Latest news with #EdgarSu
The Star
06-05-2025
- Business
- The Star
GlobalFoundries sees Q2 revenue, profit above estimates on stable chip demand
FILE PHOTO: A signage at U.S. chipmaker GlobalFoundries' new fabrication plant in Singapore, September 12, 2023. REUTERS/Edgar Su/File Photo (Reuters) -GlobalFoundries forecast second-quarter revenue and profit slightly above Wall Street estimates on Tuesday, in a sign that the contract chipmaker was seeing stable demand despite choppy auto production and a soft smartphone market. U.S. President Donald Trump's sweeping global tariff plans have threatened to upend the semiconductor industry. Tariffs on automakers - the third largest end-market for GlobalFoundries - have already kicked in, roiling the sector. However, tariffs on foreign-made chips could help U.S. manufacturers like GlobalFoundries by helping redirect customers toward chips being made in U.S. factories, outgoing CEO Thomas Caulfield has said. GlobalFoundries said on Tuesday it saw an increase in its automotive segment in the first quarter ended March 31 from a year ago. Still, the smartphone market - the company's biggest revenue segment - is facing pressure, with estimates pointing to a decline in smartphone demand this year. Policy uncertainty is also clouding the chip industry, which is bracing for potential changes to the CHIPS Act, a 2022 law that made $52.7 billion in subsidies available for domestic semiconductor chips manufacturing and production. The world's third-largest chipmaker, GlobalFoundries, expects net revenue of $1.68 billion, plus or minus $25 million, in the second quarter. Analysts on average expect revenue of $1.67 billion, according to data compiled by LSEG. The company projected adjusted per-share profit of 36 cents, plus or minus 5 cents, compared with estimates of 35 cents. It reported total revenue of $1.59 in the first quarter, a touch above expectations of $1.58 billion. Adjusted earnings of 34 cents beat estimates of 28 cents. Reuters reported in March GlobalFoundries and Taiwanese chipmaker United Microelectronics Corp were looking into the possibility of a merger. UMC in April, however, said there was no on-going merger activity at the time. (Reporting by Deborah Sophia in Bengaluru; Editing by Arun Koyyur)
The Star
06-05-2025
- Business
- The Star
Chua Ma Yu's family office set up in Forest City
FILE PHOTO: Prospective buyers look at a model of the development at the Country Gardens' Forest City showroom in Johor Bahru, Malaysia February 21, 2017. REUTERS/Edgar Su/File Photo KUALA LUMPUR: Malayan Banking Bhd (Maybank) and tycoon Tan Sri Chua Ma Yu are pioneering the first pilot single family office establishment under the Malaysian single family office scheme in the Forest City Special Financial Zone (FCSFZ). Chua is the co-founder of today's RHB Bank. In a statement, Maybank said the collaboration with its client ONE KL Management Sdn Bhd (ONE KL) – the family office of CMY Capital founded by Chua, signalled its commitment to support the development of the Johor-Singapore Special Economic Zone (JS-SEZ), of which the FCSFZ is a key pillar. Maybank group chief executive officer for community financial services Syed Ahmad Taufik Albar said the JS-SEZ and FCSFZ are emerging as a compelling destination for regional wealth solutions, and it is cost-effective, well-regulated and strategically located. 'As the JS-SEZ develops, we anticipate a rise in cross-border flows, and Maybank is committed to being the strategic banking partner of clients operating in the JS-SEZ. 'To support this, Maybank has established a dedicated JS-SEZ Desk offering end-to-end banking and value-added services as well as connecting clients with the relevant authorities,' he said in a statement yesterday. It added that family offices have gained significant traction in Malaysia and Singapore, fuelled by the rapid growth of the region's ultra-high-net-worth population. Maybank cited McKinsey & Company's findings that the wealth pool of affluent and mass-affluent individuals in Asia is projected to reach US$4.7 trillion by 2026, up from US$2.7 trillion in 2021. The bank's deep expertise, regional network, and understanding of our unique needs gave us the confidence to be part of this pioneering initiative. Their commitment to supporting long-term growth of the zone also makes them a strong partner,' CMY Capital's Chua said. On Apr 23, the Securities Commission Malaysia gave the greenlight to CMY Capital and Yow Kee Family Office for Malaysia's new single family office tax incentive scheme. The two were among the 19 companies from Malaysia, Singapore and Thailand that have shown interest in the scheme. Yow Kee Family Office is owned by the family of David Chong, a lawyer and businessman. Single family offices will enjoy zero tax rate on their investment returns under the scheme, which was unveiled last September. It only applies to companies that set up the offices in the FCSFZ.
The Star
03-05-2025
- Politics
- The Star
Singapore GE2025: PAP leads with 87 seats in sample coung, Workers Party secures 10
Singapore's Prime Minister Lawrence Wong arrives at an assembly area for People's Action Party supporters, on the day of the general election in Singapore, Saturday. May 3, 2025. -- REUTERS/Edgar Su SINGAPORE (Bernama): Singapore's People's Action Party (PAP) is on track to retain its supermajority in the 2025 General Election (GE2025), with sample count results indicating wins in 87 out of 97 parliamentary seats. The Workers' Party (WP) is expected to secure 10 seats, appearing set to retain its GE2020 victories in Hougang Single Member Constituency (SMC), Sengkang Group Representation Constituency (GRC), and Aljunied GRC. These early results, as of 10.55 pm on Saturday, are based on a sample count conducted at the start of the counting process to provide an early indication of the possible outcome in each electoral division. The sample count may differ from the final election result due to a margin of error. The Elections Department (ELD) advised the public to await the official announcement of the election results by Returning Officer Han Kok Juan, which will be broadcast live on television. "Counting is still in progress,' the department said. This is Singapore's 19th General Election and the 14th since independence in 1965. The PAP had earlier secured five seats uncontested in the Marine Parade-Braddell Heights Group Representation Constituency (GRC) on nomination day. - Bernama
The Star
01-05-2025
- Politics
- The Star
What you need to know about the Singapore polls
A People's Action Party (PAP) supporter wearing a T-shirt showing Singapore's first Prime Minister Lee Kuan Yew, attends a lunchtime rally ahead of the general election, in Singapore's central business district, April 28, 2025. REUTERS/Edgar Su PETALING JAYA: Some 2.75 million Singaporeans are going to the polls this Saturday. Recently, two PAS leaders have landed in hot water with Singaporean authorities for allegedly trying to sway the city state's general election. However, they have denied the accusation, pointing out that they have also spoken out on politics in other countries before. Foreign interference aside, what else is brewing in the polls? Who among the 211 candidates will win in the 33 constituencies? With thousands of Malaysians living and working across the Causeway, here's what else you need to know. Spore polls graphics by candy
The Star
01-05-2025
- Sport
- The Star
Rugby-World Rugby announces overhaul of sevens structure
FILE PHOTO: Rugby Union - HSBC Sevens - Singapore - National Stadium, Singapore - April 6, 2025 Argentina and New Zealand celebrate with the trophies after winning the HSBC Sevens 2025 Men's and Women's leagues REUTERS/Edgar Su/File Photo (Reuters) -World Rugby will introduce a new sevens structure in 2026 which will have a three-division regular season and an increased number of events in a bid to make it cost-effective and more competitive, the sport's governing body said on Thursday. The updated model will expand the calendar from 10 to 13 tournaments starting next year, with the primary aim of the overhaul being to boost rugby sevens' global reach ahead of the LA 2028 Olympics. The season will conclude with three high-profile World Championship Series events, each featuring 12 men's and women's teams, to crown the annual world champions. Rugby sevens was played at the Olympics for the first time at the 2016 Rio Games, with both men's and women's contests. World Rugby Sevens General Manager Sam Pinder said that 10 million pounds ($13.28 million) will be invested annually to grow the game, with a large proportion allocated to team participation fees. "While change can be difficult, this is an evolution that ultimately secures the sustainable advancement of a sport that has proven to be a hit at the Olympic Games, showcasing some of the most gifted athletes on the planet," he said. ($1 = 0.7530 pounds) (Reporting by Tommy Lund in Gdansk and Rohith NairEditing by Toby Davis)
