Posts by Mark Darwin
China tells banks to cut interbank deposit rates to boost growth
CHINESE regulators told the nation’s banks to lower rates they paid to deposits from other financial institutions to free up funds to boost the economy, according to sources familiar with the matter. China’s interest rate self-disciplinary mechanism, a supervisory body overseen by the central bank, said banks should benchmark the interbank deposit rate against the…
Read MoreIndonesia confident palm oil production can be increased to meet biofuel demand
INDONESIA’S chief economic minister said on Thursday (Nov 7) that he is confident palm oil production can be increased in coming years to meet the country’s rising demand for biofuel. Indonesia’s government plans to expand the mandatory blend of biodiesel to contain 40 per cent of palm oil-based fuel in 2025 – called B40 –…
Read MoreNets, Liquid leverage interoperable QR payments to expand services
NETWORK for Electronic Transfers (Nets) and Liquid Group have each announced plans to expand their services based on the interoperable Singapore Quick Response Code Scheme (SGQR+). On Thursday (Nov 7), Nets said it would roll out the scheme to acceptance points across Singapore, while Liquid announced plans to launch its cross-border QR payments initiative by…
Read MoreTSMC and Globalfoundries finish talks over Chips Act awards
TAIWAN Semiconductor Manufacturing Company (TSMC) and GlobalFoundries have finished negotiating binding agreements for billions of US dollars in grants and loans to support US factories, sources familiar with the matter said. The deals, announced as tentative agreements earlier this year, come as the Biden administration races to get Chips and Science Act money out the…
Read MoreUS SEC crypto enforcement slated for major rollback under Trump
THE crypto industry poured millions of US dollars into the presidential and congressional races, but its most salient election victory is likely to be the departure of US Securities and Exchange Commission (SEC) chair Gary Gensler. The former Goldman Sachs banker has led the strongest regulatory crackdown on the digital-asset industry, bringing dozens of cases…
Read MoreAcrophyte Hospitality Trust’s 9-month net property income down 4% to US$33.8 million
ACROPHYTE Hospitality Trust’s net property income (NPI) for the first nine months of FY2024 fell 4 per cent year on year to US$33.8 million, from US$35.2 million. Revenue amounted to US$129.4 million, down 3.9 per cent from US$134.6 million in the same period last year. Operating profit slid 4.9 per cent to US$46.3 million…
Read MoreChinese solar panel giant Trina to sell plant in Texas
CHINA’S renewables giant Trina Solar has agreed to sell its US solar manufacturing operations amid increased American scrutiny of Chinese companies benefiting from clean energy tax incentives created under President Joe Biden’s signature climate law. Georgia-based Freyr Battery will pay US$340 million for Trina’s new five-gigawatt solar panel assembly facility in Wilmer, Texas, and other…
Read MoreTinder-parent Match forecasts quarterly revenue below estimates on weak demand
MATCH Group forecast fourth-quarter revenue below Wall Street estimates on Wednesday (Nov 6), a sign of weak demand for its dating apps as customers cut back on discretionary spending, sending its shares down about 11 per cent in extended trading. The Dallas, Texas-based company also missed third quarter revenue estimates unlike its smaller rival Bumble,…
Read MoreECB’s Guindos warns of ‘huge’ impact of Trump tariff plans
THE global economy faces potentially detrimental shocks to growth and inflation if US President-elect Donald Trump implements the kind of import tariffs he threatened during his campaign, according to European Central Bank vice-president Luis de Guindos. Economic output would be weaker, price pressures stronger and established trade flows disrupted, Guindos told an event on…
Read MoreUS: S&P 500, Dow open at record high as Trump wins US presidency
The S&P 500 and the Dow scaled all-time highs on Wednesday (Nov 6), while the Nasdaq also jumped, as Republican Donald Trump won the 2024 US presidential election in a remarkable comeback four years after he was voted out of the White House. The Dow Jones Industrial Average rose 628.5 points, or 1.49 per cent,…
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