Posts by Stephanie Irvin
China new loans hit 15-year low in July, more policy steps expected
CHINA’S bank lending tumbled more than expected in July, hitting the lowest in nearly 15 years, dragged down by tepid credit demand and seasonal factors and raising expectations that the central bank may dole out more easing steps. Chinese banks extended 260 billion yuan (S$48 billion) in new yuan loans in July, down nearly 88…
Read MoreChina new loans drop more than expected in July on weak demand
CHINA’S bank lending tumbled more than expected in July, dragged down by tepid credit demand and seasonal factors even as the central bank vowed to step up policy support for the economy. Chinese banks extended 260 billion yuan (S$48 billion) in new yuan loans in July, down nearly 88 per cent from the previous month…
Read MoreChina Everbright posts 8% lower H1 profit of HK$581.1 million
CHINA Everbright Water’s net profit for the first half ended Jun 30, 2024, fell 8 per cent to HK$581.1 million (S$98.8 million) from HK$632.2 million in H1 FY2023. The dual-listed environmental services group on Tuesday (Aug 13) announced that its board has recommended an interim dividend of HK$0.0609 per share, or the equivalent of S$0.0105…
Read MoreCarlyle delays Asia buyout fund close as Japan pool saps demand
CARLYLE Group has delayed closing its new pan-Asian buyout fund as demand for a Japan-focused vehicle has syphoned off investor interest, according to sources familiar with the matter. The Washington-based firm has asked for an extension in the closing of its sixth regional buyout fund, the sources said, asking not to be identified because the…
Read MorePropNex H1 profit falls 13.8% to S$19 million
REAL estate agency PropNex’s net profit for the first half of the fiscal year fell 13.8 per cent to S$19 million from S$22.1 million the year before. Its earnings per share for the period correspondingly declined the same in terms of percentage to S$0.0257, versus S$0.0298 in H1 FY2023. PropNex’s board proposed an interim dividend…
Read MoreSun Life beats profit estimates on strong growth in Canada, Asia
SUN Life Financial, Canada’s second-largest life insurer, on Monday (Aug 12) beat analysts’ estimates for quarterly profit boosted by strong sales at home and in Asia, a key growth market. The results follow earnings from bigger rival Manulife Financial, which also beat analysts’ estimates driven by strong growth in Asia, where both compete for market…
Read MoreUS SEC sues over alleged US$650 million global crypto fraud
THE US Securities and Exchange Commission (SEC) on Monday (Aug 12) sued the cryptocurrency company NovaTech and its married co-founders, saying they fraudulently raised over US$650 million from more than 200,000 investors worldwide, including many Haitian-Americans. NovaTech and co-founders Cynthia and Eddy Petion allegedly promised investors their money would be safe, with Cynthia Petion assuring…
Read MoreOUE sinks into the red with S$96.1 million H1 loss
OUE has sunk into the red with a net loss of S$96.1 million for its first half ended Jun 30, compared with a net profit of S$40.2 million in the previous corresponding period. This was mainly due to share of losses contributed by 25.2 per cent-owned investee company Gemdale, whose principal activities in mainland China…
Read MoreOpec cuts 2024 oil demand growth forecast, citing China
OPEC on Monday (Aug 12) cut its forecast for global oil demand growth in 2024, citing weaker than expected data for the first half of the year and softer expectations for China, and also trimmed its expectation for next year. The Organization of the Petroleum Exporting Countries in a monthly report said world oil demand…
Read MoreUMS Q2 profit falls 20% to S$9.3 million on softer sales
UMS Holdings posted a 20 per cent drop in net profit to S$9.3 million for its second quarter ended Jun 30, 2024, from S$11.6 million in the previous corresponding period. This was mainly due to slower sales, the semiconductor company said in a regulatory filing on Monday (Aug 12). Earnings per share stood at 1.31…
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