Posts by Stephanie Irvin
US dollar rebounds, traders seek clarity on US rate path
THE US dollar rebounded on Wednesday (Aug 28) after a recent run of declines that pushed it to its weakest in more than a year, as traders awaited economic data that could set the tone for the US Federal Reserve’s September policy meeting. Sharp bouts of volatility hit the foreign exchange markets this month as…
Read MoreCanada’s biggest bank RBC beats profit on smaller bad loan provisions
ROYAL Bank of Canada (RBC) on Wednesday (Aug 28) surpassed analysts’ estimates for quarterly profit as it set aside a smaller than expected sum to protect itself against losses on bad loans. The results were also boosted by a 17 per cent rise in earnings at its personal and commercial banking segment to C$2.49 billion…
Read MoreGreat Eastern to get new CEO from Nov 1
THERE will be a new chief executive officer helming insurer Great Eastern from November this year. Greg Hingston will be taking over as the group’s CEO from Khor Hock Seng, who will be retiring on Oct 31, said the insurer in a bourse filing on Wednesday (Aug 28). Great Eastern said that its nominating committee…
Read MoreEvonik expands animal-feed protein production with new plant
GERMAN chemicals giant Evonik on Wednesday (Aug 28) opened a new methionine plant at its Jurong Island facility, adding 40,000 tonnes to its total production capacity. This brings the facility’s total production capacity of methionine to 340,000 tonnes per year, said Evonik in a statement. Methionine is a protein component used in animal feed supplements. …
Read MoreMeituan’s sales beat estimates on strong food delivery demand
MEITUAN’S quarterly revenue beat estimates after its core food delivery business expanded, offering a positive signal to investors increasingly worried about domestic consumer malaise. The dominant player in Chinese meal delivery reported revenue of 82.3 billion yuan (S$15 billion) for the June quarter, compared to the 80.4 billion yuan projection. “Our on-demand delivery business…
Read MoreDemand falls for latest Singapore Savings Bond with 10-year average return of 3.1%
THE latest Singapore Savings Bond (SSB) allotted on Wednesday (Aug 28) saw a fall in the number of applications, as yields slipped from the earlier tranche. The September tranche of the Singapore government-backed bonds received a total of S$829.4 million in applications, for the S$900 million that was offered. A total of S$799.4 million was…
Read MoreRegulator cuts Malaysia Airlines’ air operator certificate duration after probe
Malaysia’s civil aviation regulator has cut the duration of Malaysia Airlines’ air operator certificate to one year from three years, following a probe into technical issues faced by the state carrier, the transport minister said on Wednesday (Aug 28). The airline’s parent, Malaysia Aviation Group (MAG), announced on Saturday that it plans to temporarily reduce…
Read MoreNongfu shares slump to lowest since debut as profit growth slows
NONGFU Spring shares plunged to its lowest point since its listing in 2020 after posting the slowest half-year profit growth in four years as China’s top bottled water producer battled a price war and a series of public relations challenges. The share price slumped by as much as 12.9 per cent on Wednesday (Aug…
Read MoreMarket darling Abercrombie & Fitch to make a full comeback to Hong Kong
APPAREL retailer Abercrombie & Fitch, which has emerged as one of America’s hottest stocks over the past year, is planning a full-fledged return to Hong Kong eight years after it shut its flagship store in the city, according to sources familiar. The company will rent two large stores in prime locations in the Asian financial…
Read MoreSocial media platform X back up after brief outage, Downdetector shows
SOCIAL media platform X was back up on Tuesday night after an outage that lasted less than an hour, according to outage tracking website Downdetector.com. Downdetector, which tracks outages by collating status reports from several sources including users, showed less than 500 reports of outages in the US as of 11.46 pm ET. There were…
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