Posts by Mark Darwin
Tesla beats estimates with less-drastic drop in EV sales
TESLA reported its second consecutive drop in quarterly deliveries, despite measures chief executive officer Elon Musk took to stem the decline. The carmaker said on Tuesday (Jul 2) that it delivered 443,956 vehicles in the second quarter, better than the 439,302 average analyst estimate. While sales were down 4.8 per cent from a year ago,…
Read MoreUS: Wall St opens lower as megacaps retreat with jobs data, Powell in focus
Wall Street’s main indexes opened lower on Tuesday (Jul 2) as megacap stocks retreated after a strong session, with additional caution creeping in ahead of jobs opening data and comments from Federal Reserve Chairman Jerome Powell later in the day. The Dow Jones Industrial Average fell 61.27 points, or 0.16 per cent, at the open…
Read MoreOne Asia Investment Partners’ ex-director jailed for bond misconduct
A FORMER fund manager and director at the now-defunct One Asia Investment Partners (OAIP) was on Tuesday (Jul 2) handed a six-month jail term for engaging in acts likely to defraud investors. This was the first conviction under the Securities and Futures Act (SFA)for fraudulent and deceptive conduct related to over-the-counter bond trading, the Monetary…
Read MoreBritain’s Revolut surges to record profit as it seeks US$40 billion valuation
BRITISH fintech company Revolut made a record pretax profit of £438 million (S$753 million) in 2023 on strong user growth and soaring interest-related income, it said on Tuesday (Jul 2), as it looks to cement its place as Europe’s most valuable startup. The results, filed ahead of a September deadline, were the first to be…
Read MoreQatar Airways posts 39% jump in annual profit to record 6.1 billion Qatari riyals
QATAR Airways posted a 39 per cent jump in annual net profit to a record 6.1 billion Qatari riyals (S$2.3 billion) on Tuesday (Jul 2). Revenue grew by 6 per cent to 81 billion riyals in the year ended Mar 31, the government-owned airline said. It carried more than 40 million passengers and recorded a…
Read MoreJollibee Foods to take control of South Korea’s Compose Coffee in US$340 million deal
PHILIPPINE fast-food firm Jollibee Foods will acquire a majority stake in privately held Compose Coffee, a South Korean coffee chain, as part of a deal valuing the target at US$340 million, the company said on Tuesday (Jul 2). Jollibee’s unit Jollibee Worldwide will acquire 70 per cent of Compose Coffee and its majority-owned Titan Fund…
Read MoreAsia: Stocks to slip after Treasuries take a hit
STOCKS in Asia are set to fall, while bonds in the region are likely to track Treasuries lower as traders weighed the possibility of another Donald Trump presidency in the wake of his debate with Joe Biden last week. Tokyo and Sydney equities were poised to open lower, with Hong Kong shares to reopen after…
Read MoreGold flat as investors eye Powell’s speech
GOLD prices were flat on Tuesday (Jul 2), as investors awaited comments from Federal Reserve chair Jerome Powell and jobs data for further insight about the US central bank’s interest rate outlook. Spot gold was steady at US$2,331.41 per ounce, as at 0238 GMT. US gold futures were up 0.1 per cent to US$2,341.80. In…
Read MoreMicrosoft consolidates retail channels in China
MICROSOFT is consolidating its retail channels in mainland China, the firm said in response to media reports that it is closing its network of authorised physical retailers in the world’s second-largest economy. Microsoft did not confirm or deny the closures and did not comment on the number of authorised stores that would be impacted by…
Read MoreWorld’s most volatile big stock is rocking Indonesia’s market
ITS share-price chart resembles that of an emerging-market penny stock: a 1,200 per cent surge punctuated by two crashes of more than 40 per cent – all in the span of less than nine months. But Barito Renewables Energy is Indonesia’s biggest company by market capitalisation – an US$85 billion geothermal power producer controlled by…
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