ExxonMobil

ExxonMobil on Monday said it would write down the value of natural gas properties by US$17 billion (S$22.8 billion) to US$20 billion, its biggest impairment, and slash project spending next year to its lowest level in 15 years.

The oil major is reeling from the sharp decline in oil demand and prices from the pandemic, and a series of bad bets on projects when prices were much higher. The new cost cuts aim to protect a US$15 billion-a-year shareholder payout that many analysts believe is unsustainable without higher prices.

REUTERS

Keppel Land

Keppel Corporation's property arm, Keppel Land, is divesting its remaining 30 per cent interest in Dong Nai Waterfront City for about 1.95 trillion dong (S$113 million) in cash.

The buyer is NLG, which will pay the consideration in two tranches upon completion of the deal.

With the divestment of this remaining 30 per cent interest, Keppel Land expects to recognise a gain on disposal of about $52.5 million.

The deal is expected to be completed in the first half of next year, Keppel Corp said.

THE BUSINESS TIMES

Credit Suisse

Credit Suisse yesterday said it has proposed outgoing Lloyds Banking Group chief executive Antonio Horta-Osorio as its candidate to succeed Mr Urs Rohner as chairman after the latter's nearly 10 years in the job.

"Antonio Horta-Osorio shall succeed Urs Rohner, who will step down in 2021 as previously announced upon reaching the statutory term of 12 years," Switzerland's second-biggest bank said in a statement, referring to Mr Rohner's boardroom stint, first as vice-chairman and since 2011 as chairman.

REUTERS