Posts by Mark Darwin
Nippon Steel exits Chinese venture on falling Japanese car sales
NIPPON Steel will exit a joint venture in China as its top customers – Japanese automakers – struggle to maintain market share in Asia’s biggest economy. Baoshan Iron & Steel agreed to buy Nippon Steel’s 50 per cent stake in Baosteel-Nippon Steel Automotive Steel Sheets for 1.8 billion yuan (S$370 million), it said in a…
Read MoreOneStream IPO raises US$490 million priced above range
ONESTREAM and a group of shareholders including KKR & Co raised about US$490 million in a US initial public offering, pricing its shares above a marketed range. The software company and its shareholders sold 24.5 million shares on Tuesday (Jul 23) for US$20 apiece, according to a statement confirming an earlier report by Bloomberg News.…
Read MoreIndonesia plans widespread use of palm oil-based B40 biodiesel in 2025
INDONESIA is planning for the widespread use of the palm-oil based B40 biodiesel in 2025, replacing the current B35 blending, the energy ministry said. The world’s biggest palm oil maker currently has a mandatory 35 per cent blend of palm oil-based fuel in biodiesel and is seeking to ramp up the new blend of 40…
Read MoreBaidu’s robotaxi ambition draws sceptics after brief stock rally
CHINA’S faster-than-expected adoption of autonomous driving is doing little to rev up optimism among analysts searching for Baidu’s next catalyst. The Internet search leader’s shares have almost erased gains notched in Hong Kong this month after the company announced an expansion into ride-hailing with a fleet of fully self-driving cars in the city of Wuhan.…
Read MoreTexas Instruments beats quarterly profit estimates as chip demand turns steady
TEXAS Instruments (TI) beat analysts’ estimates for second-quarter profit on Tuesday (Jul 23), powered by stabilising demand for analog chips from markets such as personal electronics and lower manufacturing costs. A rebound in smartphones and personal computers sales has enabled firms to clear an inventory glut created by stockpiling during the pandemic, boosting orders for…
Read MoreGold prices flat ahead of US economic data
GOLD prices were flat in early Asian trade on Wednesday (Jul 24), with investors awaiting US economic data that could influence the Federal Reserve’s rate-cut timeline. Spot gold was little changed at US$2,409.66 per ounce, as at 0032 GMT. US gold futures ticked 0.1 per cent higher to US$2,410.50. The Fed will cut interest rates…
Read MoreElon Musk says plans for Mexico production will depend on US election
ELON Musk said Tesla will not invest further in its planned Mexico factory until after the United States election, citing too much political risk from Republican nominee Donald Trump’s pledges to impose more tariffs on Mexico-made goods. “I think we need to see just where things stand after the election,” Musk said on Tuesday (Jul…
Read MoreManulife US Reit urges unitholders to submit tax forms on time to reduce tax burden
UNITHOLDERS of Manulife US Real Estate Investment Trust (MUST) should submit US withholding tax documents on time to safeguard their interest, said the manager on Wednesday (Jul 24). It asked both existing unitholders with invalid or expired tax forms and new unitholders, who have not provided their forms, to either submit to the trust’s boardroom…
Read MoreCocoa declines as Lindt warns of global chocolate slowdown
COCOA fell in New York, paring some of Monday’s (Jul 22) big gain, as chocolate maker Lindt & Spruengli warned that the global chocolate market is facing pressure from high prices. While Lindt reported organic sales growth in the first half, chief executive officer Adalbert Lechner said the global chocolate market was seeing a slowdown…
Read MoreAlphabet’s revenue boosted by cloud computing, search ads
GOOGLE parent Alphabet reported second-quarter revenue that beat analysts’ expectations, boosted by demand for cloud-computing services and advertising on its search engine. Sales, excluding partner payouts, were US$71.36 billion in the second quarter, the company said on Tuesday (Jul 23). Analysts had projected US$70.7 billion, according to data compiled by Bloomberg. Net income was US$1.89…
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