Posts by Stephanie Irvin
Australia’s CBA sells another 10% stake in Vietnam’s VIB
COMMONWEALTH Bank of Australia (CBA) has sold a 10 per cent stake in Vietnam International Commercial Joint Stock Bank (VIB) it said on Tuesday (Oct 29), following a previous divestment last month, as it focuses on its banking business in Australia and New Zealand. CBA, Australia’s largest lender, held 19.8 per cent of VIB’s shares,…
Read MoreChina’s Citic Securities Q3 profit rises 21.9%
CITIC Securities, China’s biggest brokerage, reported a 21.9 per cent rise in third-quarter profit on Tuesday (Oct 29), driven by growing investment gains. Net profit for the three months to Sep 30 rose to 6.23 billion yuan (S$1.2 billion), the company said in a stock exchange filing. Revenue from investment gains grew 47.9 per cent…
Read MoreJapanese brokerage Daiwa’s Q2 profit jumps 80% on Aozora stake
It also posts a rise in non-operating income of 21.6 billion yen in the quarter due to Aozora being an equity-method affiliate JAPAN’S second-largest brokerage and investment bank Daiwa Securities posted an 80.5 per cent surge in second-quarter net profit as investment income increased from its large stake in Aozora Bank, it said on Tuesday…
Read MoreHSBC coy on cost savings of revamp as quarterly profit tops expectations
HSBC Holdings beat third-quarter profit expectations on Tuesday (Oct 29) thanks to rising wealth and wholesale banking revenue, but kept investors waiting for more detail on how a sweeping overhaul of its structure will deliver cost savings. HSBC announced last week that it will merge some operations, slash senior roles and split its geographic footprint…
Read MoreAustralia’s Myer to buy rival Premier’s apparel business in A$864 million deal
AUSTRALIAN department store owner Myer will buy retail billionaire Solomon Lew’s Premier Investments’ apparel brands business, in a deal valued at A$863.8 million (S$752 million), the companies said on Tuesday (Oct 29). Myer will issue Premier 890.5 million new shares in the retailer and there will be an A$82 million cash contribution by Premier to…
Read MoreNippon Paint shares jump most in 24 years on US$2.3 billion deal
SHARES of Nippon Paint surged following its announcement of a deal to acquire a US-based chemicals formulator. The stock price for the Japanese firm gained as much as 23.6 per cent on Tuesday (Oct 29), the most since February 2000. The company said it will acquire Tennessee-based AOC from Lone Star Fund for US$2.3 billion…
Read MoreWaymo raises US$5.6 billion from outside investors
AMID its push to grow its fleet of autonomous robot taxis and expand into new cities, Waymo has raised US$5.6 billion from outside investors, its largest funding round to date. Waymo’s parent company, Alphabet, led the round, which included investments from Andreessen Horowitz, Fidelity, Perry Creek, Silver Lake, Tiger Global and T Rowe Price, according…
Read MoreBitcoin tops US$71,000 for first time since June as election nears
BITCOIN rose past US$71,000 for the first time since June, bolstered by inflows into dedicated exchange-traded funds (ETFs) as well as speculation about potential outcomes from next week’s US election. The largest digital asset climbed more than 2 per cent, changing hands at US$71,310 as at 10.45 am on Tuesday in Singapore. Second-ranked Ether and…
Read MoreM1 to acquire 70% stake in Vietnamese IT solutions provider for 719.9 billion dong
MOBILE network operator M1 is acquiring a 70 per cent stake in Vietnam-based IT solutions provider, ADG National Investment and Technology Development, for a total purchase consideration of 719.9 billion dong (S$37.8 million). It involves subscribing for new ordinary shares to be issued by ADG, as well as purchasing ordinary shares from all existing shareholders…
Read MoreForget China, Chanel exec warns of luxury fatigue risk
A SLOWDOWN in the key Chinese market is currently lashing the financial performance of luxury houses but a Chanel executive warned on Monday (Oct 28) it faces an even greater risk from oversaturation and “luxury fatigue”. Frederic Grangie, head of the watch and jewellery division at Chanel, told the Swiss daily Le Temps that 2025…
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