Posts by Mark Darwin
Brokers’ take: Analysts get more bearish on Wilmar, cutting their price targets for the stock
ANALYSTS cut their price targets for Wilmar International on uncertainty in its China business, and after the company reported third-quarter earnings that showed net profit fell. The agribusiness group on Wednesday (Oct 30) reported that its net profit fell by 19 per cent to US$254.4 million in Q3 from US$313.9 million in the corresponding period…
Read MoreChina gives Morgan Stanley approval to launch local futures unit
MORGAN Stanley has won final approval to launch a futures business in China via a newly established unit, becoming the second major US entrant in the derivatives market of the world’s second-largest economy. Morgan Stanley Futures (China), wholly owned by the US bank, was for the first time listed as a licensed institution by the…
Read MoreStanChart partners with Wise for faster FX in Asia and Middle East
STANDARD Chartered (StanChart) is going to use Wise’s payments platform to offer multi-currency money transfers in Asia and the Middle East. The lender will integrate Wise’s foreign exchange infrastructure to allow money movements in 21 currencies over the coming months, Steve Naude, managing director of Wise Platform, said. “The big thing that we have spent…
Read MoreYen is first of many Japanese assets set to pivot on US election
A VICTORY for Kamala Harris in the US presidential election has the potential to support Japan’s ailing currency while a win for Donald Trump would probably boost the Tokyo stock market and put the yen at risk of a deeper slump. That’s just two of the many possible market outcomes as investors and analysts sketch…
Read MoreCommerzbank looks to free up capital to fend off UniCredit
COMMERZBANK chief executive officer Bettina Orlopp is seeking to unlock more capital to pay out or invest, as she makes the case for an independent bank in the face of a potential takeover by rival UniCredit. Orlopp is working on a plan to keep the expected growth in risk-weighted assets (RWAs) several billion euros below…
Read MorePhilippines inflation matches estimate, gives room for rate cuts
PHILIPPINE inflation quickened in October but within market expectations, giving the central bank room to sustain its easing cycle. Consumer prices rose 2.3 per cent year on year in October due to faster price gains in food including national staple rice, the statistics agency said on Tuesday (Nov 5). The print matched the median forecast…
Read MoreHanwha’s offer for Dyna-Mac turns unconditional on acceptances; closing date extended to Nov 20
Some 84.8 million shares or 6.81% of total issued shares in Dyna-Mac had been accepted as at 6 pm on Nov 4 HANWHA Ocean SG’s voluntary conditional cash offer for Dyna-Mac was declared unconditional as to acceptances on Tuesday (Nov 5), resulting in an extension of the closing date to 5.30 pm on Nov 20…
Read MoreStocks to watch: SIA, CapitaLand Investment, NetLink NBN Trust, Aims Apac Reit, Dyna-Mac
THE following companies saw new developments that may affect trading of their securities on Tuesday (Nov 5): Singapore Airlines (SIA), SIA Engineering Company (SIAEC): Singapore’s national carrier will spend S$1.1 billion to retrofit its Airbus A350 fleet and refresh offerings as rival airlines pump billions into upgrades. Set to finish by 2030, the makeovers will…
Read MoreCrypto firms including Robinhood, Kraken launch global stablecoin network
A CONSORTIUM of financial technology and cryptocurrency companies including Robinhood, Kraken and Galaxy Digital on Monday (Nov 4) introduced a joint stablecoin pegged to the US dollar. The aim of the newly formed Global Dollar Network is to accelerate the usage of stablecoins worldwide and promote an asset that provides proportionate economic benefits to its…
Read MoreUber proposes cut to New York City driver base pay on lower gas prices
UBER Technologies is proposing a cut to New York City drivers’ base pay rate, among other recommendations, as it seeks to lower prices of rides in one of its largest markets. The company would like the city’s Taxi and Limousine Commission (TLC), which sets minimum driver pay, to reduce the per-mile rate in its driver…
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