Posts by Mark Darwin
BP halts hiring, slows renewables roll-out to win over investors
BP’S new CEO Murray Auchincloss has imposed a hiring freeze and paused new offshore wind projects as he places a renewed emphasis on oil and gas amid investor discontent over its energy transition strategy, sources at the company said. The moves, which have not previously been reported, are part of a decision by Auchincloss to…
Read MoreGXS Bank receives S$229.5 million capital injection from backers
GXS Bank has received a S$229.5 million capital injection from backers Singtel and Grab, according to regulatory filings with the Accounting and Corporate Regulatory Authority of Singapore. Grab took up the majority of the 229.5 million shares at S$1 apiece. It was allotted 191.8 million shares, while Singtel was alloted 37.7 million shares. This capital…
Read MoreBlackRock muscles into private assets market for wealth clients
BLACKROCK is expanding further into private-markets investing, striking a new partnership to include the assets alongside traditional exchange-traded funds and mutual funds in model portfolios pitched to wealthy US retail clients. The firm will work with Chicago-based GeoWealth to offer private equity and debt funds in customised portfolios for financial advisers across the US, BlackRock…
Read MoreLondon Metal Exchange looks to set up warehouse in Hong Kong
THE London Metal Exchange (LME) is exploring setting up its first warehouse in Hong Kong for metals delivery as it seeks to strengthen services across Asia. “We recently commissioned a third-party feasibility study on this idea, and we have been receiving great support from the local market,” Bonnie Chan, chief executive officer of HK…
Read MoreLMIRT upsizes loan facility to 4.5 trillion rupiah
LIPPO Malls Indonesia Retail Trust (LMIRT) upsized its term loan facility to 4.5 trillion rupiah (S$371.8 million) from 2.5 trillion rupiah previously. The original loan – obtained in May – came with an average life of about eight years, based on the facility agreement. On Thursday (Jun 27), LMIRT’s manager said that the trust has…
Read MoreAll major US banks pass Federal Reserve’s 2024 ‘stress test’
ALL 31 big US banks have passed the Federal Reserve’s annual “stress test” designed to assess how well they would fare in a major financial crisis, the US central bank said on Wednesday but warned that losses would be higher than last year. The stress test was broadly similar to last year, the Fed said…
Read MoreOnly 1 in 10 Singapore listcos shows how boards make major stakeholder decisions: study
The survey of 80 Singapore-listed firms also finds that large-cap companies outperform smaller enterprises in investor relations ALTHOUGH the vast majority of Singapore-listed companies recognise that businesses should allocate more resources to engage their stakeholders, only 10 per cent provided case studies or examples to demonstrate how their boards considered major stakeholder decisions over the…
Read MoreCosmetic Ozempic use under fire in Europe amid drug shortages
The EU regulator warned patients not to buy weight-loss drugs online without a prescription due to the risk of fake, dangerous products THE European Union’s drug regulator urged countries to clamp down on cosmetic use of powerful drugs for weight loss and diabetes, saying that patients who need the medicines most must get priority as…
Read MoreAirbus tells airlines some of their deliveries in 2025 and 2026 may be delayed
Airbus has been warning airlines that some of their aircraft deliveries due in the next two years risk being delayed, an indication that supply-chain glitches at the world’s largest planemaker might extend well beyond the current year. The European planemaker has been notifying customers in recent weeks that some handovers planned for 2025 and 2026…
Read MoreSwitzerland sticks to bank capital schedule in blow to UBS
SWITZERLAND said it will keep to its schedule for implementing global bank capital rules despite continued wrangling over the standards in the United States, potentially putting its largest lender UBS Group at a competitive disadvantage. The country’s Federal Council said on Wednesday (Jun 26) it has taken note of the recent developments and “despite delays…
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