Posts by Mark Darwin
Millennium hedge fund spinoff Modular expands to Hong Kong
MILLENNIUM Management spinoff Modular Asset Management plans to expand to Hong Kong, the latest hedge fund arrival as the city tries to defend its status as a global financial hub. Singapore-based Modular, which manages US$1.5 billion and focuses on macro bets, has brought in former Barclays trader Alex Hu Xiuyi as a portfolio manager. Hu…
Read MoreVitol plans to cut costs by taking aluminium from London Metal Exchange warehouses in Malaysia: sources
ENERGY and commodities trader Vitol is attempting to reduce its storage costs with plans to remove significant amounts of aluminium from London Metal Exchange (LME) warehouses in Port Klang, Malaysia, three sources familiar with the matter said. LME approved warehouses charge 56 US cents per metric tonne to store aluminium in Port Klang, about five…
Read MoreFed officials signal interest rates likely on hold for a while
SEVERAL Federal Reserve officials confirmed on Thursday (Jan 9) that the US central bank will likely hold interest rates at current levels for an extended period, only cutting again when inflation meaningfully cools. Boston Fed president Susan Collins said on Thursday a slower approach to adjusting interest rates is merited now as officials confront “considerable…
Read MoreFirm dollar adds pressure to sterling and euro
The US dollar charged ahead on Thursday (Jan 9), underpinned by rising Treasury yields, putting the yen, sterling and euro under pressure near multi-month lows amid the shifting threat of tariffs. The focus for markets in 2025 has been on US President-elect Donald Trump’s agenda as he steps back into the White House on Jan…
Read MoreSats and WFS clinch 14 new cargo and ground handling contracts from Air India
IN-FLIGHT caterer and ground handler Sats and its wholly-owned subsidiary Worldwide Flight Services (WFS) have been awarded 14 new contracts from India flag carrier Air India in major airports around the world, the group said in a bourse filing on Thursday (Jan 9). The Sats group landed these contracts in a global tendering process, which…
Read MoreOng Beng Seng acquires 150,000 more shares in Hotel Properties for S$537,000
PROPERTY tycoon Ong Beng Seng has acquired 150,000 shares in Hotel Properties Limited (HPL) via an off-market transaction for S$3.58 per share. Following the transaction, his stake in the company increased to 60.22 per cent, up from 60.19 per cent previously, according to a bourse filing on Thursday (Jan 9). Ong now holds a deemed…
Read MoreSustainable growth and rationality to emerge as key themes for e-commerce
MARKET consolidation and new entrants stole the e-commerce industry headlines in 2024. But market watchers say the year ahead will be more rational in this space, with customers across South-east Asia unlikely to continue to enjoy deep discounts on products and shipping, which has been subsidised by the platforms. Last year, the entry of TikTok…
Read MoreWall Street expected to shed 200,000 jobs as AI erodes roles
GLOBAL banks are expected to cut as many as 200,000 jobs in the next three to five years as artificial intelligence encroaches on tasks currently carried out by human workers, according to Bloomberg Intelligence. Chief information and technology officers surveyed for BI indicated that on average they expect a net 3 per cent of…
Read MoreFrom banks to tech: The Singapore winners from the Johor-Singapore SEZ
SINGAPORE and Malaysia have established a new Johor-Singapore Special Economic Zone (JS-SEZ) that will drive investments in key sectors. The 11 key sectors are: manufacturing, logistics, food security, tourism, energy, the digital economy, green economy, financial services, business services, education and health. Both countries have aimed for 100 projects in the next 10 years, and…
Read MoreHyundai Motor Group to invest record 24.3 trillion won in South Korea this year
SOUTH Korea’s Hyundai Motor Group said on Thursday (Jan 9) that it planned to boost domestic investment by 19 per cent to a record high of 24.3 trillion won (S$22.8 billion) this year to secure future growth even as it grapples with economic and political uncertainties. Hyundai Motor Group, including Hyundai Motor and Kia, ranks…
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