Posts by Mark Darwin
Apple and Meta have discussed AI partnership: report
FACEBOOK parent Meta Platforms has discussed integrating its generative artificial intelligence (AI) model into Apple’s recently announced AI system for iPhones, The Wall Street Journal reported on Sunday (Jun 23). The move comes as Apple plans to add technology from other AI companies on its devices amid reports that it was discussing a potential tie-up…
Read MoreCrude palm oil futures set for gradual ascent
The benchmark active Malaysian crude palm oil futures contract experienced a notable decline after reaching RM4,443 per metric tonne in early April. This came after the breakout of a mid-term parabolic bowl accumulation pattern that began forming in July 2023 and culminated in mid-March 2024. Bearish sentiments, influenced by anticipated weaker exports, increased production, lack…
Read MoreGreenback edges higher, buoyed by monetary policy imbalance
THE US dollar edged higher against other major currencies on Friday (Jun 21), hitting a fresh eight-week high against the yen as data showed a strong US economy and as the Federal Reserve’s patient approach to interest-rate cuts stood in contrast to more dovish peers.
Read MoreUS regulators chide four big-bank living wills, FDIC escalates Citi concerns
US bank regulators ordered Bank of America, Citigroup, Goldman Sachs and JPMorgan Chase on Friday (Jun 21) to bolster plans for how they could be safely resolved in bankruptcy, and Federal Deposit Insurance Corporation (FDIC) escalated its concerns about Citi’s blueprint. Specifically, the Federal Reserve and FDIC said the banks need to refine their so-called…
Read MoreCyberattacks disrupt car sales by dealers in US and Canada
THOUSANDS of auto dealers across the United States and Canada are suffering disruptions to their operations as a result of cyberattacks on a provider of critical software and data services used in auto retailing. The provider, CDK Global, said it was targeted in two attacks on Wednesday (Jun 19), prompting the company to shut down…
Read MoreChina’s BYD, Saic’s MG undecided on EV price hikes due to tariffs: sources
CHINESE carmakers BYD and Saic subsidiary MG have not yet decided whether they will increase prices on electric vehicle (EV) sold in the European Union to offset the impact of additional duties, sources close to the two groups have told Reuters. The sources said that there would be no decision before Jul 4 when the…
Read MoreEurope: Shares slip on tech, banks drag; clocks weekly gains
EUROPEAN shares closed lower on Friday (Jun 21), pressured by falls in technology and bank stocks, while Danish brewer Carlsberg Group was the day’s worst performer after British soft drinks maker Britvic rejected its revised takeover proposal. The Europe-wide Stoxx 600 ended 0.7 per cent lower, with the technology sub-index losing around 1.3 per cent…
Read MoreYoma, Samudera, Yangzijiang Shipbuilding lead Singapore listcos to outperform regional peers in Q2
YOMA Strategic, Samudera Shipping and Yangzijiang Shipbuilding headed the list of top-performing Singapore listed companies on the FTSE ST All-Share Index in the second quarter of 2024 as at Jun 20, as the index outperformed regional ones. The index tracks the performance of the top 98 per cent of companies listed on the Singapore Exchange…
Read MoreDebt ceiling standoff could trigger US rating downgrade
A potential debt ceiling standoff in the United States next year could be one of the worst since the 2011 crisis, which may trigger another sovereign credit rating downgrade, said Gennadiy Goldberg, the head of US rates strategy at TD Securities. Congress has suspended the debt ceiling until Jan 1, 2025, even as worries over…
Read MoreCash is leaving China again, pressuring yuan
A SLIDING yuan and extensive outflows of cash from the mainland into Hong Kong show China’s domestic investors are shelving expectations for any immediate recovery in their home markets and fleeing to the closest better-yielding assets. The yuan has dropped to seven-month lows this week, alongside a reversal in equity investment flows into China. Analysts…
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