Posts by Mark Darwin
Accenture unveils US$4 billion share buyback as AI powers strong quarterly revenue
IT SERVICES firm Accenture on Thursday (Sep 26) unveiled a US$4 billion share buyback and reported better-than-expected fourth-quarter revenue thanks to demand from companies looking to adopt generative artificial intelligence technology. Shares of the company were up nearly 7 per cent in premarket trading. The Dublin-based company reported fourth-quarter revenue of US$16.41 billion, compared with…
Read MoreLG Display to sell stake in its Chinese LCD plant to TCL CSOT for 10.8 billion yuan
SOUTH Korea’s LG Display said on Thursday (Sep 26) it had agreed to sell its stake in its large liquid crystal display (LCD) plant in Guangzhou, China, to TCL’s LCD unit CSOT for 10.8 billion yuan (S$2 billion). The sale includes LG Display’s 80 per cent stake in its large LCD panel plant and 100…
Read MoreSwiss central bank cuts interest rates for third time this year and flags further action
THE Swiss National Bank cut interest rates by 25 basis points on Thursday (Sep 26), its third such reduction this year, as it echoed steps to lower borrowing costs taken by the European Central Bank and US Federal Reserve, and said more cuts could follow. The SNB cut its policy rate to 1 per cent,…
Read MoreSwiss central bank lowers rates and flags further cuts as inflation eases
THE Swiss National Bank reduced interest rates by 25 basis points on Thursday (Sep 26), echoing steps to lower borrowing costs by the European Central Bank and US Federal Reserve, and left the door wide open for more rate cuts as inflation cools sharply. The SNB cut its policy rate to 1 per cent, the…
Read MoreForeign investors cheer China’s stimulus from a distance
As the market euphoria to China’s biggest stimulus since the pandemic settles, foreign investors are now asking whether the US$114 billion toolkit will provide the spark needed to turn around a beat-up stock market. Chinese equities have lagged major markets all year, despite a series of piecemeal measures authorities have rolled out to revive the…
Read MoreAsia: Markets boosted by tech rally, traders eye US inflation
TECH firms led an Asian market rally on Thursday on renewed optimism about demand for AI equipment following a strong earnings outlook from US chip giant Micron. News that South Korean behemoth SK hynix had started mass production of a more advanced artificial intelligence chip also fanned optimism among investors already upbeat after China unveiled…
Read MoreExxonMobil paid more tax to UAE than any other country in 2023
EXXONMOBIL revealed it paid US$7.41 billion in taxes and royalties to the United Arab Emirates last year, more than any other country globally, in its first-ever disclosure of payments to host governments. ExxonMobil paid US$49 billion of global tax and duties in 2023, compared with total earnings of almost US$41 billion, the company said on…
Read MoreRBNZ says bank capital rules just one part of lending decisions
NEW Zealand’s central bank has defended its position on bank capital requirements after claims they may be contributing to a lack of competition between lenders. The Reserve Bank of New Zealand (RBNZ) sets risk weights, which determine how much capital banks must hold against their exposure to different industries such as residential home loans or…
Read MoreCitibank to close last branch in Singapore in October amid shift to wealth hubs
CITIBANK will close its last branch in Singapore as it focuses on serving customers online and advising affluent clients at its wealth hubs. The US bank will on Oct 12 shutter its Jurong East branch and Citigold Centre in the CPF Jurong building at 21 Jurong Gateway. The move comes amid higher adoption of digital,…
Read MoreSome 7-Eleven owners in Japan fed up with strategy, welcome foreign bid
AS MUCH as Jun Nagao doesn’t like the idea of foreigners scooping up Japanese companies, the former 7-Eleven franchise owner thinks a takeover would bring welcome change to the retail giant where he spent decades. Nagao, who until last year owned a 7-Eleven convenience store in Gunma, north of Tokyo, says years of strategic missteps…
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