Posts by Stephanie Irvin
JPMorgan is exploring crypto trading for institutional clients
It is the latest sign of banks warming up to digital assets, and considering it less as a fringe investment [LONDON] JPMorgan Chase is considering offering cryptocurrency trading to its institutional clients, as large banks around the world deepen their involvement in the asset class. The Wall Street giant is assessing what products and services…
Read MoreChinese AI firm MiniMax to launch Hong Kong IPO in early January
The firm develops multimodal AI models which can process text, audio, images, video and music [HONG KONG/BEIJING] Chinese artificial intelligence (AI) firm MiniMax is seeking to launch a Hong Kong initial public offering (IPO) in early January. It could raise as much as US$700 million, two sources – who declined to be named – said…
Read MoreShein’s global ambitions survive French store uproar
The e-commerce giant, whose model of high-volume, ultra-cheap fashion has upended traditional retailing, looks like it’s in France to stay [PARIS] Shein’s choice of Paris for its first physical store set off a furor among French retailers and politicians fretting over the potential damage to local businesses from the fast-fashion retailer. Yet almost two months…
Read MoreCNMC Goldmine shares fall 7.3% on extra tax, penalty in Malaysia
A Malaysian unit of CNMC Goldmine is facing additional income tax and a penalty worth RM29.6 million [SINGAPORE] Shares of Catalist-listed CNMC Goldmine fell as much as 7.3 per cent on Monday (Dec 22) as investors reacted to its Malaysian unit facing additional income tax assessments. The counter fell to as low as S$1.01 seconds…
Read MoreAI model developer MiniMax passes Hong Kong stock exchange listing hearing
CHINESE artificial intelligence (AI) startup MiniMax has passed a Hong Kong stock exchange listing hearing, according to a stock exchange filing on Sunday (Dec 21), with sources having earlier told Reuters the firm is seeking to raise up to HK$5 billion (S$829.6 million) in the flotation. MiniMax had filed confidentially for a Hong Kong initial…
Read MoreBridgewater expands equity ownership for employees after blowout year
[NEW YORK] Hedge fund Bridgewater Associates plans to expand its employee ownership initiative next year, which will see more than 60 per cent of staff own equity in the firm, according to an internal memo seen by Reuters. The initiative, timed with Bridgewater’s 50th anniversary, marks a dramatic increase in employee ownership, as only about…
Read MoreCEO of 7-Eleven US retires as company undergoes broader revamp
US CONVENIENCE store chain 7-Eleven said its chief executive will retire at the end of this month, as Japanese parent Seven & i Holdings seeks a turnaround of the business. Joe DePinto, who was CEO for two decades and orchestrated its expansion through the acquisition of Speedway and Sunoco petrol stations, will be replaced on…
Read MoreTikTok owner ByteDance on track for US$50 billion profit in 2025
BYTEDANCE is on track for profits of roughly US$50 billion in 2025, capping a record year for a Chinese social media leader making major inroads into e-commerce and new markets. The Beijing-based parent company of TikTok is on track to hit that milestone after amassing net income of about US$40 billion over the year’s first three quarters,…
Read MoreEuropean stocks hover near record on lingering policy optimism
EUROPEAN stocks hovered near a record on Friday, wrapping up the final full trading week of the year with optimism around further policy easing and resilient growth in the US. The Stoxx 600 Index closed 0.37 per cent higher at 587.50, after finishing at an all-time peak on Thursday for the first time since November. Energy and…
Read MoreHard Work Still Fuels Real Wealth Creation
A simple question exposed a hard truth: most people want more balance even if it means less money. The prompt was clear. Would you rather work 25 hours a week and make $125,000 a year, or work 70 hours and make $300,000? My answer was instant. The results from tens of thousands of responses surprised…
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