Posts by Stephanie Irvin
Hyundai Motor India dips in debut after record US$3.3 billion IPO
HYUNDAI Motor India shares slipped as much as 2.6 per cent early in their Mumbai debut, a lacklustre start to trading in what has been one of the world’s most vibrant venues for initial public offerings (IPOs) this year. The shares traded as low as 1,910 rupees after they were priced at 1,960 rupees, the…
Read MoreBank Indonesia intervenes as Trump, Fed jitters weigh on rupiah
BANK Indonesia (BI) intervened in currency markets to support the rupiah as traders price in greater prospects of a Donald Trump victory in the US elections and a more measured pace of easing by the Federal Reserve. The central bank is intervening in the spot market and domestic non-deliverable forwards to smooth out volatility as…
Read MorePetronas is said to have asked banks for US dollar bond proposals
PETROLIAM Nasional (Petronas) has sent requests seeking bankers’ proposals for a potential US dollar bond offering, according to sources familiar with the matter, in what would be the Malaysian oil firm’s first such sale in over three years. Also known as Petronas, the state-owned company will hire investment banks in the coming weeks if it…
Read MoreMeta to use facial recognition to fight fake celebrity scams
FACEBOOK parent company Meta Platforms will start using facial recognition technology to crack down on scams that use pictures of celebrities to look more legitimate, a strategy referred to as “celeb-bait ads”. Scammers use images of famous people to entice users into clicking on ads that lead them to shady websites, which are designed to…
Read MoreKeppel Reit’s nine-month distributable income falls 1.9% on higher borrowing costs
KEPPEL Real Estate Investment Trust (Reit)‘s distributable income fell 1.9 per cent year-on-year to S$160.6 million for the first nine months of the fiscal year mainly due to higher borrowing costs, said the Reit manager on Tuesday (Oct 22). This includes an anniversary distribution of S$15 million, unchanged from the same period last year. Net…
Read MoreSeatrium bags S$100 million in contracts for repairs, upgrades
SEATRIUM has secured S$100 million worth of contracts for repairs and upgrades set to be completed by the first quarter of 2025. On Tuesday (Oct 22), the group said these projects were awarded by various long-standing partners and regular customers. It added that the new contracts encompass a range of “complex projects” including carbon capture…
Read MoreSAP cloud sales jump as software giant lures clients with AI
SAP’s cloud revenue grew by 25 per cent in the third quarter as Europe’s biggest software company worked to transition customers away from locally run systems with the promise of artificial intelligence (AI) tools and analytics. Cloud revenue rose from a year earlier to 4.4 billion euros (S$6.3 billion), the Walldorf, Germany-based company said on…
Read MoreBlackstone, Apollo step up pursuit of investment-grade loans
YESTERDAY they dealt in distressed debt, today they are battling to establish credibility as plain-vanilla lenders. Money managers once known for providing capital to businesses that could not get bank financing are vying to lend to the world’s top-rated companies. Blackstone has more than US$90 billion of investment-grade private credit assets, up roughly 40 per…
Read MoreMaersk raises guidance again as Red Sea attacks boost rates
AP MOLLER-MAERSK, a bellwether for global trade, increased its full-year guidance for a fourth time in less than six months, citing stronger demand and higher freight rates caused by supply chain disruptions from attacks in the Red Sea. Maersk now sees underlying earnings before interest, tax, depreciation and amortisation of US$11 billion to US$11.5 billion…
Read MoreSantander launches US digital bank to cut cost of auto lending
SPAIN’S Santander launched its digital bank in the US on Monday (Oct 21), which could help fund up to US$30 billion in loans for vehicle purchases and broaden its retail business in the country, the bank’s US CEO Tim Wennes told Reuters. The eurozone’s third-biggest lender by market value is one of the few European…
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