Posts by Stephanie Irvin
Apple loses fight against 13 billion euros EU tax order to Ireland
APPLE on Tuesday (Sep 10) lost its fight against an order by EU competition regulators to pay 13 billion euros (S$18.7 billion) in back taxes to Ireland as part of an EU crackdown against sweetheart deals between EU countries and multinationals. The European Commission issued the order in 2016, saying that the iPhone maker benefited…
Read MoreStrike hits production at key Samsung electronics plant in India
SAMSUNG Electronics’ production at a plant in southern India was disrupted for a second day by hundreds of employees striking for higher wages on Tuesday (Sep 10), as top executives sought to resolve a rare episode of labour unrest. South Korea-based Samsung, India’s biggest consumer electronics company, counts the country as a key growth market,…
Read MoreApac family offices optimistic despite macro uncertainty, succession plan urgency
FAMILY offices in the Asia-Pacific expect growth in both their family wealth and assets under management (AUM) despite geopolitical instability and uncertain market conditions, based on a report jointly released by Deloitte Private and Raffles Family Office on Tuesday (Sep 10). Among the 89 single family offices surveyed in the region, 84 per cent foresee…
Read MoreHuawei teases tri-fold smartphone, raising competition with Apple in China
CHINA’S Huawei Technologies unveils a three-way foldable phone on Tuesday (Sep 10), as it seeks to widen its lead over Apple in the world’s biggest smartphone market with a new form factor that has gained popularity in the China market. Just hours after Apple unveiled its latest iPhone model, Huawei is holding a launch event…
Read MoreBrokers’ take: RHB raises SGX target on higher SDAV estimates
RHB raised its target price on the Singapore Exchange (SGX) to S$11.70 from S$10.80 after the bourse’s August securities turnover data came in higher than estimates by the research house. The new target is based on an estimated price-to-earnings ratio for FY2024 of 21 times. The research house maintained its “neutral” call on the counter.…
Read MoreAustralia to phase out AT1 bonds for bank capital after Credit Suisse wipeout
AUSTRALIA’S banking regulator has proposed lenders phase out the use of additional tier 1 (AT1) bonds – the kind of securities that were wiped out after Credit Suisse Group’s collapse – to strengthen their capital holdings in the event of a crisis. “The proposed changes seek to support financial system stability at times of crisis…
Read MoreChina has more than 1 billion tons/year of new coal mines in pipeline: report
CHINA accounts for more than half of the world’s pipeline of new coal mines, risking a significant increase in methane emissions, a new study published on Tuesday showed. China is developing enough new mines to produce 1.28 billion metric tons of coal each year, said the report by US-based Global Energy Monitor (GEM) which included…
Read MoreLosses from crypto scams grew 45% in 2023, FBI says
LOSSES from cryptocurrency-related frauds and scams increased 45 per cent in 2023 from 2022, totalling more than US$5.6 billion, as scammers increasingly took advantage of the speed and irreversibility of digital asset transactions, the US FBI said on Monday (Sep 9). Cryptocurrencies such as Bitcoin and Ether have become more popular as token prices have…
Read MoreOil prices edge up as storm nears US Gulf Coast after week of heavy losses
OIL prices rose about 1 per cent on Monday on concerns that a hurricane forecast to hit Louisiana on Wednesday will disrupt production and refining along the US Gulf Coast. Brent futures were up 78 cents, or 1.1 per cent, to settle at US$71.84 a barrel, while US West Texas Intermediate (WTI) crude gained US$1.04, or…
Read MoreEurope: Shares rebound from dour week with central banks in focus
EUROPEAN bourses rose on Monday, recovering from steep declines the previous week as focus shifted to an anticipated interest rate cut from the European Central Bank on Thursday. The pan-European Stoxx 600 index closed 0.8 per cent higher after falling 3.5 per cent the week prior, its worst week since March 2023, as investors sought safer assets amid fears…
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