Posts by Mark Darwin
UBS sells its 50% stake in Swisscard to American Express
UBS is offloading part of the Credit Suisse business it acquired last year with a deal to sell the fallen bank’s 50 per cent stake in credit card provider Swisscard. UBS will sell its 50 per cent holding in the company to its joint venture partner American Express (Amex), Swisscard said. Terms of the deal…
Read MoreCAG unit forms JV to manage Haikou Meilan International Airport non-aeronautical operations
A UNIT of Changi Airport Group has entered a joint venture (JV) to manage the non-aeronautical commercial operations at Haikou Meilan International Airport. Changi Airports International (CAI) will own a 49 per cent stake in the JV, while Hainan Meilan International Airport will own 51 per cent. The JV will have exclusive rights to…
Read MoreGeopolitics, US election uncertainties drive gold’s record rally
GOLD prices extended gains and scaled another record high on Monday (Oct 21), steered by elevated Middle East tensions and US election uncertainty, while silver hit a near 12-year peak. Spot gold rose 0.2 per cent to US$2,724.88 per ounce, as at 0037 GMT, after hitting an all-time high of US$2,725.81 earlier in the session.…
Read MoreKeppel, Australia’s biggest gas developer sign deal for liquid hydrogen to power Singapore data centres
Conditional agreement paves way for binding deal for Woodside Energy to supply the fuel from as early as 2030 Keppel has tied up with Woodside Energy, Australia’s largest oil and gas developer, to supply liquid hydrogen to power Keppel’s data centres in Singapore. They have signed a term sheet and hopes to pave the way…
Read MoreSingapore shares open almost flat on Monday; STI down slightly 0.04%
SINGAPORE shares began Monday (Oct 21) trading nearly flat despite weekend gains in markets abroad. As at 9.02 am, the Straits Times Index (STI) was down slightly 0.04 per cent or 1.59 points to 3,638.6. Across the broader market, gainers outnumbered losers 66 to 44 after 40.1 million securities worth S$43.3 million changed hands. Offshore…
Read MoreChinese non-bank liquidity tightens as investors rush to stocks
LIQUIDITY conditions at China’s non-bank financial institutions have tightened this month as traders redeemed cash to ride the upswing in local shares. That’s widened the gap between the funding costs of non-bank financial institutions and banks. The differential has remained large after rising to a six-month high on Oct 9. The main reason for the…
Read MoreBeijing bourse plans to help smaller tech companies to list
THE Beijing Stock Exchange will help small and medium-sized tech companies with training and access to finance so they can list on the bourse, it said on Sunday (Oct 20), as part of government plans to foster innovation. The stock exchange said its action plan would help SMEs, which are not profitable but have potential,…
Read MoreIncome should walk away from Allianz
The cooperative-turned-corporation should come up with its own programme to improve its profitability and expand at home and abroad THE bombshell announcement last week that the government would block the proposed purchase of a majority stake in Income Insurance by Allianz has raised a number of questions. Many of these relate to projections by the…
Read MoreBrent eyes volatile Q4 2024 and underwhelming 2025 balance
BRENT crude oil futures have experienced significant volatility this year. After reaching a peak of US$90 per barrel in April, prices tumbled to around US$70 by September. This decline was fuelled by weaker-than-expected Chinese demand and broader economic uncertainties, alongside fears of oversupply despite production cuts by the Organization of the Petroleum Exporting Countries and…
Read MoreCash-strapped UK squeezes troubled companies for unpaid taxes
The UK tax office is taking a tougher approach to clawing back debts, insolvency specialists said, in a bid to squeeze £5 billion (S$8.5 billion) in extra revenue that is adding to pressure on firms going out of business. The move by HM Revenue & Customs (HMRC) to recoup owed taxes from collapsing businesses –…
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