Posts by Stephanie Irvin
Chinese copper exports fall from record as local demand rebounds
CHINESE copper exports dropped last month from an all-time high, as domestic buyers took advantage of the metal’s rapid retreat in price. Exports of unwrought copper and products fell 40 per cent from June to 140,940 tonnes, according to customs data on Sunday (Aug 18). Still, that’s nearly double the level of the previous year,…
Read MoreMemiontec husband and wife co-founders out on bail amid CAD, MAS probe
THE co-founders of water treatment company Memiontec have been released on bail after being interviewed by the Commercial Affairs Department (CAD). The interview was part of a joint investigation by the CAD and the Monetary Authority of Singapore (MAS) into a potential offence under Section 201 of the Securities and Futures Act, which is related…
Read MoreSouth Korean AI chip makers Rebellions and Sapeon agree to merge
SOUTH Korean artificial intelligence (AI) chip makers Rebellions and Sapeon Korea have signed a definitive merger agreement, the privately held companies said on Sunday (Aug 18). They announced merger negotiations in June. The deal is the latest attempt by South Korean companies to challenge global AI chip leaders such as Nvidia. Sapeon’s shareholders include South…
Read MoreAustralia’s Westpac profit rises as margin pressure shows signs of easing
WESTPAC Banking’s profit edged higher as pressure on margins eased and mortgage lending grew faster than the wider industry, offsetting a fragile outlook for the nation’s economy. Unaudited net profit came in at A$1.8 billion (S$1.6 billion) in the three months to Jun 30, according to a statement on Monday (Aug 19). Australia’s largest…
Read MoreGoldman cuts US recession risk following retail sales, jobs data
GOLDMAN Sachs Group economists lowered the probability of a US recession in the next year to 20 per cent from 25 per cent, citing last week’s retail sales and jobless claims data. If the August jobs report, set for release on Sep 6, “looks reasonably good, we would probably cut our recession probability back to…
Read MoreGold tops US$2,500 for first time on outlook for lower rates
Gold topped US$2,500 an ounce for the first time, bolstered by hopes that the US Federal Reserve is edging closer to cutting interest rates. Spot bullion climbed as much as 2.2 per cent last Friday (Aug 16), exceeding the previous record set last month, as a disappointing reading on the US housing market reinforced expectations…
Read MoreUS: Wall Street slips at open after strong run, weak housing starts data
Wall Street’s main indexes opened lower on Friday (Aug 16) after a weak housing starts report dampened sentiment after the S&P 500 and the Nasdaq’s six-straight sessions of gains on signs of US economic health. The Dow Jones Industrial Average fell 34.2 points, or 0.08 per cent, at the open to 40,528.86. The S&P 500…
Read MoreCenturion upbeat on strong student dorm demand, bed shortage in key study destinations
An analyst says the specialised accommodation operator’s strong rental reversions could be a catalyst for a re-rating of the counter MAINBOARD-LISTED Centurion Corporation expects the demand for purpose-built student accommodation (PBSA) to outstrip supply in several markets, supporting the group’s push into the area. The group noted that the segment had “supportive fundamentals” across all…
Read MoreSingapore stocks open Friday higher on surprise exports surge; STI up 1%
SINGAPORE shares soared at the opening bell on Friday (Aug 16) after non-domestic exports far exceeded economists’ estimates to climb 15.7 per cent in July, as both electronics and non-electronics exports grew. As at 9.01 am, the Straits Times Index (STI) leapt 31.72 points or 1 per cent to 3,347.45. Across the broader market, gainers…
Read MoreMillennium opens Singapore office as Asia credit trading soars
MILLENNIUM Advisors has expanded its trading and sales operations into Asia to take advantage of surging demand for electronic trading and US dollar bonds in the region. The US-based trading firm recently opened a new office in Singapore, after considering potential locations in Hong Kong and Dubai, the company said. Trading began on Jul 3…
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