Posts by Mark Darwin
UOB’s 3-year covered bonds priced at 53 points above sterling reference rate
UOB on Friday (Sep 6) said it priced £750 million (S$1.3 billion) of floating rate covered bonds due 2027, under the bank’s US$15 billion global covered bond programme. The bonds are expected to be issued on Sep 13. The bonds were priced at the Sterling Overnight Index Average (Sonia) rate, plus 53 basis points. It is…
Read MoreUS warns against Nippon merger with US Steel, citing China steel glut
NIPPON Steel’s proposed US$14.9 billion takeover of U.S. Steel would create national security risks because it could hurt the supply of steel needed for critical transportation, construction and agriculture projects, the US said in a letter sent to the companies and seen by Reuters. The letter cited a global glut of cheap Chinese steel, and…
Read MoreUS steps up export controls on advanced tech goods
THE United States announced on Thursday tighter export controls on critical technologies like quantum computing and semiconductor manufacturing goods, targeting access by adversaries like China. The Commerce Department said it is implementing worldwide export curbs on specific types of items such as quantum computers and machines needed to make advanced semiconductor devices – with exceptions…
Read MoreUS: Stocks end mostly down as market awaits employment update
WALL Street stocks were under pressure for a third straight session on Thursday after digesting mixed economic data while it looks ahead to a key labour market report. Stocks “struggled to get traction ahead of a very important jobs report tomorrow,” said Angelo Kourkafas of Edward Jones. “Investors are cautious of taking on more risk given the market’s…
Read MoreEnergy giants’ exits deflate Vietnam’s offshore wind ambitions
The obstacles to fully realising the country’s potential for generating wind power are regulatory, economic, technical and even tied to security [HO CHI MINH CITY] Despite its vast offshore wind potential, Vietnam’s unresolved regulatory, economic and security challenges are causing foreign investors to waver, as barriers to profitability stall progress in the infant market. Norwegian…
Read MoreBig Four accounting firm PwC UK orders staff back to the office
“Face-to-face working is hugely important to a people business like ours,” says Laura Hinton, managing partner of PwC UK PricewaterhouseCoopers, one of the Big Four accounting firms, is clamping down on remote working in the UK, bringing in tighter rules that require employees to spend more time in the office. The firm told staff and…
Read MoreUS bank profits jump 11% in second quarter of 2024 as expenses shrink
THE US banking industry recorded profits of US$71.5 billion in the second quarter of 2024, up 11.4 per cent on the prior quarter, the Federal Deposit Insurance Corporation (Fdic) reported on Thursday (Sep 5). Profits were boosted by shrinking expenses, as well as higher non-interest income, the regulator said. However, it also noted that signs…
Read MoreUS bank profits jump but watchdog warns of stress
THE US banking industry recorded higher profits in the second quarter of 2024, but the Federal Deposit Insurance Corporation (FDIC) on Thursday (Sep 5) identified several lingering areas of concern including commercial real estate and credit cards. Profits for the sector were up 11.4 per cent to US$71.5 billion in the second quarter, boosted by…
Read MoreUK retailer John Lewis to bring back 100-year-old price pledge
British department store John Lewis is reintroducing its 100-year-old “Never Knowingly Undersold” promise to customers on Monday (Sep 9), two years after it dropped it, hoping a revamped version of the price guarantee will help drive growth. The employee-owned retailer, which also operates Waitrose supermarkets, returned to annual profit in March after three difficult years,…
Read MoreUS dollar sags as traders up their bets on jumbo US rate cuts
THE US dollar touched one-month lows against the yen and was under pressure against other major currencies on Thursday (Sep 5) as growing concern over the US economic outlook underpinned expectations of a supersized rate cut from the Federal Reserve next week. The yen touched a one-month high earlier in the day, in part due…
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