Posts by Mark Darwin
Tesla cars for first time on Chinese government purchase list
TESLA’S best-selling Model Y was included in a list of electric and plug-in hybrid models that a local government in China can purchase as a service car, according to the official Chinese media outlet the Paper on Thursday (Jul 4). It was the first time Tesla’s cars have been made eligible for government purchases in…
Read MoreFrasers Hospitality eyes 20 openings over next four years
FRASERS Hospitality is aiming to add 20 properties to its portfolio over the next four years as it continues to ride on the post-pandemic recovery trajectory. On Thursday (Jul 4), the strategic business unit of Frasers Property said this includes nine properties scheduled to open in the next two years across China and Vietnam. Under…
Read MoreBitcoin drops on US politics drama, risk of Mt Gox-linked sales
A THIRD-STRAIGHT daily slide in Bitcoin took the digital asset close to levels last seen in February amid challenges including US political drama and the potential for disposals by creditors of the failed Mt Gox exchange. The largest cryptocurrency fell as much as 2.7 per cent on Thursday (Jul 4) before paring some of the…
Read MoreAustralian dollar hovers near six-month high on US rate outlook
THE Australian dollar stood tall near a six-month high on Thursday, after cracking major resistance levels overnight as soft US economic data fanned hopes of a September rate cut, supporting bonds. The Aussie also made further gains on its New Zealand cousin and scaled a fresh 33-year peak versus the battered yen due to robust…
Read MoreEricsson to book 11.4 billion Swedish crowns impairment on weaker outlook for Vonage
MOBILE telecoms equipment maker Ericsson said on Wednesday (Jul 3) it will record a non-cash impairment charge of 11.4 billion Swedish crowns (S$1.5 billion) in the second quarter of 2024, the second writedown on its acquisition of Vonage. The impairment charge reflects lower anticipated market growth in some of Vonage’s current portfolio, the company said. …
Read MorePBOC taps China’s state banks for bond borrowings to curb rally
THE People’s Bank of China (PBOC) tapped two of the country’s biggest banks for its plan to borrow government bonds, a potential step towards cooling a market rally, according to sources familiar with the matter. The PBOC signed an agreement with the Industrial & Commercial Bank of China (ICBC) and is in talks with the…
Read MoreChinese EVs defend market share in Europe as trade tension escalates
CHINESE electric-car brands held on to their share of the slumping European electric vehicle (EV) market in May, ahead of new tariffs designed to protect local carmakers from their lower-cost imports. Automakers such as BYD made up 8.7 per cent of total EV sales, roughly on par with a year ago, as Chinese firms pressure…
Read MoreJensen Huang cashes in on Nvidia’s rally with US$169 million share sale
NVIDIA chief executive officer Jensen Huang unloaded shares worth nearly US$169 million in June, the most he’s netted in a single month, as the insatiable demand for the chips used to power artificial intelligence (AI) drove the stock to fresh peaks. The sale of 1.3 million shares, his first of the year, came during a…
Read MoreFoes of California’s electric car targets take their case to US Supreme Court
OPPONENTS of California’s ambitious targets for electric car adoption to lower greenhouse gas emissions took their case to the US Supreme Court this week, the latest salvo against the state’s campaign to fight climate change. Energy companies, corn growers and industry associations have long opposed strong environmental rules in California, for decades the only state…
Read MoreAmazon to wind down its Astro for Business security robot
AMAZON.COM said on Wednesday (Jul 3) it would discontinue its security robot, Astro for Business, for small- and medium-sized businesses as it shifts its focus to household robots. The e-commerce giant initially launched the canine-like robot for household use in 2021. Astro for Business was launched last November for a range of customers including retail,…
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