Posts by Stephanie Irvin
Meituan’s worst-to-first stock rally has street looking for more
AFTER pulling an about-face to become one of the best-performing technology stocks in China this year, Meituan may be primed for further gains on easing competition and improving profitability. Analysts see shares of China’s top food-delivery platform rising another 17 per cent over the next year, on projections for record earnings. Cost cuts are helping…
Read MoreAustralia regulator raises concerns over Olam’s A$145 million bid for Namoi Cotton
AUSTRALIA’S competition regulator said on Thursday (Jun 20) the proposed acquisition of Namoi Cotton by Singapore’s Olam Agri for A$145 million (S$131 million) raised competition concerns in the supply of cotton ginning services. The affiliate of Singapore’s Olam Group and Dutch commodity merchant Louis Dreyfus Company have been engaged in an international bidding war to…
Read MoreCrypto firm Consensys says US regulator has closed inquiry into Ethereum 2.0
THE US Securities and Exchange Commission (SEC) has closed its investigation into the blockchain protocol Ethereum 2.0, cryptocurrency firm Consensys said in a post on social media platform X late on Tuesday (Jun 18). The firm filed a lawsuit seeking an injunction against the US SEC in April over regulation of the Ethereum blockchain. Consensys…
Read MoreNvidia’s 591,078% rally to most valuable stock came in waves
THE year was 1999. Steve Jobs had recently returned to lead Apple. Intel was the dominant force in semiconductors. And a little-known chipmaker named Nvidia made its debut on the Nasdaq stock exchange. It took less than three years for Nvidia to ascend into the S&P 500 – replacing the disgraced oil-trading conglomerate Enron, no…
Read MoreMore worries for China, sales at big e-commerce festival drop for first time
SALES fell for the first time ever at China’s blowout mid-year e-commerce sales festival as consumers remain cautious about spending as the economy sputters, according to third-party data estimates released on Wednesday (Jun 19). Combined gross merchandise volume (GMV), a widely used proxy for e-commerce sales, reached 742.8 billion yuan (S$138.2 billion) across China’s major…
Read MoreAustralia cracks down on ESG investing industry with new rules
THE Australian government is planning to introduce environmental, social and governance (ESG) labelling requirements, as it seeks to fight greenwashing and steer more capital into credible sustainable activities. Authorities will establish labels and disclosures for investment products marketed as “sustainable”, including funds run by the superannuation industry, after a public consultation in early 2025, according…
Read MoreHot stocks: Glove makers rally after Top Glove reports turnaround in Q3
SHARES of glove makers rose during afternoon trading on Wednesday (Jun 19) after Top Glove reported a profit turnaround for the third quarter. Riverstone’s counter jumped as much as 4.6 per cent to S$1.01 as at 2.18 pm, while UG Healthcare rose as much as 5.9 per cent to S$0.143 as at 2.25pm. Sri…
Read MoreTop Glove swings back into the black with RM50.7 million profit for Q3
MALAYSIAN glove maker Top Glove Corporation on Wednesday (Jun 19) reported a net profit of RM50.7 million (S$14.5 million) for the third quarter ended May 31, 2024, reversing from a loss of RM130.6 million in the previous year. This was driven by stronger glove demand as customers replenished their glove inventories after clearing excess stock,…
Read MoreFerrari’s first electric car to cost at least 500,000 euros: source
FERRARI’S first electric car will cost at least 500,000 euros (S$725,145), a source familiar with the matter said, as the luxury automaker prepares to open a plant that will make the model – and could boost group production by up to a third. The Italian brand, famed for its roaring petrol engines, has said it…
Read MoreJapan lays groundwork to sell shorter debt as Bank of Japan eyes rate hike
JAPAN must create an environment where government bonds remain an attractive investment for financial institutions, such as by issuing shorter-duration debt, a finance ministry panel is likely to say in a draft proposal reviewed by Reuters. The proposal highlights how the Bank of Japan’s (BOJ) exit in March from its radical stimulus is prodding the…
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