Posts by Stephanie Irvin
Indonesia, home to giant gold mine, launches bullion banking
INDONESIA has launched its first bullion banks in a bid to draw tonnes of privately held gold into the financial system of South-east Asia’s largest economy. The region’s largest gold producer on Wednesday (Feb 26) inaugurated gold banking services at state-owned Bank Syariah Indonesia and pawn broker Pegadaian, a unit of state-run banking giant Bank…
Read MoreChina says Taiwan seeks to give away chip industry to US
China said on Wednesday (Feb 26) that Taiwan was seeking to give away the island’s semiconductor industry to the United States as a “souvenir” and leverage it to seek political support from Washington. US media have said Taiwan Semiconductor Manufacturing Co (TSMC), the world’s largest contract chipmaker and a major supplier to companies such as…
Read MoreFrom origins to turmoil: The CDL story
1963: City Developments Ltd (CDL) begins operations with eight staff in a small, rented office at Amber Mansions and was listed on the Malayan Stock Exchange in November 1963. 1966: Company completes its first Singapore condominium project Clementi Park. 1969: Kwek Hong Png’s Hong Leong group buys into CDL, and son Leng Beng takes a…
Read MoreHSBC names Asia country, banking heads in CEO’s major revamp
HSBC Holdings gave country heads in some smaller Asian markets additional responsibilities as the lender streamlines and removes management layers. Peter Kim was appointed head of banking on top of his chief executive officer role in Korea, effective Mar 1, while Tim Evans will fill the same double role in Vietnam, according to an internal…
Read MoreEY Australia to consider ‘targeted restructuring’ as difficult operating conditions persist
EY AUSTRALIA is considering cutting jobs as part of “workforce adjustments” to reflect challenging market conditions, with some targeted restructuring possible for “particular circumstances” in the near term, the accounting major said on Wednesday. In an emailed response to Reuters, a spokesperson for EY Australia said the firm “started this year expecting a market rebound…
Read MoreThe unravelling of Hour Glass co-founder Jannie Chan’s fortunes
FETED at high-society events and billed as a poster girl for female entrepreneurship, Jannie Chan – erstwhile known as Jannie Tay – once graced pages of Tatler and The Peak. But these days, the cofounder of The Hour Glass is making headlines for other reasons. After numerous court appearances over personal and business matters, Chan…
Read MoreCDL calls for trading halt as it cancels results briefing
City Developments announced on Wednesday (Feb 26) morning that it is canceling its results briefing that was scheduled to be held on the same day, pending announcements. That was to be at 10 am on Wednesday for both the media, as well as analysts. The company also issued a bourse filing shortly after it posted…
Read MoreCDL H2 net profit drops 54.7% to S$113.5 million
PROPERTY player City Developments Limited (CDL) posted a profit of S$113.5 million for its second half ended Dec 31, down 54.7 per cent from S$250.8 million in the previous corresponding period. This translates to a basic earnings per share (EPS) of S$0.121 against an EPS of S$0.27 in the year-ago period. H2 revenue fell 23.6…
Read MoreChina’s premier calls on big three telcom firms to step up R&D
A tariff war with the US is adding fresh urgency to finding new growth drivers, with Trump already imposing a 10 per cent levy on China CHINESE Premier Li Qiang called on the country’s top three telecom companies to step up research and development (R&D) in the aid of broader innovation and economic growth –…
Read MoreTrump to probe copper tariffs, opening door to new levy on metal
PRESIDENT Donald Trump signed an executive action directing the Commerce Department to examine possible copper tariffs, the latest in a string of measures aimed at imposing sector-specific levies that offer to reshape global supply chains. Trump said the order would have a “big impact” as he signed it on Tuesday (Feb 25) in the Oval…
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