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5 Top Stories

Singtel: Optus Offload?; Canon Plummets; Intel Funding Upheaval

Every day, we handpick the 5 Top Stories stock market investors need to know. In 5 minutes, you’ll learn the stocks, CEOs, and money managers moving markets.

Singtel Denies Optus Offload

Singapore Telecommunications’ [Z74:SI] (Singtel) share price jumped as much as 4.2% Wednesday to a nearly two-year high, after the Australian Financial Review reported it was in advanced talks to sell Australian telecom Optus to Canadian private equity firm Brookfield for some A$16bn. Singtel indicated there was “no impending deal to offload Optus for the said sum”, emphasising the importance of its Australian operation to the broader group.

Canon in Post-Explosion Rout

Shares of Canon Electronics [7739:T] shed as much as 12.7% of their value Wednesday following the explosion of Tokyo-based Space One’s small rocket Kairos. Kairos would have been Japan’s first satellite in orbit, had it not caught fire within a minute of lift-off Wednesday morning, reported Reuters. Space One is backed by a number of Japanese companies, including Canon, Mitsubishi UFJ [MUFG] and Mizuho Financial Group [MFG].

Intel Chip Funding Upheaval

Intel [INTC] is due to receive $3.5bn to develop advanced defence chips, but the Pentagon has shelved plans to contribute $2.5bn towards this total, leaving the US Commerce Department likely to foot the bill, reports Bloomberg. Commerce had previously been expected to contribute $1bn through Chips Act subsidies. The decision could limit the total amount of funding Intel receives.

Raimondo on Chinese EVs

“I could see a day when we have those vehicles on roads in the United States,” US Commerce Secretary Gina Raimondo told CNBC Tuesday, referring to electric vehicles (EVs) from China, but added that “very significant controls and conditions around the software and sensors” would be a prerequisite. On Wednesday, Chinese EV maker BYD [BYDDY] announced the launch of its latest e2 EV hatchback. The model is 12.7% cheaper than the previous version, reported Reuters.

Arm Up Ahead of End of Lockup

Shares in Arm [ARM] were up 2.1% on Tuesday, ahead of the expiration of the lockup period following its recent IPO, during which company insiders and pre-IPO investors cannot sell off any shares. Elsewhere, rival chip designer SiFive has said it expects licensing revenue to hit $60m this year, alongside at least $180m of lifetime royalty deals. Lastly, Samsung Electronics [005930:KS] is to adopt chipmaking technology championed by rival SK Hynix [000660.KS].

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