Business News

Capitaland posts net profit drop of 83 per cent for first quarter

Capitaland posts net profit drop of 83 per cent for first quarter Singapore - Capitaland Ltd, one of Asia's largest real estate developers, said Friday its first quarter net profit dropped nearly 83 per cent from the same period a year ago amidst unprecedented challenges arising from the global financial downturn. In the three months that ended March the Singapore-based company reported net profits of 42.9 million Singapore dollars (28.6 million US dollars), down from 247.5 million Singapore dollars a year earlier, Capitaland said in a statement.

Black & Deckeer rolls back prognosis

Black & DeckerNew York  - The tool maker Black & Decker barely scraped into the black with its first quarter results as floundering European demand and the rising dollar ate into profit margins, company results released Thursday showed.

The US firm is projecting diminishing returns for the rest of the year, after earnings dropped by more than 90 per cent from the first quarter last year, to 5 million dollars. Revenues were down by 30 per cent to 1.1 billion dollars.

The results were worse than the firm had expected, prompting an even harsher search to save money, the company said.

Japan's three megabanks to incur losses for past fiscal year

Japan's three megabanks to incur losses for past fiscal yearTokyo  - Japan's three biggest banking groups were expected to report net losses for the fiscal year that ended March 31 amid worsening global financial turmoil, media reports said Thursday.

Such losses would mark the first time in six years that all of Japan's three megabanks would swing into the red.

Mizuho Financial Group Inc was to incur a net loss of more than 500 billion yen (5 billion dollars) because of massive stock and credit losses, Jiji Press quoted sources familiar with the matter as saying.

Dutch insurer Aegon pulls out of Taiwan

Dutch insurer Aegon pulls out of TaiwanTaipei  - Dutch insurer Aegon NV is to sell its Taiwanese life insurance unit to local investors to boost its cash flow, local media reported Thursday.

Aegon said in a statement that it had agreed to transfer its local business to Taipei-based consortium Zhongwei Co for 84.5 million dollars, the Taipei Times reported.

The deal is expected to be completed by the end of third quarter, pending regulatory approval, the company said.

Soft-drink volume up, profits down at Coca-Cola

Soft-drink volume up, profits down at Coca-ColaNew York - Sof

Singapore gears up to tackle casino-related crime

Singapore gears up to tackle casino-related crime Singapore  - Singapore is preparing to deal with casino-related offences, such as cheating and prostitution, ahead of the opening of two casino-anchored resorts, the first of which is due to open in December, media reports said Saturday.

Deputy Prime Minister and Home Affairs Minister Wong Kan Seng noted that newly opened casinos are often the subject of syndicate scams, and to combat such schemes, the Casino Regulatory Authority (CRA) would increase its staff to 116 by the end of the year from a current 75.

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