Posts by Mark Darwin
UK’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…
Read MoreChina’s economic rescue plan leaves commodities stuck on pause
GLOBAL commodities markets are stuck in a holding pattern after China’s latest effort to revive its economy focused on the much-needed restructuring of local government debt, but stopped short of stimulus measures that would directly boost domestic demand. Delivered by the finance ministry on Friday (Nov 8) afternoon, Beijing ’s move amounted to a hefty…
Read MoreShakeup of Indian airlines boosts competition, business seats
INDIA’S airlines are set for a landmark week, with two milestones days apart, that will redefine the competitive landscape in one of the world’s fastest-growing aviation markets. Vistara operates its final flight on Monday (Nov 11) before its planned merger with Air India kicks in the following day, marking the end of a complex and…
Read MoreMUFG is bullish on India and seeking M&A deals to drive growth
MITSUBISHI UFJ Financial Group (MUFG) is bullish on India, where it’s actively looking for acquisition targets that will help boost its presence in the world’s most populous nation. The goal for Japan’s largest lender is to push up its buyouts and investment in India, and increase annual returns from them to 20 per cent in…
Read MoreBangladesh faces reduced power supplies even after Adani payment
BANGLADESH faces a continuing shortage of electricity, increasing the risk of blackouts, even after making a partial payment to a power plant in India that slashed supply because of unpaid bills. Adani Power has received a letter of credit for US$170 million, easing pressure from lenders, two officials said, declining to be identified as internal…
Read MoreYTL Power and Sembcorp Industries among power firms likely to benefit from South-east Asia data centre boom
THE heating up of data centre growth in South-east Asia has been drawing investor interest. Now, analysts are turning the spotlight on one of the key beneficiaries of the booming industry: power companies. The investment thesis is simple: power-hungry data centres will drive demand for electricity. And this demand will continue to grow as more…
Read MoreIndonesia’s GoTo, China’s Tencent, Alibaba agree on cloud infrastructure development
INDONESIAN tech firm GoTo Gojek Tokopedia signed agreements with China’s Tencent and Alibaba on Sunday (Nov 10) to develop cloud infrastructure and digital talent in Indonesia, GoTo said in a statement. The agreements were reached at the Indonesia-China Business Forum in Beijing and witnessed by Indonesian President Prabowo Subianto, who is visiting China, GoTo said.…
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