Posts by Mark Darwin
Citi to cut up to 200 tech contractor roles in China
[HONG KONG] Citigroup is cutting up to 200 information technology (IT) contractor roles in China, two people familiar with the matter said, as the bank looks to hire its own staff globally for such operations to improve risk management and data governance. Last July, US bank regulators fined Citi US$136 million for making “insufficient progress”…
Read MoreNo plans for layoffs; HK$1.5 billion investment in Greater China to continue: OCBC’s Helen Wong
[SINGAPORE] OCBC has no plans to implement “major” layoffs despite macroeconomic uncertainties arising from US tariffs, said the bank’s group chief executive officer Helen Wong on Friday (May 16). “We’re growing, so why would we be thinking about letting people go?” she said. While there is always some “natural attrition” – which the bank may…
Read MoreHacking of trading accounts in Japan spreads to mid-sized firms
The hacking of online trading accounts has exploded in Japan, surging more than 10-fold in April from March Published Fri, May 16, 2025 · 04:01 PM [TOKYO] Criminals have targeted mid-sized brokerages in Japan after the country’s biggest securities firms added additional protection for online trading. Okasan Securities and Iwai Cosmo Securities both said they…
Read MoreMore attractive land prices for Singapore tenders ahead, says Citi, giving its top developer pick
[SINGAPORE] More attractive land prices could be on the horizon for eight upcoming government tenders from May to September this year, in support of developers’ land replenishment exercises, said Citi equity research analyst Brandon Lee in his Thursday (May 15) report. Recent data from the Urban Redevelopment Authority showed that there were 663 private…
Read MoreDovish Bank of Japan policymaker urges pause in rate hikes on US tariff uncertainty
[TOKYO] The Bank of Japan must hold off raising interest rates for the time being, its board member Toyoaki Nakamura said on Friday, warning of growing downward pressure on the economy from higher US tariffs. Nakamura, known as the most dovish member of the board, said the central bank must guide monetary policy “cautiously” with…
Read MoreTariff truce spurs Pacific trade rush, boosting global shippers
[HONG KONG] Importers rushing to ship Chinese goods to the US using a short reprieve from paralysing tariffs could provide a much-needed boost to global freighters. The surprise truce between the US and China, temporarily bringing down tariffs on each other’s goods, will probably give way to a surge in transpacific shipping in the coming…
Read MoreGenting Singapore shares are undervalued despite drop in earnings, Morningstar says
[SINGAPORE] Genting Singapore’s shares are undervalued despite its recent weak earnings, says Morningstar. Morningstar’s senior equity analyst, Jennifer Song, has a fair value estimate of S$0.96 for Genting Singapore shares. The stock last closed at S$0.715 on Thursday (May 15). As at 10.04 am on Friday, it was up 0.7 per cent or S$0.005 at…
Read MoreHPL surges 5%; SGX RegCo requests explanation
[SINGAPORE] Shares of Hotel Properties Ltd (HPL) climbed as high 5.3 per cent in morning trading on Friday (May 16), prompting queries from Singapore Exchange Regulation (SGX RegCo) for the company to explain the surge. The hospitality company, whose founder Ong Beng Seng has been embroiled in legal and health troubles in recent years, saw…
Read MoreOng Beng Seng’s HPL jumps almost 10% in heavy trading; company says unaware of reason for spike
[SINGAPORE] Shares of Hotel Properties Ltd (HPL) jumped almost 10 per cent in active trading on Friday (May 16) morning, prompting queries from Singapore Exchange Regulation (SGX RegCo). At about 11.30 am, the counter was up 9.2 per cent at S$4.72 with over 350,000 shares traded, an unusual volume for the tightly held property and…
Read MoreOssia surges more than 40% following privatisation offer from controlling shareholders
The offerors say the company faces a challenging environment in Singapore and abroad [SINGAPORE] Shares of Ossia jumped more than 40 per cent on Friday (May 16), after group executive chairman Goh Ching Wah, chief executive Goh Ching Huat and non-executive director Goh Ching Lai made an unconditional offer on Thursday to take the group…
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