Posts by Liam Redmond
Wegovy-maker Novo Nordisk to cut 9,000 jobs in restructuring
[COPENHAGEN] Wegovy-maker Novo Nordisk will cut 9,000 jobs, or about 11.5 per cent of its workforce, in a restructuring to save eight billion Danish crowns (S$1.6 billion) annually, it said on Wednesday (Sep 10), as it battles rising pressure from US rival Eli Lilly. “Novo Nordisk today announced a company-wide transformation to simplify its organisation,…
Read MoreAlibaba mapping app steps into local business rankings, intensifying competition
[SHANGHAI] Alibaba’s mapping app Amap is moving away from its traditional focus on navigation and encroaching into rival Meituan’s local-lifestyle territory by launching its own ranking of restaurants, hotels and tourist destinations. Alibaba and Meituan are among the prominent tech companies in China locked in a bitter battle for market share in “instant retail”, flooding…
Read MoreEmily Blunt and John Krasinski’s daughters make rare appearance at US Open family outing
Emily Blunt and John Krasinski continued their family’s tradition of attending the US Open together. The couple brought their two daughters — Hazel, 11, and Violet, 9 — to the men’s finals at the USTA Billie Jean King National Tennis Center in Queens, New York, over the weekend. The little ones sat between their parents…
Read MoreHow does Tesla get to US$8.5 trillion value? Robots, robotaxis and hope
[SAN FRANCISCO] How can Tesla become an US$8.5 trillion company? That is the market valuation the electric vehicle maker would have to reach to justify CEO Elon Musk’s new pay package announced last week. Selling 100 million humanoid robots in a year could do it; creating a robotaxi network with more than 10 times the…
Read MoreCIMB Singapore CEO Victor Lee resigns; CFO to take charge in interim
[SINGAPORE] Victor Lee has resigned from his roles as chief executive officer of CIMB Singapore and chief executive of growth markets, parent company CIMB Group announced on Tuesday (Sep 9). He is leaving to pursue other opportunities and has been placed on gardening leave with immediate effect, the Malaysian bank said in a statement. Lee’s…
Read MoreBank Indonesia, government allay concerns that ‘burden sharing’ deal will reduce independence
[JAKARTA] Indonesia’s government and central bank sought to allay concerns on Monday (Sep 8) about their unusual collaboration to fund government programmes, as analysts questioned whether it would compromise Bank Indonesia’s independence. The central bank will pay a higher interest rate on government deposits it holds to help fund President Prabowo Subianto’s housing and cooperative…
Read MoreYankees’ Aaron Judge still impacted by injury during second game back in outfield
Aaron Judge was back in right field for the second time in three days against the Blue Jays and he was tested early as he deals with the effects of the flexor strain in his right elbow. The results were mixed, at best, with Judge’s normally strong arm clearly impacted by the injury. But while…
Read MoreRussia export slide forcing a rethink at some Chinese carmakers
[HONG KONG] Russia turned into a lucrative market for Chinese automakers after the invasion of Ukraine, as they rushed in to fill the void left by foreign brands. That easy access may be over. In late 2024, Moscow started raising a “recycling fee” on imported vehicles that’s seen the price of passenger cars with one-…
Read Moremm2 Asia Malaysia unit gets RM1.3 million payment demand from Antenna Entertainments
[SINGAPORE] Media company mm2 Asia on Friday (Sep 5) announced that its subsidiary in Malaysia, MM2 Screen Management, received a payment demand of around RM1.3 million (S$396,000) from Antenna Entertainments. The sum owed is over film distribution agreements, a writ of summons and statement of claim from MM2 Screen Management said. The payment was due on…
Read MoreLady Gaga brings the mayhem with majorly ruffled VMAs 2025 look
Lady Gaga accepted the artist of the year award at the VMAs despite having a concert scheduled for later the same night. Getty Images Mother Monster is in the house. Though Lady Gaga is in the middle of her “Mayhem” tour — and has a concert later tonight at Madison Square Garden — she made…
Read MoreChina’s rate-cut outlook in doubt as stock rally stirs concern
[BEIJING] Angst inside China’s halls of power over a massive stock rally risks delaying another major round of monetary stimulus, pushing the central bank further to the sidelines as Beijing tries to keep economic growth on track. Concerns that easy money is behind a surprise bull run in equities have prodded regulators into considering moves…
Read MoreTwo autistic kids stroll off from LI schools within days— one ends up dead: ‘Our world has shattered’
Two autistic Long Island children were able to stroll off their schools’ grounds unnoticed fewer than 48 hours apart last week — and one of them ended up killed while walking along a busy highway. The terrifying back-to-back security lapses now have Nassau County parents furious and officials scrambling for answers on how the pair…
Read More