Posts by Stephanie Irvin
Rio Tinto to develop US$143 million facility to test low-carbon iron-making process
Rio Tinto will spend US$143 million to develop a research and development facility in Western Australia to assess the effectiveness of its low-carbon iron-making process, the mining giant said on Tuesday (Jun 4). The process, BioIron, uses raw biomass and microwave energy instead of coal to convert iron ore to metallic iron, and has the…
Read MoreGermany to sell 2.5 billion euros in Deutsche Telekom shares
Germany sold a 2.5 billion euros (S$3.66 billion) stake in Deutsche Telekom, the latest in a series of moves by the cash-strapped government to divest from some of its corporate holdings. German state-owned bank KfW is offering institutional investors 110 million shares, the lender said late on Monday (May 3). The placement will bring the…
Read MoreIndian stocks, rupee drop as early count signals narrow Modi win
Indian stocks slid on Tuesday (Jun 4), erasing gains that had pushed key indexes to record highs, as initial tallies of the national election signalled only a narrow victory for Prime Minister Narendra Modi-led Bharatiya Janata Party. The NSE Nifty 50 Index tumbled as much as 4.2 per cent in Mumbai, the biggest intra-day drop…
Read MoreAsia: Markets in reverse as US data spark economy worries
ASIAN markets fell on Tuesday (Jun 4) as traders were spooked by signs of weakness in the US economy, even as the data boosted hopes the Federal Reserve will cut interest rates this year. The losses came as energy firms were weighed by a further drop in oil that came after the Organization of the…
Read MoreGold flat as spotlight shifts to US data
GOLD prices were flat in early Asian trading on Tuesday (May 4) after a sharp gain in the previous session, as investors strapped in for US economic data due later in the week that could offer more clues to the Federal Reserve’s interest rate path. Spot gold was unchanged at US$2,347.48 per ounce, as at…
Read MoreGoogle 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 MoreGoogle 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…
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