Posts by Stephanie Irvin
Saudi 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…
Read MoreAstraZeneca signs US$1.92 billion licensing deal with HK-listed CSPC
Hong Kong-based CSPC will also get an upfront payment of US$100 million as part of the deal AstraZeneca said on Monday (Oct 7) it would pay up to US$1.92 billion to CSPC Pharmaceutical Group in an exclusive licence agreement to boost the Anglo-Swedish drugmaker’s cardiovascular pipeline. Apart from the aforementioned milestone and royalty payment, Hong…
Read MoreSamsung Electronics not interested in spinning off foundry business
Samsung Electronics is not interested in spinning off its contract chip manufacturing business as well as its logic chip designing operation, its chairperson Jay Y Lee told Reuters on Monday (Oct 7). Analysts say the two businesses are incurring billions of dollars of annual losses due to weak demand and have been dragging down the…
Read MoreIndonesia to impose anti-dumping duties on some flat-rolled iron products from China, South Korea, Taiwan
INDONESIA will impose anti-dumping duties on some flat-rolled iron products from China, South Korea and Taiwan starting next week, according to a finance ministry regulation released on Monday (Oct 7). Imports of the affected products will be charged with duties ranging from 4.4 to 7.9 per cent on top of general import duties or other…
Read MoreTokyo Metro looks to raise up to US$2.4 billion in largest Japan IPO since 2018
TOKYO Metro has set a price range at 1,100 to 1,200 yen per share, against an initial estimate of 1,100 yen, a regulatory filing showed on Monday (Oct 7). At the top of the range, Tokyo Metro, one of two subway operators in Japan’s capital, would raise US$2.35 billion in the largest IPO in Japan…
Read MoreBank Indonesia intervenes in FX markets after rupiah slump
Bank Indonesia is intervening in the spot, domestic non-deliverable forwards and bond markets to maintain the balance of currency supply and demand Indonesia’s central bank is stepping into the market to support the rupiah, that’s in its longest losing streak since 2023. Bank Indonesia is intervening in the spot, domestic non-deliverable forwards and bond markets…
Read More7-Eleven owner shares surge after reports on takeover tussle
SHARES in the Japanese owner of 7-Eleven jumped on Monday after media reports said it was seeking to strengthen its hand in a takeover battle, including selling a stake in its banking unit. Seven & i – Japan’s biggest retailer – last month rejected an initial buyout offer from Canada’s Alimentation Couche-Tard (ACT), saying the…
Read MoreHedge funds bought yen right before the biggest drop in 15 years
HEDGE funds turned bullish on the yen just before dovish comments by Japan’s new prime minister and a robust US jobs report helped spark the worst week for Japan’s currency since late 2009. Speculative investors flipped to a net long position on the yen for the first time since mid-August, Commodity Futures Trading Commission (CFTC)…
Read MoreHot stock: Qian Hu jumps 24% to 7-year high after news of leadership changes
Kenny Yap is to step down as executive chairman at the end of the year and will be replaced by his nephew, chief executive Yap Kok Cheng SHARES of Qian Hu rose on Monday (Oct 7) to reach a seven-year high after the company announced last week that its executive chairman Kenny Yap will retire…
Read MoreGold subdued as US jobs data firms bets for smaller rate cut
GOLD prices eased on Monday (Oct 7) as bets firmed for a smaller US rate cut after a surprisingly strong jobs report, while market participants awaited inflation data and comments from Federal Reserve officials for further cues. Spot gold slipped 0.1 per cent to US$2,650.79 per ounce, as at 0030 GMT. US gold futures rose…
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