Posts by Mark Darwin
BP drops oil output reduction target in strategy reset: sources
BP HAS abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm’s energy transition strategy to regain investor confidence, three sources with knowledge of the matter said. When unveiled in 2020, BP’s strategy was the sector’s most ambitious with a pledge to cut output by 40…
Read MoreLG Energy aims to double sales by expanding non-EV business
BATTERY maker LG Energy Solution said it plans to more than double sales by 2028, through aggressively expanding non-electric vehicle businesses such as energy storage system. The South Korean company also aims for mid-10 per cent earnings before interest, taxes, depreciation and amortisation (Ebitda) margin, relative to sales, it said on Monday (Oct 7). The…
Read MoreLG Energy aims to double sales by expanding non-EV businesses
BATTERY maker LG Energy Solution said it plans to more than double sales by 2028, through aggressively expanding non-electric vehicle businesses such as energy storage systems. The South Korean company also aims for mid-10 per cent earnings before interest, taxes, depreciation and amortisation (Ebitda) margin, relative to sales, it said on Monday (Oct 7). The…
Read MoreCommerzbank would lose clients in UniCredit merger, German lender’s CEO says
COMMERZBANK and UniCredit did not discuss a merger at a recent meeting, the German lender’s CEO Bettina Orlopp told a local newspaper, saying any tie-up with its Italian peer would result in the loss of customers. Orlopp, in her first interview since becoming CEO of Germany’s second-biggest lender by assets after Deutsche Bank, was downbeat…
Read MoreJapan expands LNG flexibility via cooperation with South Korea, Italy
JAPAN has agreed on Sunday (Oct 6) to study cooperating with South Korea and Italy on procurement of liquefied natural gas (LNG) as the world’s second-biggest LNG importer after China seeks greater flexibility while strengthening its energy security. Jera, Japan’s biggest utility company, and South Korea’s Korea Gas Corp (Kogas), also a major LNG buyer,…
Read MoreSaudi Arabia’s PIF mulls larger stake in Nintendo: report
SAUDI Arabia’s Public Investment Fund (PIF) is considering raising its stakes in Nintendo and other Japanese gaming companies, Kyodo News reported on Saturday (Oct 5). Prince Faisal bin Bandar bin Sultan Al Saud, vice-chair of the sovereign wealth fund’s gaming unit, disclosed the plan in an interview with Kyodo. He told the Japanese news agency…
Read MoreWealthy investors head online for private markets products as quality, access improve
Lower entry points that make it easier to diversify, greater control over portfolio are some advantages cited SELF-SERVE online investment platforms are gaining traction among the well-heeled, who have historically been served by private banks or wealth management providers. A better fee structure is one reason, but product options have also increased on these platforms…
Read MoreBanks whip out chequebooks for leveraged buyouts as rates fall
Investment banks, forced to take big writedowns on risky merger and acquisitions loans after a global surge in interest rates, are now jumping back into leveraged buyouts (LBO) – one of the most lucrative areas in finance. Traditional lenders and private credit managers are telling private equity firms, known as sponsors, that they can provide…
Read MoreTemasek-backed TrueLayer loses unicorn status in fundraising round
TRUELAYER, a fintech backed by Tiger Global, Temasek and Stripe, has seen its valuation slashed by roughly 30 per cent in its latest funding round, according to a person familiar with the matter. The move comes just weeks after the company began reducing headcount to shore up profitability, the person said, asking not to be…
Read MoreChina stock traders ponder how far blockbuster rally can go
AS CHINESE stocks in Hong Kong head for their best two-week rally since 2007, questions are arising over just how far this rebound can go. The Hang Seng China Enterprises Index has gained 35 per cent since last month’s low, with a bulk of the gains coming after Beijing’s bumper stimulus announcement on Sep…
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