Posts by Mark Darwin
China wants EU tariffs on EVs gone by Jul 4 as talks resume
BEIJING wants the European Union to scrap its preliminary tariffs on Chinese electric vehicles (EVs) by Jul 4, China’s state-controlled Global Times reported, after an agreement by both sides to hold new trade talks. Provisional EU duties of up to 38.1 per cent on imported Chinese-made EVs are set to kick in by Jul 4…
Read MoreAustralia to make supermarket industry code mandatory, breaches may result in huge fines
AUSTRALIA could impose billion-dollar fines on big supermarket chains that fail to comply with an industry code of conduct, the federal government said on Monday (Jun 24) as it seeks to address concerns that suppliers have been unfairly squeezed on pricing. Grocers with more than A$5 billion (S$4.5 billion) in annual revenue – currently Woolworths,…
Read MoreGold prices edge higher as US Treasury yields soften
GOLD prices inched higher on Monday (Jun 24) as Treasury yields edged lower, while investors await economic data and comments from Federal Reserve officials through this week for clarity on the US central bank’s timeline on interest rate cuts. Spot gold was up 0.2 per cent at US$2,324.36 per ounce, as at 0155 GMT. US…
Read MoreChinese automakers look to livestreaming to shake stuffy image
COMPETITION in China’s cut-throat car market is pushing even senior legacy auto executives to take up livestreaming to promote sales. The jeans-and-jacket-wearing electric vehicle (EV) startup bosses have increasingly been joined in recent months by seasoned employees from legacy carmakers, including some middle-aged shirt-and-tie types from conservative state-owned auto giants. As well as…
Read MoreGeo Energy to recover US$18 million in outstanding receivables after sale of creditor’s rights
The move, which is accretive to the group’s cash flow, will provide financial certainty INDONESIAN coal producer Geo Energy Resources on Monday (Jun 24) said it agreed to sell certain creditors’ rights to funds managed by OCP Asia (Singapore) for US$18 million in cash proceeds. The creditors’ rights relate to outstanding receivables from Indonesian companies…
Read MoreFood Empire to issue up to US$40 million in redeemable exchangeable notes
FOOD and beverage manufacturer Food Empire signed a non-binding term sheet to issue Asean private equity fund manager Ikhlas Capital Singapore up to US$40 million in redeemable exchangeable notes. Ikhlas Capital is licensed by the Monetary Authority of Singapore with on-ground presence in Singapore, Kuala Lumpur, Jakarta and Manila. The fund manager focuses on growth,…
Read MoreAustralia’s Star Entertainment sees FY profit fall; appoints acting CEO
AUSTRALIA’S Star Entertainment Group said on Monday (Jun 24) it expects its fiscal 2024 normalised group EBITDA to be in the range of A$165 million (S$148 million) to A$180 million, compared to group Ebitda of A$317.4 million in fiscal 2023. The embattled casino operator said it also expects group revenue to be between A$1.68 billion…
Read MoreCosmetics chain Sa Sa plans Asia expansion to escape Hong Kong slump
HONG Kong’s biggest cosmetics chain, Sa Sa International Holdings, is planning to further expand in mainland China and South-east Asia, to help make up for the sluggish post-Covid recovery of its home market. Sales in Hong Kong and Macau may remain around 70 per cent of pre-Covid levels even after three years, Sa Sa chief…
Read MoreUS prosecutors recommend Justice Department criminally charge Boeing as deadline looms
US prosecutors are recommending to senior Justice Department (DOJ) officials that criminal charges be brought against Boeing after finding the planemaker violated a settlement related to two fatal crashes, two sources familiar with the matter said. The Justice Department must decide by Jul 7 whether to prosecute Boeing. The recommendation of prosecutors handling the case…
Read MoreNvidia to launch in Middle East amid US curbs on AI exports to region, Ooredoo CEO says
NVIDIA has signed a deal to deploy its artificial intelligence (AI) technology at data centres owned by Qatari telecoms group Ooredoo in five Middle Eastern countries, Ooredoo’s CEO said. The agreement marks Nvidia’s first large-scale launch in a region to which Washington has curbed the export of sophisticated US chips to stop Chinese firms from…
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