Posts by Stephanie Irvin
AI 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…
Read MoreWall Street opens higher on tech rebound, Nike slumps
[NEW YORK] Wall Street’s main indexes opened higher on Friday (Dec 19), as technology stocks extended their rebound from an early-week sell-off, while Nike tumbled after weak China sales weighed on its quarterly results. The Dow Jones Industrial Average rose 87.38 points, or 0.21 per cent, to 48,051.77. The S&P 500 rose 20.66 points, or…
Read MoreGrab to acquire Chinese firm Infermove to expand in AI robotics
[SINGAPORE] Grab Holdings has acquired Chinese tech company Infermove to expand in artificial intelligence-enabled robotics for food delivery. Grab sees Infermove’s solutions will complement its first- and last-mile delivery capabilities, the Singapore-based company said in a statement Friday (Dec 19) in response to a query from Bloomberg News. Grab’s investment will help fuel Infermove’s growth,…
Read MoreChina A500 ETFs inflows surge to record high towards year-end
Investors buy 8.7 billion yuan worth of shares in seven of the largest basket funds INFLOWS to a group of exchange-traded funds (ETFs) tracking the CSI A500 Index surged to a fresh record on Thursday (Dec 18), with the strong activity leaving traders perplexed. Investors bought 8.7 billion yuan (S$1.6 billion) worth of shares in…
Read MoreSingapore stocks close flat as regional bourses end higher; STI inches down 0.02%
CDL is the top blue-chip gainer on the STI, while Yangzijiang Shipbuilding is the biggest decliner [SINGAPORE] Local shares closed flat on Friday (Dec 19), even as most regional bourses ended higher. The benchmark Straits Times Index (STI) inched down 0.02 per cent or 0.83 point to 4,569.78. Meanwhile, the iEdge Singapore Next 50 Index…
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