Posts by Mark Darwin
Adani CFO says US charges linked to only one business contract
A US bribery indictment of Indian billionaire Gautam Adani is linked to one contract of Adani Green Energy comprising some 10 per cent of its business, and none of the conglomerate’s other companies are accused of wrongdoing, the group’s chief financial officer said on Saturday (Nov 23). On Wednesday, Gautam Adani, one of the world’s…
Read MoreProcter & Gamble doubles down on China’s TikTok to reverse sales slump
PROCTER & Gamble (P&G) has been revamping its marketing and line-up of influencers on fast-growing Chinese shopping app Douyin in recent months, helping its Pantene shampoo lead growth in hair care on the platform. The Cincinnati-based company’s investments in better packaging for Pantene in China, and improved marketing on how much to use, has led…
Read MoreSamsung ordered to pay US$118 million for infringing Netlist patents
A FEDERAL jury in Marshall, Texas, on Friday (Nov 22) awarded computer memory company Netlist US$118 million in damages from Samsung Electronics in a patent lawsuit over technology for improving data processing in high-performance memory products. The verdict follows a US$303 million verdict against Samsung for Irvine, California-based Netlist in a related case last year.…
Read MoreAmazon doubles down on AI startup Anthropic with another US$4 billion
AMAZON pumped another US$4 billion into OpenAI competitor Anthropic, as the e-commerce giant goes up against Big Tech rivals in a race to capitalise on generative artificial intelligence technology. This doubles Amazon’s investment in the firm known for its GenAI chatbot Claude, but it remains a minority investor, the startup said on Friday (Nov 22).…
Read MoreSingapore stocks end Friday in the black as GDP growth exceeds expectations; STI up 0.2%
SINGAPORE stocks rose on Friday (Nov 22) as the Republic’s economy exceeded expectations for third-quarter growth, prompting the government to revise the year-on-year growth for Q3 upwards to 5.4 per cent and adjust the full-year growth forecast for 2024 to around 3.5 per cent. The upgrade in growth forecast for the full year takes into…
Read MoreChina’s bottled water billionaire lashes out at Pinduoduo, ByteDance
One of China’s richest people has taken aim at tech firms ByteDance and Pinduoduo for allegedly harming him and Chinese brands. Zhong Shanshan, 69, and his bottled water company Nongfu Springs have been under heavy pressure thanks to a price war and online personal attacks from nationalistic internet users that wiped billions of dollars off…
Read MoreGlobal banks weigh halting fresh credit to India’s Adani after US indictment
Some global banks are considering temporarily halting fresh credit to India’s Adani Group but staying put with existing loans following US prosecutors’ indictment of its billionaire founder Gautam Adani for fraud, sources said. US prosecutors have charged eight people, including Adani chair Gautam Adani, with agreeing to pay about US$265 million in bribes to Indian…
Read MoreIndonesia curbing nickel supply to support locals: Eramet
INDONESIA is squeezing supplies of nickel ore to protect smaller local miners as the market for the battery metal endures a prolonged slump, according to Eramet. The French miner, which operates the world’s largest nickel mine in Indonesia’s North Maluku province, was this year given a sales quota by the Asian nation that was 29…
Read MoreFAA plans to review 737 MAX engine issue after bird strike incidents
THE Federal Aviation Administration (FAA) plans to convene a review board in the coming weeks to consider safety concerns about engines on Boeing 737 MAX airplanes after two bird strike incidents on Southwest Airlines planes in 2023. The FAA said it is addressing an issue with the CFM LEAP-1B engine and is collaborating with Boeing,…
Read MoreSafe-haven gold on track for weekly gain
GOLD prices were steady on Friday (Nov 22) but still poised for a weekly gain, driven by safe-haven demand due to escalating geopolitical concerns, while market awaited clearer signals on the US interest rate outlook. Spot gold was little changed at US$2,669.99 per ounce as at 0006 GMT and up over 4 per cent for…
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