Nuro is laying off about 20% of its workforce | 21 November 2022 | Daily Morning Note

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Autonomous delivery vehicle maker Nuro is laying off about 20 per cent of its workforce after admitting that rapid hiring in the past year was a mistake, the company's co-founders wrote in an email to employees on Friday.


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Key takeaways

Summary

Singapore stocks fell on Friday, tracking Wall Street declines as Federal Reserve officials remained hawkish on future interest rate hikes. The benchmark Straits Times Index (STI) fell 0.4 per cent or 13.81 points to 3,272.23.

Wall Street stocks picked up Friday after a rocky session following positive results from retailers and as markets tried to shake off concerns of further interest rate hikes by the US central bank. The Dow Jones Industrial Average rose 0.6 per cent to close at 33,745.69, while the broad-based S&P 500 edged up 0.5 per cent to 3,965.34. The tech-rich Nasdaq Composite Index was essentially flat, finishing at 11,146.06.

In our recommendation section, we have a SELL recommendation from our analyst Zane Aw on CapitaLand Investment Ltd. The Sell price is S$3.62; the Stop loss is S$3.82. And you can Take profit at S$3.25 and S$3.00. We see a potential pullback of the recent rally to retest the support zones at S$3.25-3.40 and S$3.00-3.10.
For Asian Pay Television Trust, analyst Paul Chew maintains a Buy Recommendation. He says: “The current dividend yield of 9.6%, or S$19mn payout, is supported by free cash flows of around S$73mn per year.

Singapore News

The managers of CapitaLand Ascott Real Estate Investment Trust and CapitaLand Ascott Business Trust said on Friday that Ascott Reit MTN - a wholly-owned subsidiary of the trustee of CapitaLand Ascott Reit - has issued S$165 million of 5 per cent notes due May 18, 2026. The notes are issued under its S$2 billion multicurrency debt issuance programme established in September 2009 and amended in July 2020.

Tech conglomerate GoTo Group will lay off 1,300 employees, including in Singapore, in a bid to curb costs and reach financial self-sufficiency more quickly in a persistently volatile global economic environment. The cuts amount to 12 per cent of GoTo’s workforce, said the firm, a major ride-hailing, e-commerce and fintech player in South-east Asia, in a statement on Friday.

Singapore’s total domestic wholesale sales grew by 12.4% year-on-year in the 3Q2022. The expansion was attributable to the growths registered by most of the wholesale trade industries during the quarter. Excluding petroleum, domestic wholesale sales grew by 11.9% year-on-year. On a year-on-year basis, ship chandlers and bunkering led the growth with a 36.7% increase. This was followed by a 25.3% year-on-year growth in household equipment and furniture.

US News

Oil dropped by about 2 per cent on Friday, logging a second weekly decline, due to concern about weakened demand in China and further increases to US interest rates. Brent crude settled at US$87.62 a barrel, falling US$2.16, or 2.4 per cent. US West Texas Intermediate (WTI) crude settled at US$80.08 a barrel, losing US$1.56, or 1.9 per cent.

The US dollar gained slightly on Friday and remained on track for its largest weekly gain in over a month, as investors eyed rising bond yields and continued to make bets on the US Federal Reserve’s interest rate hiking path. The US currency gained steam as the session wore on, and was up against the euro and the yen but down slightly against sterling, which regained some lost ground after a volatile session on Thursday following Britain’s latest budget.

Autonomous delivery vehicle maker Nuro is laying off about 20 per cent of its workforce after admitting that rapid hiring in the past year was a mistake, the company's co-founders wrote in an email to employees on Friday. The Silicon Valley-based startup, whose investors include Tiger Global Management, Alphabet Inc's Google and Softbank Group Corp, had raised US$600 million last year at a valuation of US$8.6 billion.

     
     

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