Posts by Mark Darwin
Wall Street ends lower after Powell erodes hopes for December rate cut
Wall Street’s main indexes closed lower on Thursday (Nov 14) after Federal Reserve chair Jerome Powell dampened investor hopes for another interest rate cut this year by saying the US central bank need not rush to ease monetary policy. Powell said at a Dallas Fed event that with the economy still growing, the job market…
Read MoreOffer for Broadway Industrial Group turns unconditional
THE mandatory cash offer made by engineering solutions provider Patec Group to acquire all the shares of manufacturer Broadway Industrial Group has turned unconditional in all respects. As at 6 pm on Thursday (Nov 14), the total number of shares owned, controlled or agreed to be acquired by the offeror and persons acting in concert…
Read MoreUS dollar marches on, Trump trade momentum undimmed
THE US dollar continued its relentless march higher on Thursday (Nov 14), trading at a one-year high against major peers and headed for a fifth straight daily gain fuelled by higher yields and Donald Trump’s election victory in the United States. The greenback climbed above 156 yen for the first time since July, while the…
Read MoreSGX RegCo issues trade with caution alert on 9R Limited
THE Singapore Exchange Regulation Company (SGX RegCo) has urged investors to exercise caution when dealing with shares of 9R Limited. In a trade with caution alert on Wednesday (Nov 13), RegCo noted that the price of 9R shares rose 48.7 per cent or S$0.019 from S$0.039 on Jun 4 to S$0.058 on Aug 14. The…
Read MoreSGX RegCo issues trade with caution alert on 9R
THE Singapore Exchange Regulation Company (SGX RegCo) has urged investors to exercise caution when dealing with shares of 9R. In a trade with caution alert on Wednesday (Nov 13), RegCo noted that the price of 9R shares rose 48.7 per cent or S$0.019 from S$0.039 on Jun 4 to S$0.058 on Aug 14. The counter…
Read MoreJapan’s megabanks see record annual profit after bumper Q2 as rate hikes boost margins
JAPAN’S three megabanks raised their annual profit forecasts to all-time highs on Thursday (Nov 14), fuelled by robust lending demand and higher margins following a July interest rate hike by the Bank of Japan. The lenders, all reporting financial results on Thursday, are benefiting from higher borrowing costs after seven years of negative policy rates…
Read MoreTaiwan tech giant Foxconn posts US$1.5 billion Q3 net profit
Taiwanese tech giant Foxconn on Thursday (Nov 14) reported a forecast-topping net profit for the third quarter on robust demand for artificial intelligence servers and said it expected 2025 to be the “year of AI”. The firm, also known by its official name Hon Hai Precision Industry, is the world’s largest contract electronics manufacturer and…
Read MoreLufthansa plans to cut admin jobs by 20%
GERMAN flag carrier Lufthansa is looking to gradually reduce jobs in administration by 20 per cent as it steels itself against a projected drop in earnings, the Manager Magazin reported on Thursday (Nov 14). The planned job cuts would impact 400 positions, the report said. Lufthansa declined to comment directly on the reported layoffs but…
Read MoreAviva posts 15% rise in 9-months general insurance premiums
BRITISH insurer Aviva posted a 15 per cent rise in general insurance gross written premiums for the first nine months of the year to £9.1 billion (S$15.5 billion) on Thursday (Nov 14) and said it was confident of meeting its group targets. The life, motor and home insurer, whose main businesses are in Britain, Canada…
Read MoreAircraft lessors to continue to be impacted by scale and consolidation
Providing the right amount of value relative to other asset classes is a challenge for lessors THE benefits of scale and the impact of consolidation will continue to shape the aircraft leasing industry over the coming decade, said Andy Cronin, chief executive of Avolon, the world’s second-largest aircraft lessor. Cronin, Avolon’s helmsman with more than…
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