Posts by Mark Darwin
AMC Entertainment swings to loss in the second-quarter hurt by weak movie lineup
AMC Entertainment Holdings posted a loss for the second quarter compared to a profit in the same period last year hurt by the lingering impact of last year’s dual Hollywood strikes, which led to a limited number of major theatrical releases. The US film industry faced significant disruption in 2023 due to parallel writers’ and…
Read MoreParamount gains edge in fight over Skydance buyout files
PARAMOUNT Global is poised to defeat a demand to turn over internal files to a pension fund that’s raising questions about its US$2.4 billion acquisition by Skydance Media that shifts control of the storied Hollywood studio to producer David Ellison. The Employees’ Retirement System of Rhode Island, which owns Paramount shares, wants to know whether…
Read MoreEurope: Shares tumble as global equity rout amplifies
EUROPE’S Stoxx 600 fell close to 3 per cent on Friday (Aug 2) as global equity markets ran into turbulence after a US jobs report exacerbated worries of an economic slowdown in the world’s biggest economy, with financials and tech the worst hit. The pan-European Stoxx 600 index dropped 2.7 per cent to 497.85 points,…
Read MoreUS: Wall St opens sharply lower after weak jobs data
US stock indexes slumped at the open on Friday (Aug 2), with the Nasdaq on track to confirm it was in a correction, after weak employment numbers exacerbated worries of a slowdown in the economy, with Amazon and Intel’s slumping on downbeat forecasts. The Dow Jones Industrial Average fell 272.6 points, or 0.68 per cent,…
Read MoreExxon delivers US$9.2 billion second-quarter profit, raises output target
EXXONMOBIL on Friday (Aug 2) posted a better than expected US$9.2 billion second-quarter profit based on rising oil prices and volume gains from its purchase this year of shale oil firm Pioneer Natural Resources. Exxon delivered a US$2.14 per share profit that beat analysts’ estimates on oil production and pricing gains that offset refining weakness.…
Read MoreSeatrium dives after Friday results release, pulling STI down 1.1%
Across the broader market, decliners beat advancers 422 to 199 as 1.3 billion shares worth S$1.7 billion are traded SINGAPORE equities fell on Friday (Aug 2), as earnings reports moved counters on the local bourse. The benchmark Straits Times Index (STI) slid 1.1 per cent or 38.39 points to 3,381.45. Across the broader market, decliners…
Read MoreFuture offer for Great Eastern, if any, will be made in interest of OCBC: CEO Helen Wong
She notes that the lender’s offer price of S$25.60 is ‘meaningful’, in that it represents a premium to most of the traded metrics of listed life insurance peers IF OCBC were to make any future offers for the shares in Great Eastern Holdings (GEH) it does not own, it will be in the interest of…
Read MoreSingtel’s Philippine JV valuation doubles to US$5 billion on Ayala and MUFG investments
Philippine conglomerate to raise stake in Mynt to 13%; Japan’s financial giant will acquire 8% stake GLOBE Fintech Innovations, otherwise known as Mynt, has secured new investments that have pushed its valuation to US$5 billion, more than double its US$2 billion valuation in its last funding round in 2021. In a bourse filing on Friday…
Read MoreIntel to cut 15% jobs, suspend dividend in turnaround push; shares plummet
INTEL said on Thursday it would cut more than 15 per cent of its workforce and suspend its dividend starting in the fourth quarter as the chipmaker pursues a turnaround centered around its loss-making manufacturing business. It also forecast third-quarter revenue below estimates, grappling with a pullback in spending on traditional data center semiconductors and…
Read MoreSeatrium marks turnaround with H1 net profit of S$36 million
OFFSHORE and marine specialist Seatrium on Friday (Aug 2) marked its turnaround with a net profit of S$36 million for the first half ended Jun 30, reversing from a net loss of S$264.4 million in the corresponding year-ago period. Revenue for the half year rose 39.1 per cent to S$4 billion, from S$2.9 billion the…
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