Posts by Mark Darwin
Nvidia tops US$3 trillion in value, leapfrogging past Apple
NVIDIA was already the world’s most valuable semiconductor firm. Now, it’s become the first computer chip company ever to hit US$3 trillion in market capitalisation. The shares of the Santa Clara, California-based firm have rallied roughly 147 per cent this year, adding about US$1.8 trillion as the insatiable demand for its chips used to power…
Read MoreOil rises 1% as Fed rate cut optimism offsets demand fears
OIL prices climbed 1 per cent on Wednesday (Jun 5), rebounding from four-month lows, as hopes of an interest rate cut by the US Federal Reserve in September outweighed demand concern after data showed builds in US crude and fuel stocks. Brent crude futures settled 89 US cents higher, or 1.2 per cent, at US$78.41…
Read MoreLockheed Martin to buy up to 25 rocket launches from Firefly Aerospace
Lockheed Martin has entered a purchase agreement with Firefly Aerospace for up to 25 launches on its Alpha rocket by 2029, the US defence contractor said on Wednesday (Jun 5). Texas-based Firefly makes small and medium launch vehicles for commercial launches to orbit. Its small-launch vehicle, Alpha, will fly Lockheed’s spacecraft and payload into low-Earth…
Read MoreEtihad Airways forms joint venture with China Eastern to boost growth
ETIHAD Airways has formed a joint venture with China Eastern Airlines under which the carriers will coordinate flights and share revenues on selected routes, as the Abu Dhabi flag carrier looks to boost growth, its CEO told Reuters. Under the joint venture, the airlines will together manage flight capacity on chosen routes, coordinate schedules and…
Read MoreStanChart banks on international ties amid demand for cross-border wealth needs: James Lye
INTERNATIONAL banking is increasingly becoming a key driver for Standard Chartered Bank’s (SCB) affluent business, as more clients look for wealth offerings outside of their home jurisdictions, said James Lye, SCB’s global head of international banking. “Increasingly, (clients’ needs and our international corridors) play a part in driving where our growth is,” Lye said on…
Read MoreChina’s Sinograin to expand wheat stockpiles as global supplies fall
CHINA will expand its wheat stockpile by increasing buying from domestic producers as the world’s top producer and consumer of the staple grain looks to secure supply amid recent weather-related damage to global production. Frost has hit crops in No 1 exporter Russia and both dryness and excessive rains have threatened yields in the European…
Read MoreNXP, Vanguard to invest US$7.8 billion in Singapore wafer plant
NXP Semiconductors and TSMC-backed Vanguard announced a US$7.8 billion joint venture to produce silicon wafers on Wednesday (Jun 5), joining other chipmakers setting up plants in Singapore to diversify their manufacturing base. Taiwan’s Vanguard International Semiconductor Corp will invest US$2.4 billion for a 60 per cent stake, while NXP will invest US$1.6 billion and hold…
Read MoreCOE premiums fall across the board; mainstream car category posts largest drop in 2024 to date
PREMIUMS for Certificates of Entitlement (COE) fell for all categories in June’s first round of bidding. Passenger car premiums – Category A and B – led the way with drops of around 5 per cent each. Category A saw its single largest price dip in 2024 to date while Category B broke its recent rally,…
Read MoreIndonesia central bank to continue intervention to stabilise rupiah
Indonesia’s central bank will continue to intervene in the foreign exchange market to stabilise the rupiah, its governor said on Wednesday (Jun 5), adding that the currency would strengthen next year. The rupiah recouped some of its losses on Wednesday to stand at 16,265 a dollar by 0603 GMT, after having weakened as much as…
Read MoreUBS, HSBC urge China to expand wealth links with Hong Kong
Hong Kong’s central bank chief and executives at UBS Group and HSBC called for the expansion of wealth links between the city and mainland China, months after a key initiative was bolstered. The Hong Kong Monetary Authority is in talks with the industry about potential further increasing the Wealth Management Connect programme to accommodate…
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