Posts by Mark Darwin
Nomura scales back China wealth unit, seeks new securities CEO
[HONG KONG] Nomura Holdings has scaled back its original focus on China wealth to prioritise an expansion in brokerage and asset management in the world’s second largest economy, according to sources with knowledge of the matter. Nomura Orient International Securities has trimmed staffing by about two-thirds in its China wealth business over the past two…
Read MoreMorgan Stanley, JPMorgan lead US$16.5 billion bank borrowing spree
[NEW YORK] Morgan Stanley and rival JPMorgan Chase are raising a combined US$14 billion in the US investment-grade market on Monday (Apr 14), the first of the six biggest banks on Wall Street to tap primary debt markets after reporting first-quarter earnings. Four notes totalling US$8 billion are being offered by Morgan Stanley while JPMorgan…
Read MoreCATL reports 33% jump in net income even as battery prices fall
[HONG KONG] Chinese battery making giant Contemporary Amperex Technology Co Limited (CATL) reported a 33 per cent jump in first-quarter earnings, defying a slowdown in demand for electric vehicles (EVs) and a drop in the prices of the cells that power them. Net income came in at 14 billion yuan (S$2.5 billion), versus estimates of…
Read MoreNew Zealand central banker says inflation hit from higher tariffs ‘more ambiguous’
Since the start of April, global markets have been rocked by volatility, while policymakers have been grappling with heightened recession risks [WELLINGTON] Higher tariffs and uncertainty about global trade policy could result in weaker-than-expected economic activity worldwide and at home, a top New Zealand central banker said on Tuesday (Apr 15). “At this stage, the…
Read MoreChina suppliers mock tariffs with Nike, Lululemon deals on TikTok
[NEW YORK] TikTok users in the US are being inundated with videos from Chinese influencers encouraging American buyers to overcome punitive Trump tariffs by buying direct from the “world’s factory” – China. Mostly filmed at Chinese factories purporting to supply top US brands from Lululemon Athletica to Nike, the influencers aim to “expose” how the…
Read MoreLVMH sales fall as shoppers curb spending on luxury goods
[PARIS] LVMH sales fell more than expected in the first quarter, weighed down by weak demand for luxury goods in China and the US and the threat of a trade war. Revenue at the French luxury group’s fashion and leather goods division, its largest unit, dropped 5 per cent on an organic basis, LVMH Moet…
Read MoreNvidia to produce AI servers worth up to US$500 billion in US over four years
[BENGALURU] Nvidia said it is planning to build AI servers worth as much as US$500 billion in the US over the next four years with help from partners such as TSMC, the latest American tech firm to back the Trump administration’s push for local manufacturing. Monday’s (Apr 14) announcement includes production of its Blackwell AI…
Read MoreApple takes top spot for first-quarter smartphone sales, data shows
[NEW YORK] Apple took the top spot for global smartphone sales in the first quarter on the back of the iPhone 16’s launch and strong demand in countries such as Japan and India, data from Counterpoint Research showed on Monday (Apr 14). Apple had 19 per cent of the smartphone market, despite flat or declining…
Read MoreGoldman Sachs’ profit jumps as traders deliver gains
[NEW YORK] Goldman Sachs reported a 15 per cent rise in first-quarter profit as market volatility led to record revenue in equities trading and boosted fixed income results. The Wall Street lender joined rivals JPMorgan Chase and Morgan Stanley in reporting higher profits. But investors have shifted their focus on to economic projections, which are…
Read MoreWilmar maintains innocence after Indonesian judges who acquitted it are arrested on corruption charges
[SINGAPORE] Wilmar International maintained its innocence after four judges who cleared it – as well as two other palm oil companies – in a corruption case related to obtaining export permits, were reportedly arrested. “We believe we are not guilty of the charges as our actions during that period to increase the supply of palm…
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