Posts by Mark Darwin
The unexpected winners and losers as markets went into meltdown
THE market wipeout that swept through equities, bonds and currencies on Monday (Aug 5) left just a few resilient pockets relatively unscathed. The unusual moves show that some investors are reconsidering what might be the best havens to run to, as traders rapidly pull out of popular assets once considered good bets like chip stocks…
Read MoreKirin raises Fancl tender offer price seeking to secure deal
KIRIN Holdings raised its tender offer price for Fancl by 4.1 per cent and extended its deadline for the bid to Aug 28, a potential concession to some investors who were concerned that the offer had undervalued the skincare brand. The brewer, which is looking to reduce its reliance on beverages, made a bid…
Read MoreMercedes gets nod to test high-level self-driving in Beijing
MERCEDES-BENZ said it’s become the first international auto brand permitted to test advanced autonomous driving in Beijing at a time when domestic and global carmakers are racing to perfect the technology. The approval will let Mercedes start trials of its Level 4 self-driving capabilities on Beijing’s highways and urban roads – which means the vehicle…
Read MoreFujitsu struggles to find workers to expand in IT consultancy
FUJITSU is having trouble winning the tech workers it needs to expand its IT consultancy arm and take on bigger system integrators such as Accenture. The Tokyo-based company, which is fighting to differentiate itself in Japan’s crowded industrial electronics sector, was targeting a five-fold expansion in its consultancy team to 10,000 workers in the business…
Read MoreIndia’s biggest lender deploys 2,000 bankers to woo the wealthy
STATE Bank of India (SBI), the country’s largest lender, is making a renewed push into wealth management as the number of people getting richer surges. The bank’s wealth management unit is “old” and it wants to change its approach to how it tackles this business, according to chairman Dinesh Khara. To that end, SBI is…
Read MoreGold prices drift higher on US rate-cut optimism
GOLD prices edged higher on Tuesday (Aug 6) from multi-week lows after US central bank policymakers did their best to reassure markets and highlighted the prospect of a September interest rate cut. Spot gold was up 0.2 per cent at US$2,411.97 per ounce, as at 0200 GMT. US gold futures rose 0.3 per cent to…
Read MoreInvestors bet on RBNZ rate cut next week amid global repricing
INVESTORS and some economists now expect New Zealand’s central bank to start cutting interest rates next week as markets globally ramp up bets on imminent monetary policy easing. The Reserve Bank of New Zealand (RBNZ) will cut the Official Cash Rate (OCR) by 25 basis points to 5.25 per cent in its Aug 14 Monetary…
Read MoreElon Musk’s X to close San Francisco office, relocate workers
ELON Musk’s X, the social network formerly known as Twitter, will close its San Francisco office, ending the company’s presence in the city where it was founded in 2006. Chief executive officer Linda Yaccarino sent an e-mail to employees saying X will move out of its Market Street space in San Francisco, according to a…
Read MoreSVB bankruptcy plan approved, but US$2 billion FDIC fight lingers
A JUDGE approved SVB Financial Group’s restructuring deal but dealt the company a setback in its fight with federal regulators to recover about US$2 billion it had at its Silicon Valley Bank (SVB) subsidiary when it collapsed last year. Judge Martin Glenn on Friday (Aug 2) backed SVB’s plan to distribute assets to creditors and…
Read MoreHatten Land files application for judicial management; trading in shares suspended
REAL estate developer Hatten Land on Monday (Aug 5) filed an application to the general division of Singapore’s High Court to be placed under judicial management. In a bourse filing on Monday night, the group said it has proposed Tan Wei Cheong and Lim Loo Khoon of Deloitte & Touche to be appointed the joint…
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