Posts by Stephanie Irvin
Fed reverse repo use declines to lowest in more than three years
THE amount of money investors park at a major Federal Reserve facility dropped below US$200 billion for the first time since May 2021, reinvigorating debate over how long policymakers can remove cash from the US financial system without triggering a liquidity crunch. Forty-one participants on Friday (Nov 1) put a combined US$155 billion at the…
Read MoreUS: Stocks rise as market eyes Fed decision after weak jobs data
WALL Street stocks rose on Friday (Nov 1) following strong Amazon earnings and weak US jobs data that was seen as boosting the likelihood of Federal Reserve interest rate cuts. The US economy added just 12,000 jobs last month, far below expectations in a report that was temporarily distorted by major hurricanes and the Boeing…
Read MoreNo Signboard former chairman, CEO Lim Yong Sim fined S$420,000 for price rigging
NO SIGNBOARD’S former executive chairman and chief executive officer Lim Yong Sim was convicted and sentenced to a fine of S$420,000 on Friday (Nov 1) after pleading guilty to three charges of false trading under the Securities and Futures Act. In a news release published on Friday, the police said that an investigation was opened…
Read MoreTemasek, Republic-backed blockchain fund eyes raising US$100 million
Superscrypt, a blockchain venture capital company backed by Temasek Holdings, plans to raise up to US$100 million for its second investment fund, according to people familiar with the matter. Singapore’s state-owned investment company Temasek has been lined up as an anchor investor in the new fund alongside the New York-based fintech firm Republic, said…
Read MoreAmazon reassures investors with cloud growth, cost-cutting
AMAZON.COM reported strong results that showed a company humming on all cylinders, a testament to its efforts to cut and reallocate costs and put the cloud computing and e-commerce giant on sounder footing. The Amazon Web Services cloud division, which suffered record low sales growth last year, continued to regain momentum during the third quarter.…
Read MoreCDL acquires 51% stake in Shanghai mixed-used site for 4.6 billion yuan
CITY Developments Ltd (CDL), together with its partner in China, Lianfa Group, have been awarded the tender for a mixed-use development site in the Xintiandi area of Shanghai’s Huangpu district. The tender for the 27,994 square metre (sq m) site was awarded for 8.9 billion yuan (S$1.7 billion), or 117,542 yuan per sq m per…
Read MoreChua Hsien Yang to head Keppel Reit’s manager from Jan 1
Current CEO Koh Wee Lih will become managing director of business development at Keppel KEPPEL Reit’s manager on Friday (Nov 1) announced that Chua Hsien Yang will be appointed as its chief executive from Jan 1, 2025. The manager of the real estate investment trust (Reit) said its current chief executive, Koh Wee Lih, will…
Read MoreSMI Vantage seeks to delist without exit offer, citing ‘difficult financial conditions’
SMI Vantage intends to hold an extraordinary general meeting for minority shareholders to evaluate and vote on a resolution that will see the company delist without an exit offer. The investment and management company, which offers cryptocurrency mining-as-a-service solutions to retail customers, was ordered to delist after the Singapore Exchange (SGX) rejected on Aug 1…
Read MoreBrokers’ take: RHB raises price target for Sheng Siong on positive outlook
RHB on Wednesday (Oct 30) raised its price target for Sheng Siong to S$2 from S$1.88 and kept its “buy” call on the counter. The new price target represents a roughly 25 per cent upside from Sheng Siong’s Wednesday closing price of S$1.59 following the Tuesday release of its earnings, which included higher earnings estimates…
Read MoreIntel surges after results spark optimism over turnaround
INTEL gave a fourth-quarter revenue forecast slightly above estimates, sparking optimism that it’s capable of reclaiming some lost market share. Fourth-quarter revenue will be US$13.3 billion to US$14.3 billion, the Santa Clara, California-based company said in a statement. That compares with the US$13.6 billion analysts estimated on average. The company is projecting a profit of…
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