Posts by Mark Darwin
Seven & i approaching buyers for retail, supermarkets units
SEVEN & i Holdings has approached potential buyers for its Ito-Yokado stores and supermarkets as it seeks to restructure in the face of a takeover approach from Canada’s Alimentation Couche-Tard, sources with knowledge of the matter said. The Japanese retailer has approached private equity funds and other entities about the sale of multiple businesses under…
Read MoreElon Musk’s X loses court fight with Australia over social media fine
AN AUSTRALIAN judge rejected an attempt by social media platform X to wipe a A$610,500 (S$542,008) fine levied by a watchdog, a notable victory in the country’s battle with global Internet companies. On Friday (Oct 4), the court threw out X’s petition and ordered Elon Musk’s company to pay all proceedings. That ends a lawsuit…
Read MoreShipping shares in Asia tumble after US dockworkers pause strike
SHIPPING stocks across Asia slumped after dockworkers at US East and Gulf coast ports agreed to suspend their strike, curbing expectations container rates will increase due to reduced supply. Japan’s Kawasaki Kisen Kaisha sank as much as 13 per cent in Tokyo, while Mitsui OSK Lines slumped more than 9 per cent. In South Korea,…
Read MoreGold holds steady as traders wait for US payroll data
GOLD prices traded flat on Thursday (Oct 3) but were slightly down for the week, as market focus shifted to a crucial US payrolls report for clearer insight into the Federal Reserve’s anticipated interest rate reduction next month. Spot gold was steady at US$2,657.13 per ounce, as at 0034 GMT. Bullion was on track for…
Read MoreCarmakers dangle £2 billion in EV discounts to boost UK sales
CARMAKERS are on course to offer at least £2 billion (S$3.4 billion) in electric vehicle (EV) discounts this year and still fall short of the UK government’s sales mandate, according to the industry’s trade body. Steep price cuts helped lift battery-electric vehicle registrations to a record in September, the Society of Motor Manufacturers and Traders…
Read MoreBinance’s crypto market share drops to lowest level in four years
BINANCE’S rehabilitative efforts appear to be slow to take root, with the largest crypto platform’s share of trading volume in the roughly US$2 trillion digital-asset market falling in September to the lowest level in four years. The market share of the world’s biggest crypto exchange shrunk to 36.6 per cent last month, down from 42.7…
Read MoreTesla recalls over 27,000 Cybertrucks in fifth callback this year
TESLA said on Thursday (Oct 3) it would recall more than 27,000 Cybertrucks in the United States due to delayed rear-view camera images that could impair driver visibility and increase crash risks. This is the fifth recall issued by Tesla for 2024 Cybertruck models since January. Tesla is issuing a software update to address the…
Read MoreEurope: Shares fall as Middle East jitters curb risk-taking
EUROPEAN shares declined on Thursday (Oct 3), as investors remained wary of risk-taking amid elevated geopolitical tensions in the Middle East, with most sectors logging declines except energy giants. The benchmark pan-European Stoxx 600 closed 0.9 per cent lower, touching its lowest level in more than a week. Most regional bourse slipped, with Germany’s DAX…
Read MoreHSBC scraps some internal events, restricts travel to curb costs
HSBC Holdings has cancelled some internal events and further curtailed travel as the bank’s new chief executive seeks to keep a tight lid on costs ahead of his first quarterly results. The lender recently scrapped a summit of its commercial bankers in India as well as some other off-site events around the world, according to…
Read MoreSafe-haven US dollar climbs; sterling falls on dovish Bailey comments
THE US dollar strengthened on Thursday (Oct 3) on expectations that the US Federal Reserve will not rush to cut interest rates, while the pound lagged its developed markets peers after dovish comments from Bank of England (BOE) governor Andrew Bailey. Sterling hit a two-week low against the dollar after Bailey said that the central…
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