Posts by Mark Darwin
Wall Street salaries decline further from pandemic heights
SALARIES in New York City’s securities industry fell for a second consecutive year in 2023 as profits retreated from highs reached during the pandemic. The average salary was US$471,370 including bonuses, according to New York State Comptroller Thomas DiNapoli’s annual report. The 5.2 per cent drop on the prior year was starker when adjusted for…
Read MoreSingapore stocks rise on Wednesday amid return of risk appetite; STI up 0.6%
Analyst says a dip in Treasury yields overnight and a pause in the US dollar rally led market participants to take the chance to load up on risks SINGAPORE stocks ended higher on Wednesday (Oct 9), tracking overnight gains on Wall Street. The benchmark Straits Times Index (STI) rose 0.6 per cent or 19.97 points…
Read MoreTSMC sales beat estimates in sign of solid AI chip demand
TAIWAN Semiconductor Manufacturing Co (TSMC) posted on Wednesday (Oct 9) a better-than-expected 39 per cent rise in quarterly revenue, assuaging concerns that AI hardware spending is beginning to taper off. The main chipmaker to Nvidia and Apple reported September-quarter sales of NT$759.7 billion (S$30.8 billion), versus the average analyst projection for NT$748 billion. Taiwan’s largest…
Read MoreOK Lim has accepted judgment debt of over US$3.5 billion, but creditors will likely claw back much less
The 82-year-old and his children, Evan Lim and Lim Huey Ching, are planning to file for bankruptcy EMBATTLED Hin Leong Trading founder Lim Oon Kuin – the former Singapore oil tycoon better known as OK Lim – and his children, Evan Lim and Lim Huey Ching, have accepted the demands of the company’s court-appointed liquidators…
Read MoreThailand approves US$400 million investment by Continental to expand tyre facility
THAILAND’S Board of Investment (BOI) said on Wednesday (Oct 9) that it had approved a US$400 million investment by tyre maker Continental to expand its existing facility in the country, which is the world’s second-largest tyre producer after China. Continental has been manufacturing in Thailand for the last five years, using locally produced rubber and…
Read MoreFHT’s distributable income to fall by S$1.3 million after change in Australian unit status
FRASERS Hospitality Trust’s (FHT) pro forma distributable income for financial year 2024 is estimated to fall by S$1.3 million, following changes to its Australian unit’s managed investment trust status. This represents about 2.5 per cent reduction to FHT’s reported distributable income for FY2023, said its managers on Wednesday (Oct 9). FHT’s wholly owned Australian subsidiary,…
Read MoreCouche-Tard suggested higher price of US$47 billion for Seven & i
ALIMENTATION Couche-Tard sent Seven & i Holdings a new potential acquisition price of seven trillion yen (S$61.6 billion), sources with knowledge of the matter said, showing that the Canadian company is still seeking to enter takeover talks after its initial bid was rejected. The indicated offer of US$18.19 per share was sent to Seven &…
Read MoreKeppel unit awarded S$34 million for 2022 arbitration case against Cuscaden Peak
It is not expected to have a material impact on Keppel’s net tangible assets per share nor earnings per share KEPPEL’S wholly owned subsidiary Keppel Pegasus was awarded S$34 million plus interest for its arbitration proceedings against Cuscaden Peak Investments, then known as Singapore Press Holdings (SPH). The interest rate will be 5.33 per cent…
Read MoreCapitaLand Ascott Trust sells Citadines Karasuma-Gojo Kyoto for 6.2 billion yen
CAPITALAND Ascott Trust (Clas) has divested Citadines Karasuma-Gojo Kyoto in Japan for 6.2 billion yen (S$53.1 million). On Wednesday (Oct 9), its managers said the sale price is 40.1 per cent above the 124-unit serviced residence’s book value as at end-2023. It also represents an exit yield of about 0.3 per cent, based on Clas’…
Read MoreFrench luxury goods company Kering names Stefano Cantino as CEO of Gucci
FRENCH luxury goods company Kering named Stefano Cantino as CEO of Gucci, with Cantino succeeding Jean-Francois Palus next January. “I am confident that, building on what has been set up over the past 15 months, Stefano and the Gucci team will succeed in the mission to take Gucci back to the leadership the brand deserves,”…
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