Posts by Stephanie Irvin
SoftBank to back AI startup Perplexity at US$3 billion valuation
SOFTBANK Group’s Vision Fund 2 is investing in US artificial intelligence (AI) startup Perplexity AI at a US$3 billion valuation, Masayoshi Son’s latest bet on a sector he deems crucial to securing his legacy. SoftBank will invest between US$10 million and US$20 million in the firm, which aims to use AI to compete with Alphabet…
Read MoreChina’s financial elite face 2.9 million yuan pay caps, bonus clawbacks
THE era of big paychecks for Chinese financiers is fast coming to an end as some of the industry’s biggest companies impose strict new limits to comply with President Xi Jinping’s “common prosperity” campaign. The nation’s largest financial conglomerates have asked senior staff to forgo deferred bonuses and in some cases return pay from previous…
Read MoreBlackBerry beats estimate for Q1 revenue on strong demand for cybersecurity services
CANADA’S BlackBerry beat first-quarter revenue estimates on Wednesday (Jun 26), driven by a resilient demand for cybersecurity services in the wake of growing online threats. US-listed shares of the company, which provides cybersecurity and data protection services to enterprises and governments, rose 7.2 per cent after the bell. Over the past few months, companies such…
Read MoreGold prices hover near two-week low on firm US dollar, yields
GOLD prices held steady on Thursday (Jun 27) after falling to a two-week low in the previous session as the US dollar and Treasury yields held firm ahead of a key inflation reading due later this week. Spot gold was unchanged at US$2,298.88 per ounce, as at 0127 GMT. Bullion was at its lowest since…
Read MoreStocks to watch: Keppel Reit, LMIRT, ValueMax, Serial Achieva
THE following companies saw new developments that may affect trading of their securities on Thursday (Jun 27): Keppel Reit: It has established a green financing framework that will serve as a reference for all green finance transactions it issues, announced the real estate investment trust’s (Reit) manager on Wednesday. Keppel Reit’s sustainability-focused funding formed 63…
Read MoreUK car output falls nearly 12% in May on EV transition, says industry body
BRITAIN’S car output fell by 11.9 per cent year-on-year in May, falling for a third straight month, as manufacturers wound down existing models and more plants transitioned to electric vehicle (EV) production, industry data showed on Thursday. A total of 69,652 cars rolled off production lines in May, compared with 79,046 in the same period…
Read MoreLevi falls after reporting revenue slightly below estimates
DENIM maker Levi Strauss & Co fell in late trading after the company reported sales in its latest quarter that slightly missed expectations, underscoring Wall Street’s high expectations for the company. Revenue was US$1.44 billion in the company’s fiscal second quarter which ended May 26 – just short of the average analyst estimate of US$1.45…
Read MoreEurope: Shares slip as bond yields weigh, French elections awaited
EUROPEAN shares slipped on Wednesday as government bond yields rose on concerns about persistent global price pressures ahead of a crucial US inflation report, with investor focus also on French elections at the weekend. The pan-European Stoxx 600 index reversed early gains to close nearly 0.6 per cent lower, pressured by a rise in bond yields across…
Read MoreFerrari CEO on mission to boost profits – without selling too many cars
The new plant to make the brand’s electric cars won’t be out to boost production numbers; the carmaker wants to mitigate risk in an uncertain era [MARANELLO, Italy] Ferrari on Friday (Jun 21) opened a new factory in Italy, where it will build its upcoming electric car alongside its petrol and hybrid models. But this…
Read MoreGermany, China sign declaration on data sharing
Germany and China have signed a declaration of intent on how to discuss cross-border data transfer, a further step towards carmakers being able to transfer data to Germany, a German minister said on Wednesday (Jun 26). Transferring data outside of China is a contentious issue for foreign firms operating there. The EU and US are…
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