Posts by Stephanie Irvin
Citadel buys Goldman alum’s company to trade power in Japan
KEN Griffin’s Citadel is buying Energy Grid, a company that trades and sells power products, as the hedge fund firm expands its commodities business in Japan. The acquisition of Tokyo-based Energy Grid is expected to close in the third quarter, the company said on Friday (Jun 28). Pricing details of the deal were not disclosed.…
Read MoreAmazon delays launch of Project Kuiper broadband satellites
AMAZON.COM said it anticipates launching its first batch of internet-from-space satellites in the fourth quarter of this year after previously saying they would be sent aloft as soon as the first half. The company now aims to start the first customer tests of its Project Kuiper network in 2025, production operations chief Steve Metayer said…
Read MoreL’Oreal CEO sees slower beauty market growth as China struggles
L’OREAL expects slower growth for the overall beauty market this year, according to its CEO, as weakness in China weighs on sales after years of rapid gains. Nicolas Hieronimus told investors at a JPMorgan event in Paris that he now sees the global beauty market growing between 4.5 per cent and 5 per cent this…
Read MoreNvidia retail craze unleashes big moves in the world of ETFs
FROM the growth of get-rich-quick schemes to becoming a make-or-break factor for outperformance, Nvidia’s latest market roller coaster is a cautionary tale of the importance of the artificial intelligence (AI) chip-maker in the US$9.2 trillion US exchange-traded fund (ETF) complex. Nvidia’s meteoric rise has spurred a more-than-2,000 per cent spike in assets of a product…
Read MoreNike forecasts dour annual revenue on weak demand for its sneakers
NIKE on Thursday (Jun 27) forecast a surprise drop in fiscal 2025 sales, after disappointing fourth-quarter sales laid bare the company’s weakening market share and its faltering direct-to-consumer strategy. Shares of the company were down 12 per cent in extended trading after Nike also forecast a wider-than-expected drop in first-quarter revenue. The company’s efforts to…
Read MoreUS: Wall Street closes subdued as investors sit, wait for inflation data
US STOCKS ended on Thursday (Jun 27) around the unchanged mark as investors awaited fresh inflation data, with the Nasdaq able to eke out a slight gain after data showed a continued slowdown in economic activity, raising investors’ hope for rate cuts. “The market is in a bit of a holding pattern here for the…
Read MoreLloyds CEO expects £300 million UK business banking revenue boost
LLOYDS Banking Group is set to make an extra £300 million (S$515.2 million) a year in revenue by 2026 from its business banking unit, CEO Charlie Nunn said on Thursday (Jun 27), as corporate confidence picks up in Britain despite challenges. The British bank’s Business and Commercial Banking (BCB) unit, which serves firms with up…
Read MoreMAS ropes in global industry associations for asset tokenisation project
THE Monetary Authority of Singapore (MAS) has roped in global industry associations for its project to pilot promising asset tokenisation use cases. It is also planning to develop standards, market practices and governing principles of foundational digital infrastructure for tokenised assets. In a statement on Thursday (Jun 27), MAS said that the Global Financial Markets…
Read MoreMicron’s sell-off highlights risk of sky-high AI expectations
US CHIPMAKER Micron Technology post-results sell-off sent a fresh reminder to global investors about the risks inherent in bets on artificial intelligence (AI) chipmakers. Days after leading AI chipmaker Nvidia slumped by about US$500 billion, Micron shares fell about 8 per cent in extended trading, after the memory maker offered a forecast that fell short…
Read MoreChinese-owned chipmaker Nexperia invests US$200 million in European expansion
NEXPERIA, one of the world’s largest makers of basic semiconductors such as diodes and transistors, said on Thursday (Jun 27) it would invest US$200 million to expand capacity at its main production site in Hamburg, Germany. The investment by Dutch-headquartered Nexperia, owned by Chinese electronics maker WingTech, is a rare example of a computer…
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