Posts by Mark Darwin
US dollar slightly weaker on declining inflation
THE US dollar slipped on Friday (Jun 28) after data showed inflation in the world’s largest economy subsided in May, cementing expectations that the Federal Reserve will start cutting interest rates this year. The dollar initially fell against the yen, the currency pair most sensitive to economic data from the United States because of a…
Read MoreUS prosecutors meeting with Boeing, crash victims as criminal charging decision looms: sources
US PROSECUTORS are meeting with Boeing and fatal-crash victims’ relatives as a Jul 7 deadline looms for the Justice Department to decide whether to criminally charge the planemaker, according to two people familiar with the matter and correspondence reviewed by Reuters. Justice Department officials met with Boeing lawyers on Thursday (Jun 27) to discuss the…
Read MoreThe list of money managers axeing oil stocks just got longer
THERE’S a growing list of institutional investors in Europe that are stripping oil and gas stocks out of their portfolios, in a move they say reduces the risk of ending up with stranded assets and financial losses. The latest to do so is PFA, Denmark’s largest commercial pension fund with roughly US$110 billion of assets…
Read MoreUnion says Boeing penny-pinching has hurt supply chain
BOEING’S practice of aggressively pressuring suppliers on costs has damaged its own supply chain, contributing to the aviation giant’s current woes, a top union negotiator told AFP this week. “Boeing has spent a long time, since 2012 trying to squeeze the supply chain by forcing them to cut their costs to Boeing, year over year,”…
Read MoreAmazon nabs startup Adept’s cofounders to bolster AI efforts
AMAZON.COM hired away artificial intelligence startup Adept’s co-founders and some of its team in a move that echoes one by rival Microsoft. Adept said in a blog post on Friday that cofounder and CEO David Luan, as well as several other co-founders and employees were leaving to join Amazon. Adept, which has raised over US$410…
Read MoreVietnam’s domestic air travel nosedives amid jet supply crunch, soaring airfares
Deemed one of the fastest recovering aviation markets, the country’s travel growth is now being deterred by a combination of factors, including an up to 50% increase in fares [HO CHI MINH CITY] Vietnam, once boasting the world’s fastest-recovering domestic aviation market, is now grappling with a sharp decline in domestic air travel, falling by 20…
Read MoreKeppel Infrastructure Trust obtains a S$50 million loan
Keppel Infrastructure Trust has obtained a loan of S$50 million, its trustee-manager Keppel Infrastructure Fund Management said on Friday (Jun 28). Unlike the sustainability-linked loan of S$612.5 million that it took out to refinance another loan, announced on Tuesday, Keppel Infrastructure Fund Management did not disclose the purpose of this multi-currency revolving credit facility. The…
Read MoreCitigroup urges dismissal of ex-managing director’s whistleblower lawsuit
CITIGROUP urged a judge to dismiss a lawsuit by a former managing director who accused the bank of firing her in retaliation for refusing to give regulators false information. The third-largest US bank said it lawfully terminated Kathleen Martin because she lacked the leadership and engagement skills needed for her job as interim data transformation…
Read MoreTrump Media shares climb after Biden’s faltering show in first presidential debate
SHARES of Trump Media & Technology Group rose more than 6 per cent on Friday (Jun 28) after President Joe Biden’s faltering performance against Republican rival Donald Trump at the first 2024 US presidential debate. Biden’s allies scrambled to contain the fallout from his shaky performance after he struggled to stem a barrage of attacks…
Read MoreDel Monte posts higher loss for Q4 FY2024, expects less red ink for FY2025
PHILIPPINE food and beverage manufacturer Del Monte Pacific was deeper in the red with a net loss of US$76.7 million for the fourth quarter of FY2024 to April, compared with US$11.9 million red ink for the year-ago period. The company attributed the performance to higher variable product and waste cost, and warehousing and distribution costs related…
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