Posts by Stephanie Irvin
Gold holds ground on US rate cut hopes
GOLD prices held steady on Thursday (Jul 18) after hitting a record peak in the previous session amid rising expectations of a US rate cut in September. Spot gold was little changed at US$2,459.47 per ounce, as at 0051 GMT. Prices hit an all-time high of US$2,483.60 on Wednesday. US gold futures rose 0.1 per…
Read MoreSettlement speculation pushes XRP to forefront of crypto rally
A LITTLE-KNOWN cryptocurrency that is at the centre of a key legal fight for the industry is leading the latest rally in digital assets amid speculation that the company behind it may soon reach a settlement with US regulators. XRP has rallied almost 40 per cent in the past week to around 60 US cents,…
Read MoreUnited Airlines Q3 profit outlook disappoints amid industrywide discounting pressure
UNITED Airlines Holdings on Wednesday (Jul 17) forecast lower-than-expected profit in the current quarter as the industry grapples with excess seat capacity in the domestic market, which has undermined airlines’ pricing power. The Chicago-based carrier expects an adjusted profit in the range of US$2.75 to US$3.25 per share in the quarter to September. Analysts expected…
Read MoreEurope: Stoxx 600 falls for third straight session as tech drags
EUROPEAN shares closed lower for a third straight day on Wednesday (Jul 17), with chip stocks sliding as investors remained wary of potential US-China trade tensions, with a focus now shifting to the European Central Bank’s upcoming rate decision. The pan-European Stoxx 600 index closed 0.5 per cent lower, touching one-week lows with the technology…
Read MoreShell on selling its first-born in Singapore and its energy transition and growth plans
Its product range includes petroleum, lubricants and plastics, as well as cleaner fuels such as sustainable aviation fuel and LNG WHEN news broke of Shell’s sale of its assets on Pulau Bukom including a refinery and ethylene cracker in May, some market watchers read the move as a retreat from Singapore. But Shell Singapore chairperson…
Read MoreYen jumps on suspected intervention, sterling hits one-year high
THE yen rose sharply on Wednesday (Jul 17) in what traders suspected was likely the result of another intervention from Japanese authorities to prop up the battered currency from multi-decade lows. The move in the yen was the standout in a busy day in currency markets, where the pound jumped after hotter than expected British…
Read MoreByteDance must keep gatekeeper label, EU court says in boost for regulators
TIKTOK owner ByteDance on Wednesday (Jul 17) lost its court challenge against its designation as a gatekeeper under landmark European Union rules, in a boost for antitrust regulators seeking to curb the power of Big Tech. Under the EU Digital Markets Act (DMA), gatekeepers are required to make their messaging apps interoperate with rivals, let…
Read MoreSouth Korea’s SK Innovation agrees merger with SK E&S as part of overhaul
SK INNOVATION, parent of South Korea’s largest oil refiner and battery maker SK On, said on Wednesday (Jul 17) it will merge with energy affiliate SK E&S as the nation’s No 2 conglomerate undertakes a major overhaul to boost profitability. The move, which creates a 100 trillion won (S$97.3 billion) asset company, will help shore…
Read MoreUOB cardholders to enjoy Woori Card privileges in South Korea
CARDHOLDERS of UOB and South Korean card company Woori Card will be able to enjoy card privileges from both companies under a reciprocal partnership. This comes as UOB on Wednesday (Jul 17) inked a memorandum of understanding (MOU) with the subsidiary of Woori Financial Group, marking a first-of-its-kind partnership between an Asean and a South…
Read MoreHSBC names Georges Elhedery as next chief executive
HSBC has appointed its chief financial officer Georges Elhedery as its next CEO, the bank said on Wednesday (Jul 17), opting for continuity as it tries to kick-start growth. Elhedery, 50, who becomes HSBC’s third chief executive in less than eight years, will replace outgoing head Noel Quinn from Sep 2. While the 160-year-old lender…
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