Posts by Mark Darwin
Bankman-Fried’s ex-deputy Wang avoids prison time over crypto fraud
FORMER cryptocurrency executive Gary Wang, who unwittingly wrote the computer code that helped FTX founder Sam Bankman-Fried steal about US$8 billion from customers of the now-bankrupt exchange, was spared prison time by a judge on Wednesday (Nov 20). US district judge Lewis Kaplan announced he would be imposing no prison time at a hearing in…
Read MoreBitcoin climbs closer to US$100,000 on Trump’s support for crypto
BITCOIN closed in on the historic US$100,000 level, fuelled by optimism that President-elect Donald Trump’s support for crypto heralds a boom as the US pivots to friendly regulations in place of a crackdown. The largest digital asset rose more than 3 per cent to a record high of US$97,659 as at 12.57 pm on Thursday…
Read MoreNissan Motor urges UK to ease EV targets amid weak demand
NISSAN Motor urged the UK government on Wednesday (Nov 20) to ease up its electric vehicle (EV) mandate, which encourages manufacturers to move from petrol and diesel vehicles to EVs. Britain’s Zero Emissions Vehicle (ZEV) Mandate, introduced by the former Conservative government, requires at least 22 per cent of an automaker’s new car sales in…
Read MoreStrong US dollar, Trump policies pulling the rug from under some Asian, trade-exposed economies
In short term, the units likely to trend lower against the greenback on Trump’s global trade stance THE US dollar has been jumping strongly against some global currencies since the elections in the United States, and a Trump administration could cause the greenback to continue to strengthen ahead, some analysts say. While a weaker domestic…
Read MoreGold extends gains on Russia-Ukraine jitters
Gold prices inched higher on Thursday (Nov 21) for a fourth consecutive session, supported by safe-haven demand amid the intensifying Russia-Ukraine war, while investors looked for further clarity on the US interest rate outlook. Spot gold was up 0.2 per cent at US$2,654.50 per ounce, as at 0023 GMT. US gold futures rose 0.2 per…
Read MoreStocks to watch: Nio, Singtel
THE following companies saw new developments that may affect trading of their securities on Thursday (Nov 21): Singtel: The telecom group on Thursday announced changes to its senior management, to support new business priorities of its growth plan. Singtel Singapore’s deputy chief executive Anna Yip will relinquish her role to lead an expanded and rebranded…
Read MoreKPMG to spend US$100 million on AI partnership with Google Cloud
KPMG said on Wednesday (Nov 20) it would spend US$100 million over the next four years to bolster its enterprise artificial intelligence (AI) services through a partnership with Alphabet’s Google Cloud. Part of the money will be spent on payments directly to Google, though the majority will be spent on in-house efforts that leverage Google’s…
Read MoreOil settles down on strong US supply, losses capped by Ukraine escalation
OIL prices settled lower on Wednesday (Oct 20) after US crude and petrol stocks rose by more than expected last week, but losses were capped by worries about the intensifying war between major oil producer Russia and Ukraine. Brent crude futures for January settled down 50 US cents, or 0.68 per cent, at US$72.81. US…
Read MoreMaybank eyes Johor-Singapore SEZ for growth; targets 25% profit contribution from Singapore by 2027
The zone could generate a need for financing among companies – an area Maybank is eager to support THE upcoming Johor-Singapore Special Economic Zone (SEZ) could drive a 10 to 20 per cent growth in Maybank Singapore’s loan book within the first year of operation, country chief executive Alvin Lee told The Business Times. Malaysia’s…
Read MoreEurozone banks are vulnerable to US funding squeeze: ECB
The growing dependence on US dollars and the stronger link between banks and non-banks pose risks to the eurozone’s financial system EUROZONE financial institutions are increasingly using US dollar markets for liquidity, creating risks to financial stability if US funding dries up, according to the European Central Bank. The use of US dollar repos…
Read More