Posts by Mark Darwin
German chemicals giant Bayer cuts key target amid weedkiller woes
GERMAN chemicals giant Bayer cut its forecast for 2024 operating earnings on Tuesday (Nov 12), after a poor performance in its agrochemicals division hit quarterly profits. The group reported a net loss of about 4.2 billion euros (S$6 billion) in the third quarter, with revenues in its agricultural unit down 3.6 per cent. A heavy…
Read MoreSoftBank swings back to quarterly profit with 1.18 trillion yen gain
JAPAN’S SoftBank Group swung to a 1.18 trillion yen (S$8.7 billion) net profit in the three months to September, as the tech giant benefitted from higher share prices of listed companies in its Vision Fund investment vehicles. The results handsomely beat expectations for a 287 billion yen profit based on the average of four analyst…
Read MoreAirbus says China certification for A330neo jet progressing smoothly
THE head of Airbus China said on Tuesday (Nov 12) that Chinese certification of its A330neo jet was going smoothly and the first delivery of the widebody model in the country could come in 2025. Airbus China CEO George Xu also told reporters at China’s biggest air show in Zhuhai that the European planemaker expected…
Read MoreBaidu bolsters AI lineup with text-to-image generator, no-code app builder
CHINA’S Baidu unveiled a slew of new applications for its artificial intelligence (AI) technology on Tuesday (Nov 12), including a text-to-image generator and a tool that enables users to develop software applications without coding expertise. The country’s leading search engine company is among tech firms shifting their focus to the commercialisation of large language model…
Read MoreInvesting in markets is best way to fight inflation, says new Saxo Singapore CEO
SAXO, a global investing and trading firm, has appointed Mahesh Sethuraman as Singapore CEO to take the helm of its operations here. Concurrently, the Copenhagen-headquartered firm has appointed Damian Hitchen as regional head of Asia-Pacific (Apac) and Middle East and North Africa (Mena) regions. Having led Saxo’s Mena business since 2021, he will now develop…
Read MoreSingapore shares retreat at Tuesday’s open; STI down 0.2%
SINGAPORE stocks started trading in negative territory on Tuesday (Nov 12) morning, despite global markets logging overnight gains. As at 9.01 am, the Straits Times Index (STI) opened 0.2 per cent or 8.88 points lower at 3,730.59. Across the broader market, gainers outnumbered losers 60 to 49 after 48.2 million securities worth S$63 million changed…
Read MoreGrab reports Q3 profit of US$15 million, raises 2024 revenue forecast
Group-adjusted Ebitda is US$90 million for the quarter, an improvement of 224% year on year Grab on Tuesday (Nov 12) reported third-quarter earnings that showed it turned back to being profitable in the third quarter, and raised its forecast for its full-year 2024 revenue on expectations of strong growth. It reported profit of US$15 million…
Read MoreStocks to watch: CICT, FHT, Riverstone, Food Empire, Lendlease Global Reit
THE following companies saw new developments that may affect trading of their securities on Tuesday (Nov 12):
Read MoreAmazon developing driver eyeglasses to shave seconds off deliveries: sources
AMAZON is developing smart eyeglasses for its delivery drivers to guide them to, around and within buildings, as it tries to smooth the final stretch of an order’s journey to a customer’s home, five sources familiar with the matter said. If successful, the glasses would provide drivers with turn-by-turn navigation on a small embedded screen,…
Read MoreFTX sues Binance and its former CEO for US$1.8 billion
COLLAPSED cryptocurrency company FTX is suing Binance and its former CEO Zhao Changpeng, alleging that US$1.8 billion was “fraudulently transferred” by FTX management to Binance and its executives. The lawsuit relates to Binance’s sale of its stake in Sam Bankman-Fried’s FTX, which it acquired in 2019 but then negotiated to sell back to FTX in…
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