Posts by Mark Darwin
US: S&P 500, Nasdaq at records despite Fed seeing fewer rate cuts in 2024
THE S&P 500 and Nasdaq finished at fresh records on Wednesday following improved inflation data as the Federal Reserve kept interest rates level. The broad-based S&P 500 rose 0.9 per cent to 5,421.03, while the tech-rich Nasdaq Composite Index jumped 1.5 per cent to 17,608.44, the third straight closing records for both indices. The Dow…
Read MoreAbu Dhabi’s Adnoc greenlights its biggest LNG export project
THE United Arab Emirates’s biggest energy company approved a major liquefied natural gas export terminal as it seeks to tap into a growing global market for the fuel. Abu Dhabi National Oil Co (Adnoc) made the final investment decision to build the LNG plant in the industrial city of Ruwais, according to a statement. The…
Read MoreYouTube critics ask US to probe video site’s ‘living-room dominance’
Tech and competition watchdog groups have called on the US Department of Justice (DOJ) to probe YouTube, saying the video-streaming platform could enable Google and its parent company, Alphabet, to dominate home entertainment. In a letter to DOJ antitrust chief Jonathan Kanter dated on Tuesday (Jul 11), the American Economic Liberties Project, Demand Progress and…
Read MoreEY’s UK boss to step down as firm hunts for successor
EY’s UK boss Hywel Ball is planning to step down as the Big Four audit firm prepares to split up his role. The company will start the process for picking an internal successor to Ball in the second half of this year, EY said in an emailed statement on Wednesday (Jun 12). Ball’s role of…
Read MoreGoh family makes S$0.145 per share cash offer to take Ossia International private
THE Goh family that controls Ossia International : O08 0% on Wednesday (Jun 12) proposed to privatise the company at S$0.145 per share in cash through a voluntary unconditional offer. As at Wednesday, the Singapore-based distributor and retailer of luxury goods has an issued and paid-up share capital of S$31.4 million, with about 252.6 million…
Read MoreMandarin Oriental to sell two retail units adjoining its Paris hotel for 148 million euros
MANDARIN Oriental International : M04 0% has signed an option to sell its interests in two retail units adjoining the Mandarin Oriental, Paris for 148 million euros (S$261.9 million). In a bourse filing on Wednesday (Jun 12), the company – which has a secondary listing in Singapore – said the buyer is Lavender Propco, an…
Read MoreFedEx to cut up to 2,000 back-office jobs in Europe
FEDEX is planning to cut between 1,700 and 2,000 back-office jobs in Europe, it said in a filing on Wednesday (Jun 12), as the parcel delivery company struggles with weak freight demand. The cuts will be carried over an 18-month period, the company said, adding that it was expecting a pre-tax cost of US$250 million…
Read MoreSouth Korea, Kazakhstan sign minerals deals as Seoul moves to diversify supply chain
South Korea has struck deals with Kazakhstan to allow its firms to explore for critical minerals in the Central Asian state, it said on Wednesday (Jun 12), as the home to major chip producers and leading carmaker Hyundai moves to diversify its supply chains. South Korean President Yoon Suk-yeol is on a state visit to…
Read MoreVinFast pushes ahead with Asia expansion even as EV growth slows
Vietnamese electric carmaker VinFast Auto is pushing ahead with expansion across Asia, with founder Pham Nhat Vuong undettered by slowing global electric vehicle (EV) demand and a tepid start to the company’s foray into the US. VinFast expects to open its India factory in the first half of next year – six months earlier than…
Read MoreIndian banks to ask regulator to not raise provisioning for infra loans: sources
The Indian Banks’ Association (IBA) will ask the central bank to keep provisioning for infrastructure project loans unchanged, in its feedback to the latter’s recent proposal to raise the amount of capital lenders should set aside against such loans, three banking sources told Reuters on Wednesday (Jun 12). Last month, the Reserve Bank of India…
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