Posts by Mark Darwin
Musk now says it’s ‘pointless’ to build a US$25,000 Tesla for human drivers
WHEN Reuters reported in April that Tesla had scrapped plans for a long-promised, next-generation US$25,000 electric vehicle (EV), the automaker’s stock plunged. Chief executive Elon Musk rushed to respond on X, his social media network. “Reuters is lying,” he posted, without elaborating. Tesla’s stock recovered some of its losses. Six months later, Musk appears to…
Read MorePBOC head vows to boost China countercyclical monetary measures
CHINA’S central bank chief pledged to maintain an accommodative monetary policy stance and to double down on countercyclical adjustments to support the country’s economic growth. In a report on the nation’s financial work to China’s top legislative body, the National People’s Congress (NPC) Standing Committee, People’s Bank of China (PBOC) governor Pan Gongsheng on Tuesday…
Read MoreApple to face first EU Fine under bloc’s Digital Markets Act
APPLE is set to face the first-ever fine under the European Union’s new digital antitrust rules for Big Tech, representing an escalation of a clash with regulators over the dominance of its hugely profitable App Store. Watchdogs are readying the penalty after the iPhone maker failed to allow app developers to steer users to cheaper…
Read MoreFrasers Hospitality Trust’s sudden lurch to a higher tax rate in Australia serves as a cautionary tale
S-Reits may lose the capital support of strategic investors due to the limit on foreign individual ownership THE news that Frasers Hospitality Trust’s (FHT) wholly owned Australian subsidiary, FHT Australia Trust, will be subject to a higher effective tax rate probably came as a rude shock to its unitholders. The managers of the Singapore-listed real…
Read MoreFrasers Hospitality Trust’s hit by sudden jump in Aussie tax rate serves as a cautionary tale
S-Reits may lose the capital support of strategic investors due to the limit on foreign individual ownership THE news that Frasers Hospitality Trust’s (FHT) wholly owned Australian subsidiary, FHT Australia Trust, will be subject to a higher effective tax rate probably came as a rude shock to its unitholders. The managers of the Singapore-listed real…
Read MoreUS: Wall St opens higher as Americans head to polls
US STOCK indexes opened higher on Tuesday (Nov 5), as voting began in a tightly contested presidential election, with traders girding up for volatile trading over the next few sessions until a winner is declared. The Dow Jones Industrial Average rose 40.9 points, or 0.10 per cent, at the open to 41835.49. The S&P…
Read MoreFerrari’s core profit rises 7%, helped by product mix, personal touches
FERRARI said on Tuesday (Nov 5) its core earnings rose 7 per cent in the third quarter, despite a slight decrease in car shipments, as the luxury sports car maker continued to benefit from a richer product offer and increased demand for personalisation. Milan-listed shares in the company however extended losses after the results were…
Read MoreBurger King parent Restaurant Brands misses sales estimates on muted demand
RESTAURANT Brands missed estimates for quarterly revenue on Tuesday (Nov 5) due to weak demand across key businesses such as Tim Hortons, Burger King and international markets including China and the Middle East. The Toronto, Canada-based company’s US-listed shares were down 5 per cent before the bell. Consumers are relying on cheaper, home-cooked meals instead…
Read MoreGerman parts maker Schaeffler to cut 4,700 jobs on auto woes
Schaeffler will cut about 4,700 jobs in Europe and close two sites as a deepening slump at Volkswagen and other German carmakers ripples through their supply chains. About 2,800 of the job losses will happen across 10 locations in Germany as part of a plan to save about US$316 million per year by the end…
Read MoreTyre maker Michelin to close two French plants by 2026
MICHELIN will close two factories in France by early 2026 affecting about 1,200 jobs, the French tyre maker said on Tuesday (Nov 5), the latest cutback in an European auto industry battling subdued demand and cheap Asian competition. Labour unions had already alerted workers to the possible closure of the sites in Cholet and Vannes…
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