Posts by Stephanie Irvin
Historical benchmark should be used to calculate losses owed by True Group’s ex-CEO: High Court
THE losses that former True Group chief executive officer Patrick Wee owes to the fitness chain should be calculated with reference to past performance and not internal budgets, Singapore’s High Court ruled on Thursday (Sep 5). This method of calculation, preferred by Wee, would result in a lower estimate. In July 2022, True Group won…
Read MoreSeven & i to ask Couche-Tard to reconsider ‘inadequate’ offer: source
JAPANESE retail giant Seven & i will inform Canada’s Alimentation Couche-Tard that its takeover bid price is “inadequate”, a source familiar with the matter said on Thursday (Sep 5). Seven & i will ask Couche-Tard to reconsider its takeover bid, also referring to competition law concerns mainly in the US, although the company does not…
Read MorePetronas posts lower first-half profit despite rise in crude
The drop in net income was “primarily due to the deconsolidation of subsidiaries and higher taxation” Malaysia’s national oil company Petroliam Nasional posted a 19 per cent decline in first-half net income due to higher taxes and a shrinking of its asset base. Petronas recorded net income of RM32.4 billion (S$9.72 billion) in the six…
Read MoreSingapore shares gain amid mixed regional showing; STI inches up 0.5%
SINGAPORE shares closed up on Thursday (Sep 5), even as regional bourses ended the day mixed. The benchmark Straits Times Index (STI) rose 0.5 per cent or 17.28 points to 3,458.66. Across the broader market, gainers outnumbered losers 314 to 220, as 1.3 billion shares worth S$1.2 billion were traded across the day. The biggest…
Read MoreChina sees room to lower reserve requirement ratio, PBOC official says
The average RRR for financial institutions is around 7% at present, “so there is some room,” says official China still sees some room to lower the amount of cash banks must hold as reserves, a central bank official said on Thursday (Sep 5), adding that the lender will continue to implement policies to support the…
Read MoreSpecialised property draws private money
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Read MoreVolvo Cars looks to Nvidia-powered software, ‘megacastings’ for future EVs
VOLVO Cars will use a single software system backed by powerful chips from Nvidia for all future models and will rely on “megacastings” to cut costs for electric cars, the company said on Thursday (Sep 5). In releases ahead of a planned investor event in Gothenburg, Volvo said that starting with its flagship electric EX90…
Read MoreBYD’s global expansion push runs into stiff Japan test
BYD is rolling out electric-vehicle (EV) charging stations and ramping up marketing and customer incentives in Japan, aiming to boost sales in a market that has become a stumbling block in the Chinese automaker’s global expansion. Warren Buffett-backed BYD has become China’s largest EV maker after years of breakneck growth at home. Now it is…
Read MoreAsia: Markets rebound from sell-off but US data keeps traders wary
ASIAN markets bounced on Thursday after the turmoil of the previous day as traders assess the outlook for US interest rate cuts after another set of below-par data put extra focus on the upcoming jobs report. Equities on Wednesday endured the most tumultuous day since early August after a weak read on US factory activity…
Read MoreGold struggles for momentum as investors focus on US jobs data
GOLD prices were little changed on Thursday (Sep 5) as investors stayed away from making big bets ahead of US payrolls data that could provide further clues on the size of an expected rate cut this month. Spot gold was unchanged at US$2,494.54 per ounce, as at 0054 GMT. US gold futures were little changed…
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