Posts by Stephanie Irvin
Europe: Shares end marginally lower as energy stocks drop
EUROPE’S Stoxx 600 closed slightly lower on Wednesday as energy stocks tracked lower crude oil prices, while Germany’s SAP slipped on news that the US is investigating the software developer over price-fixing claims. The pan-European Stoxx 600 index closed 0.1 per cent lower after two sessions of gains. SAP declined 2.4 per cent after Bloomberg News…
Read MoreMicron soars after AI computing demand bolsters forecast
MICRON Technology, the largest US maker of computer memory chips, surged in late trading after giving surprisingly strong sales and profit forecasts, helped by demand for artificial intelligence (AI) gear. Fiscal first-quarter revenue will be about US$8.7 billion, the company said on Wednesday (Sep 25). That compares with an average analyst estimate of US$8.3 billion.…
Read MoreVisa sued by US in antitrust case over debit card markets
The US Justice Department sued Visa, alleging the global payments giant illegally monopolised the debit card market, in the Biden administration’s first major antitrust case in the financial services industry. Antitrust enforcers alleged in a complaint filed in Manhattan federal court on Tuesday (Sep 24) that Visa, which handles more than 60 per cent of…
Read MoreYen loses ground after China’s stimulus boost
THE yen lost ground to major currencies on Wednesday (Sep 25), while the yuan hit its strongest level in over a year, as China’s aggressive stimulus package provided the latest shot in the arm for risk appetite. Meanwhile, the US dollar steadied to near 14-month lows against a basket of peers, but managed to regain…
Read MoreGovernment cars abandoned as Sri Lanka’s leftist leader takes charge
Hundreds of pricey government vehicles have been abandoned around Sri Lanka’s capital after the country’s new Marxist-leaning president took office, a member of his party said on Wednesday (Sep 25), with hundreds of others missing. Senior members of the former government had dumped the state-owned cars and SUVs without a proper handover, according to Wasantha…
Read MoreChina, Hong Kong stocks extend gains as massive stimulus boosts sentiment
CHINA and Hong Kong stocks extended their gains on Wednesday (Sep 25), although lost some steam in the afternoon trade, as investors continue to digest a wide-ranging stimulus package announced by Beijing the previous day. China’s blue-chip CSI300 Index jumped 1.5 per cent, following a 4.3 per cent rally in the prior session, while Hong…
Read MoreDBS moving to raise China securities joint venture stake to 91%, group CEO says
DBS confirmed that it is the buyer of stakes up for sale by its Chinese joint venture partners DBS Group chief executive Piyush Gupta said on Wednesday (Sep 25) it is in the process of increasing ownership in its China securities joint venture to 91 per cent from 51 per cent. The comments came a…
Read MoreSea freight rates are falling, but may be lifted by US port strike
A strike in the US East and Gulf-Coast ports could hit more than half of US imports and 15 per cent of the global container fleet capacity, HSBC says SLIDING ocean freight rates could be under further downward pressure, but might find support from the scheduled port strike on the US East Coast if the…
Read MoreNew World mulls replacing CEO Adrian Cheng
NEW World Development, the Hong Kong property developer owned by the billionaire Cheng family, is considering replacing third-generation scion Adrian Cheng as chief executive officer after writedowns that led to the company’s first annual loss in two decades, according to people familiar with the matter. Cheng is poised to be replaced by current chief operating…
Read MoreParamount cuts more jobs as part of planned reductions
PARAMOUNT Global cut more jobs on Tuesday (Sep 24) as part of a previously announced plan to reduce its US workforce by 15 per cent, or about 2,000 positions. The move is the second round of layoffs, and after today 90 per cent of the planned cuts will be complete, co-chief executive officers George Cheeks,…
Read More