Posts by Stephanie Irvin
China central bank surprises by lending again at lower rates
CHINA’S central bank surprised markets for a second time this week by conducting an unscheduled lending operation at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the struggling economy. The medium-term lending facility (MLF) operation comes after the central bank cut several benchmark lending rates on Monday (Jul…
Read MoreAllianz stake acquisition to help Income compete in market ‘dominated by regional, global competitors’: NTUC Enterprise
NTUC Enterprise has assured Income Insurance’s shareholders and policyholders amid surprise and disquiet over Allianz’s bid to acquire 51 per cent of the Singapore insurer’s shares for some 1.5 billion euros (S$2.2 billion). To recap, the German insurer mounted a bid of S$40.58 per share to take a majority stake in the Singapore insurer as…
Read MoreVibrant CEO to appeal 13-month jail sentence for causing grievous hurt to ex-KTL chairman
He will continue to be the company’s executive director and CEO given his plans to appeal THE chief executive officer of Vibrant Group, Khua Kian Keong, plans to appeal against his jail sentence for voluntarily causing grievous hurt, the mainboard-listed company said on Wednesday (Jul 24). Khua will continue to be Vibrant’s executive director and…
Read MoreStocks to watch: MLT, FCT, Mandarin Oriental, OUE Reit, Digital Core Reit, Oxley, UOI
THE following companies saw new developments that may affect trading of their securities on Thursday (Jul 25):
Read MoreRenault sticks to 2024 outlook as first-half profit beats estimates
RENAULT posted a better-than-expected operating profit for the first half of the year on Wednesday (Jul 24) due to strong pricing and new vehicle launches, and stuck to its full-year profit-margin forecast. The French automaker last week reported that its first-half sales volume rose 1.9 per cent versus the same period in 2023 due to…
Read MoreUS: Stocks tumble in tech sell-off as Nasdaq loses 3.6%
WALL Street stocks tumbled on Wednesday (Jul 24) following a bruising investor response to earnings from Tesla and Google parent Alphabet that added to worries about tech heavyweight equity valuations. The tech-rich Nasdaq Composite Index finished down 3.6 per cent, or more than 650 points, at 17,342.41. The Dow Jones Industrial Average fell 1.3 per…
Read MoreUOB changes: Susan Hwee to take over head of group retail, Eddie Khoo to be senior adviser to UOB Vietnam
SUSAN Hwee, UOB’s head of group technology and operations (GTO), will be succeeding Eddie Khoo as head of group retail at the bank, as Khoo retires from the role to become senior adviser to UOB Vietnam. Accordingly, Lawrence Goh, currently chief operating officer for GTO and head of group infrastructure platform services, will take over…
Read MoreJapan’s Nikkei closes at one-month low on mixed US tech earnings
Japan’s Nikkei share average closed lower for a sixth consecutive session on Wednesday (Jul 24), as mixed earnings from major US tech firms and the yen’s continued rally weighed. The Nikkei fell 1.11 per cent to a one-month closing low of 39,154.85, also marking its longest losing streak since October 2021. The broader Topix slid…
Read MoreAston Martin’s Q2 profit beats market view on special model sales
BRITISH luxury carmaker Aston Martin reported forecast-beating second-quarter profits on Wednesday (Jul 24), powered by stronger sales to dealers of some exclusive models, as it reiterated guidance for hefty profit growth later this year. Shares in Aston Martin, which have fallen about 30 per cent so far this year, were up about 11 per cent…
Read MoreRHB initiates coverage on Elite UK Reit with ‘buy’ call
RHB has initiated coverage on Elite UK Real Estate Investment Trust (Reit) with a “buy” recommendation and a target price of £0.31, which implies a yield of 11 per cent. The research team attributed the call to the Reit’s firm recovery path, after the trust addressed key issues of lease renewal, gearing and debt refinancing. …
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