Posts by Stephanie Irvin
Volkswagen budget cuts force battery unit to seek external funds
PowerCo is considering bank loans, external investors and a potential public offering [FRANKFURT] Volkswagen’s battery business is being forced to seek external financing after the German carmaker cut its five-year spending plan, creating a mid-term squeeze for the unit. Third-party funding “is an option that we are looking into more closely than before”, PowerCo chief…
Read MoreHigh coffee prices are changing how consumers take their daily brew
The median price of a regular cup of coffee on menus across the US has risen almost 20% since early 2023 [LONDON] Global coffee prices rose to record highs this year, sending the cost of cappuccinos and lattes soaring. But a caffeine habit is hard to kick. So instead of giving up their daily brew,…
Read MoreChina lowers EU pork tariffs in final ruling after 18-month probe
[BEIJING/MADRID] China on Tuesday (Dec 16) sharply reduced tariffs on European Union pork imports worth over US$2 billion in the final ruling of an anti-dumping investigation seen as a response to the bloc’s duties on Chinese electric vehicles (EVs). Some from the European pork industry voiced relief at the decision, though they said the tariffs…
Read MoreStand Strong Show Up For Hanukkah
Hanukkah is not just candles and songs. It’s a story about resilience. Right now, with fresh threats and shaken communities, that story matters. My take is simple: we must stand up, show up, and secure our own future. Attacks on Jews, from Australia to our own neighborhoods, are meant to scare us into silence. They…
Read MorePfizer forecasts 2026 profit below expectations on lower Covid product sales
Pfizer has rolled out a sweeping cost reduction programme in response to the drop in Covid-19 sales [WASHINGTON] Pfizer on Tuesday (Dec 16) forecast 2026 profit below Wall Street estimates as it expects a steep drop in sales of its Covid products and a revenue hit from the loss of exclusivity on some drugs. Investors…
Read MoreEC World Reit granted more time until May 2026 to submit resumption proposal
SGX-ST has considered that it needs more time to work on proposals to meet its loan repayment obligations [SINGAPORE] EC World Real Estate Investment Trust’s (ECW) application for more time to submit a resumption proposal was approved by the Singapore Exchange Securities Trading (SGX-ST), the Reit manager said in a bourse filing on Tuesday (Dec…
Read MoreAirline Caterer Gategroup said to pick banks for Zurich IPO
[ZURICH] The world’s biggest in-flight caterer Gategroup Holding has selected banks for an initial public offering, which could take place as soon as the second half of next year, people familiar with the matter said. Bank of America, Morgan Stanley and UBS Group have been picked to help with the preparations for the potential listing…
Read MoreDBS, OCBC hit new records but UOB lags
The new records follow DBS’ appointment by the Chinese central bank to be the first local bank to serve as a yuan clearing lender [SINGAPORE] Shares of two local banks, DBS and OCBC , hit all-time highs on Tuesday (Dec 16), while UOB trailed its peers. Singapore’s largest lender, DBS, reached a new record of…
Read MoreBOJ is set to raise benchmark rates to highest level since 1995
The yen’s weakness has played a vital role in reviving inflation by prompting businesses to pass their higher input costs on to consumers [TOKYO] Governor Kazuo Ueda is widely expected to raise the Bank of Japan’s (BOJ) key rate to the highest level in three decades on Friday (Dec 12). The path ahead becomes murkier…
Read MoreMUFG said to near deal for stake in India’s Shriram
[TOKYO] Mitsubishi UFJ Financial Group is nearing a deal to buy a minority stake in India’s Shriram Finance, according to people familiar with the matter, the latest foreign bank seeking to build a presence in the world’s most populous country. MUFG may invest more than US$3.2 billion to buy a stake of around 20 per…
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