Posts by Mark Darwin
South Korea fines JPMorgan, Morgan Stanley, Nomura and UBS for short selling breaches
South Korea’s market watchdog has decided to impose fines on JPMorgan, Morgan Stanley, Nomura and UBS for violating short-selling rules in the domestic stock market, officials at the country’s Financial Supervisory Service (FSS) said on Thursday (Feb 13). “We have concluded administrative sanctions, meaning imposing fines,” an official said, declining to provide further details because…
Read MoreBezos’ rocket firm bracing for job cuts after years of expansion
Blue Origin is bracing for a large reduction in its workforce, sources familiar with the matter said, in a sign the Jeff Bezos-backed space company is looking to cut costs and focus resources on ramping up rocket launches after years of R&D work. The magnitude of the job cuts was not immediately clear, though one…
Read MoreIndonesia says UAE’s Emirates Global Aluminium plans nuclear power plant
UAE firm Emirates Global Aluminium (EGA) plans to build a nuclear power plant with a capacity of up to five gigawatts in Indonesia, the Indonesian economic affairs ministry said in a statement issued on Wednesday (Feb 12). The ministry also said high electricity prices and a lack of low-carbon electricity had delayed plans for EGA…
Read MoreChina’s coal plant boom is undercutting clean energy push
Long-term coal-power contracts are also reinforcing the fuel’s dominance at the expense of renewables CHINA embarked last year on its biggest coal-power building boom in a decade, reinforcing the role of the dirtiest fossil fuel in its energy mix even as it aims to transition to renewables. Nearly 95 gigawatts of new coal-fired generators started…
Read MorePrudential considering listing of its Indian joint venture ICICI Prudential Asset Management
BRITISH insurer Prudential is evaluating a potential listing of its Indian joint venture, ICICI Prudential Asset Management, which will involve the partial sale of its shares. The transaction is subject to market conditions, requisite approvals and other considerations, said the Asia-focused insurer on Wednesday (Feb 12). If the deal goes through, net proceeds from…
Read MorePrudential mulls listing of its Indian joint venture ICICI Prudential Asset Management
BRITISH insurer Prudential is evaluating a potential listing of its Indian joint venture, ICICI Prudential Asset Management, which will involve the partial sale of its shares. The transaction is subject to market conditions, requisite approvals and other considerations, said the Asia-focused insurer on Wednesday (Feb 12). If the deal goes through, net proceeds from…
Read MoreCisco raises annual revenue forecast as AI boom boosts networking gear demand
CISCO Systems raised its annual revenue forecast on Wednesday (Feb 12), betting on higher demand for its cloud networking gear amid an artificial intelligence (AI) boom, sending its shares up nearly 7 per cent in extended trading. Corporate customers have been investing heavily to build their AI infrastructure, boosting demand for data centres, which use…
Read MoreRobinhood revenue doubles, fuelled by surge in crypto trading
ROBINHOOD Markets reported revenue that more than doubled as the online-trading firm was buoyed by crypto-market transactions around the US presidential election. Revenue grew to US$1.01 billion in the quarter, beating Wall Street analyst estimates of US$940.8 million for the three-month period. Cryptocurrency revenue also exceeded expectations, increasing more than 700 per cent to US$358…
Read MoreUS: Dow, S&P 500 fall on higher inflation data
WALL Street stocks mostly fell on Wednesday (Feb 12) following US inflation data that further clouded the prospects for additional Federal Reserve interest rate cuts. The consumer price index rose to 3.0 per cent in January from a year ago, above the 2.8 per cent projected by economists, raising questions about whether the Fed’s progress…
Read MoreSorry, T-bills. It’s time now to look elsewhere for yields
INTEREST in Singapore’s Treasury bills (T-bills) surged over the past two years, as rising interest rates elevated demand for yield and stable returns. T-bills also found favour as investors sought the safety of the government-backed, fixed-income instrument – which carry little to no default risk – amid heightened global macroeconomic uncertainty. But with yields gradually…
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