Posts by Mark Darwin
Amazon prefers renewables in Asia as nuclear still elusive
AMAZON.COM is currently only looking at wind and solar to offer green power for projects in Asia, even as global technology companies begin examining nuclear generation to supply energy-hungry data centres. “We’re going where we can procure today, and that’s renewables” in the region, said Ken Haig, APAC regional head of energy and environmental policy…
Read MoreJPMorgan profit drops on bigger provisions for loan losses
JPMORGAN Chase’s profit dropped in the third quarter as it built up provisions for potential loan defaults, the bank said on Friday (Oct 11). Profit was US$12.90 billion for the three months ended Sep 30, compared with US$13.15 billion a year ago. The lender set aside US$3.11 billion as provisions for credit losses, compared with…
Read MoreJPMorgan profit drops as it sets aside bigger provisions, but interest income climbs
JPMORGAN Chase’s third-quarter profit dropped as it set aside more money to cover potential loan defaults, while rising interest payments and investment banking revenue lifted its shares before the market open. Banks are building up stockpiles – which act as a safeguard when borrowers default on their loans – to typical levels as consumers deplete…
Read MoreSingapore shares track Wall Street losses amid stubborn inflation concerns; STI down 0.3%
SINGAPORE stocks ended lower on Friday (Oct 11), tracking losses on Wall Street, amid concerns that inflation will remain sticky. The benchmark Straits Times Index (STI) fell 0.3 per cent or 11.53 points to 3,573.76. Across the broader market, losers outnumbered gainers 189 to 179, after 921.9 million securities worth S$1.1 billion changed hands. Overnight,…
Read MoreNorthvolt in talks for about 200 million euros in funding: sources
NORTHVOLT is in talks with investors and lenders to secure about 200 million euros (S$285.8 million) in short-term funding, three sources familiar with the matter said, as the cash-strapped Swedish battery maker seeks to stabilise its finances. The talks have been taking place this week, one of the sources said, adding that the company still…
Read MoreSet up a Telegram chat group to trade shares? You may fall afoul of the law
USING social media and messaging platforms to deal in shares may lead to a possible breach of the Securities and Futures Act (SFA). On Thursday (Oct 10), Oon Yun Cong was handed down a 16-month jail term and fined S$12,105.70 under the SFA for inducing others to deal in shares. He had pleaded guilty…
Read MoreTaiwan says four Foxconn employees detained in China
FOUR employees of Taiwan’s Foxconn, the world’s largest iPhone assembler, have been detained in China under “quite strange” circumstances, Taiwan’s government said. Taiwan’s Mainland Affairs Council, in a statement to Reuters on Thursday (Oct 10), said the four employees had been detained in China’s Zhengzhou, home to a major Foxconn plant assembling Apple’s iPhones, on…
Read MoreEconomists expect MAS to hold currency band steady amid sticky prices
SINGAPORE is set to buck the global easing trend and keep its policy bearings on hold as officials use the strength of the currency to tackle still-exorbitant living costs. The Monetary Authority of Singapore (MAS) is expected to keep the slope, centre and width of its currency band steady, though policymakers may strike a dovish…
Read MoreJ&J talc bankruptcy stays in Texas despite ‘forum-shopping’ opposition
A JOHNSON & Johnson (J&J) subsidiary can pursue its third attempt to resolve tens of thousands of lawsuits alleging its talc products caused cancer in a federal bankruptcy court in Texas, a judge ruled on Thursday (Oct 10), allowing the company to avoid a venue that shot down its two previous efforts. US bankruptcy judge…
Read MoreSeven & i will split into two to fend off Couche-Tard takeover
SEVEN & i Holdings is embarking on its biggest-ever overhaul, betting that a bold breakup will help fend off an unsolicited takeover proposal from a smaller rival and make up for a sluggish profit outlook. “We are going to speed up our transformation,” chief executive officer Ryuichi Isaka said in his first remarks since a…
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