Posts by Mark Darwin
Yen dives as BOJ plays down chance of hikes, soothing markets
THE yen dropped on Wednesday (Aug 7) after an influential Bank of Japan official played down the chances of a near-term rate hike, soothing investors’ concerns that a further jump in the Japanese currency could again rock global markets. The yen fell about 2.5 per cent to a session low of 147.94 per US dollar…
Read MoreFive things to know about DBS’ new deputy CEO Tan Su Shan
Tan leads day-to-day efforts to operationalise the bank’s digitalisation strategy across the businesses she runs DBS has announced the appointment of Tan Su Shan as its deputy chief executive officer, the bank said in a bourse filing on Wednesday (Aug 7). Tan is currently the bank’s head of institutional banking, and she will succeed Piyush…
Read MoreVicom posts 1.3% higher H1 net profit of S$14.1 million
VEHICLE inspection company Vicom reported a net profit of S$14.1 million for the half year ended Jun 30, inching up 1.3 per cent from S$13.9 million in the corresponding year-ago period. This was after factoring interest income less finance costs and taxation, the company said in a bourse filing on Wednesday (Aug 7). Revenue increased…
Read MoreHonda Q1 profit jumps 23%, helped by hybrid vehicle sales
JAPAN’S Honda Motor reported a 23 per cent increase in first-quarter profit on Wednesday (Aug 7) as the automaker benefited from a weaker yen, higher pricing and growing hybrid vehicle sales in the US and its home market. Japan’s second-biggest carmaker said quarterly operating profit totalled 484.7 billion yen (S$4.4 billion) in the April-to-June period,…
Read MoreSoftBank unveils US$3.4 billion buyback amid pressure from investors
JAPANESE technology investor SoftBank Group said on Wednesday (Aug 7) it plans to buy back a hefty US$3.4 billion in shares, answering in part calls from Elliott Management and other investors to bolster its stock price. Masayoshi Son’s globe-spanning tech giant has been under pressure to buy back shares given that its market capitalisation trades…
Read MoreHyundai to invest one billion baht in Thailand for EV assembly, batteries
SOUTH Korean automaker Hyundai Motor Company will invest one billion baht (S$37 million) to set up a facility to assemble electric vehicles (EVs) and batteries in Thailand, the country’s Board of Investment (BOI) said on Wednesday (Aug 7). Thailand’s booming EV sector is currently dominated by Chinese carmakers, including BYD and Great Wall Motors, which…
Read MoreIndonesia launches China-built anode plant for EV batteries
INDONESIA’S President Joko Widodo on Wednesday (Aug 7) inaugurated a plant built by China’s BTR New Material Group and Singapore’s Stellar Investment that will produce anode materials for electric vehicle (EV) batteries. In the first phase, the companies invested US$478 million in the plant that will produce 80,000 tonnes of materials per year, according to…
Read MorePBOC eases support for yuan as short covering fuels rebound
THE People’s Bank of China (PBOC) pulled back its daily support for the yuan to the lowest in a year on Wednesday (Aug 7), at least by one measure. The gap between market estimates and the daily reference rate – a gauge of official support for the managed currency – has now almost vanished, having…
Read MoreEV fund outflows hit US$1.6 billion as Trump fears add to slowdown
INVESTORS are rushing out of electric vehicle (EV) focused funds as growth forecasts cool and with a potential reelection of Donald Trump seen posing a further challenge to profits. EV funds tracked by data provider EPFR Global had combined net outflows of US$1.6 billion this year to Jul 31, more than the total redemptions in…
Read MoreBlackRock, Nasdaq seek rule change to list options on spot Ethereum ETFs
BLACKROCK and exchange operator Nasdaq have proposed a rule change to list and trade options for the asset manager’s spot Ethereum exchange-traded fund (ETF), according to a regulatory filing on Tuesday (Aug 6). In July, the US Securities and Exchange Commission (SEC) approved exchange-traded funds tied to the price of ether from major firms, including…
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