Posts by Stephanie Irvin
GameStop’s sales continue to slide in surprise earnings release
GAMESTOP reported a drop in sales and announced a more than US$3 billion stock offer as it released its first-quarter report in advance, sending the shares of the video game retailer down sharply in volatile trading. The company was set to post results on Jun 11, but published it on Friday (Jun 7) morning, ahead…
Read MoreSGX securities turnover value climbs 16% in May; volume sinks 12%
TOTAL securities market turnover value on the Singapore Exchange (SGX) increased 16 per cent year on year to S$26.7 billion in May, according to the exchange’s monthly market statistics report released on Friday (June 7). This is a 4.8 per cent rise from April’s S$25.5 billion. However, total market turnover volume fell 12 per cent…
Read MoreEurope, US fearful of China electric cars, says BYD founder
FOREIGN countries are “afraid” of Chinese electric vehicles, BYD chairman Wang Chuanfu said in a swipe at European and US efforts to constrain imports of China-made cars. “There are many examples of politicians in other countries who are worried about EVs in China,” Wang said in a speech at an industry summit in the southwestern…
Read MoreBillionaire families fuel US$20 billion private equity buyout wave
ULTRA-RICH individuals and families worth more than US$150 billion are helping drive a resurgence in private equity buyouts, providing capital for some of the year’s biggest acquisitions to overcome a tough dealmaking environment. Wealthy clans that built their fortunes in industries from children’s toys to household boilers have been co-investors on nearly US$20 billion of…
Read MoreSingapore shares rise at Friday’s open; STI up 0.2%
SINGAPORE equities began trading in positive territory on Friday (Jun 7), as US investors wait crucial payrolls data and the European Central Bank (ECB) cuts lending rates. As at 9.01 am, the Straits Times Index (STI) opened 0.2 per cent or 5.41 points higher at 3,336.22. Across the broader market, gainers outnumbered losers 47 to…
Read MoreNetflix tests biggest TV app redesign in 10 years
NETFLIX started rolling out the first major revamp of its television app in a decade on Thursday (Jun 6), testing changes designed to help viewers more quickly decide what they want to watch. The video streaming pioneer wants to increase the time that viewers spend on the app to help retain customers and draw subscribers…
Read MoreRobinhood to buy crypto exchange Bitstamp in global push
ROBINHOOD Markets will acquire the European cryptocurrency exchange Bitstamp for US$200 million as part of the financial technology company’s expansion outside of its home market in the US. The deal, which is expected to close in the first half of next year pending regulatory approval, is Robinhood’s first foray into the institutional business, according to…
Read MoreChina securities regulator seeks to ease market panic over delisting risks
CHINA’S securities watchdog does not expect a near-term spike in delistings, it said on Thursday (Jun 6), after investors dumped shares in small-cap companies on fears they could be kicked off the market as Beijing weeds out weaker firms. The “survival of the fittest” mechanism is gradually taking shape but in the short term, there…
Read MoreNio’s loss exceeds expectations as EV competition crimps sales
NIO reported a bigger-than-expected loss in the first quarter, highlighting how increased competition in the electric vehicle market is making it more difficult for the company to become profitable. The Shanghai-based EV maker’s adjusted net loss grew 18.1 per cent to 4.90 billion yuan (S$911.7 million) in the first quarter, according to a company statement…
Read MoreNo change to STI constituents following June review
THERE will be no changes to the constituents of the Straits Times Index (STI), following the June quarterly review. The reserve list will also remain unchanged, said STI administrator FTSE Russell on Thursday (Jun 6). The STI is Singapore’s main stock-market benchmark. Counters on the STI reserve list will replace any constituent stocks that become…
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