Posts by Stephanie Irvin
US: Stocks up as Nvidia tops US$3 trillion market capitalisation
WALL Street stocks closed solidly higher on Wednesday (Jun 5), with the S&P 500 and Nasdaq both hitting fresh highs while chip designer Nvidia topped US$3 trillion in market value. This makes Nvidia only the third United States company to reach a market valuation of that level, after Microsoft and Apple. The broad-based S&P 500…
Read MoreBoeing’s Starliner capsule is launched from Florida on first crewed space flight
BOEING’S new Starliner astronaut capsule was launched from Florida on Wednesday (Jun 5) in a much-delayed first test flight carrying a crew, a milestone in the aerospace giant’s ambitions to step up its competition with Elon Musk’s SpaceX. The CST-100 Starliner, with two astronauts aboard, lifted off from the Cape Canaveral Space Force Station in…
Read MoreQatarEnergy signs LNG supply deal with Taiwan’s CPC
QATARENERGY signed a deal on Wednesday (Jun 5) to supply Taiwan’s state-owned oil firm Chinese Petroleum Corp (CPC) with liquefied natural gas (LNG) for 27 years and giving it a stake in the Gulf state’s gas expansion project. The state-owned Qatari firm said that it will supply CPC with four million tonnes per annum (mtpa)…
Read MoreMcDonald’s chicken ‘Big Mac’ trademark axed in EU
MCDONALD’S lost the European Union trademark rights to chicken versions of its iconic “Big Mac” burgers after judges ruled that the fast food giant failed to do enough to claim exclusive rights. In a ruling that leaves the protection for the traditional beef Big Mac intact, the EU’s General Court in Luxembourg ruled that McDonald’s…
Read MoreOCBC eyes rising investment flows as Greater China companies expand into Asean
MORE companies in Greater China (China, Hong Kong, Macau and Taiwan) are looking to set up shop in Asean – and OCBC is looking to capture these flows, said OCBC group chief executive Helen Wong. She noted that 11 per cent of China’s outbound investment flowed into Asean in 2022, and believes that the figure…
Read MoreNXP, Vanguard to invest US$7.8 billion in Singapore wafer plant
NXP Semiconductors and TSMC-backed Vanguard announced a US$7.8 billion joint venture to produce silicon wafers on Wednesday (Jun 5), joining other chipmakers setting up plants in Singapore to diversify their manufacturing base. Taiwan’s Vanguard International Semiconductor Corp will invest US$2.4 billion for a 60 per cent stake, while NXP will invest US$1.6 billion and hold…
Read MoreZara owner Inditex boosted by pick-up in Spring sales
ZARA owner Inditex reported a pick-up in recent sales from its Spring/Summer collections, boosting its shares on Wednesday (Jun 5) as the world’s top fashion retailer delivered quarterly results in line with expectations. The Spanish company said sales rose 12 per cent between May 1 and Jun 3 from the same time the year before,…
Read MoreSingapore retail sales miss forecasts with reversal into 1.2% decline in April
SINGAPORE’S retail sales fell 1.2 per cent year on year in April, reversing from the 2.8 per cent growth posted in the month before, with most industries recording declines in sales. April’s result was below estimates by private-sector economists, who expected retail sales to grow 1.9 per cent year on year in a Bloomberg poll.…
Read MoreNium raises US$50 million in Series E round
GIC and Temasek-backed payments startup Nium has raised US$50 million in a Series E funding round, which values the company at US$1.4 billion post-money. The funding round was led by a sovereign wealth fund in South-east Asia, joined by new investors from the prior round, such as Bond, NewView Capital, and Tribe Capital, said the startup…
Read MoreBitcoin posts longest winning run since March on rate-cut wagers
BITCOIN again poked above the US$70,000 level and flirted with a gain for a fifth straight session, reflecting greater confidence in global markets about the prospect of Federal Reserve interest-rate reductions this year. The largest digital asset’s run of daily increases is the longest in three months, leaving the original cryptocurrency at US$70,530 as at…
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