Posts by Stephanie Irvin
State carrier Garuda Indonesia appoints new CEO
STATE-run Garuda Indonesia said on Friday (Nov 15) it had appointed as its new chief executive officer Wamildan Tsani Panjaitan, a former acting head of budget Lion Air who pledged to improve the flag-carrier’s performance. The decision was taken during a meeting of shareholders on Friday. Wamildan, a former Indonesian military pilot, said he would…
Read MoreChinese stocks lead Asia markets’ weekly losses amid China data, Fed signal on rate cuts
Major markets across Asia-Pacific broadly fell this week as US consumer prices released showed that inflation stayed firm, and its central bank indicated it was in no hurry to cut interest rates. Japan’s Nikkei 225 was down nearly 2.2 per cent for the week to 38,642.91, while Hong Kong’s Hang Seng index slumped around 6.25…
Read MoreCapitaLand Ascendas Reit to develop logistics property in US for S$94.8 million
CAPITALAND Ascendas Reit (Clar) will acquire a parcel of land in the US, and develop it into a new logistics property at an estimated total investment cost of about S$94.8 million. The real estate investment trust will buy the land from Summerville Logistics Center Owner, which is indirectly wholly owned by the property’s developer PTLI…
Read MoreEurope: Stoxx 600 jumps as energy and tech lead the charge, positive earnings help
Europe’s Stoxx 600 bounced back with a 1 per cent gain, driven by strong performances in the energy and technology sectors, while positive earnings reports added to the upbeat mood. The pan-European Stoxx 600 index gained 1.1 per cent to 507.03 points. But it was pinned near a three-month low, after falling in the previous…
Read MoreFed’s Powell says no need to hurry rate cuts with economy strong
FEDERAL Reserve chair Jerome Powell said the recent performance of the US economy has been “remarkably good”, giving central bankers room to lower interest rates at a careful pace. “The economy is not sending any signals that we need to be in a hurry to lower rates,” Powell said on Thursday (Nov 14) in Dallas.…
Read MoreReliance, Walt Disney close US$8.5 billion merger of Indian media assets
RELIANCE Industries and Walt Disney on Thursday (Nov 14) completed the US$8.5 billion merger of their Indian media assets, which have been split into three divisions, with each unit having its own CEO. The companies said the newly formed divisions are entertainment, which houses Reliance’s Colours TV channels and Disney’s Star; digital, home to online…
Read MoreIn major Geely shake-up, EV brand Zeekr to take control of Lynk
CHINA’S Geely said on Thursday (Nov 14) its premium electric vehicle maker Zeekr plans to take control of Lynk, a sister brand – the first big restructuring move in a planned overhaul for the sprawling automotive group. Geely Holding, which owns the two marques as well as 10 other automotive brands, has pivoted away from…
Read MoreGolden Agri-Resources posts lower underlying profit of US$91 million for Q3
PALM oil producer Golden Agri-Resources (GAR) posted an 18 per cent lower underlying profit of US$91 million for the third quarter of the 2024 financial year, from US$110 million in the second quarter. In a bourse filing on Thursday (Nov 14), the company said that the decrease was driven by increasing financial expenses due to…
Read MoreComfortDelGro Q3 net profit up 15.2% on higher revenue
Top-line growth is boosted by the group’s overseas markets, mainly due to its acquisitions in the UK and Australia LAND transport giant ComfortDelGro on Thursday (Nov 14) posted a 15.2 per cent rise in net profit to S$57.5 million for its third quarter ended September 2024, from S$49.9 million a year ago. Revenue rose 18.4…
Read MoreLVMH moves Alexandre Arnault to HQ, fueling succession talk
LVMH appointed new divisional leaders in a reshuffle that returns one of billionaire founder Bernard Arnault’s sons to the luxury conglomerate’s Paris headquarters from New York-based jeweller Tiffany & Co. Alexandre Arnault will serve as deputy chief of LVMH’s wines and spirits division under Jean-Jacques Guiony, who will cede his role as chief financial officer…
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