Posts by Mark Darwin
BYD moves to full control of Mercedes-Benz venture in China
CHINESE automaker BYD has moved to fully control a joint venture it had in China with Mercedes-Benz Group, as an increasing number of foreign carmakers dial back their exposure to the world’s biggest auto market. BYD has acquired the remaining 10 per cent of shares it did not already own in a company set up…
Read MoreHong Kong considers rules for AI use in finance
THE Hong Kong government is preparing to issue its maiden policy statement on the use of artificial intelligence (AI) in finance, according to sources familiar with the matter, a move that could catalyse the use of the technology in areas from trading to investment banking and cryptocurrencies. The city’s Financial Services and Treasury Bureau plans…
Read MoreJapan will continue to assess economic impact of stronger yen, finance minister says
JAPAN Finance Minister Shunichi Suzuki said on Tuesday the government will continue to analyse the impact of the strengthening yen on the economy and respond appropriately. “Our stance has been that currency rates should be determined by markets reflecting fundamentals, but rapid fluctuations are not desirable,” Suzuki said, speaking in a regular post-cabinet meeting news…
Read MoreCapitaLand is in talks to acquire stake in Fosun’s Club Med
SINGAPORE’S CapitaLand Investment is in advanced talks to buy a minority stake in French luxury resort chain Club Med SAS from its Chinese owner Fosun International, according to sources with knowledge of the matter. The real estate investment firm, part of Temasek Holdings-owned conglomerate CapitaLand Group, is seeking to acquire from 20 to 30 per…
Read MoreMicrosoft announces US$60 billion buyback, raises dividend 10%
MICROSOFT unveiled a new US$60 billion stock-buyback programme, matching its largest-ever repurchase authorisation, and raised its quarterly dividend 10 per cent. The software company said shareholders as at Nov 21 will receive a quarterly dividend of 83 US cents a share, compared with the current 75 US cents. The share repurchase agreement, which has no…
Read MoreAmazon contract drivers organise with Teamsters in New York
HUNDREDS of Amazon.com contract-delivery drivers at a warehouse in New York City are organising with the Teamsters, demanding that the retail giant bargain with them over wages and working conditions. Employees with three Amazon delivery contractors at a facility in the borough of Queens on Monday (Sep 16) asked the company to recognise their union…
Read MoreHow StarHub’s new solution fast-tracks digital transformation, cuts costs
IN Singapore’s thriving financial landscape, embracing digital change offers significant potential. Deloitte’s research shows that successful digital upgrades could add up to US$1.25 trillion (S$1.68 trillion) in market value across Fortune 500 companies. This sends a clear message to business leaders: modernising operations can bring major rewards, regardless of industry. However, adopting new technologies often…
Read MoreS-Reits with higher floating rate debt, earlier refinancing to benefit sooner from rate cuts
Interest rates are expected to come down this week, when the US Federal Reserve’s monetary policymaking body meets SINGAPORE-LISTED real estate investment trusts, or S-Reits, that have a lower proportion of fixed rate debt are expected to be immediate beneficiaries from potential interest rate cuts. Those that have a higher level of debt due…
Read MoreApple shares slump as analyst warns of weaker iPhone 16 demand
APPLE shares fell on Monday (Sep 16) after a closely followed analyst warned that demand for the firm’s new iPhone 16 Pro model has been lower than expected. Pre-order sales, which began on Friday for the phone, have tallied an estimated 37 million units, TF International Securities analyst Ming-Chi Kuo wrote in a report. That’s…
Read MoreUS: S&P 500, Nasdaq open lower in cautious start to Fed meeting week
The S&P 500 and the Nasdaq opened lower on Monday (Sep 16), as caution set in on Wall Street ahead of the Federal Reserve’s pivotal monetary policy decision, due later in the week, with a majority of traders pricing in a steep cut in borrowing costs. The Dow Jones Industrial Average rose 41.4 points, or…
Read More