Posts by Mark Darwin
Genting Singapore’s RWS casino chief Andrew MacDonald out
CHIEF casino officer and director at Resorts World Sentosa (RWS), Andrew MacDonald, has stepped down. He had done so to “pursue personal interests” said mainboard-listed Genting Singapore, the owner of RWS, in a bourse filing on Saturday (Nov 2). It listed the date of cessation as Nov 1, and provided no further elaboration. The 64-year-old…
Read MoreGerman banks start to cut US office loan exposure that caused bond turmoil
German banks are cutting legacy US office loan exposure after concerns about commercial real estate (CRE) losses led to a plunge in bond and equity prices in February. Deutsche Bank is close to selling about US$1 billion of loans linked to CRE there, and Deutsche Pfandbriefbank is cutting back on office and American loans after…
Read MoreHow one of the tiniest oil markets cost Trafigura over US$1 billion
Trafigura Group is a giant of commodity trading. On any given day, it handles enough oil to supply the entire needs of France three times over. Its global reach stretches from US crude oil export infrastructure to fuel stations in more than 20 countries across Africa, Asia and Latin America. Yet in a distant corner of its empire,…
Read MoreMalaysia orders sovereign fund audit on loss-making venture
Malaysian Prime Minister Anwar Ibrahim ordered sovereign wealth fund Khazanah Nasional Berhad to carry out an internal audit to investigate issues related to a loss-making investment in a local online fashion retailer. The Malaysian Anti-Corruption Commission (Macc) also said on Saturday (Nov 2) that it had opened an investigation paper on the matter of investment…
Read MoreUS fines GlobalFoundries for shipping chips to sanctioned Chinese firm
THE US said on Friday (Nov 1) it imposed a US$500,000 penalty on New York-based GlobalFoundries, the world’s third-largest contract chipmaker, for shipping chips without authorisation to an affiliate of blacklisted Chinese chipmaker Semiconductor Manufacturing International Corporation (SMIC). In a statement, the Commerce Department said GlobalFoundries sent 74 shipments worth US$17.1 million to SJ Semiconductor,…
Read MoreCrypto ETFs see big inflows ahead of US election, traders brace for volatility
INVESTORS have ploughed money into funds tracking Bitcoin, betting on a return of Republican Donald Trump to the White House even as they expect wild price swings in the world’s largest cryptocurrency during the election week, data showed. Exchange-traded funds (ETF) tracking the spot price of bitcoin notched net inflows of US$917.2 million on Wednesday…
Read MoreApple accused by NLRB of deterring employees from discussing pay equity
APPLE has been accused by the National Labor Relations Board (NLRB) of trying to prevent employees from discussing pay equity and forcing an engineer who circulated a wage survey to quit, the agency said on Friday (Nov 1). The complaint issued by the NLRB General Counsel on Thursday is the third in a month to…
Read MoreMajor airlines criticise Biden’s air competition review, seek more time
GROUPS representing major airlines on Friday (Nov 1) criticised the Biden administration’s broad public inquiry into the state of competition in air travel, saying the review needs more time and could dramatically impact the future of US aviation. Carrier groups including Airlines for America and the International Air Transport Association urged the Justice Department’s Antitrust…
Read MoreBoeing gains on optimism that lengthy strike is nearing an end
BOEING’S shares rose after union leaders endorsed the latest offer to boost wages, spurring optimism that the company could finally be close to ending a lengthy strike that’s crippling its jetliner manufacturing. The planemaker’s fourth proposal for a four-year contract would raise pay by 38 per cent, give hourly workers a US$12,000 signing bonus upon…
Read MoreChevron flags possible job cuts in US$3 billion cost plan
CHEVRON indicated potential US job cuts as part of a new cost-cutting plan. The US$3 billion in targeted “structural” cost savings will come from asset sales, the use of new technology and workflow changes, chief executive officer Mike Wirth said. Chevron recently opened up a US$1 billion innovation hub in Bengaluru, India, which is hiring…
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