Posts by Mark Darwin
Starbucks using pen and paper to track pay after vendor hack
STARBUCKS said a ransomware attack at a third-party software supplier has disrupted its system for tracking employee schedules, forcing the coffee giant to manually tally workers’ hours and pay. Blue Yonder Group, a Panasonic subsidiary that provides supply chain management software, said its systems were disrupted by a Nov 21 “ransomware incident”. Starbucks is among…
Read MoreStocks to watch: Sats, Sembcorp
THE following companies saw new developments that may affect trading of their securities on Tuesday (Nov 26): Sats: The in-flight caterer and ground handler intends to divest 49 per cent of its interest in its Saudi Arabia cargo-handling subsidiary for S$52.6 million to a private limited company incorporated in the kingdom. Sats will continue to…
Read MoreTrump crypto project gets US$30 million investment from Justin Sun
THE controversial China-born crypto entrepreneur Justin Sun has invested US$30 million in President-elect Donald Trump’s World Liberty Financial, making him the largest investor in the decentralised finance (DeFi) project. “The US is becoming the blockchain hub, and Bitcoin owes it to @realDonaldTrump!,” Sun, the founder of the cryptocurrency firm Tron, announced in a post on…
Read MoreRBNZ set to join aggressive rate cutters with second big move
NEW Zealand’s central bank is expected to lower interest rates by half a percentage point for a second straight meeting, becoming one of the most aggressive cutters among its Western peers. The Reserve Bank of New Zealand (RBNZ) will reduce the Official Cash Rate by 50 basis points to 4.25 per cent on Wednesday (Nov…
Read MoreMacy’s delays Q3 report on accounting issue, expects weaker sales
Macy’s on Monday (Nov 25) delayed the publication of its third-quarter results due to an accounting issue tied to delivery expenses and instead posted preliminary results in which its sales missed Wall Street expectations. A single employee “intentionally” made wrong accounting entries to hide about US$132 million to US$154 million of delivery expenses from the…
Read MoreSats unit to shed stake in Saudi Arabia subsidiary for S$52.6 million
IN-FLIGHT caterer and ground handler Sats intends to divest 49 per cent of its interest in its Saudi Arabia cargo-handling subsidiary for S$52.6 million to a private limited company incorporated in the kingdom. Mainboard-listed Sats and its wholly owned subsidiary Sats Airport Services (SAS) on Monday (Nov 25) entered into a share purchase agreement with…
Read MoreThai banking system has large excess liquidity: central bank
THAILAND’S banking system has large excess liquidity and the central bank has not tightened its lending supervision, an assistant governor said on Monday (Nov 25), reflecting banks’ reluctance to lend. Banks’ lending decisions will depend on debtors’ ability to repay debts, Sakkapop Panyanukul said in an article published on the Bank of Thailand’s website. The…
Read MoreHSBC sustainability chief leaves after executive committee role dropped
HSBC’s chief sustainability officer, Celine Herweijer, has stepped down, the bank said on Monday (Nov 25), weeks after a management reshuffle removed her role from the lender’s executive committee. Herweijer will leave to pursue new opportunities, the bank said, having played a pivotal role in shaping its climate policy. Her role was cut from the…
Read MoreEurope: STOXX 600 hits two-week high
Europe’s main stock index opened at a two-week high on Monday (Nov 25), boosted by US President-elect Donald Trump’s Treasury Secretary nomination and upbeat comments by the European Central Bank’s chief economist on monetary policy easing. The pan-European STOXX 600 was up 0.5 per cent as of 0810 GMT, led by basic resources and personal…
Read MoreSingapore Gulf Bank to raise funds, buy stablecoin payments firm
SINGAPORE Gulf Bank is seeking to raise at least US$50 million in a funding round and plans to acquire a stablecoin payments company next year, according to people with direct knowledge of the matter. The startup bank, established by Singapore family office Whampoa Group and licenced in Bahrain since February, is in talks with a…
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