Posts by Mark Darwin
Europe’s EV battery plans fade on China price war, US subsidies
IN 2019, France and Germany agreed to pump billions of euros into a plan to boost Europe’s battery industry and catch up with China and the United States. Five years later, that effort is running out of steam. As electric vehicle (EV) sales slow, companies including Volkswagen (VW), Stellantis and Mercedes-Benz are scaling back or…
Read MoreChina loosens grip on yuan with weakest fixing since November
CHINA set the yuan’s daily reference rate at its weakest since November in a sign policymakers are loosening their grip on the currency. The People’s Bank of China (PBOC) set the so-called fixing at 7.1192 per US dollar, an increase of 33 ticks, the most in about two months. The move comes as the US…
Read MoreFamilies of Boeing 737 MAX crash victims ask US to seek US$24 billion fine
RELATIVES of the victims of two fatal Boeing 737 MAX crashes asked the Justice Department on Wednesday (Jun 19) to seek a fine against the planemaker of up to US$24.78 billion and move forward with a criminal prosecution. “Because Boeing’s crime is the deadliest corporate crime in US history, a maximum fine of more than…
Read MoreBitcoin ETF lists on main Australian stock market for first time
AN EXCHANGE-TRADED fund (ETF) investing in Bitcoin listed on Australia’s main stock market for the first time, adding to a wave of similar launches this year in the US and Hong Kong. The VanEck Bitcoin ETF debuted on Thursday (Jun 20) on the exchange operated by ASX with a seed investment of about A$985,000 (S$887,468).…
Read MoreSeatrium settles US$57 million arbitration case with Awilco unit
SEATRIUM’S wholly owned subsidiary, Seatrium New Energy, along with RigCo Holding, has entered into a settlement agreement with Awilco Drilling and two of its units. On Thursday (Jun 20), Seatrium said one of the units, Awilco Rig 2 (AR2), will receive a US$57 million settlement sum related to an arbitration with Seatrium New Energy, formerly…
Read MoreStocks to watch: Seatrium, Wing Tai
THE following companies saw new developments that may affect trading of their securities on Thursday (Jun 20): Seatrium: Its wholly owned subsidiary, Seatrium New Energy, formerly known as Keppel Fels, has together with RigCo entered into a settlement agreement with Awilco Drilling and two of its units. One of the units will receive a US$57…
Read MoreAmazon invests 10 billion euros to expand cloud and logistics in Germany
AMAZON will invest 10 billion euros (S$14.5 billion) as demand for its cloud services and retail goods in Europe’s biggest economy keeps growing, the US technology and retail company said on Wednesday (Jun 19). The greater part of the sum, 8.8 billion euros, will be spent by 2026 to expand the cloud infrastructure of its…
Read MoreOil dips after hitting seven-week highs on demand hopes, war jitters
OIL prices dipped on Wednesday (Jun 19) after hitting seven-week highs as summer demand optimism and concerns over escalating conflicts offset an industry report that said US crude inventories unexpectedly rose. Brent crude futures slipped 6 US cents, or 0.1 per cent, to US$85.27 a barrel by 1943 GMT, while US West Texas Intermediate (WTI)…
Read MoreDell, Super Micro providing server racks for xAI’s supercomputer
DELL Technologies and Super Micro Computer will provide server racks for the supercomputer that Elon Musk’s artificial intelligence startup xAI is building, the US businessman said on social media platform X on Wednesday (Jun 19). Dell is assembling half of the racks for xAI’s supercomputer, Musk said on X. In a reply to another post…
Read MoreBritish bank NatWest to close Polish business, cutting 1,600 staff
45 per cent of roles are gone for good and the remaining 55 per cent being transferred to the other two countries where equivalent jobs will be created NatWest will close its business in Poland by the end of 2025, the British bank said on Wednesday (Jun 19), as it consolidates its financial crime operations…
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