Posts by Mark Darwin
Morgan Stanley’s PE arm to sell HVAC firm to Goldman Sachs Alternatives
MORGAN Stanley’s private equity arm is selling its heating, ventilation and air conditioning (HVAC) business Sila Services, about three years after it invested in the company to take advantage of the growing interest in the sector. Pennsylvania-based Sila will be sold to the private equity unit of Goldman Sachs Alternatives, Morgan Stanley said on Monday…
Read MoreLui Che Woo, casino tycoon who hit jackpot in Macau, dies at 95
LUI Che Woo, the Hong Kong tycoon whose fortune grew alongside neighbouring Macau’s casino industry, has died. He was 95. He died on Nov 7, according to a statement released by Galaxy Entertainment Group, where he was founder and chairman. “His vision, tremendous leadership and guidance were the foundations for the group’s development and continued…
Read MoreRiverstone Q3 earnings rise 21.8% to RM72.2 million
Glovemaker’s revenue for the period also up by 33.9%, driven by increased production volume and higher average selling prices GLOVEMAKER Riverstone Holdings reported a rise of 21.8 per cent in net profit to RM72.2 million (S$21.8 million) for the third quarter of the 2024 financial year, from RM59.3 million in Q3 FY2023. In a bourse…
Read MoreChina’s October new lending tumbles more than expected despite policy support
NEW bank lending in China tumbled more than expected to a three-month low in October, as a ramp-up of policy stimulus to buttress a wavering economy failed to boost credit demand. Chinese banks extended 500 billion yuan (S$92.5 billion) in new yuan loans in October, down sharply from September and falling short of analysts’ expectations,…
Read MoreAvarga receives S$0.25 per share offer from its executive chairman
Tong Kooi Ong intends to carry on the existing business of the company, but may consider other opportunities that may come up PAPER manufacturing and building materials distributor Avarga has received an unconditional mandatory general cash offer of S$0.25 per share, it announced in a bourse filing on Monday (Nov 8). The offer was made…
Read MoreAustralia nears deal with ANZ to stop bank closures in the Pacific
AUSTRALIA is in the final stages of talks with ANZ Group over a deal to maintain the bank’s branches across the Pacific, Treasurer Jim Chalmers said on Monday (Nov 11), a diplomatic win in a region contested with China. Many Pacific Island countries are losing access to banks and international payments as Western banks close…
Read MoreUK’s Direct Line plans to cut 550 jobs, posts fall in gross premiums
DIRECT Line Insurance Group unveiled plans on Monday (Nov 11) to cut 550 roles, or about 5 per cent of its global workforce, and reported a fall in gross premiums written in the third quarter, weighed down by its underperforming motor insurance business. The British insurer has been struggling to reinvigorate its business under a…
Read MoreBYD closing in on Ford deliveries after besting Tesla on revenue
FRESH from besting Tesla on quarterly revenue for the first time as an electric vehicle (EV) company, BYD now has legacy automakers in its sight. The extraordinary sales volumes being pumped out by China’s best-selling car brand means BYD has a shot at beating Ford Motor in terms of annual shipments this year, a milestone…
Read MoreBank of Japan hints at caution on rate hike with no clear December hint
BANK of Japan (BOJ) board members discussed the need for caution on raising its benchmark rate and offered no clear hint of a move next month, a summary of opinions from its October policy meeting showed. “It cannot be judged at this point that markets are stabilising,” one of the nine board members said at…
Read MoreHedge funds shorting Tesla just lost more than US$5 billion
SINCE Donald Trump’s election win, the hedge funds clinging on to bets against Tesla have lost billions of US dollars, as they feel the fallout of the special relationship between the president-elect and Elon Musk. Hedge funds that had short positions against Tesla between election day and Friday’s (Nov 8) close took an on-paper hit…
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