Posts by Mark Darwin
Australian lender Westpac sees solid credit demand in 2025, posts 3% annual profit fall
AUSTRALIA’S Westpac Banking on Monday (Nov 4) reported a fall in annual profit, and said it expects solid demand for housing and business credit in 2025 as the country’s central bank looks to shift to an easing stance. “Some central banks have shifted to an easing cycle and the RBA (Reserve Bank of Australia) is…
Read MoreBuffett keeps cutting Apple stake, with value down 60% this year
BERKSHIRE Hathaway’s continued sales of Apple shares in the third quarter left the conglomerate’s stake at a fraction of its size at the start of the year. Berkshire cut its holdings in the iPhone maker by roughly 25 per cent in the period, after slashing it by almost half in the second quarter. Apple’s shares…
Read MoreAsean gains in the near term amid US-China tensions, but beware of escalations: MAS’ Chia Der Jiun
A key risk is a rapid increase in protectionist policies, which will negatively impact global growth and inflation tariffs, the managing director warns THE South-east Asia region has benefited in the near term from a shift in trade and investment flows, amid growing geopolitical tensions globally. But Chia Der Jiun, managing director of the Monetary…
Read MoreGreenback rebounds against most major units after weak jobs data; traders eye US election
THE US dollar rose against the euro and rebounded against most major currencies on Friday (Nov 1) after traders digested data showing US job growth slowed sharply in October amid disruptions from hurricanes and strike action by aerospace factory workers. Non-farm payrolls rose by 12,000 jobs after a downwardly revised 223,000 in September, the Labor…
Read MoreGenting Singapore’s RWS casino chief Andrew MacDonald out
CHIEF casino officer and director at Resorts World Sentosa (RWS), Andrew MacDonald, has stepped down. He had done so to “pursue personal interests” said mainboard-listed Genting Singapore, the owner of RWS, in a bourse filing on Saturday (Nov 2). It listed the date of cessation as Nov 1, and provided no further elaboration. The 64-year-old…
Read MoreGerman banks start to cut US office loan exposure that caused bond turmoil
German banks are cutting legacy US office loan exposure after concerns about commercial real estate (CRE) losses led to a plunge in bond and equity prices in February. Deutsche Bank is close to selling about US$1 billion of loans linked to CRE there, and Deutsche Pfandbriefbank is cutting back on office and American loans after…
Read MoreHow one of the tiniest oil markets cost Trafigura over US$1 billion
Trafigura Group is a giant of commodity trading. On any given day, it handles enough oil to supply the entire needs of France three times over. Its global reach stretches from US crude oil export infrastructure to fuel stations in more than 20 countries across Africa, Asia and Latin America. Yet in a distant corner of its empire,…
Read MoreMalaysia orders sovereign fund audit on loss-making venture
Malaysian Prime Minister Anwar Ibrahim ordered sovereign wealth fund Khazanah Nasional Berhad to carry out an internal audit to investigate issues related to a loss-making investment in a local online fashion retailer. The Malaysian Anti-Corruption Commission (Macc) also said on Saturday (Nov 2) that it had opened an investigation paper on the matter of investment…
Read MoreUS fines GlobalFoundries for shipping chips to sanctioned Chinese firm
THE US said on Friday (Nov 1) it imposed a US$500,000 penalty on New York-based GlobalFoundries, the world’s third-largest contract chipmaker, for shipping chips without authorisation to an affiliate of blacklisted Chinese chipmaker Semiconductor Manufacturing International Corporation (SMIC). In a statement, the Commerce Department said GlobalFoundries sent 74 shipments worth US$17.1 million to SJ Semiconductor,…
Read MoreCrypto ETFs see big inflows ahead of US election, traders brace for volatility
INVESTORS have ploughed money into funds tracking Bitcoin, betting on a return of Republican Donald Trump to the White House even as they expect wild price swings in the world’s largest cryptocurrency during the election week, data showed. Exchange-traded funds (ETF) tracking the spot price of bitcoin notched net inflows of US$917.2 million on Wednesday…
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