Posts by Stephanie Irvin
US fines ratings agencies for ‘significant’ record-keeping failures
THE US market regulator charged and fined six major ratings agencies on Tuesday (Sep 3), including Moody’s, S&P and Fitch, over what it called “significant record-keeping failures”. The six agencies were fined a total of more than US$49 million “for significant failures by the firms and their personnel to maintain and preserve electronic communications,” the…
Read MoreUS: Nasdaq ends down 3.3%, concluding rough day for stocks
THE Nasdaq index slumped more than three per cent on Tuesday as Nvidia and other semiconductor equities retreated ahead of key jobs data later in the week. The tech-focused Nasdaq finished at 17,136.30, down 3.3 per cent in the market’s first session in September following Monday’s holiday. The Dow Jones Industrial Average fell 1.5 per…
Read MoreSilverlake Axis should ask IFA to push the boundaries in assessing take-private offer
This will underscore the board’s independence on the matter, and signal its confidence in the value creation capacity of the company Take-private deals are not uncommon in the Singapore market, but the offer for Silverlake Axis has a number of interesting elements. For starters, the all-cash offer price of S$0.36 per share is one of…
Read MoreUS: Wall Street opens lower ahead of data-packed week
Wall Street’s main indexes opened lower on Tuesday (Sep 3) as investors moved to the sidelines ahead of a slew of economic data reports due through the week that could influence the extent of monetary policy easing by the Federal Reserve this year. The Dow Jones Industrial Average fell 73.41 points, or 0.18 per cent,…
Read MoreUS dollar nudges at two-week highs; yen grabs spotlight
THE US dollar hovered near a two-week high on Tuesday (Sep 3) ahead of a slew of economic data, including Friday’s US payrolls, that could influence the size of an expected interest rate cut from the Federal Reserve. The yen, meanwhile, broke a four-day losing streak against the dollar after media reports cited the Bank…
Read MoreUS dollar nudges at two-week high; yen grabs spotlight
THE greenback hovered near a two-week high on Tuesday (Sep 3) ahead of a slew of economic data, including Friday’s US payrolls, that could influence the size of an expected interest rate cut from the Federal Reserve. The yen, meanwhile, broke a four-day losing streak against the US dollar after media reports cited the Bank…
Read MoreAsia-Pacific set for take-off in global air traffic despite supply-chain headwinds
THE Asia-Pacific region is set to dominate global air passenger traffic growth in the next 15 years, with the numbers projected to more than double the 2019 levels in that time, and hit 8.7 billion by 2042. The director-general of Airports Council International (ACI) Asia-Pacific and the Middle East, Stefano Baronci, noted that nine of…
Read MoreUeda reiterates that BOJ will lift rates if outlook realised
Following news of Ueda’s unchanged stance, the yen slightly strengthened to around 146.20 to the dollar Bank of Japan governor Kazuo Ueda submitted a document to a government panel suggesting that the central bank will continue to raise interest rates if the economy and prices perform as expected by the BOJ. Ueda submitted the document…
Read MoreCathay scraps Hong Kong-Singapore flights amid A350 inspections
CATHAY Pacific Airways cancelled almost all its scheduled flights from Hong Kong to Singapore on Tuesday (Sep 3), as well as a raft of other services across Asia, after discovering a faulty engine component on some of its Airbus A350s. Eight of Cathay’s nine scheduled Hong Kong-Singapore services on Sep 3 were scrapped, according to…
Read MoreBYD dominance is taking a toll on smaller Chinese EV rivals
CHINESE electric car maker BYD’s relentless growth is squeezing out smaller rivals, with Li Auto joining fellow upstart Xpeng in releasing disappointing earnings. In a stark highlight of their contrasting fortunes, BYD on Wednesday (Aug 28) posted a 33 per cent jump in second-quarter profit, while around the same time Li Auto posted a bigger-than-estimated…
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