Posts by Mark Darwin
China forbids new coal-based steelmaking for first time in years
CHINA did not permit any coal-based steelmaking projects in the first half of the year for the first time since announcing its major climate neutrality goals in 2020, according to a report released on Thursday (Jul 11). All 7.1 million tonnes a year of steelmaking capacity permitted by provincial governments in the first half used…
Read MoreGold holds ground as traders brace for US inflation data
GOLD prices held steady on Thursday (Jul 11), with investors awaiting US inflation data due later in the day for more insights on the Federal Reserve’s interest rate path. Spot gold was nearly unchanged at US$2,372.99 per ounce, as at 0042 GMT. US gold futures were flat at US$2,378.40. Fed chair Jerome Powell said on…
Read MoreRaffles Family Office hires Terence Chow as group chief operating officer
He will be based in Hong Kong, reporting to the company’s group chief and co-founder Kwan Chi-man RAFFLES Family Office has named Terence Chow, formerly a wealth management chief executive at the Royal Bank of Canada (RBC), as its group chief operating officer (COO). The appointment was effective Jul 2, said the commercial multi-family office…
Read MoreHot stock: Second Chance up 40% on potential privatisation by founder’s family
Mohamed Salleh and his family are looking to take the company private at S$0.30 per share SHARES of Second Chance Properties rose as much as 39.5 per cent at Thursday’s (Jul 11) open after the counter resumed trading, as investors digested the founder’s bid to take the company private. On Wednesday, Mohamed Salleh, the founder…
Read MoreBritain fast-tracks biggest company listings shake-up in decades
BRITAIN’S markets watchdog on Thursday set out final rules for the biggest shake-up in how companies list on the London Stock Exchange in three decades as it seeks to compete harder with New York and the European Union post-Brexit. The Financial Conduct Authority (FCA) said the rules are largely unchanged from proposals made last December,…
Read MoreStocks to watch: Keppel, Keppel DC Reit, Sats
THE following companies saw new developments that may affect trading of their securities on Thursday (Jul 11): Keppel, Keppel DC Reit: The data centre real estate investment trust (Reit) and its sponsor are jointly acquiring a 100 per cent interest in a shell and core data centre based in Tokyo, Japan. The total purchase consideration…
Read MoreOil settles higher on hopeful demand outlook as US oil stocks sink
OIL prices settled higher on Wednesday after a jump in US refining activity last week drove a larger-than-expected decline in petrol and crude inventories, but gains were capped due to minimal supply disruptions from Hurricane Beryl. Brent futures settled up 42 cents, or 0.5 per cent at US$85.08 a barrel. US West Texas Intermediate (WTI) crude…
Read MoreElon Musk beats US$500 million severance lawsuit by fired Twitter workers
ELON Musk won dismissal of a lawsuit claiming he refused to pay at least US$500 million of severance to thousands of Twitter employees he fired in mass layoffs after buying the social media company now known as X. US district judge Trina Thompson in San Francisco ruled on Tuesday (Jul 9) that the federal Employee…
Read MoreCNN to cut 100 jobs in major overhaul to focus on digital, memo shows
“We are building a billion dollar+ digital business of the future,” says CEO Mark Thompson News outlet CNN will cut about 100 jobs as part of a plan to consolidate news operations and bolster its digital business, according to an internal memo seen by Reuters on Wednesday (Jul 10). CNN will merge its news-gathering and…
Read MoreCK Hutchison reviews options for European telco assets: sources
HONG Kong conglomerate CK Hutchison is reviewing options for its European telco unit with a view to reducing its holdings in the overall business, six people with knowledge of the situation said. The company – reviewing its options as recently as this year – has discussed a potential spin-off with a view that its European…
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