Posts by Stephanie Irvin
Google cuts at least 100 jobs across its cloud unit, CNBC reports
ALPHABET-OWNED Google is laying off at least 100 employees from several teams in its cloud unit, CNBC reported on Monday (Jun 3). Roles in sales, operations and engineering, consulting and “go to market” strategy were some of the positions cut, the report said, citing internal correspondence. “We continue to evolve our business to meet our…
Read MoreCapitaLand Ascott Trust fully acquires US student accommodation property
CAPITALAND Ascott Trust (Clas) has acquired the remaining 10 per cent stake in a 678-bed freehold student accommodation property in South Carolina. On Tuesday (Jun 4), its managers said they expect the acquisition to generate an earnings before interest, taxes, depreciation, and amortisation (Ebitda) yield on total development costs of about 7 per cent. They…
Read MoreMaersk raises 2024 guidance on strong demand, Red Sea disruptions
DANISH shipping group AP Moeller-Maersk on Monday (Jun 3) raised its full-year profit guidance for the second time in a month on the back of strong container market demand and the crisis in the Red Sea. Maersk now expects its underlying earnings before interest, tax, depreciation and amortisation in the range of US$7 billion to…
Read MoreOil hits four-month low as Opec+ decision fails to allay demand worries
OIL prices tumbled by US$3 a barrel on Monday (Jun 3) to their lowest in nearly four months, as investors worried that a complicated Opec+ output decision could lead to higher supplies later in the year even though demand growth has been slow. Brent crude futures fell by US$2.75, or 3.4 per cent, to settle…
Read MoreGoogle’s latest data centre raises its investment in Singapore to S$6.7 billion
GOOGLE has increased its investment in infrastructure in Singapore to S$6.7 billion with the completion of its fourth data centre here. This is up from US$850 million in 2022 when its third data centre in the Republic was launched. This was announced on Jun 3 during an event at Google’s office in Mapletree Business City…
Read MoreGameStop shares double as Keith Gill’s post shows US$116 million bet
GAMESTOP Corp shares more than doubled after the Reddit account that drove the meme-stock mania of 2021 posted what appeared to be a US$116 million position in the game retailer. The Jun 2 screenshot by Keith Gill, who goes by DeepF– Value on Reddit, shows five million shares bought at US$21.27 apiece. It was the…
Read MoreIndia stocks hit record, rupee gains as polls predict Modi win
India’s stocks surged to a record, while the rupee and sovereign bonds climbed after exit polls signalled an emphatic victory for Prime Minister Narendra Modi’s ruling party. The NSE Nifty 50 Index rallied as much as 3.6 per cent, after most polls showed the Bharatiya Janata Party-led alliance securing a comfortable majority in general elections…
Read MoreAustralia orders Chinese investors to sell down stake in rare earths miner
Australian Treasurer Jim Chalmers has ordered several China-linked investors to dispose of shares in rare earths miner Northern Minerals on national interest grounds, a spokesperson said on Monday (Jun 3). Northern Minerals is developing the Browns Range heavy rare earths project in Western Australia, at a time when the sector has become increasingly strategic for…
Read MoreGlobal airlines raise 2024 profit outlook as travel soars
Global airlines on Monday (Jun 3) raised their profit forecast for 2024 and projected industry-wide revenues just shy of US$1 trillion as a record number of travellers board flights. The International Air Transport Association (Iata) said it expected the worldwide industry to generate US$30.5 billion of profit this year, higher than an upwardly revised US$27.4…
Read MoreBank of Singapore names former GIC executive for newly created role
THE Bank of Singapore (BOS) named Owi S Ruivivar as its chief portfolio strategist, a new role to lead the development of a “systematic, robust and risk-based multi-asset allocation framework that will guide clients as they build long-term investment portfolios”. Ruivivar joins the OCBC : O39 0% subsidiary from GIC, where she served as managing…
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