Posts by Stephanie Irvin
Oil eases on weak US fuel demand, profit taking
OIL prices fell on Friday as investors weighed weak US fuel demand and took some money off the table at quarter-end, while key inflation data for May boosted the chances the Federal Reserve will start to cut interest rates this year. Brent crude futures for August settlement, which expired on Friday, settled up 2 cents at…
Read MoreNike sinks as gloomy sales forecast fans growth concerns
NIKE shares slumped 18.6 per cent in early trade on Friday (Jun 28) as a forecast for a surprise drop in annual sales amplified investor concerns about the pace of the sportswear giant’s efforts to stem market share losses to upstart brands such as On and Hoka. The company on Thursday projected a mid-single-digit percentage…
Read MoreRed Sea attacks drove 90% decline in container shipping, US spies say
HOUTHI attacks on commercial vessels in the Red Sea led to a 90 per cent decline in container shipping through the area between December 2023 and February 2024, US intelligence officials said in their first formal assessment of the rebel campaign’s economic impact. The attacks impacted at least 65 countries and forced at least 29…
Read MoreBillionaire Carlos Slim ramps up oil bets amid buying spree
Carlos Slim, Latin America’s wealthiest man, is boosting oil and gas bets through stakes he holds in US energy firms and increasing his exposure in Mexico, where he partners with state-run giant Pemex on several projects. In June alone, his family holding Control Empresarial de Capitales bought PBF Energy on 13 different days, scooping up…
Read MoreApple’s China iPhone shipments jump 40% after steep discounts
APPLE’S iPhone shipments in China rose 40 per cent in May, off the previous month’s pace of growth despite heavy discounting by major retailers in the weeks leading up to the country’s June shopping festival. Smartphone shipments climbed more than 13 per cent but foreign brands – of which Apple comprises the vast majority –…
Read MoreLarge-cap stocks lead decline in Singapore market; STI down 0.3%
SINGAPORE shares ended lower on Friday (Jun 28), led by declines in large-cap counters on the benchmark index. The Straits Times Index (STI) fell 0.3 per cent or 10.55 points to 3,332.80. Across the broader market, losers beat gainers 257 to 254, after 1.3 billion securities worth S$1.2 billion changed hands. The biggest decliner on…
Read MoreAsia to emerge as hotspot for equity deals as India activity surges
A POSSIBLE revival in initial public offerings (IPOs) in Hong Kong after a pickup in Chinese regulatory approvals and a string of mega deals in India are expected to make Asia a bright spot for equity deals in the second half of this year, bankers and analysts said. Despite the extended downturn in Asia IPOs,…
Read MoreRinggit rebound set to ride on recovering exports, Fed rate cuts
Bank Negara says the Malaysian currency has ‘significant potential to appreciate and be among the top beneficiaries of US rate cuts’ The Malaysian ringgit is set to extend gains into the remainder of the year as exports recover and the US Federal Reserve eventually pivots to interest rate cuts. The ringgit has been the top…
Read MoreMeta says it may block news from Facebook in Australia
FACEBOOK owner Meta is considering blocking news content from the platform in Australia if the government makes it pay licensing fees, a company representative told a parliamentary hearing on Friday (Jun 28). Meta’s regional policy director Mia Garlick told lawmakers “all options are on the table” when asked if the company would block Australians from…
Read MoreJapan names new currency czar as yen continues its slide, Nikkei reports
JAPAN is getting a new currency czar just as the yen trades near its weakest levels in almost four decades, the nation’s finance minister said. The Finance Ministry appointed Atsushi Mimura as its new vice finance minister for international affairs, making him the face of official efforts to manage the yen as Masato Kanda steps…
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