Posts by Stephanie Irvin
Deutsche Bank posts quarterly loss after big lawsuit provision
DEUTSCHE Bank posted a loss in the second quarter, it disclosed on Wednesday, its first in four years after setting aside 1.3 billion euros (S$1.9 billion) as a provision for a protracted investor lawsuit over its Postbank division. The bank’s net loss attributable to shareholders was 143 million euros in the quarter. That compares with…
Read MoreFarewell 3G: M1 to retire services from August; StarHub, Singtel from November
LOCAL mobile network operators will retire their 3G networks starting with M1 from August 2024, followed by Singtel and StarHub from November. The phase-out marks an end to the third generation of wireless mobile telecommunications technology. Singapore’s 3G services were introduced more than two decades ago, and supported the widespread adoption of smartphones in the…
Read MoreInsolvent AusGroup proposes to delist from SGX
THE liquidators of AusGroup have applied for the company to be delisted from the Singapore Exchange (SGX). The beleaguered oilfield services provider was previously ordered by the Singapore High Court to wind up after it said it was unable to service its debt. The court had also ordered the company to be discharged from judicial…
Read MoreGeneral Motors profits rise on strong North American sales
General Motors reported higher profits on Tuesday (Jul 23) behind another round of strong North American auto sales that compensated for continued weakness in China. The big US automaker’s second-quarter results demonstrated a continued lift from robust pricing in its home market, thanks to truck and sport utility vehicles that have benefited from persistently healthy…
Read MoreKanpai to sustainable sake
THE gentle lilt of a flute fills a cramped second-storey space in Tokyo that houses a burbling vat of fermenting sake. The bacteria in the 670-litre tank will take more than two weeks to turn its contents of rice and water into Japan’s traditional alcoholic drink. But they are not only alive, they are listening…
Read MoreLVWH-backed L Catterton approaches Mattel with acquisition offer: sources
L CATTERTON, the private equity firm backed by luxury goods giant LVMH, has approached Mattel, the toy maker behind Barbie and Hot Wheels, with an acquisition offer, people familiar with the matter said on Monday (Jul 22). The move could prompt other potential suitors to consider bids for Mattel, including rival Hasbro, which has become…
Read MoreLogitech co-founder gets court win to name his nominee for chair
LOGITECH’S co-founder Daniel Borel won a court battle to get his nominee for chairman onto the agenda of the Swiss company’s upcoming shareholder meeting, in the latest development in a tussle over leadership at the computer hardware maker. The local court in the Swiss canton of Vaud accepted Borel’s request to add a vote…
Read MoreGlobal power demand is surging on AI and aircon, IEA says
THE world’s demand for electricity in 2024 is set to grow at its fastest pace in years, but clean energy sources will also soar through 2025, the International Energy Agency (IEA) forecasts. “The 4 per cent growth expected for 2024 is the highest since 2007, with the exceptions of the sharp rebounds in 2010 after…
Read MoreGlobal power demand is surging on AI and air-con, IEA says
THE world’s demand for electricity in 2024 is set to grow at its fastest pace in years, but clean energy sources will also soar through 2025, the International Energy Agency (IEA) forecasts. “The 4 per cent growth expected for 2024 is the highest since 2007, with the exceptions of the sharp rebounds in 2010 after…
Read MoreAmEx’s quarterly profit beats estimates on robust spending
CREDIT card giant American Express raised its full-year profit forecast on Friday (Jul 19), as its wealthy customers persisted in splurging on travel, dining and entertainment. The company also reported better-than-expected second-quarter profit, underscoring the benefit it has enjoyed by focusing on a premium customer base. AmEx’s affluent cardholders have somewhat insulated it from weakness…
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