Posts by Stephanie Irvin
DSV to create global logistics giant with US$15.9 billion Schenker takeover
DENMARK’S DSV has agreed to buy Schenker, the logistics arm of German state rail operator Deutsche Bahn, for 14.3 billion euros (S$20.6 billion) in a deal that would make it the world’s biggest logistics company. The acquisition will be the biggest by a Danish company and propel DSV above Swiss group Kuehne and Nagel in…
Read MoreChina holidays test consumer stocks mired in spending gloom
CHINA’S two upcoming public holidays are putting a spotlight on consumer-related shares amid a struggling spending recovery. Holiday consumption is in focus as a spending downswing and deflation risks continue to hamper the world’s second-biggest economy. Investors will be watching for any hints of a rebound during the Sep 15 to 17 Mid-Autumn festival and…
Read MoreAustralia greenlights third runway for Melbourne airport
AUSTRALIA’S Melbourne Airport on Friday received a long-awaited approval to build a third runway, with the federal government setting out conditions to minimise the effects of noise from aircraft on surrounding communities. The airport is expected to boost the economy in Victoria by A$6 billion (S$5.25 billion) a year. Catherine King, the country’s transport minister,…
Read MoreBlackstone is said to consider sale of US$7 billion Visa firm VFS
BLACKSTONE is considering options including a sale of its majority stake in visa outsourcing and technology services firm VFS Global after receiving interest from prospective investors, sources familiar with the matter said. The US alternative asset manager has held preliminary discussions with advisers to evaluate a full or partial stake sale in VFS, the sources…
Read MoreAsia: Most markets rise as traders gear up for Fed rate cut
ASIAN markets mostly rose on Friday and the yen sat around nine-month highs after another healthy day on Wall Street as investors gear up for an expected US interest rate cut next week. More data suggesting the Federal Reserve was winning the battle against inflation provided an extra kick for equities after another rollercoaster week…
Read MoreUS regulator orders Wells Fargo to overhaul its efforts to combat illicit funds
WELLS Fargo shares slid on Thursday after a US banking regulator found its safeguards against money laundering and other illegal transactions were too lax and restricted its ability to expand in risky businesses. The California-based bank, which has been under intense scrutiny since a 2016 fake accounts scandal, saw its stock close down 4 per…
Read MoreOver half of Bank of Japan watchers see next rate hike coming in December
JUST over half of Bank of Japan (BOJ) watchers see authorities conducting their next rate hike in December, while none expects a policy move when the board meets next week, according to a Bloomberg survey. Some 87 per cent of 53 economists forecast that the bank will raise borrowing costs by the end of January,…
Read MoreMicrosoft cutting more jobs from its gaming unit
MICROSOFT cutting about 650 more positions from its gaming unit as it continues to tighten its belt following the blockbuster buyout of Call of Duty maker Activision Blizzard. The elimination of mostly corporate and support roles across Microsoft Gaming is intended to “organise our business for long-term success” in the aftermath of the US$69 billion…
Read MoreOpenAI releases reasoning AI with eye on safety, accuracy
CHATGPT creator OpenAI on Thursday released a new series of artificial intelligence models designed to spend more time thinking – in hopes that generative AI chatbots provide more accurate and beneficial responses. The new models, known as OpenAI o1-Preview, are designed to tackle complex tasks and solve more challenging problems in science, coding and mathematics…
Read MoreEurope: Shares hit one-week high as ECB cuts interest rates
EUROPEAN shares jumped on Thursday after the European Central Bank (ECB) cut interest rates again as inflation hovers within striking distance of its 2 per cent target and the domestic economy is skirting a recession. The pan-European Stoxx 600 index was up 0.8 per cent at 511.98 points, hitting one-week highs, with all regional bourses ending the session with…
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