Posts by Mark Darwin
Swiss watchdog backs UBS plan to limit investment bank amid capital rule debate
[BERN] The head of Switzerland’s financial watchdog signalled he is in favour of UBS Group’s offer to limit the size of its investment bank, indicating a potential way forward in the debate about future capital requirements on the country’s largest lender. “UBS has said that it would limit the size of the investment bank as…
Read MoreJapan debt deals worth US$678 million pulled as tariffs roil global markets
[TOKYO] Three Japanese companies have postponed the sale of US8.43 million worth of yen-denominated bonds in the wake of global financial market volatility induced by US tariff announcements, according to a source and the companies. Japan’s largest beer maker, Asahi, was due to issue 50 billion yen (S$458 million) this month but shelved the issuance…
Read MoreCDL group CEO Sherman Kwek gives up long-term incentive of S$1.35 million; total compensation for FY2024 down 15.4%
[SINGAPORE] City Developments Ltd (CDL) group chief executive officer Sherman Kwek has voluntarily forgone his long-term incentive grant of S$1.35 million for financial year 2024, based on CDL’s annual report released on Tuesday (Apr 8). He received S$2.97 million in total compensation for FY2024, a decrease of 15.4 per cent from S$3.52 million in the…
Read MoreVenture capitalist Finian Tan of US$33.3m duped in alleged nickel scam
[SINGAPORE] Well-known venture capitalist Finian Tan told the High Court on Tuesday (Apr 8) that he was red-faced by the loss to alleged fraudster Ng Yu Zhi. “I am embarrassed by this loss. If you ever lose in this way, it’s not something you would be proud of or want to repeat,” said Dr Tan…
Read MoreRisks of bad loans, slowdown in region spark cuts in banks’ target prices; DBS downgraded to ‘sell’, OCBC, UOB get ‘hold’ rating
[SINGAPORE] Analysts have downgraded their outlook on Singapore banks amid concerns of weaker loan growth and higher credit costs, as Trump’s tariffs threaten a global trade war. UOB Kay Hian (UOBKH) downgraded DBS to “sell”, cutting its target price from S$49.80 to S$40. The brokerage maintained a “hold” rating for OCBC, cutting its target price…
Read MoreChinese state funds plan to buy stocks as market rout deepens
Chinese officials have been discussing front-loading potential stimulus to offset the impact of tariffs [NEW YORK] China’s state-backed funds are planning to buy local stocks in a bid to support the market, as an escalating trade war with the US erodes this year’s rally. China Reform Holdings said it will spend 80 billion yuan (S$14.8…
Read MoreGold prices recover as trade war tensions lift safe-haven demand
[BENGALURU] Gold prices edged higher on Tuesday (Apr 8) from a near four-week low reached in the previous session, as heightened concerns over the global trade war between the United States and its key trading partners lifted demand for safe-haven assets. Spot gold was up 0.3 per cent at US$2,990.48 an ounce, as at 0032…
Read MoreChinese shipping earnings face ‘harder-than-expected’ tariff hit as recession risks rise
[HONG KONG] Chinese shippers may see an outsized hit on earnings as the latest tariffs from US President Donald Trump risk hammering global trade. Container liners such as Cosco Shipping Holdings that focus primarily on Chinese exports will probably see a disproportionate impact, according to Bloomberg Intelligence (BI) analyst Kenneth Loh. “Chinese exports are set…
Read MoreApple customers dash to stores to buy iPhones ahead of tariffs
[NEW YORK] The Trump administration’s threat of massive new tariffs has sent Apple’s share price plummeting, but it also brought a short-term benefit: customers rushing to retail stores to buy iPhones. Employees from different Apple locations across the country said stores filled with customers over the weekend – with the shoppers expressing concerns that prices…
Read MoreOil prices slide 2% to near 4-year low as US trade conflict fuels recession fears
[NEW YORK] Oil prices slid 2 per cent to a near four-year low on Monday on worries US President Donald Trump’s latest trade tariffs could push economies around the world into recession and reduce global demand for energy. Brent futures fell US$1.37, or 2.1 per cent, to settle at US$64.21 per barrel, while US West Texas Intermediate…
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