Posts by Mark Darwin
US: S&P 500, Dow open higher on increased Sept rate cut bets, Nvidia results on tap
The S&P 500 and the Dow opened higher on Monday (Aug 26), with markets focused on results from AI-darling Nvidia and a key inflation report due later in the week, while geopolitical tensions in the Middle East made investors wary. The Dow Jones Industrial Average rose 25.76 points, or 0.06 per cent, at the open…
Read MoreChina’s PDD Holdings misses quarterly revenue estimates
CHINA’S PDD Holdings missed market estimates for quarterly revenue on Monday (Aug 26), as reduced consumer spending dented business at its domestic e-commerce platform Pinduoduo, sending the company’s shares down 15 per cent in pre-market trading. A fragile economy, persistent weakness in the property sector and high unemployment rates, have led Chinese consumers to cut…
Read MoreMalaysia’s Petronas sues South Sudan over abandoned oil fields
A UNIT of Malaysian oil and gas giant Petroliam Nasional sued South Sudan for allegedly blocking a sale of its assets for US$1.25 billion and instead taking over that business. Earlier this month, state-run Nile Petroleum assumed control of Petronas’ oil fields and assets – effectively repossessing the Malaysian company’s investment – and announced it…
Read MoreIndia markets regulator pull up Paytm founder, director on IPO breaches, Moneycontrol reports
INDIA’S markets regulator has issued show-cause notices to Paytm founder Vijay Shekhar Sharma and other board members who held roles during the firm’s November 2021 IPO over alleged misrepresentation of facts, Moneycontrol reported on Monday (Aug 26). The issue revolves around whether Sharma should have been classified as a large shareholder, rather than an employee,…
Read MoreJumbo listings set to boost Japan’s market as sentiment recovers
TWO jumbo initial public offerings may roughly triple the amount of money raised in Japan’s stock market this year as sentiment bounces back from this month’s sell-off. Subway operator Tokyo Metro may raise as much as 350 billion yen (S$3.2 billion) as early as October, according to people familiar with the matter. Chipmaker Kioxia Holdings…
Read MoreMan sentenced to four weeks’ jail for false trading in KOP shares
He bought the company’s shares to push up the share price in order to avoid margin calls being triggered in his margin trading accounts Tay Ming Hin, listed as the 17th largest shareholder of Catalist-listed KOP, was convicted for false trading in the company’s shares. Tay was sentenced to four weeks’ imprisonment, after pleading guilty…
Read MoreDutch hit Uber with 290 million euro fine over driver data
The Dutch data protection watchdog said on Monday (Aug 26) it hit ride-hailing app Uber with a 290-million-euro (S$422.4 million) fine over the transfer of personal data of European drivers to US servers. The regulator said the transfers were a “serious violation” of the European Union’s General Data Protection Regulation (GDPR) as they failed to…
Read MoreSilverlake Axis receives privatisation offer with S$0.36 per share cash option
A GROUP led by Silverlake Axis chairman Goh Peng Ooi has made a voluntary unconditional offer to take the enterprise technology company private at S$0.36 in cash per share, it was announced on Monday (Aug 26). Alternatively, shareholders may choose to receive a combination of S$0.30 per share in cash, together with one new redeemable…
Read MoreIndonesia’s incoming leader hopes to implement 50% palm based biodiesel in 2025
INDONESIA president-elect Prabowo Subianto hoped to implement mandatory 50 per cent palm oil-based biodiesel blending by early next year, which he said would cut fuel imports by US$20 billion per year. Indonesia last week said it planned to raise the blending to 40 per cent in January 2025, from the present 35 per cent concentration…
Read MoreAsia: Markets boosted by Fed chief’s rate cut talk
MOST Asian equities rose with the yen on Monday after US Federal Reserve boss Jerome Powell said “the time has come” to start cutting interest rates, lining up the central bank for a move as soon as next month. The comments provided investors with an extra boost and helped put the market turmoil earlier in…
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