Posts by Mark Darwin
Palantir raises 2024 revenue forecast again on robust AI adoption; shares surge
PALANTIR Technologies on Monday (Nov 4) raised its annual revenue forecast for the third time, betting on strong spending from governments and rising demand for its software services from businesses looking to adopt generative artificial intelligence (AI) technology. Shares of the company rose about 8 per cent in extended trading. The data analytics company has…
Read MoreMarriott trims 2024 profit forecast on sluggish China domestic travel demand
MARRIOTT International cut its annual profit forecast on Monday (Nov 4) as weak domestic travel in China overshadows strong group and international demand, sending its shares down 3.4 per cent in early trading. Hotel operators have signalled weak demand in the world’s second-biggest economy nation during the reported quarter amid efforts by the government to…
Read MoreNew York Times tops estimates as digital subscribers grow
NEW York Times reported third-quarter earnings that beat analysts’ expectations, as the company saw an increase in its subscriber count in the months leading up to the 2024 Presidential Election. The newspaper publisher reported earnings of 45 cents a share on Monday (Nov 4), excluding some items. The results exceeded Wall Street estimates of 41…
Read MoreUS CEOs fired more quickly over low stock prices this year, report says
US COMPANIES with lagging stock prices are now quicker to blame management and fire their top executive, but the process of finding a replacement has remained largely unchanged for the last decade, according to a report released on Monday (Nov 4). Over the last seven years, financial performance and most notably a company’s stock price…
Read MoreUS dollar drops to two-week low as investors take profit on ‘Trump trades’
THE US dollar dipped on Monday (Nov 4) as investors braced for wide-ranging implications for the global economy this week from the outcome of US elections and a likely interest rate cut from the Federal Reserve. The euro jumped 0.7 per cent to US$1.0906. The dollar fell nearly 1 per cent on the yen to…
Read MoreTesla China shipments slip 5% in october after bumper quarter
TESLA’s Shanghai factory deliveries slipped in October, the unexpected softness coming after a record quarter for China shipments at Elon Musk’s carmaker. The US electric vehicle maker shipped 68,280 Model 3 sedans and Model Y sport utility vehicles last month, down 5.3 per cent year-on-year and a sharp 23 per cent contraction from September, preliminary…
Read MoreThai SCG halts operations at US$5.4 billion Vietnam petrochemical complex
SIAM Cement Group (SCG), Thailand’s largest industrial conglomerate, said on Monday (Nov 4) it has suspended commercial operation at its US$5.4 billion Long Son Petrochemicals (LSP) complex in Vietnam after only one month due to “the chemicals’ low margin”. The chemicals industry has been grappling with high inventory and destocking for the past few quarters,…
Read MoreAnglo-American to sell stake in Australian steelmaking coal mines for US$1.1 billion
UK-based Anglo-American said on Monday (Nov 4) that it will sell its minority stake in a joint venture that owns a 70 per cent interest in the Jellinbah East and Lake Vermont steelmaking coal mines in Australia, for about US$1.1 billion. The company, which owns 33.3 per cent of Jellinbah Group – the operator of…
Read MoreFoxconn subsidiary seeks US$80 million Vietnam investment for integrated circuits
TAIWANESE giant Foxconn’s subsidiary Shunsin is seeking a permit to invest US$80 million in northern Vietnam to produce integrated circuits, according to a document from Vietnam’s environment ministry. The proposed plant in Bac Giang province will focus on producing and processing electronic components, specifically integrated circuit boards, the document said. Shunsin plans to begin operations…
Read MoreChina’s Nio plans to sell its first hybrid car overseas only: sources
CHINESE electric vehicle (EV) maker Nio is planning to launch its first hybrid model in 2026 and will only sell it in overseas markets, including the Middle East, North Africa and Europe, according to two sources with knowledge of the matter. Nio to date has only manufactured pure EVs. It is building the hybrid vehicle…
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