Posts by Mark Darwin
Global 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…
Read MoreStocks to watch: Thai Beverage, BRC Asia, TSH Resources, Lum Chang
THE following companies saw new developments that may affect trading of their securities on Friday (Nov 22): Thai Beverage (ThaiBev): The beverage company posted a net profit of 27.2 billion baht (S$1.1 billion) for its full year ended Sep 30, a slight drop of 1 per cent from 27.4 billion baht a year earlier. This…
Read MoreCharles Schwab eyes spot crypto trading once regulations change
CHARLES Schwab’s incoming chief executive officer, Rick Wurster, said the firm is looking to offer spot cryptocurrency trading once US regulations make doing so easier – something that’s more likely once President-elect Donald Trump takes office. “We will get into spot crypto when the regulatory environment changes, and we do anticipate that it will change,…
Read MoreSMIC’s Nvidia-beating 120% stock rally faces chip war threats
SEMICONDUCTOR Manufacturing International Corporation’s (SMIC) stock has more than doubled over the past two months on an expected boost from China’s self-reliance push, even amid risks tied to competition and geopolitical tensions. Shanghai-listed shares of China’s largest outsourced chipmaker are up 120 per cent from a September low, trouncing global sector names including Nvidia and…
Read MoreGap raises annual sales target betting on steady holiday demand
GAP raised its annual sales forecast on Thursday (Nov 21) and said the holiday season was off to a “strong start”, sending its shares up nearly 14 per cent in extended trade. Gap’s reported sales grew for a fourth consecutive quarter, and the company also topped profit expectations as it executes a turnaround under CEO…
Read MoreUS: Wall St opens higher after jobless claims data, Nvidia results
Wall Street’s main stock indexes opened higher on Thursday (Nov 21) after data reflected a robust labour market, and AI-heavyweight Nvidia advanced after reporting upbeat quarterly results and forecast. The Dow Jones Industrial Average rose 130.2 points, or 0.30 per cent, at the open to 43,538.7. The S&P 500 rose 23.5 points, or 0.40 per…
Read MoreThaiBev’s FY2024 net profit dips 1% to 27.2 billion baht
THAI Beverage (ThaiBev) posted a net profit of 27.2 billion baht (S$1.1 billion) for its full year ended Sep 30, a marginal 1 per cent drop from 27.4 billion baht a year ago. The beverage manufacturer on Thursday (Nov 21) said that its net profit was weighed down by a decrease in earnings from the…
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