AI tide lifts Nasdaq to record intra-day high
:The Nasdaq hit an intra-day record high on Friday for the first time in more than two years, as chipmakers and technology stocks latched on to a rally sparked by Nvidia's AI optimism. The index has surged more than 57 per cent from its lows in December 2022 and was last up 0.7 per cent at 16,2 ...
Apple's App Store changes fall short of EU's DMA rules, say Spotify, industry groups
Apple's proposed changes for its App Store policies "disregard" the European Union's new competition law for Big Tech firms and amplify its dominance over app developers, a group of more than 30 tech firms and associations, including Spotify, said on Friday.The move is the latest ...
India, Thailand sugar crops looking better than expected, says Wilmar
NEW YORK : Sugar crops in India and Thailand, two main Asian producers, are looking better in the final stages of the sugarcane harvesting, indicating higher sugar supplies in the region, said Singapore-based commodities trader Wilmar on Friday."Thailand tail crop is much better than expected,& ...
EU queries Meta about ad-free subscriptions, 'shadow banning'
BRUSSELS: The EU on Friday (Mar 1) used new regulatory powers to query Meta about ad-free subscriptions to Facebook and Instagram and also claims some voices are suppressed online in a phenomenon known as "shadow banning". The European Commission made a request for information under the ma ...
Volkswagen expects slower sales growth as economic outlook dims
VOLKSWAGEN forecast on Friday (Mar 1) that sales growth would slow in 2024, joining competitors in warning of a weaker economic outlook, rising competition and higher costs.
Meta rebuffs Google’s virtual reality tie-up proposal, The Information reports
META Platforms decided against a partnership with Alphabet to use Google’s Android XR platform for its virtual and mixed-reality Quest headsets, The Information reported on Friday (Mar 1).
US: Wall St opens subdued after rally on AI boost, inflation relief
WALL Street’s main indexes opened subdued on Friday (Mar 1) after a rally in the previous session driven by an inflation reading that strengthened bets of interest rate cuts by June this year and a persistent artificial-intelligence mania.
Meta rebuffs Google's virtual reality tie-up proposal, The Information reports
Meta Platforms decided against a partnership with Alphabet to use Google's Android XR platform for its virtual and mixed-reality Quest headsets, The Information reported on Friday.Google had suggested that Meta partnered with its new software platform that is being developed for virtual reality ...
India's Paytm Payments Bank fined over US$662,000 for alleged money laundering
INDIA’S Financial Intelligence Unit (FIU) on Friday (Mar 1) imposed a penalty of US$662,565 on Paytm’s banking arm, Paytm Payments Bank, for alleged money laundering, the country’s finance ministry said in a statement.
SoundHound AI shares fall as disappointing results temper rally
Shares of SoundHound AI Inc slumped as much as 25 per cent on Friday after the AI voice provider posted a downbeat quarter, taking some shine off a bumper rally last month fueled by surging interest in artificial intelligence.The stock surged 350 per cent in February, marking its best-ever monthly g ...
Zscaler shares fall as revenue growth pace slows
:Zscaler shares fell more than 7 per cent on Friday after the cybersecurity firm disappointed investors with a slower pace of revenue growth and its failure to keep a tight lid on costs.Expectations of robust performance from the company were running high in the investing community, especially after ...
AI startup Cohere opens New York office in expansion
Canadian artificial intelligence startup Cohere is opening an office in New York City as the company looks to capture the talents and customers there, the company told Reuters.The startup, which develops foundation models that compete with OpenAI and focuses on serving enterprise customers, will hou ...
Dell rides on the AI wave to new record high
:Dell Technologies shares surged 25 per cent to hit a record high on Friday, following an upbeat annual forecast that indicated the tech equipment maker was benefiting from the AI boom.The stock climbed to $118.8, and was set to add $17.7 billion to the company's market value and on track to re ...
Dell shares soar as annual forecast gets a boost from AI adoption
Dell Technologies shares surged more than 20 per cent on Friday after the tech equipment maker provided an annual forecast that was largely ahead of Wall Street expectations and reinforced rising demand for AI-related gear.At $116.6, more than $15 billion was set to be added to the company's ma ...
Number of agencies have concerns about 'sideloading' on iPhone, Apple says
BRUSSELS: A number of government agencies in the European Union and elsewhere have voiced concerns about security risks as Apple opens up its iPhones and iPads to rival app stores to comply with EU tech rules, Apple said on Friday (Mar 1). Under the Digital Markets Act (DMA), from Mar 7 Apple will b ...
Govt subsidies for Taylor Swift's exclusive Singapore deal 'nowhere as high' as speculated: Edwin Tong
CNA understands the figure Singapore paid is closer to US$2 million to US$3 million for all six shows, instead of per concert as reports suggest.
IM Motors raises US$1.1 billion in one of China EV brands' biggest recent deals
IM MOTORS, a premium electric vehicle brand of state-owned Chinese automaker SAIC, said on Friday (Mar 1) it has raised more than US$1.1 billion to work on new smart car models and technologies.
Major central banks stand pat again in February
LONDON : February marked another static month for interest rates at major central banks with the much anticipated change of course in the global monetary policy expected to kick in later in the year while emerging market peers soldiered on with easing policy. All four of the central banks overseeing ...
TA Corp H2 net profit up 9% to S$11.7 million
Tan Nai Lun - PROPERTY and construction company TA Corporation posted a 9 per cent rise in net profit to S$11.7 million for its second half ended Dec 31, 2023, from S$10.8 million in the previous corresponding period.
Singapore to spend up to S$500 million on AI compute, S$27 million on AI training for students
Yong Jun Yuan - SINGAPORE will invest up to S$500 million in high-performance compute resources to support artificial intelligence (AI) innovation and capacity building, said Senior Minister of State for Communications and Information Janil Puthucheary on Friday (Mar 1).
Elon Musk sues OpenAI for abandoning original mission for profit
ELON Musk has sued ChatGPT-maker OpenAI and its CEO Sam Altman, saying they abandoned the startup’s original mission to develop artificial intelligence for the benefit of humanity and not for profit.
Elon Musk sues OpenAI and CEO Sam Altman for abandoning mission
ELON Musk has sued ChatGPT-maker OpenAI and its chief executive Sam Altman, among others, saying they had abandoned the company’s original mission to develop artificial intelligence for the benefit of humanity not profit.
Fisker slumps as cash warning sends investors 'running for cover'
Cash-strapped Fisker's shares skid nearly 47 per cent on Friday after the electric vehicle startup flagged going-concern risks, job cuts and a pause in investments into future projects until it secures a partnership with a manufacturer.The company warned of a "difficult year" ahead, t ...
EV startup Fisker slides as cash dwindles with 'difficult year' ahead
Fisker shares skid nearly 40 per cent on Friday after the electric-vehicle startup flagged going-concern risks, saying it would cut its workforce by 15 per cent and pause investments in future projects until it secures a partnership with a manufacturer.The company warned of a "difficult year&qu ...
Sunrise Shares announces resignation of CEO Boo Kuang Loon
Bryan Wu - Sunrise Shares Holdings has announced the resignation of executive director and CEO Boo Kuang Loon from March 1. Tan Eng Eng has been appointed to replace Boo as executive director and CEO with immediate effect. In July last year, Boo took control of Sunrise Shares with a purchase of 32.97% of the c ...
Hyundai Motor America recalls 186,588 cars, US regulators say
Hyundai Motor America has recalled 186,588 cars to fix possible failure of trunk emergency release, the National Highway Traffic Safety Administration (NHTSA) said on Friday.
Daily Debrief: What Happened Today (Mar 1)
Stories you might have missed
Analysis - Country Garden faces heat from liquidation suit to get cracking on debt revamp talks
LONDON/HONG KONG : A liquidation petition filed against China's Country Garden will ramp up pressure on the embattled developer to come to the negotiating table for debt restructuring talks, some of its offshore creditors, advisers, and analysts said.The liquidation order against peer China Eve ...
Country Garden faces heat from liquidation suit to get cracking on debt revamp talks
LONDON/HONG KONG: A liquidation petition filed against China's Country Garden will ramp up pressure on the embattled developer to come to the negotiating table for debt restructuring talks, some of its offshore creditors, advisers, and analysts said. The liquidation order against peer China Eve ...
Aztech CFO resigns after five months in role; company searching for replacement
Zhao Yifan - AZTECH Global announced on Friday (Mar 1) that its chief financial officer (CFO) Leslie Tan has resigned from the company.
When China teams fold and champs walk away
Daryl Guppy -
China’s Li Auto pins hopes on first all-electric model
LI AUTO officially launched on Friday (Mar 1) its first pure electric model MEGA multi-purpose vehicle (MPV), which founder and CEO Li Xiang expects to become the Chinese electric vehicle startup’s top seller among cars priced above half a million yuan (S$93,521).
Malaysia may permanently waive rules for foreign ships working on undersea cables
MALAYSIA has decided to reverse an earlier decision and allow foreign vessels to repair undersea cables in its waters, its transport minister said on Friday (Mar 1), adding the move may be made permanent to encourage tech investments and support the digital economy.
OKP subsidiary secures $44.5 mil LTA contract
Bryan Wu - OKP Holdings’ wholly-owned subsidiary, Eng Lam Contractors Co, has secured a $44.5 million contract from the Land Transport Authority (LTA) for the renewal of footpaths for continued usability. The three-year contract commenced on Jan 5 and is expected to be completed by Jan 4, 2027. OKP’s s ...