Business briefing

Cosco Corp issues profit warning for FY2014

COSCO Corporation has warned that its earnings for the year ended Dec 31, 2014, will be significantly lower than those for the year ended Dec 31, 2013, due to the steep fall in crude oil prices over recent months. The oil rout has had an adverse impact on the global offshore marine industry, and specifically led to a S$90 million one-off charge for the company's discontinued Octabuoy hull and topside module project.

CSC unit gets arbitration award of S$36.1m