SG Morning Call | Singapore's Wilmar Third-Quarter Profit Slumps 36% on Weak China, Sugar Segment

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SG Local News

Singapore MAS Sets Up New Fintech Network Led by Former Chief

Singapore’s former central bank chief Ravi Menon is reuniting with his former colleagues at a new financial and technology network with plans including fund raising for startups.

Menon, who retired this year as head of the Monetary Authority of Singapore, will be chairman of the central bank’s Global Finance & Technology Network, the MAS said in a statement Wednesday. Sopnendu Mohanty, currently MAS chief fintech officer, will relinquish the role and become chief executive of the new entity in February.

BYD Revenue Beats Tesla for First Time; Q3 Sales Surge 24% to 201 Billion Yuan

BYD notched up another win over Tesla on Wednesday, reporting quarterly revenue that beat Elon Musk’s carmaker for the first time since the pair have gone head to head in global electric vehicle (EV) sales.

Revenue for China’s best-selling carmaker soared 24 per cent on year to 201.1 billion yuan (S$37.4 billion) for the three months ending Sep 30, falling short of estimates, but exceeding Tesla whose sales hit US$25.2 billion in the same period.

Net profit increased 11.5 per cent to 11.6 billion yuan, surpassing consensus, after BYD sold an unprecedented 1.12 million electric and plug-in hybrid vehicles last quarter.

Singapore's Wilmar Third-Quarter Profit Slumps 36% on Weak China, Sugar Segment

Singapore-listed $Wilmar Intl(F34.SI)$ reported a 35.7% fall in third-quarter core net profit on Wednesday, weighed down by weaker China and sugar division operations.

The company, one of the world's largest food producers, said core net profit was $208.1 million for the three months ended Sept. 30, compared with $323.6 million a year ago.

Wilmar faced a labour dispute at its Australian sugar maker unit, Wilmar Sugar and Renewables, which was resolved in September.

Alphabet Says Spotify, Paramount Sign to Use New Cloud Chip

Google Cloud, a unit of Alphabet Inc, said on Wednesday that Spotify Technology and Paramount Global are using a new chip that it designed with technology from Arm Holdings to power their streaming services.

Google has made the new Axion chip, a central processing unit, or CPU, available to all customers on its cloud service. It is expected to compete for software developers' budgets against traditional offerings from Intel and Advanced Micro Devices.

Attika Group to List on SGX Catalist, Raise $4.6 Million Through Placement Shares

Commercial interior decoration and mechanical, electrical and plumbing engineering company Attika Group is set to raise $4.6 million in gross proceeds as it issues 21 million placement shares at 22 cents per share.

The company is expected to list on the Singapore Exchange (SGX) Catalist board on Nov 8 with a market cap of $29.9 million based on the issue price.