Posts by Mark Darwin
BNP 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”…
Read MoreBrokers’ take: OCBC downgrades Suntec Reit as funding costs continue to weigh
OCBC Investment Research has downgraded Suntec Real Estate Investment Trust (Reit) to “sell” as it expects marginal decline in financing costs in the near term. The research house believes the trust might not reap significant benefits from the US Federal Reserve’s half-point cut immediately. While benchmark rate cuts are likely to lower borrowing costs, the…
Read MoreChina’s massive steel industry is facing a wave of bankruptcies
CHINA’S steel crisis is setting the stage for a wave of bankruptcies and speeding a much-needed consolidation of the industry, according to Bloomberg Intelligence (BI). Almost three-quarters of the country’s steelmakers suffered losses in the first half and bankruptcy is likely for many of them, Michelle Leung, a senior analyst at BI, said. Xinjiang Ba…
Read MoreWatchdog takes aim at Australia’s supermarket duopoly
AUSTRALIA’S competition watchdog sued the country’s two biggest grocery chains on Monday, alleging “discount” offers on hundreds of staples were more expensive than original prices. The regulator said Woolworths and Coles – which together hold about 65 per cent market share – had deliberately jacked-up prices for toothpaste, yoghurt, butter, instant coffee, tampons and more.…
Read MoreGold prices hover near record highs on Fed’s aggressive rate stance
GOLD prices hovered near record highs on Monday (Sep 23), as traders embraced the momentum generated by the US Federal Reserve’s bold interest rate cut and signs that further reductions were on the horizon. Spot gold steadied near US$2,619.37 per ounce, as at 0025 GMT, trading near a record high hit on Friday. US gold…
Read MoreSingapore shares open higher on Monday; STI up 0.1%
SINGAPORE shares began Monday (Sep 23) trading in positive territory, despite last week’s losses in global markets. As at 9.01 am, the Straits Times Index (STI) climbed 0.1 per cent or 4.79 points, to 3,629.55. Across the broader market, gainers outnumbered losers 66 to 45 after 36.64 million securities worth S$66.2 million changed hands. Singapore…
Read MoreAscott to open 28 properties in South-east Asia in 2024
ASCOTT, the wholly owned lodging business unit of CapitaLand Investment (CLI), expects to open 28 properties across South-east Asia in 2024. On Monday (Sep 23), Ascott said the new signings will add more than 3,400 units across its various brands, including lyf, Citadines and Oakwood. With the addition of the properties, Ascott’s portfolio in…
Read MoreUS to propose ban on Chinese software, hardware in connected vehicles: sources
THE US Commerce Department is expected on Monday (Sep 23) to propose prohibiting Chinese software and hardware in connected and autonomous vehicles on American roads due to national security concerns, two sources said. The Biden administration has raised serious concerns about the collection of data by Chinese companies on US drivers and infrastructure as well…
Read MoreTSMC, Samsung weigh adding chip factories in UAE: report
TAIWAN Semiconductor Manufacturing Company (TSMC) and Samsung Electronics have discussed building major new factories in the United Arab Emirates in coming years to help satisfy soaring demand for artificial intelligence (AI) computing, The Wall Street Journal (WSJ) reported. Executives from TSMC, the world’s largest chipmaker, have visited the UAE recently to discuss building a plant…
Read More