Posts by Stephanie Irvin
Digital euro could drain up to 700 billion euros of deposits in bank run, ECB says
The ECB has presented the digital currency as an alternative to US-dominated means of payment [FRANKFURT] A digital euro could drain up to 700 billion euros (S$1.1 billion) in deposits during a run on commercial banks, pushing around a dozen eurozone lenders into a liquidity squeeze, a European Central Bank simulation showed on Friday (Oct…
Read MoreAI jobs shock is coming and firms aren’t ready: Klarna CEO
The CEO sees the AI boom spelling the end to what he calls “excess profits” in both the banking and software industries [LONDON] From technology firms to translators, the world has not faced up to the consequences of artificial intelligence wiping out swathes of jobs, according to one of AI’s biggest cheerleaders in finance. “I…
Read MoreUS SEC offers relief for IPOs stuck in limbo during shutdown
Few companies typically choose to go this route and instead opt to seek a green light from staff reviewers [WASHINGTON] The US Securities and Exchange Commission (SEC) offered some relief to would-be public companies stuck in regulatory limbo as the government shutdown drags on. Companies launching initial public offerings (IPOs) while most of the government…
Read MoreEx-CIMB Singapore chief Victor Lee to join Security Bank in the Philippines as CEO
[SINGAPORE] Victor Lee, the former chief executive officer of CIMB Singapore, has been appointed president and CEO of the Philippine-listed Security Bank Corp, reported the Philippine Daily Inquirer on Sep 30. This comes after Lee’s abrupt departure from his CEO role at CIMB Singapore, which parent company CIMB Group announced on Sep 9. The Malaysian…
Read MoreHedge funds are using options to bet on year-end US dollar gain
[SINGAPORE] Hedge funds worldwide look to be favouring the US dollar in the option market as they bet that the currency’s rebound versus most major peers will extend into year-end. Funds in Europe and Asia have ramped up option trades this week based on the view that currencies such as the euro and yen will…
Read MoreSingapore stocks buck regional trend; STI down 0.4%
All three local banks end lower; Genting Singapore is the most actively traded counter on the STI for the second day running [SINGAPORE] Local shares ended Thursday (Oct 9) lower, even as markets across the region mostly ended higher. The benchmark Straits Times Index (STI) shed 0.4 per cent or 15.8 points to close at…
Read MoreSingapore 6-month T-bill cut-off yield stays flat at 1.44% after turnaround at previous auction
This is unchanged from the 1.44 per cent offered in the last six-month auction that closed on Sep 25 [SINGAPORE] The cut-off yield on Singapore’s latest six-month Treasury bill (T-bill) stood at 1.44 per cent, according to on auction results released by the Monetary Authority of Singapore on Thursday (Oct 9). This was unchanged from…
Read MoreSoftBank’s Graphcore plans £1 billion chip investment in India
The US’s tensions with China have helped the country rise in prominence for global tech companies, but its AI infrastructure is still developing [LONDON] Graphcore, the British chip designer owned by SoftBank Group, is planning to announce a £1 billion (S$1.7 billion) investment package in India that includes a new research hub. The announcement is…
Read MoreEuro, yen slide for third straight day versus US dollar
[LONDON] The euro and the yen were headed for a third straight daily loss against the US dollar, pressured by political turmoil in France and expectations of increased fiscal spending in Japan. Expansive economic policies in Japan and France’s struggle to rein in its fiscal deficit are expected to increase the risk premium investors demand…
Read MoreTesla’s cheaper Model Y and 3 face uphill battle in Europe
The company hopes the cheaper cars will revive sales after global deliveries fell in 2024 for the first time [GDANSK] Tesla’s lower-priced versions of its staple Model Y SUV and Model 3 sedan face an uphill battle in the region where Elon Musk’s company arguably needs help the most: Europe. Unveiled on Tuesday (Oct 7),…
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