Posts by Mark Darwin
Bank of England’s Bailey says risk of persistent inflation is receding in UK
BANK of England governor Andrew Bailey said it is “too early to declare victory” over inflation but the risks of persistent inflation appear to be receding, a sign he is growing more confident about further interest rate cuts. Bailey said the “second round inflation effects appear to be smaller than we expected” and that “we…
Read More‘Super Bowl’ Nvidia earnings stand to test searing AI trade
THE rally in US stocks faces an important test next week with earnings from chipmaking giant Nvidia, whose blistering run has powered markets throughout 2024. The S&P 500 has pared a sharp drop it suffered after US economic worries contributed to a sell-off at the beginning of the month and again stands near a fresh…
Read MoreNestle chairman says no major restructuring planned after shake-up
NO major restructuring is planned at Nestle, following the Swiss foodmaker’s decision to replace chief executive officer Mark Schneider with company veteran Laurent Freixe, chairman Paul Bulcke was quoted as saying by Swiss newspaper Le Temps on Friday (Aug 23). “There is no hidden agenda, no major restructuring planned,” Bulcke told Le Temps in an…
Read MoreMeta cancels plans for high-end mixed-reality headset, the Information reports
META Platforms has canceled plans for a premium mixed-reality headset intended to compete with Apple’s Vision Pro, the Information reported on Friday (Aug 23). The company told employees at its Reality Labs division to stop work on the device this week after a product review meeting, the report said citing two Meta employees. The axed…
Read MoreOxley Holdings expects net loss for H2, FY2024 earnings
PROPERTY developer Oxley Holdings said on Friday (Aug 23) that it expects to post a net loss for both the second half and full year ended Jun 30, 2024. In a bourse filing, the company attributed this to impairment losses, finance costs, and lower revenue recognised from the group’s property development projects. The company will…
Read MoreMorgan Stanley cuts 2024 oil demand growth outlook on China factors
MORGAN Stanley has lowered its global oil demand growth forecast for 2024, mainly due to China’s slower economic growth, increased electric vehicle usage there, and a rise in the number of trucks in China powered by liquefied natural gas (LNG). The bank cut its global oil demand growth forecast for this year to 1.1 million…
Read MoreInfineon to pay more than expected in Qimonda settlement
GERMAN chipmaker Infineon has settled a more than decade-long legal dispute over insolvent former unit Qimonda, agreeing to pay a higher than initially planned 753.5 million euros (S$1.1 billion), both companies said late on Thursday (Aug 22). The settlement with Qimonda insolvency administrator Michael Jaffe will not affect Infineon’s operating profitability, a company spokesperson said,…
Read MoreShangri-La Asia posts 28.1% fall in H1 net profit on higher operating costs
HOTEL group Shangri-La Asia posted a 28.1 per cent decline in net profit to US$94.5 million for the half-year ended Jun 30, from US$131.4 million a year ago. This came despite revenue rising 4.3 per cent to US$1.05 billion, from US$1 billion a year earlier over the same period. In its results release, the…
Read MoreAnil Ambani banned from Indian securities market for 5 years
India’s markets regulator late on Thursday (Aug 23) banned Anil Ambani, one of India’s best-known businessmen, and 24 others from the securities market for five years on charges of diversion of funds. The Securities and Exchange Board of India (SEBI) also imposed a fine of 250 million rupees (S$3.89 million) on Ambani, saying he orchestrated…
Read MoreChina bond trading collapses amid PBOC crackdown on record rally
Trading in the most active 10-year government bond has steadily decreased over the last two weeks China’s attempts to cool a record bond rally have stalled a drop in yields, but at the cost of a collapse in trading activity to an extent that may create more headaches for policymakers. Trading in the most active…
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