Posts by Mark Darwin
Maybank downgrades rating on Malaysia property to ‘neutral’ on JS-SEZ delay, lack of new drivers
MAYBANK Securities lowered its call on Malaysian property developers to “neutral” from “positive” for next year, given the absence of new factors and the delay in details about the Johor-Singapore Special Economic Zone (JS-SEZ). “Looking ahead, sector themes are expected to remain focused on Johor, data centre developments and corporate exercises,” Maybank analyst Wong Wei…
Read MoreClub Med owner shares jump 83% after Hong Kong take-private offer
FOSUN Tourism Group shares saw their biggest jump on record in Hong Kong, after the owner of luxury resort chain Club Med offered to buy back shares from minority holders as it seeks to boost growth as a private company. Share prices surged as much as 83 per cent after Fosun Tourism resumed trading on…
Read MoreGold hits two-week high with spotlight on US inflation data
GOLD prices nudged higher to touch a two-week peak on Wednesday (Dec 11), supported by escalating geopolitical tensions and expectations of another rate cut by the Federal Reserve next week, ahead of a closely watched US inflation report. Spot gold was up 0.1 per cent at US$2,696.82 per ounce, as at 0023 GMT. US gold…
Read MoreUS Steel drops as Biden plans to block sale to Nippon Steel
PRESIDENT Joe Biden plans to formally block the US$14.1 billion sale of United States Steel to Nippon Steel on national security grounds once the deal is referred back to him later this month, sources familiar with the matter said. The Committee on Foreign Investment in the United States (CFIUS) panel, which has been reviewing the…
Read MoreUBS reorganises US wealth management unit in growth push
UBS Group made organisational changes to its wealth-management unit in the US as it seeks to lift profitability in a market that’s central for its growth plans. The structure of wealth advisers in the US will move from two divisions to four regional units, as well as a team for international clients and an advice…
Read MoreGM to wind down robotaxi operations championed by CEO Barra
GENERAL Motors’ (GM) Cruise self-driving car unit will exit the robotaxi business, a retreat from a market that proved costly and full of reputational pitfalls for the automaker. Cruise and GM’s technical teams will be combined into a single effort focused on developing autonomous technology to offer in future models sold by GM, according to…
Read MoreWhat is a Fat Tax? The Question Taking Over the Internet
In today’s society, obesity has become a prevalent public health issue affecting people of all ages and backgrounds. With approximately 70% of adults in the United States being overweight and about one-third classified as obese, it is clear that urgent measures are needed to address this epidemic (source). One proposed solution to combat obesity is…
Read MoreGoogle invests in venture to build energy parks for data centres
ALPHABET’S Google is investing in mega energy parks that will generate renewable power as the company races to fuel its data centres. The technology behemoth entered into a partnership with Intersect Power, an independent power producer, and investment firm TPG Rise Climate LP to design and build big energy plants next to data centre campuses,…
Read MoreNippon Life in talks to buy Resolution Life in deal worth US$8.2 billion
NIPPON Life Insurance is in the final stages of buyout talks with US life insurer Resolution Life Group Holdings, Resolution said on Tuesday (Dec 10), in what would reportedly be a US$8.2 billion deal that highlights Japanese insurers’ hunt for growth in the world’s biggest economy. The acquisition, which was first reported by the Nikkei…
Read MoreFitch Ratings upgrades Astrea VI Class A-2 bonds
Ratings agency Fitch Ratings has upgraded the private equity (PE) backed Astrea VI Class A-2 bonds, part of a few tranches of Astrea bonds that were in high demand when launched. The bonds, which are denominated in US dollars, have been upgraded from “Asf” to “A+sf”, issuer Azalea 8 said in a statement on Tuesday…
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