Posts by Stephanie Irvin
Oil prices rise on fuel demand expectations, easing US dollar
OIL prices rose about 1 per cent on Monday, spurred by the prospect of strong summer driving demand and as tensions in the Middle East and drone attacks on Russian refineries led to concerns about supply. An easing US dollar added to the crude price strength. Brent futures for August delivery settled at US$86.01 a barrel,…
Read MoreAirbus cuts guidance as supply-chain snags continue to bite
AIRBUS cut its earnings and aircraft-delivery goals for the year as persistent supply-chain issues continue to deprive the European planemaker of vital components, dealing a setback to the company at a time when demand for its jets is at a record. The company now expects to hand over 770 aircraft this year, down from a…
Read MoreBest World’s exit offer ‘fair and reasonable’, says independent financial adviser
Evolve Capital Advisory pegs the estimated value of each Best World share at between S$1.36 and S$2.69 THE exit offer by has been deemed “fair and reasonable” by an independent financial adviser, said an offer circular filed on Monday (Jun 24). The adviser, Evolve Capital Advisory, has thus recommended through the board’s independent directors that…
Read MoreUS: Nasdaq drops as Nvidia, chips drag; inflation data in focus
The Nasdaq opened lower on Monday (Jun 24) after Nvidia and some other chip stocks remained under selling pressure, with investors on tenterhooks as a key inflation print this week is set to further shape bets over the timing and quantum of rate cuts this year. The Dow Jones Industrial Average rose 34.16 points, or…
Read MoreUK government snubs GSK in favour of rival RSV shot from Pfizer
The decision is a blow to GSK, which is locked in fierce competition with Pfizer to corner the new market to protect against respiratory syncytial virus GSK has lost out to Pfizer on a contract to supply millions of doses of its blockbuster RSV vaccine to the UK in a setback for the local pharma…
Read MoreUS dollar slips; yen briefly jumps as intervention worries linger
THE US dollar was slightly weaker on Monday (Jun 24) but remained close to an almost eight-week high, while the yen briefly jumped as it languished near the 160 level, which had earlier drawn verbal warnings from Japanese authorities. The yen weakened to 159.94 per dollar in early trade, its lowest since Apr 29, when…
Read MoreApple charged with breaching EU tech rules, faces another probe
European Union antitrust regulators charged on Monday (Jun 24) that Apple breached the bloc’s tech rules, a charge that could result in a hefty fine for the iPhone maker, which also faces another investigation into new fees imposed on app developers. The European Commission, which is also the EU’s antitrust and technology regulator, said it…
Read MoreGerman Allianz to invest in China’s mega pension company with 2% stake
ALLIANZ Global Investors (AGI), one of the investment arms of German insurer Allianz, has become the first foreign company to own a stake in China’s pension insurance giant Guomin Pension. AGI has been permitted to subscribe to newly-issued shares representing a 2 per cent holding in the company worth 228 million yuan (S$42.5 million), the…
Read MoreYen under pressure even as Japan steps up verbal warnings
The yen remained under pressure and close to key levels against the dollar on Monday (Jun 24), even after Japan’s top currency official warned that authorities stand ready to intervene in currency markets 24 hours a day if necessary. “If there are excessive currency fluctuations, it has a negative impact on the national economy,” said…
Read MoreOil eases as strong dollar weighs on commodities markets
OIL prices inched down on Monday as concerns of higher-for-longer interest rates resurfaced and lifted the dollar, offsetting support for oil markets from geopolitical tensions and Opec+ supply cuts. Brent crude futures slipped 5 cents to US$85.19 a barrel by 0417 GMT, after settling down 0.6 per cent on Friday. US West Texas Intermediate crude…
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