Posts by Mark Darwin
UK watchdog fines Volkswagen financial services unit for unfair customer treatment
The unit used poorly templated, automated communications and took away cars from vulnerable customers without considering other solutions VOLKSWAGEN’S British financial services unit will be fined £5.4 million (S$9.2 million) for unfairly treating customers who were in financial difficulty between 2017 and 2023, a British regulator said on Monday (Oct 21). Volkswagen Finance Services (UK)…
Read MoreEnterprise Singapore and EDB to launch sustainability reporting grant in November
ENTERPRISE Singapore (EnterpriseSG) and the Economic Development Board (EDB) will launch the sustainability reporting grant (SRG) on Nov 1 to help companies produce their first International Sustainability Standards Board’s (ISSB)-aligned sustainability report in Singapore before mandatory reporting takes effect. The initiative will support Singapore-incorporated companies impacted by or those who are preparing for mandatory climate…
Read MoreMost base metals rise on China lending rate cuts, stimulus hopes
MOST nonferrous metals rose on Monday (Oct 21), buoyed by lending rate cuts in top consumer China and expectations of further stimulus to spur economic growth. Three-month copper on the London Metal Exchange (LME) rose 1.1 per cent to US$9,730 per metric tonne by 0802 GMT, while the most-traded November copper contract on the Shanghai…
Read MoreUBS 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 More