Posts by Stephanie Irvin
US cuts borrowing estimate, sees smaller year-end cash pile
THE US Treasury reduced its estimate for federal borrowing for the current quarter and projected the government’s cash buffer to decline towards year-end, just ahead of a possible fresh fight over the debt limit. The Treasury Department said on Monday (Jul 29) that it now estimates US$740 billion in net borrowing for July to September,…
Read MoreKeppel unit forms JV to provide urban planning services in Shandong, China
A UNIT of global asset manager Keppel has entered a joint venture (JV) to provide consulting services – such as urban planning, industrial promotion and smart city solutions – to a large-scale integrated project in Jinan, in China’s Shandong province. The JV was formed between Keppel Smart City (Tianjin) Data Technology and Jinan Pioneer Investment…
Read MoreXiaomi buys 842 million yuan site in Beijing to expand EV production
CHINESE tech company Xiaomi has purchased a plot of land in Beijing for 842 million yuan (S$156 million) to expand electric vehicle (EV) production following the early success of its debut sedan. The 53-hectare site is close to Xiaomi’s existing EV factory in the capital’s Yizhuang district, according to filings published by the Beijing Municipal…
Read MorePrada to open 8,000-square-feet Hong Kong store after years of downsizing
PRADA is renting an 8,000-square-foot store in K11 Musea, a harborfront luxury shopping mall by New World Development, sources familiar with the matter said. Construction work for the two-floor store will begin soon and it’s expected to open early next year, said the sources, who asked not to be identified discussing private matters. Rent is…
Read MoreMore cars getting their COEs revalidated in first five months of 2024
MORE car owners are choosing to keep their vehicles for more than 10 years, with 3,949 cars getting their certificates of entitlement (COEs) revalidated in the first five months of 2024. This is close to the figure for the whole of 2023, when 4,403 cars saw their COEs revalidated. It is also 74 per cent…
Read MoreSouth Korea to support vendors hit by Qoo10 payment delays, Singapore-based founder pledges compensation
South Korea will provide US$400 million in financial support to small businesses hit by payment delays on two Qoo10 e-commerce platforms, and the Singapore-based firm’s founder pledged to use his own assets to help compensate customers and vendors. Seoul-based Tmon and WeMakePrice have failed to make payments to merchants using their platforms since early July,…
Read MoreRaffles Medical H1 earnings slide to S$30.6 million; chairman says insurance must not become ‘arms war’ between firms
If insurance companies continue trying to outdo each other, the risk pool could become untenable, says the group’s executive chair Loo Choon Yong MAINBOARD-LISTED Raffles Medical Group on Monday (Jul 29) reported a net profit of S$30.6 million for the first half ended Jun 30, declining 48.8 per cent from S$59.9 million in the corresponding…
Read MoreProposed MAS changes offer relief to S-Reits nearing regulatory gearing limits
While the proposed changes are unlikely to alter their capital management strategies, Reits will have more latitude to manage leverage requirements SINGAPORE-LISTED Real estate investment trusts (S-Reits) nearing existing regulatory gearing limits stand to benefit the most from the Monetary Authority of Singapore’s (MAS) recently proposed changes as they will have more breathing room to…
Read MorePost-merger, nutrition giant dsm-firmenich zeroes in on preventative healthcare
The Dutch-Swiss company aims to carve out animal health and nutrition unit amid China’s slow recovery JUST over a year since Dutch nutrition company DSM merged with Swisse fragrance and flavour business Firmenich to become dsm-firmenich, the combined entity is focusing on capturing a growing market for preventative healthcare. There has been a shift from…
Read MoreHigh Court dismisses ESR’s appeal to vote on Sabana Reit’s proposed trust deed amendment
THE Singapore High Court has dismissed an appeal by several ESR entities to vote on Sabana Industrial Real Estate Investment Trust’s (Sabana Reit) proposed trust deed amendments. It also ordered the entities to pay HSBC Institutional Trust Services (Singapore) – the Reit’s trustee – S$16,119.80 in legal costs, with the remaining costs and expenses…
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