Posts by Mark Darwin
British insurer Direct Line rejects Aviva’s £3.3 billion takeover bid
BRITISH insurer Direct Line Insurance on Wednesday (Nov 27) rejected a takeover offer of £3.3 billion (S$5.6 billion) from bigger rival Aviva, saying it “substantially undervalued” the company. On Nov 19, Aviva made a 250-pence-per-share offer, which represented a nearly 60 per cent premium to the stock’s close a day earlier. If the deal went…
Read MoreSamsung gets first woman CEO outside founding family in 86 years
FOR Samsung Group, this has been a year of milestones. First, a rare public apology from its flagship Samsung Electronics, followed by a bumper share buyback. And now, South Korea’s biggest conglomerate has named a woman that’s not member of its founding family as chief executive officer of a group company for the first time…
Read MoreStandard Chartered mulls sale of wealth, retail operations in Africa
STANDARD Chartered is exploring a potential divestment of its wealth and retail banking operations in Botswana, Uganda and Zambia, it said on Wednesday (Nov 27), as the banking giant restructures its operations in a bid to trim costs. The Asia-focussed lender, like rival HSBC, is shaking up its business to focus more on affluent individual…
Read MoreOpenAI allows employees to sell US$1.5 billion stock to SoftBank: sources
CHATGPT-owner OpenAI is allowing its employees to sell roughly US$1.5 billion worth of shares in a new tender offer to Japan’s SoftBank Group, two sources familiar with the matter told Reuters on Wednesday (Nov 27). SoftBank’s billionaire CEO Masayoshi Son has been persistent in seeking a larger stake in the startup after investing in the…
Read MoreEuro’s bruising leaves global investors on edge
AS THE euro heads for its worst month since early 2022, analysts warn that a wild ride in the currency could be the next source of global market volatility after gyrations in Japan’s yen sparked a bout of cross-asset turmoil in August. Europe’s single currency has slumped by around 3.8 per cent against the US…
Read MoreFinancial institutions, companies in Singapore have enough buffer to weather shocks: MAS
COMPANIES and financial institutions in Singapore have enough buffers to manage shocks to their incomes and financing costs as their strong balance sheets can help them cope with higher borrowing costs and market volatility, said the Monetary Authority of Singapore (MAS) on Wednesday (Nov 27). As most corporates have low debt levels, overall bank credit…
Read MoreRBNZ flags another big cut after second half-point move
NEW Zealand’s central bank chief suggested a further large cut in interest rates would be delivered early next year if the economy evolves as expected, after easing policy by a half-percentage point at Wednesday’s (Nov 27) meeting. The Reserve Bank of New Zealand’s (RBNZ) Monetary Policy Committee lowered the Official Cash Rate (OCR) to 4.25…
Read MoreCrowdStrike raises annual forecast on steady cybersecurity demand
CYBERSECURITY firm CrowdStrike raised its annual revenue and profit forecasts and beat third-quarter revenue on Tuesday (Nov 26), betting on growing demand for cybersecurity services amid growing online threats. Businesses are increasingly investing in Crowdstrike’s comprehensive cybersecurity services to combat the widespread threat of online hacking and digital fraud. Several companies, including AT&T, Live Nation…
Read MoreCrypto exchange Kraken shuts down NFT marketplace
THE crypto exchange Kraken is shutting down its non-fungible token (NFT) marketplace almost two years after the platform was launched, saying it’s shifting more resources into new products and services. “Clients have been informed of the changes and our team will support them as they move their NFTs to their Kraken Wallet or a self-custodial…
Read MoreCouche-Tard not giving up on bid to acquire 7-Eleven’s owner
CANADIAN convenience store and fuel retailer Alimentation Couche-Tard remains committed to snapping up its Japanese rival Seven & i Holdings despite a new management buyout proposal valued at about US$58 billion. “We will be persistent and continue our friendly approach to creating what we see as the most compelling outcome for all shareholders, employees and…
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