Posts by Stephanie Irvin
BMW rules out investing in new Northvolt funding round
BMW is unwilling to invest more in Northvolt, the cash-strapped battery maker that’s seeking fresh funds to stabilise its finances, according to a source familiar with the matter. The German automaker sat out recent Northvolt financing rounds and is not prepared to participate in the next one, the source said, asking not to be named…
Read MoreToyota boosts investment in air taxi maker Joby Aviation
TOYOTA Motor is boosting its investment in air taxi manufacturer Joby Aviation by US$500 million to support plans for commercial production, bringing its total investment in the company to US$894 million. The Japanese automaker said on Wednesday (Oct 2) it will make the additional funds available to Santa Cruz, California-based Joby in two tranches,…
Read MoreNvidia partners with Accenture to boost corporate AI adoption
NVIDIA has expanded a partnership with technology consultant Accenture as part of an effort to drive adoption of artificial intelligence within businesses and boost orders for the chipmaker’s products. The arrangement will see Accenture create an Nvidia Business Group dedicated to helping clients use and scale generative AI tools, the companies said in a…
Read MoreJapan’s US$4 trillion ‘carry trade’ begins to slowly unwind
JAPAN’S investors are starting to lose their decades-long infatuation with overseas assets. In the first eight months of the year, Japanese investors snapped up a net 28 trillion yen (S$249 billion) of the nation’s government bonds, the largest amount for the time frame in at least 14 years. They also cut purchases of foreign bonds…
Read MoreUK’s JD Sports shrugs off Nike woes with multi-brand approach
Other labels such as Adidas, On and Hoka are helping the company outperform the market, chief executive says BRITISH sportswear retailer JD Sports Fashion is confident it will meet annual profit forecasts after its multi-brand strategy boosted half-year results. This comes even as Nike, which accounts for 45 per cent of its sales, struggles. The…
Read MoreOpenAI sees US$11.6 billion revenue next year, offers Thrive chance to invest again in 2025
THRIVE Capital is investing more than US$1 billion of OpenAI’s current US$6.5 billion fundraising round, and it has a sweetener no other investors are getting: the potential to invest another US$1 billion next year at the same valuation if the AI firm hits a revenue goal, people familiar with the matter said on Friday (Sep…
Read MoreWarren Buffett’s BofA selling spree edges toward key milestone
A DOZEN rounds of selling have trimmed Warren Buffett’s stake in Bank of America to the cusp of a key regulatory threshold, in which he will no longer need to quickly notify the public of his trading. His Berkshire Hathaway now owns about 10.3 per cent of the bank after the latest round of his…
Read MoreVolkswagen lowers profit forecast again on waning car demand
VOLKSWAGEN cut its guidance for a second time this year, warning that waning demand will undercut the German carmaker’s profitability as it squares off with unions over possible job cuts and unprecedented plant closures. The manufacturer said on Friday (Sep 27) that it now sees an operating margin of 5.6 per cent. That is down…
Read MoreEurope: Stocks hit record high on rate-cut bets, China stimulus
EUROPEAN equities hit a record high on Friday (Sep 27), boosted by China’s slew of stimulus measures and growing conviction that US and Euro-area interest rates will fall further in the coming months. The Stoxx Europe 600 Index rose 0.5 per cent by the close after fresh data cemented bets for further US rate cuts.…
Read MoreChina Evergrande’s liquidators still in talks for stake sale in EV unit
The electric vehicle (EV) maker has since been mired in the debt crisis engulfing its property developer parent Liquidators of debt-laden China Evergrande are still in talks with a potential buyer to sell a stake in the electric vehicle arm of the company with a view to provide a new credit line to support production.…
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