Asia-Pacific
The Straits Times

Wilmar’s quarterly profit drops, expects tough operating environment to persist

Wilmar said core net profit was US$267.3 million (S$342.8 million) for the three months ended Sept 30, compared with US$357.2 million a year earlier. SINGAPORE – Singapore-listed Wilmar International reported a 25.2% fall in third-quarter core net profit on Oct 29, as weaker performance in its food, and feed and industrial products segments weighed, while it expects operating challenges to persist. The company, one of the world’s largest food producers, said core net profit was US$267.3 million (S$342.8 million) for the three months ended Sept 30, compared with US$357.2 million a year earlier. Sales volume in the feed and industrial products segment, the company’s biggest profit generator, was 18.8 million tons, a tad lower than the year-ago period. A sharp rise in commodity prices and global supply disruptions during the quarter weighed on the company’s margins and led to an increase in feedstock costs, it said. The company’s top segment was also impacted by weaker soybean crushing margins, while higher raw material cost weighed on its food products segment. Still, the company said it was “cautiously optimistic” that its performance for the rest of the year would be satisfactory, supported by its diversified operations. The company paid a compensation expense of US$712.3 million to the Indonesian government in the reporting period. Excluding that expense, its net profit stood at US$281 million. REUTERS

Wilmar’s quarterly profit drops, expects tough operating environment to persist
North America
CNBC Finance

Netflix posts third-quarter earnings beat, but shares fall on advertising and revenue guidance

Netflix on Tuesday reported third-quarter earnings that topped analyst estimates and revenue that was in line as Wall Street eyes the company's engagement and advertising metrics. Here's how Netflix performed for the period ended Sept. 30, compared with projections from analysts polled by LSEG: The streamer's revenue was almost 12% higher year over year, boosted by growth in membership and an increase in subscription prices that went into effect in March, the company said. Netflix said the response to those price hikes has been consistent with prior changes and with its expectations. Net income for the quarter was $3.66 billion, or 87 cents per share, compared with $2.55 billion, or 59 cents a share in the same period last year. Netflix said the year-over-year jump in profit was due in part to the timing of expenses. The company expects fourth-quarter revenue to rise more than 11% to $13.44 billion, driven by growth in memberships, pricing and ad revenue, it said. The company narrowed its 2026 full-year forecast, saying it now expects revenue to reach $51.1 billion, a 13% increase over the year prior. This is on the low end of the range Netflix provided during its previous earnings report of between $51 billion and $51.4 billion and below Wall Street's expectations of $51.2 billion for the year, according to LSEG. Wall Street and investors will be looking for Netflix to provide additional details about the company's strategy following recent organizational changes and headwinds including stagnating viewership and growing competition from the likes of YouTube. "With intense competition and an explosion of content competing for consumer attention, strategic clarity and excellent execution are critical," the company said in a shareholder letter Tuesday. "In Q3, we delivered well across all three priorities, but we see room to do even better with focused, continuous improvement." Last week, Netflix said it was laying off about 6% of employees, or roughly 1,000 workers, and that Chief Content Officer Bela Bajaria was departing from that role. The company said Tuesday it expects its fourth-quarter results to be impacted by those reductions in head count, with a negative impact on operating margin of about 120 basis points. Former Disney executive Peter Rice has been tapped as the new CCO, but it's not yet clear how he'll address concerns around viewership. Netflix in its shareholder letter said, "We know there's some investor concern about our view hours growth," but added, "engagement — which encompasses quantity, quality and variety of viewing — remains healthy and … we continue to deliver strong value to members."

Netflix posts third-quarter earnings beat, but shares fall on advertising and revenue guidance
Asia-Pacific
Channel NewsAsia

Singapore, Malaysia test emergency response to simulated fire on stranded RTS Link train

The joint field training exercise involved a firefighting operation and casualty evacuation. It comes ahead of the cross-border rail service’s opening in February 2027. A joint field training exercise on Oct 27, 2026 simulating a fire on board a stranded Johor Bahru-Singapore Rapid Transit System (RTS) Link train. (Photo: Ministry of Home Affairs) Amir Yusof 28 Oct 2026 04:31PM (Updated: 28 Oct 2026 06:48PM) Bookmark Bookmark Share WhatsApp Telegram Facebook Twitter Email LinkedIn Set CNA as your preferred source on Google Add CNA as a trusted source to help Google better understand and surface our content in search results. Read a summary of this article on FAST. Get bite-sized news via a newcards interface. Give it a try. Click here to return to FAST Tap here to return to FAST FAST JOHOR BAHRU: Emergency responders from Singapore and Malaysia put their cross-border coordination and rescue protocols to the test in an exercise simulating a fire on board a stranded Johor Bahru-Singapore Rapid Transit System (RTS) Link train. The joint field training exercise, held on Tuesday (Oct 27), involved firefighting operations, medical triage and casualty evacuation, as well as coordinating the deployment of emergency personnel across the border. It comes as the cross-border rail service prepares to begin passenger operations in February 2027, after its opening was pushed back from the end of this year. The exercise concluded with a ceremony at the RTS Wadi Hana Depot in Johor Bahru on Wednesday, attended by Singapore's Second Minister for Home Affairs and Foreign Affairs Sim Ann and Malaysian Home Minister Saifuddin Nasution Ismail. CNA Games Guess Word Crack the word, one row at a time Buzzword Create words using the given letters Mini Sudoku Tiny puzzle, mighty brain teaser Mini Crossword Small grid, big challenge Word Search Spot as many words as you can Show More Show Less Malaysia Home Minister Saifuddin Nasution Ismail and Singapore’s Second Minister for Foreign Affairs and Second Minister for Home Affairs Sim Ann at the closing ceremony of the RTS Link cross-border joint exercise in Johor Bahru on October 28, 2026. (Photo: CNA/Zamzahuri Abas) Ms Sim said the exercise demonstrated effective communication, deployment and command and control among participating agencies. Malaysia's Operations Centre at Bukit Chagar and Singapore's Immigration and Checkpoints Authority (ICA) Integrated Operations Centre “maintained real-time communication” throughout the simulated incident, allowing both sides to share information and coordinate their response, Ms Sim said. Each RTS Link train will carry more than 600 passengers and run at short intervals, with each trip – between two countries, “each with its own laws, agencies and command structures” – taking only five minutes, she noted. “An emergency on board a crowded and fast-moving train leaves little room for error. By executing the response plans correctly and swiftly, we will be better prepared to save lives, minimise damage and restore normalcy quickly,” said Ms Sim. She said the exercise provided an opportunity for agencies to identify areas for improvement before the service begins operations. "An exercise is valuable not because everything goes perfectly. It is valuable because it allows us to learn safely, candidly and together," she said.

Singapore, Malaysia test emergency response to simulated fire on stranded RTS Link train
Europe
BBC Business

Budget to include £1bn for social and affordable housing

More than £1bn for social and affordable housing in England will be provided in the Budget, taking funding for the government's 10-year homes programme past £40bn. Mayors and regional leaders across England are also expected to get greater powers and funding in Wednesday's announcement - with councils helped to borrow money from the government to invest in house-building through preferential interest rates. It is hoped the plans will give regional leaders more flexibility and authority over investment decisions. Chancellor John Healey said English cities and regions would get the "right to decide their own future", while Prime Minister Andy Burnham said the plans were about shifting power to those "who know their communities best". The chancellor will also announce more support for small breweries, with the Treasury saying he wants "to turn the tide for our pint producers". Fresh support for breweries follows the news that 310 jobs are at risk at Marston's Brewery in Burton-upon-Trent. The issue was raised again at Prime Minister's Questions earlier this week, after owners Carlsberg Britvic revealed plans to shut down operations at the historic brewing site. Shadow chancellor Andrew Griffith has called for Healey to resign if he fails to set out how the UK will spend 3% of the UK's GDP on defence by 2030. Under the plans for the regions, an initial £285m in transitional seed funding will be allocated by the government next year to support mayors and local leaders - and reduce reliance on "fragmented bidding pots" in Whitehall, the Treasury said. The government will also confirm that it will work with mayors to design a new £1.5bn borrowing facility from 2028, which would allow them to access capital needed to support local priorities. The Treasury said this could be put towards new homes, bringing High Streets back to life, or improving transport links. Healey said: "Mayors and local leaders know what their communities need to grow, which is why we are giving them more money, more power and more capacity to get projects moving, build homes and make the right decisions for their areas."

Budget to include £1bn for social and affordable housing
North America
CNBC Finance

American Express brings Airbnb bookings and rewards to Amex Travel platform

The companies on Thursday announced a new partnership to bring more than 1 million Airbnb listings to Amex's travel portal and allow cardholders to earn rewards when booking the stays. It does not currently allow members to redeem points to pay for Airbnb bookings. The launch adds Airbnb rentals to Amex's hotel portfolio, which includes more than 3,400 properties across its Fine Hotels + Resorts and The Hotel Collection programs. Amex members with either the consumer or business Platinum card can also now apply their $600 annual lodging credit — previously called the hotel credit — to Airbnb's higher-end Luxe stays and take advantage of a new $250 statement credit on eligible Airbnb Experiences after making a Luxe booking. "We're excited to bring more choice and flexibility to American Express Card Members with this exclusive partnership. Both of our companies exist to help people travel more and better, and this partnership helps people see more of the world by making travel more rewarding," said Juan David Borrero, head of partnerships at Airbnb, in a news release. The changes come as competition among premium credit cards continues to ramp up. Last year, American Express raised the annual fee on its premium Platinum card to $895. In turn, it's been investing in cardholder perks such as new lounges in airports and at big-ticket events and experiences as a way to attract more high-paying customers. Earlier this month, it announced an expansion of its Centurion Lounges, with renovations coming to four existing lounges and new ones planned for Newark Liberty International Airport and London Heathrow Airport. The Newark lounge will be the largest in its network. The partnership also comes as Americans continue to opt for travel and luxury experiences, even as prices for airfare, gas and hotels rise. Despite higher costs, more than half of Americans reported making no changes to their travel plans this summer, a recent study by travel insurance company Squaremouth found. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

American Express brings Airbnb bookings and rewards to Amex Travel platform
North America
CNBC Finance

David's Bridal plans to spin off AI platform Pearl into publicly traded company

David's Bridal is planning to spin off its artificial intelligence platform, Pearl, into a stand-alone publicly traded company targeting a valuation of roughly $350 million, CNBC learned exclusively. David's Bridal filed a nonbinding letter of intent on Thursday to separate out Pearl. The AI-centered business would own David's Bridal's intellectual property and look to build on its growing AI model, while the original company would try to strengthen its physical retail business. "We have a fast-growing, high-margin business generating positive cash flow right now in Pearl, and going public now will help us attract the talent and give us more optionality to fuel the growth that we believe that we have," David's Bridal CEO Kelly Cook, who will take over as CEO of Pearl after the deal closes, told CNBC in an interview. Cook said the companies will work hand in hand to serve customers throughout the wedding-planning process, adding that the split is "positioning both companies for strategic growth." Pearl's services include an agentic AI-powered wedding-planning platform, a proprietary tool to streamline appointments and communications and a digital content network with original programming. It uses AI to personalize its suggestions based on its data collection for each client. David's Bridal expects Pearl to generate an EBITDA margin of more than 30% this year and is projecting revenue growth of more than 100% in 2027, exceeding $85 million. It's expected to be debt-free after the deal closes and have positive free cash flow over the next two years, according to the company. "Pearl has earned the right to stand on its own because it's created more value than we've expected," Cook said. Following the transaction, Pearl will own David's Bridal's intellectual property and license it back to the chain. She added that the demand remains strong for both of the businesses. Grand View Research estimates the U.S. wedding services market will top $96 billion in 2026 — and both Pearl and David's Bridal want to be at the forefront of that segment. The companies will continue to have a "relationship built on reciprocity," she said, sharing proprietary data and pointing customers to the other business for the next steps in their wedding planning. The split will allow each company to refine its focus, she added. Still, the plan to go public comes at a time when AI stocks have been struggling. The initial public offering market for consumer companies has been lackluster, more companies are postponing their public debuts and investors are beginning to lose confidence in the AI boom. Cook said the differentiator for Pearl is that the company is "not AI for AI's sake."

David's Bridal plans to spin off AI platform Pearl into publicly traded company
Europe
The Guardian

Too little, too late: Trump takes on gas prices as fuel costs hamper his midterm hopes

A gas pump in Allagash, Maine, on 14 October 2026. Photograph: Charly Triballeau/AFP/Getty ImagesView image in fullscreenA gas pump in Allagash, Maine, on 14 October 2026. Photograph: Charly Triballeau/AFP/Getty ImagesUS midterm elections 2026Too little, too late: Trump takes on gas prices as fuel costs hamper his midterm hopesPolls show US voters are deeply upset by high gas prices and are likely to punish Republicans in the midterms as a result With fewer than two weeks until the midterms, US voters are unlikely to see relief on one of this election cycle’s main issues: gas prices. Airing up her car’s tires at a Speedway in Perrysburg, Ohio, Toledo resident Sharie Smith, 41, says soaring costs are having a direct impact on her life. “It’s affecting my budget,” she says. “You got to take away certain things, you got to take away from your kids, like extracurricular activities.” She says high gas prices are making it harder to pay for the fees for her children’s football games. Every 10 days, she used to fill up her gray Chevy Malibu for $30 to $40, but now it costs $50 to $60. It stings, she says. “Especially that with the price of groceries,” she adds. “And I don’t even have a big car. I feel bad for those people with big cars, like trucks.” Donald Trump has made many promises about bringing down gas prices and specifically touted several diesel cost-savings deals this month, but voters won’t see lower costs by 3 November, say energy analysts. National average prices for gasoline and diesel are down marginally from a month ago, according to AAA, but remain substantially higher than last year. Compared with 2025, gasoline costs are up more than $1.25 a gallon, at $4.29, while diesel prices are up nearly 75%, to $6.30 a gallon. View image in fullscreenPeople protest outside an Trump event in Sumterville, Florida, on 1 May 2026. Photograph: Thomas Simonetti/Bloomberg via Getty ImagesPolls show that US voters are deeply upset by high gas prices and are likely to punish Republicans as a result. A 10 October poll by Politico showed that even if Trump were to bring the price of gasoline down by $1 a gallon, most voters polled would not likely be swayed to vote Republican. Earlier this month, Trump announced several deals attempting to lower diesel prices, including promoting greater use of “red dye” diesel fuel normally reserved for off-highway use, temporarily lifting sanctions on Russian diesel imports, and now a one-time, $8bn diesel-fuel subsidy for farmers to help with harvest. Ed Hirs, energy fellow at the University of Houston, says these moves will have no impact. “Zero. No elaboration needed,” he says. Under the Russia deal, the US can import 2.24m barrels of Russian diesel, with more to follow. That initial figure amounts to just 14 hours of US diesel demand, says Andrew Critchlow, head of energy news for Dow Jones Energy. For context, the global diesel market uses nearly 30m barrels a day.

Too little, too late: Trump takes on gas prices as fuel costs hamper his midterm hopes
North America
CNBC Finance

Southwest Airlines cuts 2026 profit forecast on higher fuel

Southwest Airlines became the third major U.S. airline this month to cut its 2026 profit forecast due to higher fuel prices, but CEO Bob Jordan said travelers continue to book despite higher fares. The carrier expects to earn between $2.60 and $2.85 a share on an adjusted basis this year, down from its forecast in July of between $3.25 to as much as $4.25 a share. Southwest forecast per-share adjusted earnings of between 55 cents and 80 cents in the fourth quarter and unit revenue, a gauge of airfare, up as much as 21% from a year earlier. It said it expects to grow capacity by up to 4% year over year. "Demand remained strong as we lapped last year's bag fee and other commercial initiatives, reinforcing our belief that the earnings power we've built is durable, even with significantly higher fuel costs," Jordan said in an earnings release. The airline said its average passenger fare was $231.69 in the third quarter, up almost 27% from the same quarter of 2025. A spokesman said that number does not include add-on fees. The number of revenue passengers carried fell 3.2% to 33.47 million people. Under pressure to grow revenue, Southwest has been remaking its longtime business model over the past several years, scrapping its old policies like two free checked bags per passenger and open seating. In its place, Southwest has started charging for many seat assignments and added a bag fee, similar to major competitors. For the third quarter, Southwest posted net income of $270 million, or 55 cents a share, up from $54 million or 10 cents a share a year earlier. Revenue rose more than 21% to $8.42 billion. Delta Air Lines and United Airlines also cut their profit outlooks for the rest of the year when they reported third-quarter earnings. Both of those airlines reported top- and bottom-line misses for the third quarter. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Southwest Airlines cuts 2026 profit forecast on higher fuel
Japan
Nikkei Asia

Sri Lanka's anti-corruption drive puts Rajapaksa dynasty in dock

Sri Lankan President Anura Kumara Dissanayake, left, and his administration have arrested a number of family members of former presidents Mahinda Rajapaksa, top right, and Gotabaya Rajapaksa. (Source photos by Reuters) COLOMBO -- Sri Lanka's drive to combat rampant corruption and the culture of impunity, hallmarks of its entrenched political elites, has put the once formidable Rajapaksa political dynasty in the dock, as members of the former first family, who dominated the South Asian nation for nearly two decades, face a clutch of alleged graft cases.

Sri Lanka's anti-corruption drive puts Rajapaksa dynasty in dock