Posts by Mark Darwin
Mercedes-Benz spending more than previously planned on combustion engines
MERCEDES-BENZ is investing more than previously planned in combustion engine technology, including 14 billion euros (S$20.3 billion) this year on its passenger cars, its chief executive told German publication Wirtschaftswoche. The premium carmaker was investing in factories and in research and development, reworking the drive train of its hybrid cars so that it “lasts well…
Read MoreSpaceX tender offer said to value company at record US$210 billion
SPACEX will sell insider shares at US$112 apiece in a tender offer, a higher-than-expected price that boosts the value of Elon Musk’s space and satellite company closer to US$210 billion, according to sources familiar with the matter. The company was last valued at US$180 billion in a transaction in December, Bloomberg News reported. The world’s…
Read MoreBP halts hiring, slows renewables roll-out to win over investors
BP’S new CEO Murray Auchincloss has imposed a hiring freeze and paused new offshore wind projects as he places a renewed emphasis on oil and gas amid investor discontent over its energy transition strategy, sources at the company said. The moves, which have not previously been reported, are part of a decision by Auchincloss to…
Read MoreGXS Bank receives S$229.5 million capital injection from backers
GXS Bank has received a S$229.5 million capital injection from backers Singtel and Grab, according to regulatory filings with the Accounting and Corporate Regulatory Authority of Singapore. Grab took up the majority of the 229.5 million shares at S$1 apiece. It was allotted 191.8 million shares, while Singtel was alloted 37.7 million shares. This capital…
Read MoreBlackRock muscles into private assets market for wealth clients
BLACKROCK is expanding further into private-markets investing, striking a new partnership to include the assets alongside traditional exchange-traded funds and mutual funds in model portfolios pitched to wealthy US retail clients. The firm will work with Chicago-based GeoWealth to offer private equity and debt funds in customised portfolios for financial advisers across the US, BlackRock…
Read MoreLondon Metal Exchange looks to set up warehouse in Hong Kong
THE London Metal Exchange (LME) is exploring setting up its first warehouse in Hong Kong for metals delivery as it seeks to strengthen services across Asia. “We recently commissioned a third-party feasibility study on this idea, and we have been receiving great support from the local market,” Bonnie Chan, chief executive officer of HK…
Read MoreLMIRT upsizes loan facility to 4.5 trillion rupiah
LIPPO Malls Indonesia Retail Trust (LMIRT) upsized its term loan facility to 4.5 trillion rupiah (S$371.8 million) from 2.5 trillion rupiah previously. The original loan – obtained in May – came with an average life of about eight years, based on the facility agreement. On Thursday (Jun 27), LMIRT’s manager said that the trust has…
Read MoreAll major US banks pass Federal Reserve’s 2024 ‘stress test’
ALL 31 big US banks have passed the Federal Reserve’s annual “stress test” designed to assess how well they would fare in a major financial crisis, the US central bank said on Wednesday but warned that losses would be higher than last year. The stress test was broadly similar to last year, the Fed said…
Read MoreOnly 1 in 10 Singapore listcos shows how boards make major stakeholder decisions: study
The survey of 80 Singapore-listed firms also finds that large-cap companies outperform smaller enterprises in investor relations ALTHOUGH the vast majority of Singapore-listed companies recognise that businesses should allocate more resources to engage their stakeholders, only 10 per cent provided case studies or examples to demonstrate how their boards considered major stakeholder decisions over the…
Read MoreCosmetic Ozempic use under fire in Europe amid drug shortages
The EU regulator warned patients not to buy weight-loss drugs online without a prescription due to the risk of fake, dangerous products THE European Union’s drug regulator urged countries to clamp down on cosmetic use of powerful drugs for weight loss and diabetes, saying that patients who need the medicines most must get priority as…
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