Posts by Mark Darwin
Thai 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…
Read MoreNvidia’s Jensen Huan asked SK Hynix to bring forward supply of HBM4 chips by six months, SK’s chairman says
NVIDIA CEO Jensen Huang had asked memory chip maker SK Hynix to bring forward by six months the supply of its next-generation high-bandwidth memory chips called HBM4, SK Group chairman Chey Tae-won said on Monday (Nov 4). SK Hynix said in October that it aimed to supply the chips to customers in the second half…
Read MoreHot stock: Genting Singapore shares rise nearly 2% after RWS casino chief steps down
The announcement comes months after MacDonald said he was issued a persona non grata notice, which banned him from Marina Bay Sands’ premises SHARES of Genting Singapore were heavily traded on Monday (Nov 4) morning after it announced that Andrew MacDonald, chief casino officer and director at Resorts World Sentosa (RWS), has stepped down. The…
Read MoreGold steadies as investors brace for US election and potential rate cuts
GOLD prices held steady on Monday (Nov 4), as investors prepared for a crucial week for the global economy, marked by the US presidential election and the likelihood of further interest rate cuts. Spot gold edged up by 0.1 per cent to US$2,738.29 per ounce, as at 0012 GMT. Bullion hit a record high of…
Read MoreSPH Media cuts 10% of tech employees in restructuring move in bid to stay sustainable
THIRTY-FOUR or 10 per cent of SPH Media’s employees in its tech division across teams and ranks will be cut as the group aims to remain competitive and sustainable amid the changing media landscape. In a Monday note to staff, chief operating officer Loh Yuh Yiing and chief technology officer (CTO) Kaythaya Maw said the decision was…
Read MoreBlackstone in advanced talks to acquire shopping centre owner Retail Opportunity: sources
BLACKSTONE is in advanced talks to acquire Retail Opportunity Investments Corp (Roic), which owns US shopping centres and has a market value of US$3.4 billion including debt, according to sources familiar with the matter. If the talks are successful, a deal could be finalised in the coming weeks, the sources said, requesting anonymity as the…
Read MoreChinese solar firms, ever-nimble, go further afield where US tariffs don’t reach
SOME of the biggest Chinese-owned solar factories in Vietnam are cutting production and laying off workers, spurred on by the expansion of United States trade tariffs targeting it and three other South-east Asian countries. Meanwhile, in nearby Indonesia and Laos, a slew of new Chinese-owned solar plants are popping up, out of the reach of…
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