Posts by Stephanie Irvin
Germany’s DAX Index hits record high after tariffs round trip
[FRANKFURT] Germany’s DAX Index became the first major European gauge to surpass its March record high, recouping all declines sparked by US President Donald Trump’s trade war. The stock index rose as much as 0.8 per cent to a level of 23,528.88, exceeding the intraday peak set on March 18. The pan-European Stoxx 600 Index…
Read MoreForeign banks sell record Indian sovereign debt as tensions rise
[NEW DELHI] Foreign banks sold a record amount of Indian government bonds on Thursday (May 8), as a growing border conflict with Pakistan weighs on investor sentiment. They sold a net US$1.2 billion of the debt, a high according to data from the Clearing Corp of India going back to 2006. The move signals growing…
Read MoreChina’s top chipmaker SMIC plunges after projecting lower sales
[SINGAPORE] Semiconductor Manufacturing International Corporation (SMIC) plunged on Friday (May 9) after China’s leading chipmaker warned sales could fall as much as 6 per cent this quarter because of production disruptions. Co-CEO Zhao Haijun said sales would fall between 4 per cent and 6 per cent in the second quarter, versus projections for a sharp…
Read MoreNvidia modifies H20 chip for China to overcome US export controls: sources
[BEIJING] Nvidia plans to release a downgraded version of its H20 artificial intelligence (AI) chip for China in the next two months, following US export restrictions on the original model, three sources familiar with the matter told Reuters. The US chipmaker has notified major Chinese customers, including leading cloud computing providers, that it aims to…
Read MoreIndonesia seeks to end rice imports this year as output jumps
[JAKARTA] Indonesia is set to stop importing rice this year for the first time in decades, thanks to surging production and stockpiles in one of the world’s top growers of the staple food. Domestic output is expected to increase to at least 33.8 million tonnes in 2026, up from a target of 32.8 million tonnes…
Read MoreBain Capital to sell China data centre business likely valued at over US$4 billion: sources
[HONG KONG] US investment firm Bain Capital is seeking to sell the China business of data centre operator WinTriX DC Group, in a deal that could value the business at over US$4 billion, two sources with knowledge of the situation said. Bain Capital has engaged with advisers who have held preliminary conversations with potential buyers…
Read MoreHow the Singapore dollar could perform against the US dollar this year
[SINGAPORE] The Singapore dollar and other Asian currencies are continuing to gain ground against the US dollar as the tariff fallout weighs on the greenback. The Singdollar opened the week firm at 1.29 to the US dollar – a level not seen since September 2024. Year-to-date, that’s a jump of about 5 per cent. On…
Read MoreF&N H1 net profit rises 0.3% to S$84.1 million as tax incentive expires
[SINGAPORE] Fraser and Neave (F&N) posted a 0.3 per cent rise in net profit to S$84.1 million for its first half ended Mar 31, from S$83.8 million a year earlier. This was mainly due to a higher effective tax rate following the expiry of a tax incentive, the food and beverage (F&B) group said on…
Read MoreUS sanctions on China refiners over Iran oil disrupt operations: sources
[SINGAPORE] Recent US sanctions on two small Chinese refiners for buying Iranian oil have created difficulties receiving crude and led them to sell product under other names, sources familiar with the matter said, evidence of the disruption that Washington’s stepped-up pressure is inflicting on Tehran’s biggest oil buyer. The targeting of independent refiners, known as…
Read MoreST Engineering posts 8% rise in Q1 revenue to S$2.9 billion
[SINGAPORE] ST Engineering’s revenue rose 8 per cent to S$2.9 billion for the first quarter ended March, from S$2.7 billion in the corresponding year-ago period, on the back of broad-based growth across all segments. In a business update on Friday (May 9), the group said this was led by “very strong growth” in its defence…
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