Posts by Yurie Miyazawa
Boeing launches US$19 billion share sale to thwart downgrade
BOEING launched a nearly US$19 billion share sale, one of the largest ever by a public company, to address the troubled planemaker’s liquidity needs and stave off a potential credit rating downgrade to junk. The company offered to sell 90 million common shares and about US$5 billion of depositary shares, according to a statement on…
Read MoreMeta develops own AI search engine to cut reliance on Google, Bing: the Information
META Platforms is working on an artificial intelligence-based search engine as it looks to reduce dependence on Alphabet’s Google and Microsoft’s Bing, the Information reported on Monday (Oct 28). The AI search engine segment is heating up with ChatGPT-maker OpenAI, Google and Microsoft all vying for dominance in the rapidly evolving market. Meta’s web crawler…
Read MoreYen tumbles after Japan election; US dollar set for biggest monthly rise since 2022
THE yen hit three-month lows on Monday (Oct 28) as investors figured the loss of a parliamentary majority for Japan’s ruling coalition in weekend elections would slow interest rate rises, while the dollar headed for its biggest monthly gain since April 2022. The US dollar rose by as much as 1 per cent to a…
Read MoreSinopec profits slump as oil refining suffers from weak economy
SINOPEC’s third-quarter profits contracted as China’s biggest oil refiner increasingly finds itself under pressure from the nation’s economic woes and embrace of electrified transportation. China Petroleum & Chemical Corp, as the firm is officially known, said its net profit fell to 8.03 billion yuan (S$1.5 billion) in the third quarter, from 17.9 billion yuan…
Read MoreNippon Paint to buy coatings, resins maker AOC for US$2.3 billion
Japan’s Nippon Paint has been expanding via several acquisitions in recent years Nippon Paint Holdings announced plans to purchase global chemicals formulator AOC for US$2.3 billion. The Japanese firm will acquire all of the equity interest of AOC’s parent company LSF11 A5 TopCo and its subsidiaries from Lone Star Fund, according to a statement on…
Read MoreLulu Retail seeks to raise up to 5.27 billion dirhams in UAE’s biggest IPO this year
LULU Retail Holdings, which runs one of the Middle East’s biggest hypermarket chains, said on Monday (Oct 28) it aims to raise up to 5.27 billion dirhams (S$1.9 billion) in what is set to be the UAE’s biggest initial public offering so far this year. The conglomerate, which runs more than 240 grocery stores in…
Read MoreBroadway Industrial Group receives privatisation offer with S$0.197 per share cash option
ENGINEERING solutions provider Patec Group has made a mandatory conditional cash offer to take Broadway Industrial Group private at S$0.197 in cash a share, it was announced on Monday (Oct 28). The offer comes after Patec acquired some 197 million Broadway shares from the company’s non-executive director Lew Syn Pau and Lau Leok Yee.…
Read MoreOlympus CEO exits after allegation he bought illegal drugs
OLYMPUS pushed out its chief executive officer after investigating an allegation he purchased illegal drugs, a stunning exit for the German native after less than two years at the helm. The company’s shares declined more than 7 per cent on Monday (Oct 28), the biggest intraday slide in almost three months, after it said Stefan…
Read MoreGold eases as US dollar strengthens, traders await Fed policy cues
GOLD prices declined on Monday (Oct 28), pressured by a stronger US dollar, while investors awaited fresh signals regarding the Federal Reserve’s monetary policy trajectory. Spot gold fell 0.5 per cent to US$2,732.90 per ounce, as at 0057 GMT. Prices hit a record high of US$2,758.37 on Wednesday while ending nearly 1 per cent higher…
Read MorePBOC adds outright reverse repo to monetary policy toolbox
CHINA’S central bank is introducing so-called outright reverse repurchase agreements as a monetary policy tool. The People’s Bank Of China (PBOC) will conduct monthly outright reverse repos with primary dealers, according to a statement. The move is aimed at maintaining a reasonable level of liquidity in the banking system and to enrich its toolkit for…
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