Company Briefs: OUE Commercial Reit

OUE Commercial Reit

OUE Commercial Reit has posted a third-quarter distribution per unit of 1.32 cents, up 29.4 per cent from 1.02 cents in the same period last year.

The amount available for distribution rose 31.6 per cent year on year to $17.2 million, due mainly to contributions from One Raffles Place acquired in October last year.

Net property income in the three months ended Sept 30 was $35.3 million, up 127 per cent from a year ago. Gross revenue was $44.2 million, up 114.4 per cent year on year.

Thomson Reuters Corp

Thomson Reuters Corp said yesterday it would eliminate about 2,000 jobs worldwide and take a fourth-quarter charge of US$200 million (S$278 million) to US$250 million to streamline its business.

The restructuring across 39 countries and 150 locations would mainly affect the financial and risk business and the enterprise, technology and operations group, the news and information company said.

It employs about 48,000 people globally, a spokesman said. "We are taking these actions now because we see a real opportunity to break down internal silos, position ourselves closer to customers and become more agile," chief executive officer Jim Smith said.


Standard Chartered

Standard Chartered chief executive Bill Winters branded its income and profit unacceptable yesterday as below-forecast third-quarter results and confirmation of a Hong Kong investigation underlined the challenges his overhaul faces.

"We now have a stronger balance sheet... but income and profit levels are not yet acceptable," he said after the Asia-focused bank generated income of US$3.47 billion (S$4.8 billion) in July to September, down 6 per cent from US$3.68 billion from a year ago.

Although the bank's third-quarter underlying pre-tax profits were US$458 million compared with a US$139 million loss last year, this failed to offset investor disappointment with the fall in income.

The bank also confirmed that Hong Kong's financial regulator planned to take action against it in relation to its role as a joint sponsor of an initial public offering in 2009. This comes days after Swiss bank UBS said Hong Kong's Securities and Futures Commission was investigating its role in certain unnamed stock market listings.


A version of this article appeared in the print edition of The Straits Times on November 02, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe