Singapore

It has a retail mall and three hotels in the Marina Bay area. UOL could gain from revamp and redevelopment potential riding on the government’s plan to rejuvenate the CBD, according to DBS Equity Research analysts Rachel Tan and Derek Tan. The firm has a stronghold in the area following its 50% stake acquisition in UIC and its purchase of a minority stake in Marina Centre Holdings (MCH). “UOL now has control over a prime integrated development comprising a retail mall and three hotels fronting the Marina Bay area,” the analysts said in a report.

The group’s total contract value reached $3.7b.

And UOB snatches Deutsche Bank’s global DevOps lead for wealth management.

The increase coincides with premium growth.

Wall Street's weakness could weign on the local bourse today.

High-net worth wealth also fell 8.8% to US$84b.

The move comes after the private utility and developer submitted a non-binding letter of intent in May 3.

The move aims to encourage fund managers to set up operations in Singapore.

Its food business saw the highest revenue increase to $163.3m in Q2.

The firm’s expenses more than doubled to $182.3m.

A maximum of CNY300b will be available to eligible Singapore firms.

Higher contribution from US Bank Tower boosted its performance.

Its legal representative in Changsha Best Commodity Trading Co. is the CEO’s brother-in-law.

Falling airframe and fleet management revenues hit earnings.

It will engineer and construct two 600MW offshore wind farm substations in Taiwan.

Pre-tax profit in the tropical oils segment skyrocketed 81% to $250.88m. Wilmar International started the year with a bang as net profit climbed 26.4% YoY to $349.3m (US$257m) in Q1 driven by better results in tropical oils, sugar and consumer products. The firm noted that its tropical oils (plantation, manufacturing & merchandising) saw an 81% surge in pretax profit to $250.88m (US$183.8m) boosted by stronger sales volume and margins from the manufacturing and merchandising businesses. However, this was partially offset by lower crude palm oil (CPO) prices and production yields, which reduced the contributions from the plantation business. Meanwhile, the oilseeds & grains (manufacturing & consumer products) business saw its pretax profit almost halved (47.2%) to $124.35m (US$91.1m) from $235.59m (US$172.6m) a year ago. The segment succumbed to weaker results from the crushing business, which had been impacted by the African swine fever outbreak in China and a sharp drop in Brazilian soybean basis. For the sugar (milling, merchandising, refining and consumer products), pretax profit recovered to $2.32m (US$1.7m) from a loss of $53.23m (US$39m) a year ago, thanks to the stronger performance from refining and merchandising activities as well as the contributions from Shree Renuka Sugars Limited, in line with the ongoing sugar milling season in India. Meanwhile, the share of results from joint ventures & associates saw a 50% decrease to $28.53m (US$20.9m) as the stronger performances by the group’s Europe and Vietnam investments were offset by weaker contributions from the African associates and investments in China. Wilmar’s earnings per share jumped 28.1% to $0.56 (US$0.41) from $0.44 (US$0.32) a year ago.