Posts by Stephanie Irvin
US seeks US$100 million from owner of ship that destroyed Baltimore bridge
The US Justice Department filed a lawsuit on Wednesday (Sep 18) seeking more than US$100 million from the Singapore owner and operator of a cargo ship that destroyed a Baltimore bridge. The 1,000-foot M/V Dali collided with the Francis Scott Key Bridge on March 26, killing six road workers and blocking the busy shipping channel.…
Read MoreUS: Wall St opens higher as markets anticipate Fed’s first rate cut in four years
Wall Street’s main indexes opened slightly higher on Wednesday (Sep 18), as the Federal Reserve was widely expected to deliver its first interest rate cut in more than four years, with most investors betting on a 50-basis point reduction. The Dow Jones Industrial Average rose 22.7 points, or 0.05 per cent, at the open to…
Read MoreEurozone inflation not where ECB wants it to be, Bundesbank chief says
EUROZONE inflation is still not as low as the European Central Bank would like, so interest rates need to remain sufficiently high to resolve price pressures, Bundesbank president Joachim Nagel said on Wednesday (Sep 18). The ECB cut rates for the second time this year on Thursday and markets are now trying to guess when…
Read MoreBoeing and striking union to resume talks on Wednesday
CONTRACT talks between Boeing and its largest union restart on Wednesday (Sep 18), with federal mediators present, the International Association of Machinists and Aerospace Workers said. This comes after they failed to agree on key issues such as wages and pensions. The union has been pushing for a 40 per cent raise over four years.…
Read MoreSingapore stocks break seven-day winning streak; STI ends flat
SINGAPORE shares fell very slightly on Wednesday (Sep 18), on the eve of an expected cut to interest rates by the Federal Reserve. The Straits Times Index (STI) edged down 0.03 per cent or a point to close at 3,592.42. Across the broader market, losers beat gainers 201 to 187, with 872.3 million securities worth…
Read MoreMainstream car, open category COEs hit new 2024 highs as passenger car COEs rise across the board
THE premiums for passenger cars’ Certificates of Entitlement (COEs) rose in September’s second round of bidding, with the open category and the category for mainstream cars both hitting new highs in 2024. Category E, the open category, which can be used to register any type of motor vehicle except for motorcycles, posted the biggest increase…
Read MoreUS bank merger deals face tougher scrutiny for US approval
US BANK mergers will face steeper regulatory hurdles under new guidelines from three agencies, the latest in the Biden administration’s effort to clamp down on consolidation by financial firms. On Tuesday (Sep 17), the Federal Deposit Insurance Corp (FDIC) voted 3-2 to add layers of scrutiny that more directly take into account an acquisition’s effects…
Read MoreLess than a third of Japanese firms are truly disclosing business plans as directed by Tokyo bourse: Nippon Life Insurance
LESS than a third of domestic companies that have complied with the directive from the Tokyo Stock Exchange (TSE) to disclose their business improvement plans have actually provided detailed strategies, major institutional investor Nippon Life Insurance has said. The TSE’s name-and-shame campaign, launched last year and aimed at encouraging Japanese companies into paying more attention…
Read MoreBanks to roll out Singpass face verification for customers setting up digital tokens
MAJOR retail banks in Singapore will progressively introduce Singpass Face Verification (SFV) over the next three months as part of the process for retail banking customers setting up digital tokens. SFV will be triggered in higher risk scenarios, complementing existing authentication methods for digital token set-up. Through a face scan, customers’ identities will be verified…
Read MoreOCBC makes S$500 million bet on Punggol Digital District innovation hub and SIT partnership
OCBC will invest about S$500 million into building its new innovation hub in the Punggol Digital District. The amount will also go towards funding a learning lab in the Singapore Institute of Technology’s (SIT) campus there, among other initiatives, to further its transformation ambitions. The bank expects to house up to 4,000 employees – mostly…
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