Posts by Stephanie Irvin
Australia’s faster inflation raises risk of RBA rate hike
AUSTRALIA’S inflation accelerated faster than expected in May, sending the currency higher as traders boosted bets the Reserve Bank of Australia (RBA) will resume raising interest rates at its next meeting. The monthly consumer price indicator (CPI) climbed 4 per cent from a year earlier, exceeding economists’ estimate of 3.8 per cent, data from the…
Read MoreSouth Korea kicks off 26 trillion won of chip loans, funds from July
SOUTH Korea will begin awarding aid to chipmakers from July, kicking off a 26 trillion won (S$25 billion) package of financial support pledged towards boosting a critical industry. Seoul will begin with an 18 trillion won package of measures including preferential loans and investment capital. Starting next month, eligible firms can tap a 17 trillion…
Read MoreCash-strapped Stability AI raises US$80 million with new CEO and board
STABILITY AI said on Tuesday (Jun 25) it has raised funds and appointed industry veteran Prem Akkaraju as its top boss, months after the exit of founder and CEO Emad Mostaque compounded troubles at the cash-strapped generative artificial intelligence (AI) startup. The firm has raised about US$80 million in funding, according to a source familiar…
Read MoreGoogle to showcase AI, new Pixel phones at surprise Aug 13 event, The Verge reports
GOOGLE will showcase artificial intelligence (AI) features, and updates to its Pixel devices and the Android platform at a special event on Aug 13, according to invites shared online by The Verge and tech commentator Marques Brownlee. The event will be held at Google’s Mountain View headquarters, and have a keynote beginning at 10 am…
Read MoreWaymo robotaxi service opens to all in San Francisco
THE Google-owned Waymo robotaxi service on Tuesday became available to anyone in San Francisco interested in hailing a driverless ride. Waymo has been cautiously expanding its robotaxi service, access to which had thus far been available on an invitation-only basis. “With tens of thousands of weekly trips, our Waymo One service provides safe, sustainable, and…
Read MoreFedEx soars as cost cuts drive better-than-expected forecast
FEDEX forecast profit above Wall Street’s expectations and said it would buy back US$2.5 billion of its stock over the next year, lifting its shares on signs that a sweeping plan to reorganise and cut costs was taking hold. Adjusted earnings in the 2025 fiscal year will be US$20 to US$22 a share, the company…
Read MoreWhy OCBC’s offer for Great Eastern may hinge on two key shareholders
PLANS to delist Great Eastern Holdings (GEH) have taken another step forward after the number of shares owned or agreed to be acquired by offeror OCBC and its concert parties crossed 90 per cent on Jun 24. As the 10 per cent free float threshold required for trading to continue has not been met, trading…
Read MoreNestle launches website for individuals on weight loss drugs
NESTLE’S health unit on Tuesday (Jun 25) launched a Web platform to provide nutritional support for individuals on weight loss programmes, including those using GLP-1 medications. Nestle Health Science said the website will address specific needs such as preserving lean muscle mass, supporting gut health, and offering personalised diet assistance. As more people use GLP-1…
Read MoreChina’s May net gold imports via Hong Kong down about 23% from April
CHINA’S net gold imports via Hong Kong fell about 23 per cent in May to their lowest in eight months as its central bank held off against adding any gold to its reserves last month, Hong Kong Census and Statistics Department data showed on Tuesday (Jun 25). Net imports into the world’s top gold consumer…
Read MoreBoeing’s Spirit Aero bid values 737 supplier at US$35 a share
Boeing has offered to acquire Spirit AeroSystems Holdings for about US$35 a share in a deal funded mostly with stock, according to people familiar with the matter. The latest proposal represents a switch from Boeing’s plan to fund an all-cash offer after months of talks between the companies, said the people, who asked not to…
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