Posts by Mark Darwin
Banks should spend as much time on their people as on data, tech: HSBC’s Tancy Tan
She says that one of her main focuses at work is to build a workforce that is skilled, adaptable and mentally resilient to changes TANCY Tan has spent her entire career working with technology to drive transformation. Banks spend a lot of time on data, but she thinks they also need to put an equal…
Read MoreGM, Ford would need to halt Chinese vehicles exports for US under rule, official says
GENERAL Motors and Ford Motor would need to stop exporting vehicles from China to the United States under a proposed rule cracking down on Chinese software and hardware, a Commerce Department official told Reuters on Monday (Sep 23). GM sells the Buick Envision and Ford sells the Lincoln Nautilus – both assembled in China –…
Read MoreNorthvolt to axe 1,600 jobs as Europe’s EV hopes stall
Northvolt plans to cut 1,600 jobs at its base in Sweden, or about a fifth of its global workforce, as Europe’s biggest hope in the electric vehicle battery market struggles with sluggish demand and competition from China. The leader in efforts to build a European automotive battery industry said on Monday (Sep 23) it would…
Read MoreBank of America to open more than 165 new branches by end of 2026
Bank of America plans to open more than 165 US branches by the end of 2026, the lender said on Monday (Sep 23), as it competes with JPMorgan Chase to add locations. Banks have redesigned their branches to emphasise in-person sales of products such as mortgages and investments, instead of routine teller transactions. The shift…
Read MoreGerman 10-year yield rises above two-year debt for first time since 2022
YIELDS on Germany’s 10-year bond rose above those of its two-year debt on Monday (Sep 23), as soft business activity data drove expectations of more rate cuts by the European Central Bank (ECB) this year. This is the first time this part of the curve has “disinverted” or returned to its normal shape – an…
Read MoreCMA CGM buys 48% of port terminal company Santos Brasil, to launch takeover bid
FRENCH shipping giant CMA CGM plans to launch a full takeover bid for port terminal operator Santos Brasil after it agreed to buy a 48 per cent stake in the company, it said on Monday (Sep 23) as it further expands its grip on global shipping infrastructure. After cashing in billions of windfall profits on…
Read MoreChina’s car dealerships facing losses of almost US$20 billion
CAR dealerships across China are facing losses of almost US$20 billion as consumers hold off on making major purchases and vehicles pile up in sales lots. The country’s car retailers are experiencing “extremely intense liquidity” and looking at losses of about 138 billion yuan (S$25.3 billion) for the first eight months of 2024 alone, the…
Read MoreThai virtual bank race heats up as bidders outnumber permits
THAILAND’S virtual banking competition is heating up as applications exceeded the number of licences the central bank plans to grant. Bank of Thailand received five applications for virtual banking licences ahead of the Sep 19 deadline, according to a statement on Monday (Sep 23). BOT, which plans to grant no more than three virtual banking…
Read MoreBNP Paribas to buy German private banking unit from HSBC
HSBC has been exploring the sale of various businesses in Europe’s largest economy BNP Paribas has signed an agreement with HSBC Holdings to buy the UK-based lender’s private banking operations in Germany, according to a statement on Monday (Sep 23). Adding the unit will take assets under management in BNP Paribas’ local wealth management business…
Read MoreEstate of Dyna-Mac’s founding shareholder says voluntary conditional cash offer not compelling
DYNA-MAC’S single-largest shareholder, the estate of founder Desmond Lim, said the voluntary conditional offer of S$0.60 a share by South Korean company Hanwha is not compelling. On Monday (Sep 23), the estate said the offer does not “adequately reflect the value and growth potential” of Dyna-Mac, which it says has become a “global multi-disciplinary”…
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