Posts by Stephanie Irvin
Global power demand is surging on AI and air-con, IEA says
THE world’s demand for electricity in 2024 is set to grow at its fastest pace in years, but clean energy sources will also soar through 2025, the International Energy Agency (IEA) forecasts. “The 4 per cent growth expected for 2024 is the highest since 2007, with the exceptions of the sharp rebounds in 2010 after…
Read MoreAmEx’s quarterly profit beats estimates on robust spending
CREDIT card giant American Express raised its full-year profit forecast on Friday (Jul 19), as its wealthy customers persisted in splurging on travel, dining and entertainment. The company also reported better-than-expected second-quarter profit, underscoring the benefit it has enjoyed by focusing on a premium customer base. AmEx’s affluent cardholders have somewhat insulated it from weakness…
Read MoreSeveral Singapore companies hit by global IT outage; Changi Airport processes check-ins manually
SEVERAL companies in Singapore were hit by a global IT outage on Friday (Jul 19) afternoon. The websites of several companies appeared unable to load from around 2 pm. In response to queries from The Business Times, Changi Airport said that the check-in process for some airlines was being managed manually. “Changi Airport ground staff…
Read MoreSeveral Singapore companies hit by global IT outage; over 10 airlines at Changi Airport affected
SEVERAL companies in Singapore were hit by a global IT outage on Friday (Jul 19) afternoon. The websites of several companies appeared unable to load from around 2 pm. In response to queries from The Business Times, Changi Airport said more than 10 airlines were affected during the outage. “We worked with our airport partners…
Read MoreSingapore shares fall at Friday’s open tracking global retreat; STI down 0.6%
SINGAPORE stocks opened weaker on Friday (Jul 19) following overnight losses on Wall Street and Europe amid a selloff on technology stocks. The Straits Times Index (STI) headed down 0.6 per cent or 20.25 points to 3,450.91 as at 9.01 am. Across the broader market, losers outnumbered gainers 77 to 28, after 39.5 million securities…
Read MoreBlackstone posts modest Q2 profit jump on private equity, credit gains
BLACKSTONE said on Thursday (Jul 18) its second-quarter distributable earnings rose 3 per cent from a year earlier, as a jump in asset sales in its private equity and credit divisions more than offset a slump in its real estate arm. The New York-based investment firm’s results underscore how a long spell of high interest…
Read MoreDBS launches generative AI virtual assistant for customer service workforce
CUSTOMER service officers at DBS will all soon be able to use a generative artificial intelligence (AI)-powered virtual assistant to serve customers more efficiently and effectively. The virtual assistant, named CSO Assistant, was developed in-house by the bank’s AI engineers, using a large-language model tailored to local languages and parlance with voice telephony and speech…
Read MoreECB keeps rates unchanged, offers no guidance on next move
THE European Central Bank (ECB) kept interest rates unchanged as expected on Thursday (Jul 18) and gave no hints about its next move, arguing that domestic price pressures remain high and inflation will be above its target well into next year. ECB chief Christine Lagarde refused to commit to a possible interest rate cut in…
Read MoreSingapore AUM up 10% to S$5.4 trillion in 2023; new debt issues rise 21%
SINGAPORE’s financial sector had a good showing in 2023 with a 10 per cent growth in asset under management (AUM) to S$5.41 trillion as at Dec 31, 2023, while the corporate debt market also grew strongly, with new issuances rising 21 per cent to S$230 billion in 2023. Private markets have also grown strongly over…
Read MoreTSMC rides AI demand to raise revenue forecast, says no to US joint venture
TAIWAN’S TSMC, the world’s largest contract chipmaker, raised its full-year revenue forecast on Thursday (Jul 18) given surging demand for chips used in artificial intelligence, and rejected the idea of a joint venture factory in the US. Taiwan Semiconductor Manufacturing Co (TSMC), a major Apple and Nvidia supplier, has benefited from the global AI boom…
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