Posts by Mark Darwin
US farmers back Trump but face pain from China tariff threats
US FARMERS want something from President-elect Donald Trump that his trade policies mean he is unlikely to deliver: increased access to the market of top soy-importer China. Trump’s Republican party enjoys wide support across the US farm belt, where he won most states in Nov 5’s election. Farmers typically back him even though the US…
Read MoreSweden central bank makes biggest rate cut since 2014
SWEDEN’S central bank made its biggest interest rate cut since 2014 on Thursday (Nov 7) and signalled more reductions were forthcoming to kickstart the Nordic country’s economy. The Riksbank lowered its policy rate by 0.5 percentage points – twice the usual size of a cut – to 2.75 per cent. It was the central bank’s…
Read MoreChina’s central bank pauses gold purchases for sixth straight month
CHINA’S central bank refrained from purchasing gold for its reserves for the sixth consecutive month in October, according to official data released on Thursday (Nov 7). China’s gold holdings stood at 72.8 million troy ounces at the end of last month. The value of the gold reserves, however, rose to US$199.06 billion from US$191.47 billion…
Read MoreAstraZeneca’s US$1.5 billion manufacturing plant to create over 800 jobs in Singapore
ASTRAZENECA plans to hire more than 800 employees in Singapore including engineering, technical services and global supply chain roles at its upcoming US$1.5 billion Singapore manufacturing facility in Tuas South. This was disclosed as the biopharmaceutical multinational broke ground for the site on Thursday (Nov 7) in the presence of the event’s guest of honour,…
Read MoreChina 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…
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