Posts by Mark Darwin
Malaysia’s Petronas Q1 profit falls on high costs, low prices
Malaysia’s state energy firm Petroliam Nasional (Petronas) reported a near 11 per cent decline in first-quarter net profit on Friday (May 31) due to higher operating costs and lower realised prices across its businesses. Profit after tax in the three months ended March 31 was RM21.3 billion (S$6.11 billion), down from RM23.8 billion a year…
Read MoreMandai Park appoints DBS CEO Piyush Gupta as board chair
MANDAI Park Holdings has appointed Piyush Gupta, chief executive officer (CEO) and director of DBS Group, as its board chairman. Chong Siak Ching, who has served as director of Mandai Park since August 2017, will be appointed deputy chairman, the company announced on Friday (May 31). She has served as acting board chairman since November 2023.…
Read MoreThailand exploring small modular nuclear reactor technology, says PM
THAILAND is exploring small modular nuclear reactor technology as South-east Asia’s second-largest economy looks to diversify its energy mix, Prime Minister Srettha Thavisin said on Friday (May 31). “Our green transition goal is one of the most ambitious in South-east Asia, and we have a comprehensive roadmap in place to have 50 per cent of…
Read MoreCountry garden seeking exit from Chinese chipmaker CXMT: sources
AS CHINESE property developer Country Garden Holdings struggles under a mountain of debt, its venture capital arm is considering selling its stake in a chipmaker that may become a target of United States sanctions. Country Garden Venture Capital is seeking about two billion yuan (S$380 million) for its undisclosed stake in ChangXin Memory Technologies (CXMT),…
Read MoreMalaysia’s ringgit overcomes this year’s slow start as inflows gather pace
THE Malaysian ringgit has raced ahead of all its Asian peers in the past three months and if market watchers are right, the move is set to gain traction. The currency – which has climbed nearly 1 per cent since the end of February – is expected to rise to 4.65 per US dollar by…
Read MoreECB seen making fewer rate cuts in fight to curb inflation risks
Economists are dialling back their expectations for how far the European Central Bank (ECB) will lower interest rates after it starts cutting next week, according to a Bloomberg survey. Respondents anticipate that the first of six quarter-point reductions in the deposit rate – currently at 4 per cent – will be announced next week. That’s…
Read MoreBritish fintech Revolut views Asia-Pacific as key for expansion
THE Asia-Pacific region is one of the keys for global expansion at London-based Revolut, including markets such as Australia, New Zealand and Singapore, according to the fintech company’s head of growth. “Accelerating Revolut’s growth in Apac markets remains a top priority,” Charlie Short said, adding the firm plans a regional marketing push and is focused…
Read MoreUS is slowing AI chip exports to Middle East by Nvidia, AMD
US OFFICIALS have slowed the issuing of licenses to chipmakers such as Nvidia and Advanced Micro Devices (AMD) for large-scale artificial intelligence (AI) accelerator shipments to the Middle East, according to sources familiar with the matter, while officials conduct a national security review of AI development in the region. It’s unclear how long the review…
Read MoreRenault to develop Twingos priced under 20,000 euros with Chinese partner
RENAULT said it would link up with a Chinese engineering company to develop future Twingo cars priced below 20,000 euros (S$29,249), as European automakers target smaller and cheaper electric vehicles (EVs) to compete with Chinese peers. “Twingo’s development is moving forward quickly, as we plan to make the development in two years,” said a spokesperson…
Read MoreTerraform Labs, Do Kwon agree to settle SEC civil fraud case
SINGAPORE-BASED Terraform Labs and its founder Do Kwon have reached a tentative settlement with the US Securities and Exchange Commission (SEC) which sued them for allegedly misleading cryptocurrency investors before the 2022 collapse of the stablecoin TerraUSD. The deal but not its terms was disclosed on a court website. A jury found Kwon and Terraform…
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