Posts by Stephanie Irvin
Sembcorp resumes operations of Myanmar power plant
SEMBCORP Industries has resumed operations of the company’s Myingyan Independent Power Plant in Mandalay, Myanmar. In a bourse filing on Friday (Aug 23), the company said that this follows a temporary suspension, which was previously announced on Aug 12. “The decision was made given that conflicts around the vicinity of the plant have ceased such…
Read MoreHSBC to double UK wealth business as banks target ‘mass affluent’
HSBC aims to double the assets under management (AUM) in its British wealth business to £100 billion (S$171.5 billion) in the next five years, the division’s head told Reuters, joining rivals in targeting more fee income from the UK’s ‘mass affluent’. The lender aims to become a top five player in Britain, its head of…
Read MoreGold edges higher ahead of Powell’s speech, but set for weekly fall
GOLD prices inched higher on Friday, but were set for a weekly loss as investors looked forward to US Federal Reserve Chair Jerome Powell’s speech at Jackson Hole, Wyoming, for more cues on the scale of a likely September rate cut. Spot gold rose 0.2 per cent to US$2,488.59 per ounce by 0036 GMT. Bullion, which hit an…
Read MoreAustralian regulator increases capital add-on requirement for ANZ to A$750 million
AUSTRALIAN prudential regulator on Friday (Aug 23) said it has increased the capital add-on requirement for lender ANZ Group to A$750 million (S$658.5 million), reflecting escalating worries about the bank’s management of non-financial risks. In a move underscoring persistent regulatory concerns about ANZ’s risk management practices, the Australian Prudential Regulation Authority had previously mandated a…
Read MoreVietnam’s move to source renewables directly a big boost to energy independence
The move is critical for the regional manufacturing hub to realise its ambition of hosting more global high-tech firms [HO CHI MINH CITY] Vietnam’s new regulations on direct power purchase agreement (DPPA) for renewable energy are generating a buzz among industrial parks as it offers a gateway to energy self-sufficiency and greener power for tenants. However, industry players caution that…
Read MoreHong Kong Airlines eyes used Boeing 787s in long-haul reboot
Hong Kong Airlines is looking to add second-hand Boeing 787 Dreamliner jets in an effort to revive its long-haul ambitions after its previous ill-fated intercontinental push nearly sunk the company. The HNA Group-backed carrier wants at least three 787 aircraft to restart flights to North America in 2025, chief executive officer Jeff Sun Jianfeng told…
Read MoreWalmart’s doing so well in China it doesn’t need JD.com anymore
WALMART is flying so high on the strength of its Chinese operations that it’s exited a long-time local partnership, an outlier in a consumer landscape that’s increasingly hostile to foreign brands. As other Western consumer giants exit China or lose market share to local rivals, the US retailer remains its biggest hypermarket operator. That’s thanks…
Read MoreTemasek’s 10-year yuan bonds yield 2.75%; its 30-year bonds pay out 3.1%
This comes after the state investor issued three offshore Chinese yuan bonds earlier this year TEMASEK Financial (I), also known as TFin-I, priced one billion 10-year and 1.7 billion 30-year offshore Chinese yuan bonds at par value, it said on Wednesday (Aug 21). The 10-year bond has a yield to maturity of 2.75 per cent…
Read MoreLHN secures 250 more co-living keys in Q3
LHN said on Thursday (Aug 22) that it secured 250 more keys across projects in 260 Upper Bukit Timah Road and 141 Middle Road, in the third quarter this year. The real estate management services group manages 2,784 keys across its Coliwoo co-living projects in Singapore and Soho projects overseas. This is an increase from…
Read MoreDeutsche Bank strikes deal with Postbank ex-shareholders
DEUTSCHE Bank said on Wednesday it had settled a dispute with dozens of former shareholders of Postbank who began litigation alleging the German banking giant’s 2010 takeover shortchanged them. Deutsche Bank said it reached agreements with “more than 80 plaintiffs representing almost 60 per cent of the total claims in the litigation” based on a…
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