Posts by Stephanie Irvin
Julius Baer to pay 4.4 million Swiss francs after Swiss money laundering probe
The bank has been under investigation over transactions that had occurred between 2009 and 2019 and linked to operations in Monaco and Singapore Published Wed, May 14, 2025 · 03:50 PM [ZURICH] Julius Baer Group has been ordered to hand over 4.4 million Swiss francs (S$6.8 million) including profits that may have been earned unlawfully,…
Read MoreTesla to resume shipping Chinese parts for Cybercab, Semi production in the US: source
[SHANGHAI] Tesla plans to start shipping components from China to the US for the production of Cybercab and Semi trucks from the end of this month, after the US and China reached a truce over tariffs, said a source with direct knowledge. The move, being reported by Reuters for the first time, illustrates how the…
Read MoreGXS Bank CEO to retire, GX Bank CEO to take over
[SINGAPORE] GXS Bank has announced that chief executive Muthukrishnan Ramaswami will be retiring on May 31. His successor will be Lai Pei-Si, CEO of GX Bank, the Malaysian arm of GXS, it said on Wednesday (May 14). Lai will take over as GXS CEO on Jun 1, with GX Bank deputy CEO Kaushik Chowdhury taking…
Read MoreCariflex launches US$350 million polyisoprene plant in Singapore, the world’s biggest
[SINGAPORE] Synthetic rubber latex maker Cariflex has officially inaugurated its new plant in Singapore, furthering its supply-chain resilience and market penetration in South-east Asia. The region, which contributes over 75 per cent sales of Cariflex’s overall latex products, is a key growth market given its high concentration of natural rubber companies, which are potentially future…
Read MoreSembcorp’s renewables business could power earnings upside; Goldman Sachs rates stock a ‘buy’
[SINGAPORE] Goldman Sachs has initiated coverage of energy and urban solutions provider Sembcorp Industries with a “buy” recommendation and a target price of S$8.40 on the back of its “solid business model”. The target price implies a potential upside of 27.9 per cent from Sembcorp’s closing price of S$6.57 on Tuesday (May 13). In a…
Read MoreIFA’s holding company discounts are within reasonable range: Sinarmas Land
[SINGAPORE] Sinarmas Land defended the valuation methods used by the independent financial adviser (IFA) in the offer by Lyon Investments for shares in the company, in its response to queries by Singapore Exchange Regulation (SGX RegCo) on Tuesday (May 13). The company, after consulting the adviser W Capital Markets, said that the IFA had deemed…
Read MoreTrump says gifted Qatari plane will be temporary Air Force One
[WASHINGTON] US President Donald Trump said a luxury jet being offered by the government of Qatar would be used as a temporary Air Force One, indicating an intention to accept a gift that has sparked ethical and security concerns in Washington. “It will be used by our government as a temporary Air Force One, until…
Read MoreSamsung Electronics to buy FlaktGroup for 1.5 billion euros
Published Wed, May 14, 2025 · 08:53 AM [SEOUL] South Korea’s Samsung Electronics said on Wednesday that it has agreed to acquire all shares of FlaktGroup, a German maker of air conditioning and heating systems, for 1.5 billion euro (S$2.2 billion) from European investment firm Triton. This would be the tech giant’s biggest acquisition since…
Read MoreAustralia sues Macquarie Securities for misreporting of short sales
Published Wed, May 14, 2025 · 08:31 AM AUSTRALIA’S corporate regulator said on Wednesday it had started legal action against Macquarie Securities (Australia) (MSAL), accusing the firm of misleadingly reporting millions of short sales for over 14 years. The Australian Securities and Investments Commission (ASIC) filed proceedings in the New South Wales Supreme Court, alleging…
Read MoreTrump to rewrite AI chip curbs reviled by Nvidia and US allies
[HONG KONG] The Trump administration plans to overhaul regulations on the export of semiconductors used in artificial intelligence (AI), tossing out a Biden-era approach that had drawn strenuous objections from US allies and companies including Nvidia and Oracle. Under the move announced on Tuesday (May 13) by the Commerce Department, the US is rescinding the…
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