Posts by Mark Darwin
US: Stocks hit fresh record as Nvidia becomes most valuable public company
US STOCKS finished higher on Tuesday, with the S&P 500 reaching a new record on a day that Nvidia edged ahead of Microsoft to become the world’s most valuable publicly traded company. The chip company, which has enjoyed a monumental ascent over the last 18 months amid enthusiasm over generative AI, closed 3.5 per cent higher, giving…
Read MoreUS: Wall Street steady at open after retail sales data
Wall Street indexes opened flat to slightly higher on Tuesday (Jun 18) following soft retail sales data, with commentary awaited from a slew of Federal Reserve officials later in the day. The Dow Jones Industrial Average rose 1.02 points at the open to 38,779.12. The S&P 500 opened higher by 2.92 points, or 0.05 per…
Read MoreParent of India’s Vedanta proposes to cut debt by US$3 billion over next three years
Vedanta Resources, Indian miner Vedanta’s UK-based parent company, will seek to cut its debt by US$3 billion over the next three years, its chairman said in an annual report on Tuesday (Jun 18). Vedanta Resources, whose debt stood at US$6 billion as of March 2024, has been grappling with a host of rating downgrades since…
Read MoreHSBC Switzerland breached money laundering rules: Swiss watchdog
FINMA, the Swiss financial watchdog, said on Tuesday (Jun 18) that the local HSBC branch has breached its obligations in the prevention of money laundering in connection with two politically exposed persons, without naming them. Finma said it had ordered the bank to conduct a review of all current business relationships with politically exposed people…
Read MoreChina securities regulator vows to strengthen oversight, resolve risks
CHINA’S securities regulator said on Tuesday (Jun 18) it will strengthen regulation of all financial activities and prevent and resolve risks, in a move to improve and reform financial markets amid a wobbly economic recovery. The China Securities Regulatory Commission (CSRC) said in a statement it will maintain a “zero-tolerance” stance on illegal activities in…
Read MoreSingtel-TM joint venture to develop data centres in Malaysia, enhance digital connectivity
SINGTEL’S regional data centre business, Nxera, is partnering Malaysia telco TM to develop data centres, starting with a data centre campus in Johor, the joint venture (JV) said on Tuesday (Jun 18). “This strategic partnership aims to serve the needs of hyperscalers, next-generation AI application providers and enterprises pursuing accelerated digitalisation and cloud in the…
Read MoreSingapore stocks rise, tracking regional bourses; STI up 0.1%
SINGAPORE stocks started the week in the black on Tuesday (Jun 18), after markets reopened following the Hari Raya Haji holiday the day before. The benchmark Straits Times Index (STI) rose 0.1 per cent or 4.23 points to close at 3,301.78. Across the broader market, decliners outnumbered advancers 306 to 269, with 1.3 billion securities…
Read MoreEU says to delay core element of Basel bank capital rules
THE European Union will peg back implementation of a core element in the final leg of global rules governing bank capital by one year to January 2026, citing a “highly likely” delay in the US, the bloc’s financial services chief said on Tuesday (Jun 18). Countries are introducing the last batch of a global bank…
Read MoreAI can help shipping industry cut down emissions, report says
THE global commercial shipping industry could cut down its carbon emissions by 47 million tonnes per year by deploying artificial intelligence for sea navigation, a study by autonomous shipping startup Orca AI showed on Tuesday (Jun 18). The use of the technology could reduce the need for maneuvers and route deviation from close encounters with…
Read MoreTemasek to divest entire stake in Pavilion Energy to Shell
TEMASEK’s indirect wholly owned subsidiary, Carne Investments, will sell its entire stake in Pavilion Energy to Shell Eastern Trading, a subsidiary of the global oil giant. Pavilion Energy, a Singapore-based liquefied natural gas player (LNG), was established by Temasek in 2013, and it markets and trades LNG in Europe and Asia. It was set up…
Read More