Posts by Mark Darwin
S&P 500 losing steam going into June
AS AT May 30, the Dow Jones Industrial Average (DJIA) had risen 0.8 per cent, the S&P 500 4 per cent and the Nasdaq 7 per cent. The strong performance was led by Nasdaq, which is having its best month since November 2023 when it rose 10.7 per cent. Heading into the final week of…
Read MoreCanadian dollar gains despite GDP miss as US bond yields ease
THE Canadian dollar rose against its US counterpart on Friday (May 31) as a drop in US bond yields offset increased bets that the Bank of Canada (BOC) would begin cutting interest rates dring the week starting Jun 3, following the release of weaker-than-expected Canadian GDP data. The loonie was 0.3 per cent higher at…
Read MoreOpec+ agrees to extend oil output cuts in bid to support prices
THE Organization of Petroleum Exporting Countries and its allies (Opec+) agreed to extend its oil supply cuts, delegates said, as the group continues its efforts to avert a global surplus and shore up prices. The so-called “voluntary” cuts from key members including Saudi Arabia and Russia, which total roughly two million barrels a day and…
Read MoreShips diverted from Red Sea send ripple effects across the globe
Never has it been so cheap to inflict a world of economic pain. That stark point was underscored last week by Maximilian Hess, a principal at London-based Enmetena Advisory, a political risk consultancy. Speaking to a webinar of supply-chain managers, he showed a slide of a canoe-size naval drone and said such jury-rigged weapons have…
Read MoreNio delivers record 20,544 vehicles in May, up 233.8% year on year
ELECTRIC car maker Nio : NIO 0% delivered 20,544 cars in May 2024, registering a record high monthly delivery and 233.8 per cent increase compared to the year-ago period. It elaborated in a business update on Saturday (Jun 1) that the May deliveries consisted of 12,164 premium smart electric sports utility vehicles and 8,380 premium…
Read MoreHong Kong says 11 crypto exchanges are closer to getting permits
Hong Kong’s securities regulator said 11 cryptocurrency exchanges are a step closer to obtaining licences, one year after rolling out a digital-asset rulebook to try and foster a hub for the industry. Applicants including Crypto.com and Bullish are “deemed to be licenced”, the Securities & Futures Commission’s (SFC’s) website showed on Saturday (Jun 1). Those…
Read MoreModerna’s RSV shot wins FDA approval for use in older adults
MODERNA gained US approval for its RSV vaccine in older adults, giving the biotech company a second product as it seeks to move beyond its reliance on the fading market for Covid-19 shots. The US Food and Drug Administration approved Cambridge, Massachusetts-based Moderna’s vaccine against respiratory syncytial virus, a flu-like illness that affects elderly adults…
Read MoreBoeing executives unlikely to be charged for 737 Max crashes
CURRENT or former Boeing executives are unlikely to be prosecuted for two fatal crashes of the plane-maker’s 737 Max jet in 2018 and 2019, US Justice Department (DOJ) prosecutors told families of victims. The five-year deadline for bringing criminal charges would likely doom any prosecution effort targeting individuals, department officials said during a meeting with…
Read MoreTrip.com scales up outside China to capture post-pandemic travel rebound
TRAVEL portal Trip.com continues to expand beyond its roots in China, seeking customers and increasing headcount in other markets, including its international headquarters in Singapore. The post-pandemic rebound in travel was the catalyst for its current expansion, with an increase in travel offerings too, said Edmund Ong, general manager of Trip.com Singapore, in an interview…
Read MoreBlackstone agrees to buy Japanese manga firm for US$1.7 Billion
Blackstone has agreed to buy Japanese e-comics provider Infocom Corp, according to people familiar with the matter. The world’s largest alternative asset manager has emerged as the buyer of a 55.1 per cent stake in Infocom held by Tokyo-listed Teijin, the people said, asking not to be identified because the matter is private. A deal…
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