Posts by Mark Darwin
Stellantis offers US employees buyouts in new round of job cuts
STELLANTIS will offer voluntary buyouts to United States employees as the carmaker looks to cut costs amid slumping profits. Non-unionised US workers from vice-president level and below in certain functions can opt for the package, which is intended to “assist those interested in pursuing other career options or retirement”, Stellantis said in a message sent…
Read MoreGoldman tops Morgan Stanley in value for first time since 2020
FOR the first time since the throes of the pandemic, Goldman Sachs is worth more than its longtime Wall Street rival Morgan Stanley. Goldman shares rose 2.6 per cent on Tuesday (Jul 30), boosting its market capitalisation to US$168.9 billion. That narrowly surpassed Morgan Stanley’s market value of US$168.6 billion after four years of lagging…
Read MorePrada sales jump as Chinese shoppers splash out in Japan with weak yen
Prada sales jumped as the Italian fashion group continued to see strong growth amid a wider slowdown in the luxury industry. Net revenue in the first half grew 17 per cent at constant exchange rates, Prada said in a statement on Tuesday (Jul 30). That was in line with analyst estimates. Prada has been outperforming…
Read MoreCapitaLand Ascendas Reit posts 2.5% drop in H1 DPU to 7.524 cents
INDUSTRIAL property player CapitaLand Ascendas Reit (Clar) saw distributions per unit (DPU) fall 2.5 per cent for the half-year ended June, amid an enlarged unit base and higher finance costs. The lower DPU came even as H1 gross revenue was up 7.2 per cent year on year to S$770.1 million, while net property income (NPI)…
Read MoreMAS raps registered fund manager, its CEO for not complying with regulatory requirements
THE Monetary Authority of Singapore (MAS) has reprimanded registered fund manager RVP One and its chief executive for breaching the Securities and Futures (Licensing and Conduct of Business) Regulations. On Tuesday (Jul 30), MAS said that RVP failed to submit information about its financial returns for fiscal years 2020 to 2022, as well as…
Read MoreGlencore to announce future of coal mining business next week
The coal business is one of Glencore’s most profitable units, driving record returns in recent years Glencore said it will announce whether it plans to spin off its coal business at its results next week, after completing the purchase of Teck Resources’ coal mines earlier this month. The coal business is one of Glencore’s most…
Read MoreIndia’s RBI must retain focus on food inflation, economists say
A TOP Indian government adviser’s suggestion that policymakers cut out volatile food prices while targeting inflation met with scepticism from many economists, who say it’s inappropriate to ignore the costs of everyday items that consumers cannot do without. The prescription for inflation-minus-food found mention in the government’s pre-budget Economic Survey published last week. The report’s…
Read MoreBrokers’ take: Analysts cut Raffles Medical earnings estimates after results miss
ANALYSTS have cut their earnings estimates for Raffles Medical after the company released lower-than-expected earnings for the first half ended Jun 30. RHB lowered its target price to S$1 from S$1.60. It had cut FY2024 to FY2026 earnings estimates by 11 to 13 per cent. Maybank Securities also trimmed its target to S$1.10 from…
Read MoreBank of Japan likely to focus on cutting 10-year bond buying, data suggests
A PLANNED cut to the Bank of Japan’s (BOJ) bond purchases will probably focus on seven to 10-year notes, data on the BOJ’s debt portfolio suggests. The monetary authority’s holdings are concentrated on tenors of 10 years and shorter, where it owns about two-thirds of the amount outstanding. The share in debt maturing in more…
Read MoreSamsung begins closing gap in making AI memory chips for Nvidia
SAMSUNG Electronics, after a series of setbacks in developing the type of memory chips crucial for the artificial intelligence (AI) market, is beginning to make progress in narrowing the gap with rival SK Hynix. Samsung has made important headway in its comeback, including winning the long-awaited approval from AI giant Nvidia for a version of…
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