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S&P 500, Nasdaq hit record highs on US-Iran ceasefire hopes and AI rally
NEW YORK, May 29 — The S&P 500 and the Nasdaq posted record closing highs yesterday after news reports said the US and Iran had reached a draft agreement to extend their ceasefire for 60 days, while investors also digested
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Temu hit with €200m EU fine for failing to tackle illegal and unsafe products
BRUSSELS, May 28 — The European Union (EU) has imposed a fine of €200 million (US$232 million) on the Chinese e-commerce giant Temu for offering illegal products on its platform, reported German Press Agency (dpa). Temu “failed to diligently identify,
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Yoga pants giant Lululemon’s new CEO inherits US$1.8b war chest to revive brand after bitter feud
NEW YORK, May 28 — Hard-hit Lululemon Athletica has ended a months-long proxy fight with founder Chip Wilson that weighed on its shares amid weakening brand appeal. Shares in the sports apparel brand tumbled nearly 60 per cent in the
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Oil jumps, Asian stocks slide after fresh US strikes on Iran test fragile ceasefire
HONG KONG, May 28 — Oil prices bounced higher on today while Asian stocks fell, as new US strikes on Iran marked the latest test of a shaky ceasefire in the Middle East war. The price jumps erased much of Wednesday’s
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HSBC strengthens investment in Malaysia with opening of third Premier Centre in Subang Jaya
KUALA LUMPUR, May 28 — HSBC Malaysia has opened an all-new Premier Centre at its Subang Jaya branch in the bustling Taipan Business Centre, marking its third newly opened Premier Centre following launches in Petaling Jaya and Puchong earlier this
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‘Tank Day’ backlash wipes RM22m off Starbucks Korea weekly sales
SEOUL, May 27 — Starbucks Korea’s sales have taken a sharp hit after backlash over a promotional campaign accused of mocking one of South Korea’s darkest chapters in modern history, according to new data reported by the Korea JoongAng Daily. Figures
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Americans can now use PayPal in China after Tencent integrates it with WeChat Pay network
BEIJING, May 27 — US PayPal users can now make purchases across China using WeChat Pay’s QR-code merchant network, Tencent Financial Technology said today, adding the service will be rolled out to PayPal users in other markets in phases. Tencent’s
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Jensen Huang says Nvidia will pour US$150b a year into Taiwan, the ‘epicentre of the AI revolution’
TAIPEI, May 27 — Nvidia will increase investment in Taiwan to US$150 billion (RM600 billion) a year, the US chip giant’s boss said today, describing the export-driven island as the “epicentre of the AI revolution”. Jensen Huang, the chief executive
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Paramount’s US$110b Warner Bros takeover appears to clear major US hurdle
WASHINGTON, May 27 — US antitrust regulators appear ready to approve Paramount’s US$110 billion (RM440 billion) takeover of Warner Bros. Discovery, after a two-hour meeting at the Justice Department, Semafor reported yesterday, citing people familiar with the matter. At the
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Nvidia supplier SK hynix becomes Asia’s latest US$1t tech giant
SEOUL, May 27 — The market value of South Korean memory chip maker SK hynix soared past US$1 trillion (RM4 trillion) today thanks to frenzied global demand for the computing hardware that powers artificial intelligence tools. SK hynix’s new benchmark
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