Posts by Stephanie Irvin
US: Stocks steady ahead of Fed minutes
Wall Street’s main indexes were little changed at the open on Wednesday (Oct 9) as investors awaited the minutes of the Federal Reserve’s latest meeting for more clues on the interest-rate path. The Dow Jones Industrial Average fell 10.1 points, or 0.02 per cent, at the open to 42,070.32. The S&P 500 fell 0.7 points,…
Read MoreExxonMobil in talks to close share sale in key German refinery
EXXONMOBIL has been in advanced talks with other shareholders to pave the way for its sale of a stake in Germany’s second-biggest refinery, which was halted after a court ruling earlier this year, sources said. About a year ago, the US oil giant announced its plans to sell a 25 per cent stake in the…
Read MoreTesla’s China-made EV sales grow 19.2% y/y in September
SALES of US automaker Tesla’s China-made electric vehicles rose 19.2 per cent in September from a year earlier, data from the China Passenger Car Association (CPCA) showed on Wednesday (Oct 9). Deliveries of China-made Model 3 and Model Y vehicles were up 1.9 per cent from the previous month. The company has already announced…
Read MoreMMC Port weighs biggest Malaysia IPO in more than a decade, sources say
It runs seven ports along the Strait of Malacca, one of the world’s busiest shipping lanes MMC Port Holdings has been considering an initial public offering (IPO) in Kuala Lumpur that could raise as much as RM7 billion (S$2.1 billion), sources said, which would make it the biggest in Malaysia in more than a decade.…
Read MoreIndia central bank governor warns non-bank lenders of ‘growth-at-any-cost’ approach
SOME Indian non-banking finance companies (NBFCs) are aggressively pursuing growth and chasing excessive returns on equity, which could pose financial stability risks, the central bank governor said on Wednesday (Oct 9). The Reserve Bank of India (RBI) is “closely monitoring” this and “will not hesitate to take appropriate action, if necessary,” governor Shaktikanta Das said. …
Read MoreDBS head of institutional banking group in Hong Kong to depart
DBS Group Holdings’ head of institutional banking group Hong Kong, Wallace Lam, will be leaving South-east Asia’s biggest lender, according to a spokesperson. Boris Chan, currently head of global transaction services for DBS Hong Kong, will succeed Lam, the spokesperson said when asked about the changes. Chan will remain a member of the DBS Hong…
Read MoreGoing for broke: Will Hin Leong’s creditors get their money back if OK Lim and his children declare bankruptcy?
EMBATTLED Hin Leong Trading founder Lim Oon Kuin – the former Singapore oil tycoon better known as OK Lim – and his children, Evan Lim and Lim Huey Ching, have accepted the demands of the company’s court-appointed liquidators and top creditor HSBC. In a hearing on Sep 30, the liquidators and HSBC secured consent from…
Read MoreSGX securities turnover value jumps 75% in September; volume up 5%
TOTAL securities market turnover value on the Singapore Exchange (SGX) increased 75 per cent year on year to S$30.38 billion in September, according to the bourse’s monthly market statistics report released on Wednesday (Oct 9). This is a 5.6 per cent increase from August’s S$28.76 billion. Total market turnover volume inched up 5 per cent…
Read MoreChina’s Zijin Mining to buy Newmont’s Ghana gold project for US$1 billion
CHINA’S Zijin Mining Group will buy the Akyem Gold Mine Project in Ghana from US-based Newmont for US$1 billion, the companies said on Wednesday (Oct 9). The sale is a part of Newmont’s ongoing programme to divest non-core assets as the company makes a strategic shift to focus on its tier-one assets, the US gold…
Read MoreFHT’s distributable income to fall after change in Australian unit status
FRASERS Hospitality Trust’s (FHT) pro forma distributable income for financial year 2024 is estimated to fall by S$1.3 million, following changes to its Australian unit’s managed investment trust status. This represents an approximate 2.5 per cent reduction to FHT’s reported distributable income for FY2023, said its managers on Wednesday (Oct 9). FHT’s wholly-owned Australian…
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