Posts by Mark Darwin
Australia moves to rein in buy-now-pay-later with credit check law
THE Australian government on Wednesday (Jun 5) introduced legislation that would require buy-now-pay-later (BNPL) firms to run credit checks on borrowers, aiming to regulate the rapidly growing sector popular among youth like other consumer credit products. BNPL companies typically offer on-the-spot interest-free short-term loans with minimal credit checks that spread payments over weeks or months…
Read MoreBlackRock, Citadel back upstart Texas challenge to NYSE, Nasdaq
BLACKROCK, Citadel Securities and other investors are backing an upstart Texas stock market to challenge to the New York Stock Exchange (NYSE) and Nasdaq. The Texas Stock Exchange (TXSE) has raised US$120 million and plans to file registration documents with the US Securities and Exchange Commission, according to a LinkedIn post by James Lee, the…
Read MoreGold edges lower as spotlight shifts to US jobs data
GOLD prices inched lower on Wednesday (Jun 5) as the US dollar firmed, while investors focussed on the US non-farm payrolls report due later in the week for more cues on the Federal Reserve’s rate-cut plans. Spot gold was down 0.1 per cent at US$2,326.08 per ounce, as at 0122 GMT, after a 1 per…
Read MoreSingapore shares down at Wednesday’s open; STI falls 0.1%
SINGAPORE equities began trading in negative territory on Wednesday (Jun 5), after US stocks recovered from an early morning fall to close higher on Tuesday. As at 9.02 am, the Straits Times Index (STI) opened 0.1 per cent or 3.12 points lower at 3,335.82. Across the broader market, gainers outnumbered losers 62 to 27 after 34.7…
Read MoreSeatrium awarded letter of intent for deepwater new-build production unit
SEATRIUM : 5E2 0% was awarded a letter of intent by BP Exploration & Production for a deepwater new-build production unit in the US Gulf of Mexico. On Wednesday (Jun 5), the offshore and marine specialist said it is expected to carry out certain early engineering works on BP’s Kaskida floating production unit (FPU) project,…
Read MoreFTX seeks to stop outside litigation against insiders, VC firms
FTX on Tuesday (Jun 4) asked a US judge to stop outside litigation against company insiders and venture capital (VC) firms accused of playing a role in the bankrupt crypto exchange’s collapse, saying the lawsuits undermine FTX’s own effort to repay customers. The lawsuits, including class action complaints filed by FTX customers, could eat into…
Read MoreApollo Global to provide US$11 billion to Intel for Ireland facility
BUYOUT firm Apollo Global Management will acquire a 49 per cent equity interest in Intel’s manufacturing facility in Ireland for US$11 billion, the company said on Tuesday (Jun 4). Apollo will acquire the stake in the Fab 34 facility in Leixlip, Ireland, the US chipmaker’s first high-volume location for its Intel 4 manufacturing process using…
Read MoreUS: Stocks shake off gloomy data to stage small rebound
US STOCKS bounced back from an early morning dip to close higher on Tuesday (Jun 4), as fresh data showed United States job openings slipped in April to their lowest level since February 2021. The Labor Department’s jobs opening and labour turnover survey saw vacancies slip to just under 8.1 million, 300,000 less than a…
Read MoreFew exits, limited investor appetite to test South-east Asia’s PE managers
PRIVATE equity (PE) funds operating in South-east Asia will need a strong domestic presence to pull off roll-ups and trade sales in the face of mounting challenges, including difficulties exiting investments and raising funds. Investors are showing a preference for larger funds and managers with a pan-Asia focus, but various industry players The Business Times…
Read MoreChina’s solar giant Longi says it will adjust production amid ‘complex’ environment
CHINA’S Longi Green Energy Technology, one of the world’s largest solar panel manufacturers, said on Tuesday (Jun 4) it would “adjust” production amid a “complex industry environment”, but remains optimistic about the sector’s future. The photovoltaic industry has been hit by various factors including price changes and trade policy adjustments this year, Longi said in…
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