Posts by Stephanie Irvin
EU privacy regulator fines Meta 91 million euros over password storage
THE lead European Union privacy regulator fined social media giant Meta 91 million euros (S$130.2 million) on Friday (Sep 27) for inadvertently storing some users’ passwords without protection or encryption. The inquiry was opened five years ago after Meta notified Ireland’s Data Protection Commission (DPC) that it had stored some passwords in ‘plaintext’. Meta publicly…
Read MoreSingapore LNG demand set to jump on AI and data centre boom
SINGAPORE will see a short-term increase in liquefied natural gas demand, due in part to the AI boom that’s driving data centre growth, according to the country’s state-owned importer of the fuel. The digital world “is a huge call on energy,” said Singapore LNG Corp chief executive officer Leong Wei Hung. The surge in…
Read MoreChina’s biggest stock buying frenzy in years overwhelms exchange
CHINESE equities capped their biggest weekly rally since 2008 with a burst of trading that overwhelmed the Shanghai Stock Exchange, underscoring a dramatic shift in investor sentiment after Xi Jinping’s government ramped up economic stimulus. In an echo of the rally that followed China’s massive stimulus during the global financial crisis, the CSI 300 Index…
Read MoreByteDance to sign US$10.8 billion corporate loan in Asian record
About 20 lenders – comprising international and Chinese banks, including some branches – will fund the deal ByteDance, the Chinese owner of TikTok, is set to sign a US$10.8 billion loan in what would be the largest-ever dollar-denominated corporate facility in Asia ex-Japan, according to people familiar with the matter. About 20 lenders – comprising…
Read MoreIron ore rallies back above US$100 as China’s shift boosts outlook
Futures are on course for the highest close since August, rising 3.5 per cent to US$101.95 a tonne in Singapore IRON ore headed for the biggest weekly gain since April, with futures topping US$100 a tonne. This came after policymakers in China unveiled a blitz of initiatives to support growth in the largest user of…
Read MoreMedco Energi in talks to buy controlling stake in Senoko: sources
Medco Energi Internasional is in exclusive talks to buy a controlling stake in Senoko Energy, according to people with knowledge of the matter, in a deal that could value the Singapore-based power firm at as much as US$1 billion. The exclusivity arrangement for talks over a 70 per cent stake in Senoko will expire at…
Read MoreMusk’s X seeks Brazil comeback, retreats on ‘censorship’ feud
IN A major climbdown, Elon Musk’s X told Brazil’s Supreme Court it had complied with orders to stop the spread of misinformation and asked a judge to lift a ban on the platform, according to a document seen by Reuters. The billionaire had held out for more than five months against what he called “censorship”…
Read MoreArm rebuffed by Intel after inquiring about buying product unit
ARM Holdings approached Intel about potentially buying the ailing chipmaker’s product division, only to be told that the business isn’t for sale, according to a person with direct knowledge of the matter. In the high-level inquiry, Arm didn’t express interest in Intel’s manufacturing operations, said the person, who asked not to be identified because the discussions were private. …
Read MoreChina cuts banks’ reserve ratio as economic growth sputters
CHINA’S central bank said on Friday it would cut the amount of cash that banks must hold as reserves by 50 basis points, the second reduction this year aimed at bolstering faltering economic growth. The move takes effect Friday and was flagged on Tuesday by PBOC Governor Pan Gongsheng at a press conference, alongside cuts…
Read MoreNTSB issues urgent safety recommendations on Boeing 737 rudder after Newark incident
THE National Transportation Safety Board on Thursday issued urgent safety recommendations about the potential for a jammed rudder control system on some Boeing 737 airplanes after a February incident involving a United Airlines flight. The NTSB is investigating an incident in which the rudder pedals on a United Boeing 737 MAX 8 were “stuck” in the neutral…
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