Posts by Stephanie Irvin
Rio Tinto, Glencore discuss potential merger to create US$158 billion mining giant
RIO Tinto Group and Glencore have been discussing combining their businesses, which if successful would rank as the largest-ever mining deal and create a behemoth to rival longstanding leader BHP Group. Rio and Glencore have recently held early-stage talks about a deal, according to sources familiar with the matter, who asked not to be identified…
Read MoreRio Tinto and Glencore discussed merger but talks no longer active: source
GLENCORE approached Rio Tinto late last year about combining the two big copper producers but the discussions are no longer active, a source familiar with the matter said. The talks between Rio, the world’s No 2 miner, and Glencore, one of the world’s biggest producers of coal and base metals, were brief and did not…
Read MoreCitigroup cuts more jobs in push to meet CEO Jane Fraser’s expense goals
CITIGROUP eliminated more jobs this week, just as executives were announcing new share buybacks and doubling down on chief executive officer Jane Fraser’s commitment to expense reductions. Managing directors in the wealth business and technology unit are leaving the bank, according to sources familiar with the matter. The firm is also cutting a team that…
Read MoreChanel, Prada added to Walmart inventories as part of Rebag partnership
WALMART is partnering with luxury reseller Rebag to sell pre-owned handbags, jewellery and accessories online as the retailer looks to attract wealthy shoppers and fashion enthusiasts. The goods from brands such as Chanel, Prada and Fendi are available starting this week on Walmart’s US website as part of the company’s marketplace of third-party vendors. The…
Read MoreMapletree Logistics Trust to sell Tuas property for S$11.18 million, 39.8% above valuation
The property comprises a three-storey cargo lift warehouse and factory building with an ancillary office Mapletree Logistics Trust’s (MLT) trustee HSBC Institutional Trust Services has entered into a purchase agreement to divest a property at 8 Tuas View Square for about S$11.18 million. The sale price is 39.8 per cent above the latest valuation of…
Read MoreCDL divests over S$600 million of assets in 2024, including Suzhou project
City Developments Ltd (CDL) achieved total divestments of more than S$600 million in 2024 as part of its capital recycling initiative, announced the real estate company in a bourse filing on Thursday (Jan 16). The completed divestments include the Ransome’s Wharf site in London and the freehold eight-storey industrial building Cideco Industrial Complex in Singapore. The…
Read MoreBezos’ Blue Origin reaches orbit in first New Glenn launch, misses booster landing
BLUE Origin’s giant New Glenn rocket blasted off from Florida early on Thursday (Jan 16) morning on its first mission to space, an inaugural step into Earth’s orbit for Jeff Bezos’ space company as it aims to rival SpaceX in the satellite launch business. Thirty storeys tall with a reusable first stage, New Glenn launched…
Read MoreSingapore Airlines extends title sponsorship for F1 for 4 more years till 2028
The extension of its sponsorship will cover the event this year, which is scheduled for Oct 3 to 5 at the Marina Bay Street Circuit Singapore Airlines (SIA) has renewed its title sponsorship of the Formula 1 (F1) Singapore Grand Prix for four more years, it announced on Thursday (Jan 16). SIA has been the…
Read MoreArdian raises US$30 billion in world’s biggest private equity secondary market fundraising
FRENCH private equity (PE) group Ardian has raised a record US$30 billion in the largest-ever secondary market fundraising globally. This is its ninth such fundraising since 1999, and is 57.9 per cent more than the US$19 billion it last raised in 2020, Ardian said on Thursday (Jan 16). Secondary PE deals are those where existing…
Read MoreBYD wants to win over South Korea with 31.5 million won electric car
CHINA’S BYD will launch three electric passenger cars in South Korea this year, with an aggressive pricing strategy that it hopes will win market share from legacy local brands Hyundai Motor and Kia. BYD is already taking reservations for the Atto 3, which will cost 31.5 million won (S$29,591) for the basic model and 33.3…
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