Singapore's Sembcorp posts 7% rise in annual profit
The utility company said its total net profit was S$1.01 billion ($755.42 million) for the year ended December 31, compared with S$942 million a year ago.
($1 = 1.3370 Singapore dollars)
The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
Reporting by Nichiket Sunil and Aaditya Govind Rao in Bengaluru; Editing by Krishna Chandra Eluri and Rashmi Aich
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
37 minutes ago
- Reuters
Wall Street tech selloff deepens, European shares steady
MUMBAI/SAN FRANCISCO, Aug 20 (Reuters) - Wall Street shares dropped on Wednesday, with a tech selloff extending into a second day, while a key meeting of central bankers later this week remained in focus for currency and rates traders. The S&P 500 (.SPX), opens new tab declined 0.5% and the tech-heavy Nasdaq Composite (.IXIC), opens new tab dropped 1.1%, adding to a steep decline on Tuesday. The Dow Jones Industrial Average (.DJI), opens new tab was down 0.1%. Analysts blamed a confluence of factors for the weakness in tech stocks, including concerns over steep valuations, investors exiting profitable positions, and risk aversion. "To me, tech was overbought," said Seth Hickle, managing partner at Mindset Wealth Management. "We had really good earnings, and now it's kind of natural for the market just to sell some of that good news." Wariness over U.S. President Donald Trump's growing influence over tech companies has also been in focus for investors. U.S. Commerce Secretary Howard Lutnick is looking into the government taking equity stakes in Intel (INTC.O), opens new tab and other chip companies, two sources told Reuters. That follows other unusual revenue-sharing deals Washington recently struck with artificial intelligence chip giant Nvidia (NVDA.O), opens new tab and Advanced Micro Devices (AMD.O), opens new tab. While the individual developments may be brushed aside by markets, they fall into the broader bucket of concerns over the institutional framework in the United States, Laidler said. AI heavyweights Nvidia, Broadcom (AVGO.O), opens new tab, Meta Platforms (META.O), opens new tab, Amazon (AMZN.O), opens new tab and Alphabet (GOOGL.O), opens new tab were all down more than 1%. The Nasdaq is down about 2.5% over the past two sessions. European shares rose, with the pan-European STOXX 600 index (.STOXX), opens new tab up 0.25%. Britain's FTSE 100 (.FTSE), opens new tab rallied 1.17% to a record high, boosted by gains in consumer and healthcare companies. The U.S. dollar weakened slightly against a basket of peers after Trump called on Federal Reserve Governor Lisa Cook to resign. The 10-year U.S. Treasury yield eased to 3.29%, while the 2-year Treasury yield slipped to 3.74%. The focus is now on the Federal Reserve's August 21-23 Jackson Hole symposium, where Fed Chair Jerome Powell is due to speak on Friday on the economic outlook and the U.S. central bank's policy framework. Powell's remarks on the near-term outlook for interest rates will be keenly watched as traders are almost fully pricing in a rate cut next month. "Even if Federal Reserve Chair Jerome Powell emphasises muted unemployment over sharply revised payrolls, that would be a hard sell to both the White House and a market that is pricing in 21 bp of rate cuts for September," analysts at ING said in a note. The minutes of the Fed's July policy meeting due later on Wednesday are unlikely to spur meaningful market reactions as they predate weak U.S. labor market data that firmed rate cut expectations. Elsewhere, Sweden's central bank kept its key interest rate on hold as expected, while the Reserve Bank of New Zealand cut policy rates to a three-year low and signaled further easing, sending the kiwi down by more than 1%. Consumer prices in Britain climbed 3.8% in July, data showed, the fastest annual rise for a Group of Seven economy. The data nudged sterling higher but it quickly pared gains, while the fact that inflation was not even higher prompted a rally in government bonds. The benchmark 10-year gilt yield was last down 7 basis points at 4.68% . Oil prices climbed about 1% on a bigger-than-expected weekly drop in U.S. crude inventories as investors awaited the next steps in talks to end the Ukraine war, with sanctions on Russian crude remaining in place for now. Spot gold rose 0.8% to $3,339.69 an ounce.
Reuters
an hour ago
- Reuters
U.S. Senator Sanders favors Trump plan to take stake in Intel, others
WASHINGTON, Aug 20 (Reuters) - Liberal U.S. Senator Bernie Sanders on Wednesday threw his support behind President Donald Trump's plan to convert U.S. grants to chipmakers, including $10.9 billion for Intel, into government stakes in the companies. "If microchip companies make a profit from the generous grants they receive from the federal government, the taxpayers of America have a right to a reasonable return on that investment," Sanders, an Independent who caucuses with Democrats, said in a statement to Reuters. The awards were part of the 2022 Chips and Science Act, which sought to lure chip production away from Asia and boost American domestic semiconductor output with $39 billion in subsidies. Commerce Secretary Howard Lutnick is looking into the government taking equity stakes in Intel and other chipmakers in exchange for the grants, sources told Reuters on Tuesday. Much of the funding for companies such as Micron (MU.O), opens new tab, Taiwan Semiconductor Manufacturing Co ( opens new tab and Samsung ( opens new tab has not been dispersed.
Reuters
an hour ago
- Reuters
India's Tata Motors returns to South African car market after six years
JOHANNESBURG, Aug 20 (Reuters) - India's Tata Motors ( opens new tab returned to South Africa's passenger vehicles market after a six-year absence, launching three ranges of SUVs and an entry-level compact hatchback to take on Chinese competitors. Growing demand for budget-friendly cars is luring global automakers to offer consumers more options, in a shift that spotlights rising reliance on low-cost imports from India and China, but puts a question-mark on future domestic production. "Our aspiration, as part of our mid-term plan, is to be one of the top five passenger vehicles in South Africa, with a 6% to 8% market share," Thato Magasa, the new country head for Tata Motor Passenger Vehicles (TMPV) said at Tuesday's launch. Tata unveiled the Punch compact sports utility vehicle (SUV), the Curvv coupe-inspired SUV, the compact hatchback Tiago and its flagship premium SUV Harrier, all combustion engine cars that go on sale from September. Its return pits Tata against a rising tide of Chinese automakers such as Chery Group, BYD ( opens new tab, Beijing Automotive and GWM ( opens new tab, which have offered competitively priced vehicles with different powertrains in recent years. Tata exited the passenger vehicles market in 2019 after selling brands such as its Indica hatchback, some of which were affordable but drew mixed reactions from consumers who opted for rivals. It retained commercial vehicle operations in South Africa, however. "We have listened, we have learned, and we have tailored our offering to meet South Africa's needs," Shailesh Chandra, managing director for TMPV and electric mobility, said at the event. In the second phase of its re-entry, Tata plans to bring its Nexon and Sierra SUVs to South Africa, operating through 40 dealerships nationwide, with plans to expand to 60 by 2026, Magasa added. Tata's passenger car division has appointed as its exclusive distributor Motus Holdings (MTHJ.J), opens new tab, South Africa's leading automotive group, which imports, distributes and sells cars.
