Posts by Mark Darwin
Global digital economy will hit US$16.5 trillion by 2028: report
RESEARCH and advisory company Forrester released its report, Global Digital Economy Forecast, 2023-2028, on Monday (Aug 19) revealing that the digital economy will reach US$16.5 trillion and capture 17 per cent of global GDP by 2028. The study measures the size and growth of the digital economy across areas such as tech spend, retail and travel e-commerce,…
Read MoreEricsson reaches deal to sell US firm to Koch unit
SWEDISH telecom equipment maker Ericsson reached a US$1 billion deal to sell its US call-routing business Iconectiv to a private investment arm of Koch. Ericsson expects to get about 10.6 billion kronor (S$1.3 billion) in cash after taxes, transaction expenses and other liabilities as part of the takeover by Koch Equity Development, the company said…
Read MoreSingapore stocks open higher on Monday; STI up 1.1%
SINGAPORE stocks started trading in positive territory on Monday (Aug 19), a day after Prime Minister Lawrence Wong gave his first National Day Rally speech. As at 9.01 am, the Straits Times Index (STI) opened 1.1 per cent or 37.16 points higher at 3,352.89. Across the broader market, gainers outnumbered losers 58 to 32 after…
Read MoreHot stock: Yoma falls 17% after denying criminal proceeds from online scam centres used to fund real estate project
It says the project has not required or received external funding in recent years SHARES of Yoma Strategic fell 16.8 per cent on Monday (Aug 19) morning, after it made clarifications to an article published by news agency The Irrawaddy. The company said there are no investigations by Myanmar authorities involving the group, its directors,…
Read MoreStocks to watch: Keppel, Jardine C&C, Yoma, Memiontec
THE following companies saw new developments that may affect trading of their securities on Monday (Aug 19): Keppel: The mainboard-listed company, with ACEN and GenZero, have signed a memorandum of understanding to explore the origination and utilisation of transition credits (TCs) to facilitate the earlier retirement of a coal-fired power plant in the Philippines. The…
Read MoreWestpac profit rises as margin pressure shows signs of easing
WESTPAC Banking’s profit edged higher as pressure on margins eased and mortgage lending grew faster than the wider industry, offsetting a fragile outlook for the nation’s economy. Unaudited net profit came in at A$1.8 billion (S$1.6 billion) in the three months to Jun 30, according to a statement on Monday (Aug 19). Australia’s largest…
Read MoreWTI expected to show continued weakness
WEST Texas Intermediate (WTI) oil price edged lower on Aug 13, breaking a four-day streak of gains, as markets refocused on concerns about oil demand following the Organization of the Petroleum Exporting Countries’ cut in its forecast for demand growth, the first since July 2023. This reduction comes amid mounting signs that demand in China…
Read MoreGold tops US$2,500 for first time on outlook for lower rates
Gold topped US$2,500 an ounce for the first time, bolstered by hopes that the US Federal Reserve is edging closer to cutting interest rates. Spot bullion climbed as much as 2.2 per cent last Friday (Aug 16), exceeding the previous record set last month, as a disappointing reading on the US housing market reinforced expectations…
Read MoreBusinesses, rights defenders decry Pakistan Internet slowdown
Pakistan’s government is throttling the Internet and social media while it tests new controls to crush dissent, said activists and business leaders, putting the country’s economic recovery at risk. Since July, Internet networks have been up to 40 per cent slower than normal, said an IT association, while documents, images and voice notes have been…
Read MoreWall Street wants more signs US consumers are still spending
STRONG results from the largest retailer and a robust monthly sales report went a long way towards easing worries about the health of the American consumer. But a slate of Wall Street analysts want more evidence, raising the stakes next week for earnings reports from Target, Macy’s and TJ Maxx owner TJX Cos. Although headline…
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