Posts by Mark Darwin
Real estate directors building up their company stakes
INSTITUTIONS were net sellers of Singapore stocks over the five trading sessions through to Jun 6, with S$106.8 million of net institutional outflow, as 17 primary-listed companies conducted buybacks with a total consideration of S$55.8 million. Most of the net institutional outflow was on the back of MSCI Singapore rebalancing on May 31, with five…
Read MoreVirgin Galactic set for final spaceflight before two-year pause
Virgin Galactic is poised on Saturday (Jun 8) for its last spaceflight before heading into a two-year pause on commercial operations to upgrade its fleet, as the company seeks to finally turn a profit. The “Galactic 07” mission is scheduled to begin at around 8.30 am Mountain Time (1430 GMT) from the company’s base in…
Read MoreKKR, CrowdStrike and GoDaddy to join S&P 500 as index rebalances
KKR & Co, CrowdStrike and GoDaddy will join the S&P 500 as part of its latest quarterly weighting change. The companies will replace Robert Half, Comerica, and Illumina, said a press statement from S&P Dow Jones Indices on Friday (Jun 7). The changes are set to go into effect prior to the open of trading…
Read MoreUS: Stocks finish lower after May jobs data
Wall Street stocks finished modestly lower on Friday (Jun 7) following a choppy session after strong US job growth in May further dampened the outlook for imminent interest rate cuts. The world’s biggest economy added 272,000 jobs last month, significantly above expectations even as unemployment inched higher to 4 per cent. Investors have shifted their…
Read MoreGameStop’s sales down on weak store traffic, as company releases results early
GAMESTOP said first-quarter net sales dropped and announced a more than US$3 billion stock offer as it released its quarterly report early, sending the video games retailer’s shares down 10 per cent before the bell on Friday (Jun 7). The release came as a surprise. The company was scheduled to post results on Jun 11,…
Read MoreEurope, US fearful of Chinese electric cars, says BYD founder
FOREIGN countries are “afraid” of Chinese electric vehicles, BYD chairman Wang Chuanfu said in a swipe at European and US efforts to constrain imports of China-made cars. “There are many examples of politicians in other countries who are worried about EVs in China,” Wang said in a speech at an industry summit in the southwestern…
Read MoreChina’s Luckin Coffee is back from the brink and beating Starbucks
AFTER revelations of accounting fraud at coffee chain Luckin Coffee emerged in 2020, many believed it was over for the company seen as China’s answer to Starbucks. Today, Luckin has not only survived but staged an extraordinary comeback as its cut-price lattes attract a growing number of customers, beating Starbucks to become the country’s biggest…
Read MoreHertz weighs US$700 million sale of secured debt, convertibles
HERTZ Global Holdings, seeking to bolster its balance sheet after an electric vehicles (EVs) blunder, is considering the sale of at least US$700 million in secured debt as well as a convertible notes offering, according to sources with knowledge of the matter. The rental car company’s advisers, JPMorgan Chase and Barclays, have begun contacting potential…
Read MoreMeta’s WhatsApp launches new AI tools for businesses
META launched its first artificial intelligence (AI) driven ad targeting programme for businesses on WhatsApp, as it tries to wring revenue out of the popular chat service, the company announced on Thursday (Jun 6) at a conference in Brazil. CEO Mark Zuckerberg announced the new tools in a video which was exhibited during the event. …
Read MoreOil settles higher on hopes Fed will track European Central Bank rate cuts
OIL settled up 2 per cent on Thursday (Jun 6) after the European Central Bank (ECB) opted to cut interest rates, spurring hopes that the Fed will follow suit, and Opec+ ministers reassured investors the latest oil output agreement could change depending on the market. Brent crude futures settled US$1.46 higher or 1.86 per cent…
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