Posts by Stephanie Irvin
HSBC probes China Pinnacle wealth business on costs and control: sources
HSBC Holdings is reviewing expenses and operational controls at its China digital wealth business Pinnacle, in a move that could result in layoffs and mark an abrupt reversal of the lender’s ambition for the unit, several sources said. As part of the review, the lender is looking at staff salary structures and probing whether suppliers…
Read MoreUS: S&P 500 opens at record high with corporate earnings, economic data in focus
The S&P 500 and the Nasdaq opened higher on Monday (Oct 14), with the benchmark index notching a record high as investors prepared for a week packed with corporate earnings and economic data. The Dow Jones Industrial Average fell 63.0 points, or 0.15 per cent, at the open to 42,800.89. The S&P 500 rose 14.8…
Read MoreGM, Barclays sign long-term credit card partnership agreement
GENERAL Motors and Barclays said on Monday (Oct 14) they have signed a long-term credit card partnership agreement to let customers earn and redeem reward points on new Buicks, Cadillacs and other GM cars, including electric vehicles. Company-branded credit cards can be a major win for banks, as they capitalise on customer loyalty to the…
Read MoreHorizon Robotics said to draw Alibaba, Baidu as investors in IPO
ALIBABA Group Holding and Baidu are among the cornerstone investors in the Hong Kong initial public offering of Horizon Robotics, a Chinese provider of software and hardware used in autonomous driving systems, according to people familiar with the matter. French shipping billionaire Rodolphe Saade’s CMA CGM and a Ningbo government fund are also cornerstone investors,…
Read MoreHanwha ups Dyna-Mac takeover offer to final price of S$0.67 per share
HANWHA Ocean SG, the special purpose vehicle owned by South Korean public companies Hanwha Aerospace and Hanwha Ocean, announced a revised final offer price of S$0.67 per share for all issued ordinary shares of offshore oil-and-gas contractor Dyna-Mac in an offer document filed on Monday (Oct 14). The offeror said this signals the “final opportunity…
Read MoreST Engineering unit wins Lusail smart city project worth over S$60 million
The advancements will contribute to the Qatari city’s sustainability goals and improve the quality of life for some 450,000 residents and visitors THE urban solutions business of ST Engineering has clinched a contract worth more than S$60 million to design, build and operate a smart city platform with citywide network connectivity for Lusail City in…
Read MoreChinese firm announces huge leap in offshore wind turbine size
CHINA’S Dongfang Electric has surprised the offshore wind industry with an announcement that it’s built a new turbine radically larger than anything previously available in the sector. Dongfang on Saturday (Oct 12) rolled out a 26-megawatt turbine off the production line, the company said. That’s 31 per cent bigger than the previous record of 18…
Read MoreSouth Korea tech exports slow for second month in risk to growth
SOUTH Korea’s exports of technology products slowed for a straight second month in an indication global demand may be peaking out, according to government data that also showed memory-chip shipments and prices losing momentum. Exports, primarily based on information and communication technology, rose 24 per cent from a year earlier in September, slowing from 28.5…
Read MoreTSMC third-quarter profit seen jumping 40% on strong AI chip demand
TAIWAN Semiconductor Manufacturing Company (TSMC), the main producer of advanced chips used in artificial intelligence (AI) applications, is expected to report a 40 per cent leap in third-quarter profit on Thursday (Oct 17) thanks to soaring demand. The world’s largest contract chipmaker, whose customers include Apple and Nvidia, has benefited from the surge towards AI. …
Read MoreGold eases as US dollar strengthens; traders eye Fed cues
GOLD prices drifted lower on Monday (Oct 14) as the US dollar strengthened, while market participants awaited fresh cues on the US Federal Reserve’s monetary policy path. Spot gold fell 0.4 per cent to US$2,646.75 per ounce by 0022 GMT after rising 1 per cent in the previous session. US gold futures lost 0.5 per…
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