Posts by Stephanie Irvin
BlackRock seeks bigger foothold in crypto derivatives market
BLACKROCK is pushing to have its money-market digital coin more widely used as collateral for crypto derivatives trades, as Wall Street firms push deeper into digital asset markets. The world’s biggest asset manager and its brokerage partner, Securitize, are in early talks with some of the largest global crypto exchanges about using BlackRock’s new BUIDL…
Read MoreCocoa prices help Ivory Coast win credit upgrade from S&P
HIGHER prices for cocoa and rising exports helped Ivory Coast win a credit rating upgrade from S&P Global Ratings, which boosted the Western African nation a notch closer to investment grade. S&P raised Ivory Coast’s rating to BB from BB-, two levels from the coveted investment-grade level and on par with the Dominican Republic and…
Read MoreBitcoin resumes push towards US$70,000 after setting fresh high
BITCOIN climbed for the fourth time in five days, with speculators targeting US$70,000 once again amid growing exuberance for digital assets. “Momentum is strong and the path of less resistance, given all the macroeconomic backdrop, is to the upside,” said Jaime Baeza, managing partner at crypto hedge fund AnB Investments. The largest cryptocurrency…
Read MoreCigna resumes merger discussions with Humana after talks ended last year
CIGNA Group has revived efforts to combine with its smaller rival Humana after merger talks fell apart late last year, according to sources familiar with the matter. The two health insurance giants, with a combined market value of more than US$125 billion, have held informal discussions recently about a potential deal, said the sources who…
Read MoreSingapore rejects crypto CEO’s PR bid; Nansen boss may relocate
SINGAPORE’S push to foster a digital-asset hub jumped back into the spotlight this week when Nansen chief executive officer Alex Svanevik revealed his application for permanent residence (PR) there had been rejected. Svanevik announced the development on X on Monday (Oct 14), writing: “US$88m capital raised, 25+ jobs created, one child born. Guess it was…
Read MoreMeta must face Massachusetts social media addiction lawsuit
META Platforms must face a lawsuit by Massachusetts alleging the social media company purposely deployed features on its Instagram platform to addict young users and deceived the public about the dangers it posed to the mental health of teenagers, a judge ruled. Suffolk County Superior Court Judge Peter Krupp in Boston, in a decision made…
Read MoreUS dollar falls as risk appetite rises after China; but set for 3rd weekly gain
THE US dollar fell on Friday (Oct 18), taking a breather after five straight days of gains, as risk appetite increased following yet another round of stimulus measures from China that bolstered global equities led by Chinese stocks. The greenback, however, was on track for its third weekly gain, currently up 0.6 per cent this…
Read MoreSinopharm’s China TCM buyout bid lapses without regulatory nods
CHINA National Pharmaceutical Group’s latest attempt to take China Traditional Chinese Medicine (TCM) Holdings private has fallen through as it was unable to secure necessary regulatory approval from Chinese regulators. The state-backed company, known as Sinopharm, did not receive the necessary approvals from Chinese regulators for outbound direct investment – one of the deal’s…
Read MoreUS: Nasdaq, S&P 500 open higher on tech boost
The S&P 500 and the Nasdaq opened higher on Friday (Oct 18), lifted by advances in technology shares, while the Dow Jones Industrial Average edged lower. The Dow Jones Industrial Average fell 51.9 points, or 0.12 per cent, at the open to 43,187.12. The S&P 500 rose 18.0 points, or 0.31 per cent, at the…
Read MoreStanChart sells India personal loan business to Kotak Mahindra Bank
KOTAK Mahindra Bank will buy Standard Chartered Bank’s personal loan business in India, the Indian lender said on Friday (Oct 18), leaving the UK-based company to focus on its wealth and investment banking business in Asia’s third-largest economy. StanChart’s personal loan book had an outstanding of 41 billion rupees (S$640 million) as of Sep 30,…
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