Posts by Mark Darwin
Fidrec’s claim limit to be raised to S$150,000 from July
THE Financial Industry Disputes Resolution Centre (Fidrec) will proceed with amendments to its terms of reference, including raising the adjudicating award limit per claim to S$150,000. This comes after its public consultation on the proposed revisions received “broad support” from respondents, with a majority “welcoming the changes”. The consultation, which ended on Feb 29,…
Read MoreBrokers’ take: SAC initiates coverage on ISOTeam with ‘buy’ call on growth drivers
The research team expects ISOTeam to gain more market share and improve its margins. SAC Capital has initiated coverage on ISOTeam with a “buy” recommendation and target price of S$0.073. The target price implies a potential upside of 21.7 per cent from the counter’s last trading price of S$0.06 as at the midday trading…
Read MoreChina wants EU tariffs on EVs gone by Jul 4 as talks resume
BEIJING wants the European Union to scrap its preliminary tariffs on Chinese electric vehicles (EVs) by Jul 4, China’s state-controlled Global Times reported, after an agreement by both sides to hold new trade talks. Provisional EU duties of up to 38.1 per cent on imported Chinese-made EVs are set to kick in by Jul 4…
Read MoreAustralia to make supermarket industry code mandatory, breaches may result in huge fines
AUSTRALIA could impose billion-dollar fines on big supermarket chains that fail to comply with an industry code of conduct, the federal government said on Monday (Jun 24) as it seeks to address concerns that suppliers have been unfairly squeezed on pricing. Grocers with more than A$5 billion (S$4.5 billion) in annual revenue – currently Woolworths,…
Read MoreGold prices edge higher as US Treasury yields soften
GOLD prices inched higher on Monday (Jun 24) as Treasury yields edged lower, while investors await economic data and comments from Federal Reserve officials through this week for clarity on the US central bank’s timeline on interest rate cuts. Spot gold was up 0.2 per cent at US$2,324.36 per ounce, as at 0155 GMT. US…
Read MoreChinese automakers look to livestreaming to shake stuffy image
COMPETITION in China’s cut-throat car market is pushing even senior legacy auto executives to take up livestreaming to promote sales. The jeans-and-jacket-wearing electric vehicle (EV) startup bosses have increasingly been joined in recent months by seasoned employees from legacy carmakers, including some middle-aged shirt-and-tie types from conservative state-owned auto giants. As well as…
Read MoreGeo Energy to recover US$18 million in outstanding receivables after sale of creditor’s rights
The move, which is accretive to the group’s cash flow, will provide financial certainty INDONESIAN coal producer Geo Energy Resources on Monday (Jun 24) said it agreed to sell certain creditors’ rights to funds managed by OCP Asia (Singapore) for US$18 million in cash proceeds. The creditors’ rights relate to outstanding receivables from Indonesian companies…
Read MoreFood Empire to issue up to US$40 million in redeemable exchangeable notes
FOOD and beverage manufacturer Food Empire signed a non-binding term sheet to issue Asean private equity fund manager Ikhlas Capital Singapore up to US$40 million in redeemable exchangeable notes. Ikhlas Capital is licensed by the Monetary Authority of Singapore with on-ground presence in Singapore, Kuala Lumpur, Jakarta and Manila. The fund manager focuses on growth,…
Read MoreAustralia’s Star Entertainment sees FY profit fall; appoints acting CEO
AUSTRALIA’S Star Entertainment Group said on Monday (Jun 24) it expects its fiscal 2024 normalised group EBITDA to be in the range of A$165 million (S$148 million) to A$180 million, compared to group Ebitda of A$317.4 million in fiscal 2023. The embattled casino operator said it also expects group revenue to be between A$1.68 billion…
Read MoreCosmetics chain Sa Sa plans Asia expansion to escape Hong Kong slump
HONG Kong’s biggest cosmetics chain, Sa Sa International Holdings, is planning to further expand in mainland China and South-east Asia, to help make up for the sluggish post-Covid recovery of its home market. Sales in Hong Kong and Macau may remain around 70 per cent of pre-Covid levels even after three years, Sa Sa chief…
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