refinitiv data. Its shares fell as much as 15 per cent after the bell but pared losses to trade down 6 per cent. Peloton's original bike will now cost US$1,495, compared with US$1,895 earlier, and the company will also shift its product sales mix towards its treadmill. New York-based Peloton said it expects a return to profitability on an adjusted core earnings basis by the financial year 2023. In the near term, it plans on prioritising subscription growth and reducing the time gap between sales and delivery. "We are planning fisc...

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