Posts by Stephanie Irvin
Traders betting on China easing boost bearish options on banks
INVESTORS are increasingly sceptical about this year’s market-beating rally in Chinese bank stocks on concerns that potential easing measures to further support the nation’s flagging economy will hurt the firms’ profitability. The cost of hedging against declines on China Construction Bank (CCB) shares has jumped, and the number of bearish options outstanding hit a 10-year…
Read MoreStock to watch: Singtel
THE following companies saw new developments that may affect trading of their securities on Wednesday (Jul 17): Singtel: The telco’s associate Intouch Holdings entered into a merger deal with Thailand’s Gulf Energy Development, which will result in the formation of a new public entity NewCo. On Tuesday, Singtel said that it intends to list the…
Read MoreAmazon Prime Day sales up 12% in first seven hours of event
AMAZON.COM’s Prime Day sales rose almost 12 per cent in the first seven hours of the event compared with the same period last year, according to Momentum Commerce, which manages 50 brands in a variety of product categories. The early result points to a strong Prime Day performance, according to the firm, because sales during…
Read MoreElon Musk moving X, SpaceX headquarters to Texas over frustration with California laws
ELON Musk said on Tuesday (Jul 16) that he is moving the headquarters of two of his companies – social media platform X and rocket company SpaceX – to Texas from California, citing a new gender-identity law there as the “last straw”. With these moves, the billionaire, who recently endorsed Donald Trump for US president,…
Read MoreNew laws ‘level playing field’ for corporate service providers, but could lead to industry consolidation
Bar will be raised as a robust system of screening checks and compliance will be required; smaller players may be priced out, say industry observers NEW rules for corporate service providers will raise the bar for the industry as a whole, but may lead to smaller players being priced out, said industry observers. This…
Read MoreSingtel associate Intouch to merge with Thailand’s Gulf Energy to form new public entity
Singtel associate Intouch Holdings has entered into a merger deal with Thailand’s Gulf Energy Development, which will result in the formation of a new public entity. Gulf Energy is a holding company incorporated in Thailand that invests in energy, infrastructure, utilities and digital businesses. It is Intouch’s largest shareholder with a 47.4 per cent stake,…
Read MoreGlobal cruise industry sees growing demand, wary of port protests
THE global cruise industry expects to carry 10 per cent more passengers by 2028 than the 31.7 million who took cruise holidays in 2023, when the sector surpassed pre-pandemic levels, but sees some routes exposed to protests over overtourism. Long criticised for its impact on the environment and coastal communities, the industry has ordered 57…
Read MoreDigital platform Qifa bets on increase in Russia-China trade and payments
DIGITAL platform Qifa has expanded into facilitating two-way trade between Russia and China as it seeks to solve payment issues currently stunting the flow of goods and services. Moscow and Beijing have resorted to complex steps to try to avoid payment delays, including a workaround using small, regional Chinese banks, as the threat of secondary…
Read MoreUS: Wall Street rises at the open as retail sales fail to dampen rate-cut hopes
WALL Street’s main indexes opened higher on Tuesday (Jul 16) as bets continued for a September interest-rate cut by the Federal Reserve, even as strong retail sales data signalled a resilient US economy. The Dow Jones Industrial Average rose 52.06 points, or 0.13 per cent, at the open to 40,263.78. The S&P 500 opened higher…
Read MoreVirgin Atlantic pulls out of China, axes Heathrow-Shanghai route
VIRGIN Atlantic Airways is suspending flights between London Heathrow and Shanghai from October, abandoning the only route it operates to China because of the high cost associated with avoiding Russian air space. Halting of the London Heathrow-Shanghai route – a service it has operated since 1999 – further reduces the airline’s Asia-Pacific links after Virgin…
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