Posts by Mark Darwin
Court of Appeal upholds dismissal of Winson’s claim against OCBC and StanChart
THE Court of Appeal has on Wednesday (Aug 21) reaffirmed the High Court’s decision to dismiss Winson Oil Trading’s claim against OCBC and Standard Chartered (StanChart) over a US$60.9 million payment dispute. The energy trading company brought suits against the two banks for payment under two letters of credit (LCs) over transactions with collapsed oil…
Read MoreXiaomi Q2 revenue beats estimate, reveals auto unit sales
CHINA’S Xiaomi Corp on Wednesday (Aug 21) reported higher-than-expected revenue for the second quarter, revealing for the first time its auto business unit’s contribution of 6.2 billion yuan (S$1.1 billion). For the three months ending in June, Xiaomi’s revenue rose 32 per cent to 88.9 billion yuan, beating the 85.8 billion yuan estimated by analysts,…
Read MoreGDS seeking RM10 billion in loans for Malaysia expansion
GDS Holdings is considering raising around RM10 billion (S$3 billion) in loans for its data centre operation in Malaysia, people familiar with the matter said, in what would be one of the largest financing for such a project in Asia. GDS is working with banks to arrange for the borrowing that will be used to…
Read MoreXPeng projects lower-than-expected Q3 revenue on stiff competition
CHINESE firm XPeng forecast third-quarter revenue below expectations and missed June-quarter sales estimates on Tuesday (Aug 20), hurt by stiff competition and a drop in demand for its ageing line-up of pricey electric vehicles (EVs). The company, however, expects to deliver between 41,000 and 45,000 vehicles in the third quarter, slightly above 40,008 units a…
Read MoreDBS launches 500 million yuan green loan facility to develop wind turbine farm in China
It is the first South-east Asian bank to tap the People’s Bank of China’s carbon emission reduction facility programme DBS, in a tie-up with wind turbine provider Envision Energy, on Wednesday (Aug 21) announced a 500 million yuan (S$92 million) green loan facility to develop a 100-megawatt wind turbine farm in Henan province, located in…
Read MoreChina’s PBOC dials back support for yuan as currency steadies
CHINA’S central bank set its daily reference rate for the yuan broadly in line with expectations for the first time in more than a year, a sign it’s loosening its tight grip for the managed currency. The People’s Bank of China (PBOC) set the so-called fixing at 7.1307 per US dollar on Wednesday (Aug 21),…
Read More7-Eleven deal talk reflects allure of Japan’s convenience stores
ANYONE who’s stepped into a 7-Eleven in Japan to grab a quick snack or withdraw cash from the ATM will understand why Alimentation Couche-Tard Inc. would want to pay billions to acquire the business. It’s clean, service is efficient and the food is good. Like cars, electronics and rail travel, the convenience-store chain is a…
Read MoreGold takes breather after record run as investors brace for Fed minutes
GOLD took a breather on Wednesday (Aug 21) after hitting an all-time high in the previous session on US rate-cut optimism, as investors awaited minutes of the Federal Reserve’s latest meeting and chair Jerome Powell speech for clarity on the depth of cuts. Spot gold was flat at US$2,514.79 per ounce, as at 0105 GMT,…
Read MoreStocks to watch: Sats, Keppel, Sembcorp, Food Empire
THE following companies saw new developments that may affect trading of their securities on Wednesday (Aug 21):
Read MoreVW’s China partner sees revenue shortfall as price war continues
CHINESE electric car maker Xpeng forecasted third-quarter revenue that will miss analysts’ estimates, as the company feels the impact of a continued price war in its home market. While the company will deliver between 41,000 and 45,000 vehicles this quarter – above the average estimate of 40,000 – it expects to post a maximum revenue…
Read More