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GE tumbles for a second day after announcing major overhaul

GE tumbles for a second day after announcing major overhaul

NEW YORK: General Electric Co’s shares slumped for a second straight day on Tuesday as investors wondered if a massive overhaul by new Chief Executive John Flannery to save billions and make the conglomerate smaller was enough to revive the 125-year-old Dow component. GE’s stock fell as much as 8.2% to US$17.46. It was last […]

November 15, 2017 | By | Reply More
CFO: Goldman can hit US$13 billion in new consumer loans in three years

CFO: Goldman can hit US$13 billion in new consumer loans in three years

NEW YORK: Goldman Sachs Group Inc can hit US$13 billion in new consumer loans in the next three years through its Marcus online lending business, Chief Financial Officer Marty Chavez said on Tuesday. The bank has already lent out over US$2 billion through Marcus, said Chavez, speaking at the Bank of America Merrill Lynch financials […]

November 15, 2017 | By | Reply More
Global stocks, oil prices decline; German growth lifts euro

Global stocks, oil prices decline; German growth lifts euro

NEW YORK: The euro was set for its strongest session in more than four months on Tuesday, boosted by strong economic growth in Germany, but world stocks fell for the fourth straight day as oil prices fell and investors worried about US tax reform. US Treasury two-year note yields climbed to a nine-year peak while […]

November 15, 2017 | By | Reply More
Buffett’s Berkshire slashes IBM stake, adds to Apple

Buffett’s Berkshire slashes IBM stake, adds to Apple

NEW YORK: Warren Buffett’s Berkshire Hathaway Inc has sold another large piece of its stake in IBM Corp, backing further away from an investment that the billionaire has admitted was not one of his best. Berkshire cut its IBM stake 32% in the third quarter to about 37 million shares worth US$5.37 billion from 54.1 […]

November 14, 2017 | By | Reply More
Aberdeen Standard upbeat on Singapore banks, warns on DBS provisions

Aberdeen Standard upbeat on Singapore banks, warns on DBS provisions

SINGAPORE: Aberdeen Standard Investments said it likes Singapore banks due to their strong balance sheets and quest for new growth drivers but warned that the management of top lender DBS risks losing credibility if it takes any more big provisions for oil and gas loans. Last week, DBS, Southeast Asia’s biggest bank, reported an unexpected […]

November 14, 2017 | By | Reply More
China’s Geely buys US flying-carmaker

China’s Geely buys US flying-carmaker

PETALING JAYA: Automotive giant Zhejiang Geely Holdings Group Co Ltd has announced plans to roll out its first flying car in 2019 after moving to acquire US start-up firm Terrafugia which specialises in such vehicles. Geely, which owns a stake in national carmaker Proton, said it had received the necessary approval for the deal, including […]

November 14, 2017 | By | Reply More
Vodafone rebounds into first-half net profit

Vodafone rebounds into first-half net profit

LONDON: British mobile phone giant Vodafone rebounded back into first-half net profit, it said Tuesday, after the previous year’s performance was skewed by a vast Indian writedown. Earnings after taxation hit 1.131 billion euros (US$1.318 billion) in the six months to the end of September, it revealed in a results statement. “We are able to […]

November 14, 2017 | By | Reply More
Amazon to sell China cloud services unit in US$300 million deal

Amazon to sell China cloud services unit in US$300 million deal

BEIJING: Amazon.com Inc’s Chinese partner, Beijing Sinnet Technology Co., said it would purchase Amazon’s Chinese web services business for up to 2 billion yuan (US$301 million), ending the US firm’s cloud-computing business in the country. Sinnet, which began operating the Amazon services in August 2016, said in a filing late on Monday the pending purchase […]

November 14, 2017 | By | Reply More
Cathay Pacific to gain full control of cargo carrier with US$282 million DHL deal

Cathay Pacific to gain full control of cargo carrier with US$282 million DHL deal

The pair had agreed to a non-binding memorandum of understanding in July before finalizing the deal and announcing the aircraft sales price on Monday. SINGAPORE: Hong Kong’s Cathay Pacific Airways Ltd on Monday said it would sell eight freighters to DHL International for HK$2.199 billion (US$281.89 million) and lease them back as part of a […]

November 14, 2017 | By | Reply More
AirAsia makes impressive pitch to operate in Sri Lanka

AirAsia makes impressive pitch to operate in Sri Lanka

KUALA LUMPUR: AirAsia has made a strong pitch to the Sri Lankan government to set up operations in Colombo. AirAsia pledged substantial returns at no cost to the Sri Lankan government, Sri Lanka’s Sunday Times reported. It is even willing to build a terminal for its operations. In return for its investment, AirAsia Sri Lanka […]

November 14, 2017 | By | Reply More