Posts by Yurie Miyazawa
Forever 21 plans hundreds of store closures in second bankruptcy
THE US-based operator of Forever 21 is preparing to close at least 200 more locations from the fast-fashion retailer’s shrinking store base as part of a bankruptcy process that’s expected to kick off as soon as next month, according to sources with knowledge of the matter. The potential bankruptcy plan taking shape would seek a…
Read MoreAsia banks stick with net-zero group that Wall Street abandoned
SEVERAL large Asian banks have joined their European peers in offering support to the industry’s biggest climate alliance, after a wave of exits by Wall Street and Canadian lenders. Singapore and Malaysia-based banks, including DBS Group Holdings, Oversea-Chinese Banking Corp, Malayan Banking and CIMB Group Holdings, say they remain committed to the Net-Zero Banking Alliance…
Read MoreMusk’s X in talks to raise money at US$44 billion valuation, Bloomberg News reports
ELON Musk’s X social media platform is in talks to raise money from investors at a US$44 billion valuation, Bloomberg News reported on Wednesday (Feb 19), citing people familiar with the matter. Musk bought X, formerly Twitter, for the same price in 2022, but some investors including Fidelity Investments have sharply written down the value…
Read MoreNovo seeks US$830 million from Singapore firm, accusing it of fraud over drug
Novo Nordisk is seeking as much as US$830 million in damages in a Singapore court, saying it was misled by a local biotech about the effectiveness of an experimental hypertension drug. KBP Biosciences and its founder led the Danish drugmaker to believe they had “developed a new and effective drug to treat hypertension and kidney…
Read MorePrime US Reit posts 51.6% fall in H2 DPU as manager continues to retain funds for capex
PRIME US Reit, which focuses on office buildings in the US, saw its distribution per unit (DPU) fall 51.6 per cent to 0.11 US cent for the six months ended Dec 31. This comes as its manager continues to retain funds to meet expenses. The Reit’s H2 distribution to unitholders is US$1.4 million, or about…
Read MoreSingapore stocks end Wednesday higher on UOB earnings, Budget news; STI adds 0.2%
The bank’s Q4 profit of of S$1.52 billion beat analysts’ consensus forecast S$1.48 billion SINGAPORE equities closed higher on Wednesday (Feb 19), as investors digested company earnings reports and the country’s Budget 2025 announcements. On the Singapore Exchange, decliners beat advancers 269 to 254, as 1.4 billion securities worth S$1.5 billion changed hands. The Straits…
Read MoreSingapore shares end Wednesday higher on UOB results, Budget news; STI up 0.2%
The bank’s Q4 profit of of S$1.52 billion beat analysts’ consensus forecast S$1.48 billion SINGAPORE stocks closed higher on Wednesday (Feb 19), as investors digested company earnings reports and the country’s Budget 2025 announcements. The Straits Times Index (STI) rose 8.48 points or 0.2 per cent to 3,934.04, below the record 3,943.23 that the index…
Read MoreChina, India natural gas imports will impact Apac prices: panellists
ASIA-PACIFIC should keep an eye on natural gas imports by China and India, whose ongoing pipeline projects will heavily affect regional gas pricing, said panellists at Commodity Trading Week Apac 2025 on Wednesday (Feb 19). This is especially so for Japan, South Korea and Australia as they are heavily dependent on liquified natural gas (LNG)…
Read MorePorsche, BMW need Germany pivot for way out of crisis
GERMANY’S auto industry is in crisis. Sales have declined while production costs soared, leaving Volkswagen, Mercedes-Benz Group and hundreds of parts makers dangerously behind in the transition to electric vehicles (EVs). Now, with US President Donald Trump threatening tariffs on their cars, executives are banking on the Feb 23 election to deliver a new German…
Read MoreHSBC 2024 profit beats estimates; announces US$2 billion share buyback
HSBC reported a 6.6 per cent rise in annual profit on Wednesday (Feb 19), beating market expectations, as income withstood the impact of falling interest rates during a year in which sweeping restructuring pushed up costs. The London-based bank reported a profit before tax for 2024 of US$32.3 billion. That compared with US$30.3 billion a…
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