Posts by Stephanie Irvin
Flash Coffee taps ex-Foodpanda CEO in turnaround bid
AFTER a rough couple of years, tech-enabled coffee chain Flash Coffee has hired former Foodpanda CEO Jakob Angele as its executive chairman in a bid to hit profitability. The firm, still headquartered in Singapore, liquidated its operations in the city-state last October, while it sold its Thai business the following month. The chain has also…
Read MoreGoldman to cut a few hundred jobs in coming weeks in annual cull
GOLDMAN Sachs plans to dismiss a few hundred employees in coming weeks as part of the firm’s annual cull of low-performing staff, according to people familiar with the matter. The fresh round of firings would bring total cuts in 2024 to about 3 per cent to 4 per cent of the bank’s workforce, with most…
Read MoreEurope: Shares inch up to record high as inflation data sets stage for ECB rate cut
EUROPEAN shares rose to an all-time high on Friday (Aug 30), closing a turbulent month on a bright note after a significant drop in euro zone inflation cemented market expectations for an interest rate cut in September. The pan-European Stoxx 600 index edged up 0.1 per cent, closing above 525 points for the first time…
Read MoreGermany’s struggling economy starts to take toll on its banks
Risk provisioning by the country’s largest lenders rose almost 50% in the first half of the year Germany’s banks are starting to feel the pinch from the stagnating economy. Risk provisioning by the country’s largest lenders rose almost 50 per cent in the first half of the year, with many banks saying that loans to…
Read MoreUK’s Aviva conspired to dodge India compensation and tax rules, agency says
An Indian tax agency has found that British insurer Aviva breached local regulations capping commissions to sales agents with a system of fake invoices and clandestine cash payments, according to a notice seen by Reuters. In an attempt to grow operations, Aviva’s India business paid about US$26 million between 2017 and 2023 to entities who…
Read MoreSingapore stocks join Asian markets in the black; STI adds 1.1%
Across the broader market, 1.4 billion shares worth S$2 billion change hands, with 354 gainers beating 222 losers SINGAPORE equities joined rallies in Asian markets on Friday (Aug 30) after positive US economic data was released on Thursday night. The benchmark Straits Times Index (STI) climbed 1.1 per cent or 38.46 points to 3,442.93. Across…
Read MoreGIC acquires another logistics facility in Japan
Completed in 2022 and fully occupied, it spans an area of more than 126,000 square metres GIC has bought another logistics facility developed by Japanese real estate developer Daiwa House Industry for an undisclosed amount. The four-floor facility in Yokohama provides access to the Greater Tokyo region. Completed in 2022 and fully occupied, it spans…
Read MoreIs the market in trouble?
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Read MoreSIA gets foreign direct investment approval for Air India-Vistara merger
SINGAPORE Airlines (SIA) has received approval from India’s government for foreign direct investment (FDI) into the entity resulting from the merger of SIA’s 49 per cent-associated company, Tata SIA Airlines – operating as Vistara – and Air India. On Friday (Aug 30), the flag carrier said the completion of the merger is now anticipated to…
Read MoreApple in talks to invest in OpenAI: report
IPHONE juggernaut Apple is in talks to invest in OpenAI, the creator of ChatGPT and the biggest name in generative artificial intelligence, a news report said on Thursday. According to the Wall Street Journal, the company founded by Steve Jobs is at the funding table as OpenAI raises more money to help meet the heavy…
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