Posts by Stephanie Irvin
Trump signs order to ‘turbocharge’ coal mining in United States
[WASHINGTON] US President Donald Trump on Tuesday signed executive orders to “turbocharge coal mining” in the country, seeking to “more than double” electricity production to keep up with power-hungry artificial intelligence technology. The executive orders, which Trump signed surrounded by miners in hard hats, will lift regulatory barriers to coal extraction and suspend the planned…
Read MoreApple exported 1.5 trillion rupees in iPhones from India last year, minister says
The diversification drive has coincided with Prime Minister Narendra Modi’s ambition to turn the country into a manufacturing hub [NEW DELHI] Apple exported more than 1.5 trillion rupees (S$23.6 billion) in iPhones from India in the last fiscal year, the nation’s technology minister said on Tuesday (Apr 8), underscoring the company’s efforts to diversify away…
Read MoreExxon faces no shareholder proposals for first time in 25 years
It received only one proposal this year and the SEC agreed it should be discarded because “it tried to micromanage the company” [NEW YORK] ExxonMobil is facing no shareholder proposals this proxy season for the first time in at least 25 years. The absence of requests follows a year after the oil company sued two…
Read MoreUOB to inject fresh capital of 2 trillion dong into Vietnam unit, build new headquarters in Ho Chi Minh City
[SINGAPORE] United Overseas Bank (UOB) said on Tuesday (Apr 8) that it will inject additional fresh capital of two trillion dong (S$104 million) into its Vietnam subsidiary, bringing its total charter capital of the unit to 10 trillion dong. Since 2021, UOB has made three capital injections into UOB Vietnam. Its total charter capital of…
Read MoreResolving succession at Kwek Leng Beng’s Hong Leong Finance
[SINGAPORE] Succession troubles surfaced recently at local-listed property and hotel group City Developments Limited (CDL), when executive chairman Kwek Leng Beng clashed with his son and CDL’s group chief executive officer Sherman Kwek over corporate governance issues. Billionaire Kwek Leng Beng, 84, joined CDL’s board in October 1969 and has been the group’s executive chairman…
Read MoreJapan debt deals pulled as tariffs hit deals outlook across Asia
[TOKYO] Three Japanese companies have postponed the sale of 100 billion yen (S$916.7 million) worth of yen-denominated bonds in the wake of global financial market volatility induced by US tariff announcements, according to a source and the companies. Japan’s largest beer maker, Asahi, was due to issue 50 billion yen this month, but shelved the…
Read MoreAlibaba chases international AI users with new Qwen upgrades
The expansion, through its Singapore availability zones, shows Alibaba ramping up an aggressive campaign to lure AI users and developers both at home and abroad [BEIJING] Alibaba Group Holding’s cloud division is upgrading its suite of artificial intelligence tools available overseas in a push for more global customers. Alibaba Cloud is expanding its platform-as-a-service options…
Read MoreClean power offers safety to China investors rattled by tariffs
Investors traditionally turn to utilities during times of market upheaval thanks to their relatively stable revenue sources [NEW YORK] China’s clean power generators are emerging as a safe haven for investors amid trade war turmoil. Wind generator China Longyuan Power Group and hydro-dam operators China Yangtze Power and Huaneng Lancang River Hydropower are three of…
Read MoreUOB Kay Hian downgrades DBS to ‘sell’, OCBC to ‘hold’; cuts target prices
[SINGAPORE] UOB Kay Hian (UOBKH) downgraded Singapore banks DBS and OCBC to “sell” and “hold”, respectively, citing forecasts of higher credit costs and “anaemic” loan growth resulting from US President Donald Trump’s tariffs. It downgraded DBS from “hold” to “sell”, cutting its target price from S$49.80 to S$40. It maintained a “hold” rating for OCBC,…
Read MoreFrasers Centrepoint Trust launches preferential offering at S$2.05 apiece
[SINGAPORE] The manager of Frasers Centrepoint Trust on Tuesday (Apr 8) announced the launch of a preferential offering at S$2.05 per unit. The issue price represents a 7.4 per cent discount to the volume-weighted average price of S$2.2136 apiece. This preferential offering will be made on the basis of 54 units for every 1,000 existing…
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