Posts by Mark Darwin
S’pore consumers, ports could benefit from reshuffling of alliances among world’s largest shipping lines
Local ports could benefit as the world’s largest shipping lines restructure alliances in the light of major trade routes being redrawn around the Horn of Africa to avoid violence in the Red Sea. Denmark’s Maersk and Swiss-run MSC, two of the world’s largest container shipping lines, will dissolve their existing alliance from February 2025 to…
Read MoreUS dollar’s resilience in face of Fed cuts disappoints traders
Traders betting big on a weaker US dollar are facing disappointment – at least for now – as the greenback remains resilient following the Federal Reserve’s half-point interest-rate cut. Despite a Bloomberg gauge of the greenback closing out a third week of losses, the measure is little changed since the Fed announced the reduction on…
Read MoreS-Reits gain 1.7% after Fed’s rate cut
AFTER the recent softening in jobs data and inflation figures, the US Federal Reserve declared its first rate reduction in four years, decreasing the overnight borrowing rate by 50 basis points, or half a percentage point, in line with market expectations. This brings the Fed funds rate to a range of 4.75 to 5 per…
Read MoreFrench media sue Google for 1 billion euros over advertising
Seven French media groups plan to sue Google seeking more than one billion euros (S$1.4 billion) for alleged anti-competitive practices in online advertising, a report said on Friday (Sep 20). The professional information service Mind Media said the seven groups, representing a total of 22 companies, had either begun or were about to begin legal…
Read MoreMicrosoft AI needs so much power it’s tapping site of US nuclear meltdown
The owner of the shuttered Three Mile Island nuclear plant in Pennsylvania will invest US$1.6 billion to revive it, agreeing to sell all the output to Microsoft as the tech titan seeks carbon-free electricity for data centres to power the artificial intelligence (AI) boom. Constellation Energy, the biggest US operator of reactors, expects Three Mile Island…
Read MoreRocket Lab satellite launch puts SpaceX challenger back on track
Rocket Lab USA launched its small-satellite Electron rocket, getting the company back on track after it aborted a previous attempt during the final countdown. Long Beach, California-based Rocket Lab is second only to SpaceX among American companies in number of missions this year and is developing a larger rocket that will more directly challenge Elon…
Read MoreGoogle judge questions company testimony as ad defense begins
A senior Google executive sought to refute the US Justice Department’s antitrust case over its display advertising technology business, testifying that it faces “fierce competition” from the likes of Microsoft, Amazon.com and Meta Platforms. But the federal judge overseeing the trial in Virginia called the testimony “highly questionable” and potentially “tainted” given that Google officials…
Read MoreBoeing’s space and defense chief exits in new CEO’s first executive move
Boeing said on Friday (Sep 20) the head of its troubled space and defense unit is leaving the company immediately, in the first management change under new chief executive Kelly Ortberg. Ortberg, who took over in August, said Ted Colbert would be leaving and Steve Parker, the unit’s chief operating officer, would assume Colbert’s responsibilities…
Read MoreOil ends week higher as investors take stock of Fed rate cuts
Oil prices settled lower on Friday (Sep 20) but recorded a second straight week of gains, garnering support from a US interest rate cut and a dip in US supply. Brent futures settled down 39 US cents or 0.52 per cent at US$74.49 a barrel. US WTI crude futures settled down 3 cents or 0.4…
Read MoreUS dollar firms against yen after BOJ cautious tone over rate hikes
THE US dollar strengthened against the yen on Friday (Sep 20) after the Bank of Japan left interest rates unchanged and indicated that it was not in a hurry to hike them again. The BOJ could afford to spend time eyeing the fallout from global economic uncertainties, governor Kazuo Ueda said in a press conference…
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