Posts by Mark Darwin
Grab 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…
Read MoreMorgan 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 More