Posts by Mark Darwin
Gold drops as dollar, yields firm after US inflation report
GOLD slipped 1 per cent on Friday (Aug 31) as the dollar and Treasury yields firmed after US inflation data matched expectations, but the bullion is set for a monthly gain as a September interest rate cut by the Federal Reserve remains in play. Spot gold fell 0.9 per cent to US$2,497.53 per ounce as…
Read MoreUS: Dow notches record high close after upbeat economic data
WALL Street stocks rose and the Dow scored a second consecutive all-time closing high on Friday (Aug 30), with Tesla and Amazon climbing after fresh US economic data raised expectations that the Federal Reserve will cut interest rates modestly in September. US consumer spending increased solidly in July, suggesting the economy remained strong while prices…
Read MoreHK tycoon Cheng’s family office appoints son to co-CEO role
THE private investment vehicle of Hong Kong billionaire Henry Cheng’s family has appointed one of his sons as co-chief executive officer, the latest development in the family’s closely-watched succession saga. Christopher Cheng will be in charge of North Asia investment for Chow Tai Fook Enterprises, according to a statement on Friday (Aug 30). The office…
Read MoreHK tycoon Cheng’s family office appoints son to co-CEO role
THE private investment vehicle of Hong Kong billionaire Henry Cheng’s family has appointed one of his sons as co-chief executive officer, the latest development in the family’s closely-watched succession saga. Christopher Cheng will be in charge of North Asia investment for Chow Tai Fook Enterprises, according to a statement on Friday (Aug 30). The office…
Read MoreSats’ subsidiary proposes to acquire cargo handler in Amsterdam airport
WORLDWIDE Flight Services Holland (WFS), an air cargo handler at Netherlands’ main international airport, is proposing to acquire Menzies World Cargo (Amsterdam), which is the general cargo handler at that same airport. Menzies World Cargo (Amsterdam) is currently the cargo handling arm of Menzies Aviation. The proposed acquisition will increase the warehouse capacity and cargo…
Read MoreThailand’s SCG Packaging buys US$652 million stake in Indonesia’s Fajar Surya
THAILAND-BASED SCG Packaging has acquired an additional stake worth US$652.4 million in Indonesian packaging paper-maker Fajar Surya, increasing its ownership in the company to 99.7 per cent in a move to expand its operations in South-east Asia. SCG Packaging, a subsidiary of 107-year-old conglomerate Siam Cement, said on Friday (Aug 30) it had purchased an…
Read MoreAlibaba wins Beijing’s approval in end to years-long scrutiny
Alibaba Group Holding has secured the endorsement of China’s antitrust watchdog more than three years after a landmark probe into its online behaviour, suggesting Beijing is keen to signal its support for the country’s giant internet sector. China’s e-commerce leader has ceased the monopolistic practices that prompted an investigation more than three years ago, the…
Read MoreLululemon’s US$98 yoga pants face baggier fashions, more rivals
LULULEMON Athletica lowered its sales and profit outlook for the year as increased competition and relentless inflation curb demand for its pricey yoga pants. The company now sees sales of up to US$10.48 billion this year, down from the previous view of as much as US$10.8 billion, offered in early June. Chief financial officer Meghan…
Read MoreGIC acquires another logistics facility in Japan
Completed in 2022 and fully occupied, it spans an area of more than 126,000 square metres GIC has bought another logistics facility developed by Japanese real estate developer Daiwa House Industry for an undisclosed amount. The four-floor facility in Yokohama provides access to the Greater Tokyo region. Completed in 2022 and fully occupied, it spans…
Read MoreAsia: Markets rally on US data after Dow hits record on Wall Street
ASIAN markets rose on Friday after a record day on Wall Street, boosted by a strong round of US data that reassured investors over the health of the world’s top economy, while focus turns to the release of key inflation figures. With the much-hyped earnings report from bellwether chip titan Nvidia now in the rearview…
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