Posts by Stephanie Irvin
China hits out at EU brandy in tit-for-tat after EV tariff vote
CHINA imposed temporary anti-dumping measures on brandy imports from the European Union on Tuesday (Oct 8), hitting brands from Hennessy to Remy Martin, after the 27-state bloc voted for tariffs on Chinese-made electric vehicles (EVs). An investigation has preliminarily determined that dumping of brandy from the EU is threatening China’s own brandy sector with “substantial…
Read MoreGold flat as markets await Fed minutes
GOLD prices were flat in early Asian hours on Tuesday (Oct 8) as market participants awaited minutes of the US Federal Reserve’s last meeting and more economic data for further clarity on policy easing this year. Spot gold was little changed at US$2,643.68 per ounce, as at 0013 GMT. US gold futures fell 0.1 per…
Read MoreBanks tap Hong Kong’s discount window for most funds since 2019
HONG Kong banks borrowed the largest amount of short-term cash in almost five years from authorities, a move pointing to a sudden demand for liquidity. The Hong Kong Monetary Authority – the city’s de-facto central bank – loaned out HK$4.8 billion (S$805 million) through its discount window on Monday (Oct 7), the most since December…
Read MoreSamsung results disappoint as AI chip gap with rivals persists
SAMSUNG Electronics posted profit and revenue that fell short of market expectations, stoking uncertainty about the outlook of its pivotal chip division. The world’s biggest maker of memory chips and smartphones reported a preliminary operating profit of around 9.1 trillion won (S$8.8 billion) in the September quarter versus the 11.5 trillion won projected. Revenue came…
Read MoreSaudi Arabia’s PIF eyeing stake in sports streamer DAZN: sources
SAUDI Arabia’s Public Investment Fund (PIF) is among potential bidders exploring the purchase of a minority stake worth around US$1 billion in DAZN, the sports-streaming group backed by billionaire Len Blavatnik, two sources with knowledge of the matter said. If successful, such a deal could increase the fund’s influence in European football as DAZN is…
Read MoreFTX clear to repay customers as firms seek slice of US$1 billion
CRYPTOCURRENCY firm FTX won court approval to fully repay customers whose digital assets were locked on the platform when it imploded nearly two years ago, an unusual result that could net shareholders in Sam Bankman-Fried’s fraud-tainted exchange a slice of US$1 billion in seized assets. US bankruptcy judge John Dorsey said on Monday (Oct 7)…
Read MoreSingtel must show results from NCS, Optus divisions to drive further share price growth: analysts
They are also looking for potential expansion that emanates from big ticket deals, such as the data centre agreements announced earlier this year TELCO giant Singtel’s share price has risen significantly in recent weeks as investors have gained a better understanding of how the company will execute its dividend plans. Year-to-date as at Sep 30,…
Read MoreGoldman Sachs sees high bar for IPOs easing as market broadens
THE spreading of the rally across equity markets into more than just a handful of stocks is making room for more initial public offerings, according to Goldman Sachs Group’s global head of equity capital markets. “We have been in a pretty unique market,” David Ludwig told Bloomberg News in an interview. The veteran dealmaker pointed…
Read MoreJapan’s Nissan to invest in auto tech firm ChargeScape
JAPAN’S Nissan Motor said on Monday (Oct 7) it would invest an undisclosed amount in ChargeScape and roll out the battery charging technology company’s services to its electric-vehicle drivers across the US and Canada. After the transaction, Nissan will pick up a 25 per cent stake in ChargeScape, becoming an equal investor in the joint…
Read MoreSaudi Arabia tees up multibillion-dollar bet on hydrogen
SAUDI Arabia has been preparing to make a multibillion-dollar bet on hydrogen, and will launch a new company to produce the low-carbon fuel, sources said. The kingdom’s sovereign wealth fund, chaired by de facto ruler Crown Prince Mohammed bin Salman, has created a company called Energy Solutions to finance “green hydrogen power production”, the sources…
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