Posts by Mark Darwin
India’s Adani Enterprises launches 166 billion rupees share sale to institutional investors
ADANI Enterprises on Wednesday (Oct 9) launched a share sale to institutional investors to raise up to 166 billion rupees (S$2.6 billion), as billionaire Gautam Adani’s flagship firm seeks to shore up capital to fund expenses and repay debt. The share sale marks the company’s return to equity fund-raising after it scrapped a US$2.5 billion…
Read MoreMizuho buys ‘safe’ assets on risk that US soft landing fails
MIZUHO Financial Group is preparing for short-term market disruptions if investors’ predictions of a soft landing in the US prove wrong, by stocking up on easy-to-sell assets such as Treasuries. Market players appear overconfident that US policymakers will be able to tame inflation without causing a recession, Kenya Koshimizu, co-head of global markets at Japan’s…
Read MoreMetro acquires freehold Sydney prime office property for A$196.4 million
MAINBOARD-LISTED Metro Holdings on Wednesday (Oct 9) announced the acquisition of a freehold prime office property in Sydney, Australia, for A$196.4 million (S$172.3 million). The 27-storey office building is located in the financial core of Sydney’s central business district, and was bought by Metro with its joint venture partner, Sim Lian Group of Companies. Refurbished…
Read MoreWall 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 &…
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