Posts by Yurie Miyazawa
Porsche agrees to provide capital in battery maker’s restructuring deal
GERMAN battery maker Varta said on Saturday (Aug 17) it had reached a restructuring agreement with its creditors, bringing on sports car manufacturer Porsche to save the ailing business. The agreement, struck after days of intense negotiations, will reduce Varta’s debt from 485 million euros (S$703.6 million) to 200 million euros initially, the company said.…
Read MoreSpaceX to launch a methane satellite to hold super polluters accountable
There is about to be a new methane eye in the sky. SpaceX is scheduled to launch on Friday (Aug 16) the Tanager-1 satellite. The nonprofit Carbon Mapper is behind the satellite and will make the data available once it is operational in the coming months. Tanager-1 is the second methane-detecting satellite launched in the past six…
Read MoreChina’s electric vehicles lose ground in EU after new tariffs take effect
EUROPEAN Union tariffs slowed the influx of Chinese-made electric vehicles (EVs) in July, as the bloc moved to protect its automakers from low-cost competition. The number of new EVs that Chinese automakers such as BYD and Saic Motor’s MG registered in the EU last month fell 45 per cent from June, according to research from…
Read MoreAustralia’s ASX profit slips as regulator scrutiny drives up costs
AUSTRALIAN stock market operator ASX said annual underlying profit slipped below market expectations due to higher expenses stemming in part from a troubled software upgrade that sparked a regulator lawsuit. ASX, responsible for one of the world’s top 20 stock exchanges by turnover, was hit this week with a lawsuit accusing it of telling the…
Read MoreGold eyes weekly gain on US rate-cut bets
GOLD prices steadied on Friday (Aug 16) and were headed for a weekly gain on optimism about a US interest rate cut, while traders wait for Federal Reserve chairman Jerome Powell’s speech due next week for cues on the size of the cut. Spot gold eased 0.2 per cent to US$2,450.91 per ounce, as at…
Read MoreAustralia’s NAB posts lower cash earnings, flags decline in asset quality
NATIONAL Australia Bank (NAB) posted an 8 per cent drop in its third-quarter cash earnings on Friday (Aug 16), pressured by lower revenue and higher operating expenses, and flagged a further decline in its asset quality. Sustained high costs of living have eroded households’ disposable incomes and ability to meet loan payments, resulting in rising…
Read MorePhilippine central bank sees room for one more rate cut this year
THE Philippine central bank sees room for one more interest rate cut this year, its governor said on Friday (Aug 16). “We will always be assessing the situation, but given our current assessment, I think we have room for one more cut this year,” Bangko Sentral ng Pilipinas (BSP) governor Eli Remolona said. Remolona also…
Read MoreSingPost records 105.2% higher Q1 operating profit of S$24.4 million
SINGAPORE Post (SingPost) on Friday (Aug 16) announced first-quarter operating profit of S$24.4 million, up 105.2 per cent from S$11.9 million in the corresponding period the previous year. Revenue rose 22.4 per cent on the year to S$494.8 million, from S$404.1 million previously. Additionally, operating expenses rose 20.1 per cent year on year to S$470.7…
Read MoreQualcomm extends sponsorship of Manchester United until 2029
QUALCOMM, the biggest maker of chips that run mobile phones, extended a new sponsorship deal with Manchester United Football Club until 2029, saying the tie-up is already boosting its Snapdragon brand. The logo for Snapdragon – a lineup of processors that run devices – has already been seen more than two billion times because of…
Read MoreUS: Stocks rally as recession fears recede
WALL Street logged a strong showing on Thursday (Aug 15) with all three major indices rallying on the back of encouraging consumer data that soothed earlier fears of a potential downturn. The Dow Jones Industrial Average rose 1.4 per cent to 40,563.06, while the broad-based S&P 500 added 1.6 per cent to 5,543.22. The tech-focused…
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