Posts by Stephanie Irvin
Toyota and BMW to upgrade fuel cell alliance, Nikkei Asia says
TOYOTA Motor and BMW are set to upgrade their partnership in fuel cell vehicles, Nikkei Asia reported on Tuesday (Aug 27). The two automakers will sign a memorandum of understanding on the partnership next week, with an official announcement set for Sep 5, Nikkei Asia reported. A Toyota spokesperson said Nikkei’s report is not based…
Read MoreAsia: Markets retreat after rally, oil dips but Middle East worries linger
ASIAN markets slipped on Tuesday following a tepid day on Wall Street as traders took a breather from a recent rally fuelled by bets on a US interest rate cut, while oil eased from a surge caused by Middle East tensions. A string of supportive data in recent weeks and comments from top Federal Reserve…
Read MoreMalaysia plan to license social media platforms sparks pushback
A TECHNOLOGY industry group that includes Meta Platforms, Amazon.com and Alphabet’s Google urged Malaysia to pause its plan to regulate media and messaging platforms, saying the move lacked transparency and engagement. The proposed regulation will adversely impact innovation, hinder ongoing investments and deter future ones because of its complexity and compliance costs, the Asia Internet…
Read MoreKeppel Infrastructure Trust proposes private placement to raise at least S$200 million
THE trustee-manager of Keppel Infrastructure Trust (KIT) has proposed a private placement to raise gross proceeds of no less than S$200 million at an estimated issue price range of between S$0.426 and S$0.438 per new unit. On Tuesday (Aug 27), the trustee-manager said this price range represents a discount of between about 6 and 8.6…
Read MoreHow Telegram’s founder went from Russia’s Mark Zuckerberg to wanted man
MORE than a decade ago, when Russia pushed Pavel Durov to shut down the pages of opposition politicians on a Facebook-like site he had created, the tech entrepreneur responded online by posting a cheeky picture of a hoodie-wearing dog with its tongue out. “Official response to the intelligence services to the request to block groups,”…
Read MoreAustralia’s Coles beats annual profit view on strong supermarket sales
COLES, Australia’s second-largest grocer, posted its annual profit above analysts’ estimates on Tuesday, fuelled by strong sales at its supermarkets and improved inventory management that effectively mitigated theft-induced stock losses. Coles bolstered its competitive position through expanded private-label offerings, surging ecommerce sales, and moderating inflation, which fostered a more stable pricing environment and aided in attracting…
Read MoreTemu owner’s founder loses spot as China’s richest person after 18 days
COLIN Huang’s reign as China’s richest person only lasted about two weeks. A slump on Monday (Aug 26) in shares of PDD Holdings, the parent company of e-commerce giant Temu, sent Huang’s fortune tumbling by US$14.1 billion, his biggest one-day loss ever. Huang is now the fourth-wealthiest person in China with a net worth of…
Read MoreMacron denies Telegram founder’s arrest ‘political’
FRENCH President Emmanuel Macron on Monday denied any political link to the arrest of Telegram founder Pavel Durov as the tech tycoon spent a second day in custody following his surprise arrest at a Paris airport. Numerous questions have been raised about the timing and circumstances of Durov’s detention, which a source close to the case said…
Read More‘Hard to imagine’ no September rate cut, says Fed official
IT IS “hard to imagine” the Federal Reserve not cutting interest rates next month, a senior bank official said on Monday (Aug 26), in the latest signal that many policymakers favour a cut. The Fed hiked its key lending rate to a two-decade high last year as it battled to control runaway inflation after the…
Read MoreOil climbs 3% as Libya output cuts further supply concerns
OIL prices settled 3 per cent higher on Monday as production cuts in Libya added to supply concerns stemming from reports of escalating conflict in the Middle East. Brent crude futures closed US$2.41, or 3.05 per cent, at US$81.43 a barrel, while US crude futures settled US$2.59, or 3.5 per cent, higher at US$77.42 a barrel.…
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