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Shares of the streaming video giant have plunged by 70% in 2022 so far. But everybody loves a good comeback story.
Commodity trader Olam Group Ltd on Friday posted a marginal rise in net profit for the first half of fiscal 2022, as a weak performance in the food ingredients unit partially countered strong showing in its Olam Agri business. "The significant demand growth rate and pick-up seen in H2 2021 has slowed down in H1 2022 after the geopolitical crisis, accompanied by the hard pandemic lockdowns in China," Olam said. Olam Agri, which trades grains and animal feed, edible oils, rice, cotton and commodity financial services, still posted a 49.4% jump in its first-half operating profit.
Indian government bond yields rose in early trading on Friday, tracking a similar move in U.S. Treasuries, as investors await the weekly auction of bonds and local retail inflation data. It had fallen eight basis points in the last two sessions. U.S. Treasury yields rose, with the 10-year yield climbing 10 basis points on Thursday, as investors bet the Federal Reserve will continue hiking rates as inflation remains high, even though price pressures eased recently.
Singaporean conglomerate Keppel Corp said on Friday it would spend 305 million euros ($314.7 million) along with a unit for a 50.01% stake in a special purpose vehicle (SPV) that owns 50% of Borkum Riffgrund 2, an offshore wind farm in Germany. The deal comes as companies race to increase their exposure to renewable energy assets which have risen in prominence in recent years amid a global push towards clean and sustainable energy. "The transaction further accelerates the growth of the group's exposure in renewable energy assets," Keppel said in a statement, adding that it would have a total renewable energy portfolio of about 2.2 gigawatts after the investment was completed.
Stock markets rose on Friday, still riding the positive US inflation data earlier this week as investors mull over the size of the next interest rate move by the US Federal Reserve.
Shares of Indian domestic airlines rose on Thursday, a day after the civil aviation ministry said it will remove the restrictions on ticket prices it had imposed two years ago due to the coronavirus pandemic. Domestic airlines IndiGo, SpiceJet Ltd, Air India, Go First and Vistara - a joint venture between the Tata Group and Singapore Airlines - can now price tickets freely. Shares of top airline IndiGo's parent InterGlobe Aviation Ltd rose as much as 2.3% to 2084.6 rupees while smaller rival SpiceJet Ltd jumped as much as 7% to 47.9 rupees.
India's consumer inflation dipped to 6.71% in July, easing for the third month in a row, helped by a slower increase in food and fuel prices and adding to expectations that the central bank may rein in the pace of its policy rate hikes next month. The year-on-year figure, published on Friday by the National Statistics Office, was marginally lower than the 6.78% forecast by economists in a Reuters poll. Economists said they expect the Reserve Bank of India (RBI) to raise its policy rate by at least 25 basis points next month as inflation was likely to remain above its tolerance band through this calendar year.
Philippine telecom giants PLDT Inc. and Globe Telecom Inc. have separately accused new entrant DITO Telecommunity Corp. of “fraudulent” calls made through its network, heightening a public disagreement.
Singapore trimmed its 2022 growth forecast to a range of 3%-4% to reflect an increasingly challenging global environment.
Singapore's Sembcorp Marine Ltd (Sembmarine) said on Friday its half-year loss narrowed 78% from a year earlier, as the oil rig builder finished delayed projects after pandemic curbs were eased while also benefiting from cost management. The company said its overall order visibility has improved on the back of rising oil prices and renewed concerns about energy security amid geopolitical tensions. Sembmarine has been a loss-making business since it posted an annual loss in 2018, in an industry plagued by oil price volatility, a drop in new orders, and the pandemic's impact.
Gold prices edged lower on Thursday, weighed down by prospects of more rate hikes by the U.S. Federal Reserve even as data pointed to signs of inflation peaking. Spot gold fell 0.1% to $1,789.83 per ounce by 1741 GMT. "Gold's been lingering near the key $1,800 level as the market has toned down rate hike expectations, which has also weakened the dollar," although most Federal Reserve commentary continues to hint at more rate increases, said David Meger, director of metals trading at High Ridge Futures.
A popular Chinese medical information site has been censored by authorities for "violation of relevant laws and regulations", months after its criticism of a government-backed herbal Covid-19 treatment sent shares in a pharmaceutical giant tumbling.
This year's Solve for Tomorrow theme is 'Innovate for a Better Hong Kong’. Samsung is encouraging the city's primary and secondary students to develop creative technology solutions for diverse local issues and compete for prizes worth more than HK$270,000.HONG KONG SAR - Media OutReach - 11 August 2022 - The world's leading technology company, Samsung Electronics H.K. Co. Ltd, officially launched its annual 'Solve for Tomorrow' competition today with the theme "Innovate for a Better Hong Kong."
Citing its cash balance of $312.7 million, and no bank borrowings, the company says it is shielded from the impact of rate hikes
Partnering with Tuas Power Supply is the First Step in Materializing the Long-term Commitment into Singapore. There are more strategic partnerships in the pipeline this year.SINGAPORE - Media OutReach - 11 August 2022 - NEFIN Group ("NEFIN"), Asia's leading green independent power producer (IPP), officially launched its brand-new APAC Headquarters in the heart of Singapore's downtown precinct at MacDonald House in Dhoby Ghaut. Highly driven by the entrepreneurial spirit of Singapore, 8 August 20
BENGALURU (Reuters) -Indian shares closed at four-month highs on Thursday, led by gains in technology and bank stocks, after a softer-than-expected U.S. inflation data eased fears of aggressive rate hikes by the Federal Reserve. For domestic cues, investors are awaiting the consumer price index (CPI) data due on Friday. "The optimism came on the back of a U.S. consumer inflation rate that eased in July after hitting the peak a month before, raising hopes that the Fed will slow down the pace of interest rate hike," said Prashanth Tapse, research analyst at Mehta Equities, adding that bullish sentiment is likely to prevail as overseas investors remain net buyers.
Singapore on Thursday narrowed its economic growth forecast this year after the economy contracted in the second quarter compared to the previous three months due to rising inflation and tighter monetary policies, the government said.
Setting itself up as a leading home-grown designer furniture brand, Cellini sustains its promise to deliver quality craftsmanship, exclusive designs, and timeless furniture pieces. Reimagining the creations of its in-house craftsmen, Cellini's latest launch draws much of its inspiration from the vibrant hues of the colour wheel and the increased demand for exuberant furnishings for revamping one's abode. Putting its signature artistic spin on everyday pieces for the modern individual, this launc
HONG KONG SAR - Media OutReach - 11 August 2022 - A global talent shortage is limiting the take-up of new technology for more than a third of businesses in Hong Kong, according to CPA Australia's latest survey. (from left to right) Dr Paul Sin and Dr Albert Wong, members of CPA Australia’s Greater Bay Area (GBA) Committee A regional survey of business technology adoption by CPA Australia found 73 per cent of respondents in Hong Kong said their company had a digital transformation strategy but 35
HONG KONG SAR - Media OutReach - 11 August 2022 - Apidays Hong Kong 2022, the biggest API-first virtual conference in Hong Kong, unveils the schedule & agenda today with the theme "API-First Digital Transformation & Platform Economy". This event is proudly hosted by beNovelty Limited, a Hong Kong homegrown API company. More than 1000 attendees are expected to join the virtual event, being held on 24th and 25th August, 2022, with a series of talks, workshops & roundtables from regional and local
HONG KONG SAR - Media OutReach - 12 August 2022 - To celebrate the 25th anniversary of the establishment of the Hong Kong Special Administrative Region, the Highways Department (HyD) is holding "Building and Maintaining Highway Infrastructure through Innovation in Highways Department" exhibition from today (August 12) to August 21. Members of the public are invited to visit. "The main theme of the exhibition is 'Road Construction and Maintenance - Unleash The Power of Innovation'. Through real-l