Posts by Stephanie Irvin
Banks poised to seize more buildings in Hong Kong, PwC says
BANKS are expected to take more enforcement actions on distressed buildings amid Hong Kong’s property market downturn, according to PricewaterhouseCoopers (PwC). That’s based on the estimate of the firm’s partner Christopher So, whose team oversees a portfolio of real estate under receivership valued at more than HK$10 billion (S$1.7 billion). “Lenders tend to give borrowers…
Read MoreCryptocurrencies claw back losses as Ether ETF investors buy dip
BITCOIN and Ether clawed back from steep losses on Tuesday (Aug 6) after a bout of risk aversion in global markets spilt over into crypto. Bitcoin inched back to top US$56,000 while second-ranked token Ether rose as much as 4.9 per cent to more than US$2,500. The moves represent a partial recovery from a frantic…
Read MoreChina’s Dongfeng in pole position to build an auto plant in Italy: sources
TALKS between the Italian government and China’s Dongfeng Motor Group about building an auto plant in Italy are at an advanced stage, Italian sources close to the matter said on Tuesday (Aug 6). The negotiations are part of efforts to attract another major automaker to the country in addition to Stellantis, the country’s sole major…
Read MoreUnited Food special audit uncovers ‘unusual’ cash transactions, potential listing rule breaches
A YEARS-LONG special audit into mainboard-listed United Food Holdings has found several “unusual” cash transactions and potential contraventions of SGX listing rules, among other issues. KPMG Forensic, a division of KPMG Services, was appointed by United Food’s audit committee to conduct the special audit in December 2021. This came after the company’s external auditors issued…
Read MoreStocks rebound from rout as Fed faces calls to cut rates early
MOST equities rallied on Tuesday (Aug 6) after the previous day’s global rout fuelled by US recession fears that have led to calls for the Federal Reserve to cut interest rates before its next meeting. Tokyo, which suffered a record loss Monday, led the gains, soaring more than 10 per cent as traders bought beaten-down…
Read MoreCiti hires DBS’ Yeo Wenxian as head of wealth for Asia South
CITI Wealth on Tuesday (Aug 6) announced the appointment of Yeo Wenxian as its new head of wealth for Asia South, commencing Nov 1. The Singaporean executive is also set to be Citibank Singapore’s chief executive officer, after regulatory approval. She will report to Citi’s head of wealth Andy Sieg, and join his global leadership…
Read MoreApple’s shift to AI is poised to soften blow from Google ruling
GOOGLE’S defeat in an antitrust suit filed by the Justice Department has cast a shadow over partner Apple, which generates roughly US$20 billion a year in payments from the Internet search giant. Apple shares slipped almost 5 per cent on Monday (Aug 5) after a judge ruled that Google’s payments to device makers – made…
Read MoreSembcorp H1 profit down 11% to S$540 million on lower revenue
SEMBCORP Industries posted an 11 per cent decline in net profit to S$540 million for the first half ended June on a continuing operations basis, from S$608 million in the previous corresponding period. Before exceptional items, net profit for the half-year period would have stood at S$532 million, down 12 per cent on the year…
Read MoreDow plunges over 1,000 points: Is the ‘great unwind’ only just starting?
THE numbers flashing on trading screens on Monday (Aug 5) were shocking even to market veterans. In Tokyo, the Nikkei was down 12 per cent. In Seoul, the Kospi sank 9 per cent. And when the opening bell rang in New York, the Nasdaq plunged 6 per cent in seconds. Cryptocurrencies sank; the VIX, a…
Read MoreWhen will DBS get a new CEO?
As banking veteran Piyush Gupta nears his 15th year at the helm of South-east Asia’s largest bank, questions are being asked about who his successor will be DBS chief Piyush Gupta is nearing his 15th year at the helm of South-east Asia’s biggest bank, and does not appear to be slowing down. But there has…
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