Posts by Stephanie Irvin
HSBC gains edge against US$1 billion SVB banker-poaching suit
A FEDERAL judge expressed doubt about the merits of a US$1 billion lawsuit by First Citizens Bank & Trust accusing HSBC Holdings of stealing trade secrets when it recruited dozens of bankers who had just joined First Citizens after it took over failed Silicon Valley Bank (SVB). In an order late Tuesday (Jul 9), US…
Read MorePwC starts mass layoffs in China after losing dozens of clients
PricewaterhouseCoopers is cutting staff across its China operations, according to people familiar with the matter, after an exodus of corporate clients diminished the accounting firm’s revenue prospects in the country. At least 100 staffers from different teams at PwC China’s offices in Beijing, Shanghai and other locations are being let go, the people said, asking…
Read MoreBarclays aims to triple staff across key Asia wealth markets
BARCLAYS plans a major hiring spree in Asia to expand client assets over the next few years, focusing on the ultra-rich and family offices in India and Singapore, according to the head of the bank’s wealth business for the region. The lender aims to quadruple its private banking assets in the region by the end…
Read MoreBeijing legislates for robotaxis amid growing backlash
BEIJING will support the introduction of robotaxis in ride-hailing and car rental fleets in the city as advanced driver assistance systems become more commonplace in China. Draft guidelines issued by the Beijing Municipal Bureau of Economy and Information Technology provide that autonomous vehicles should have drivers or safety officers on board, or be able to…
Read MoreJPMorgan hikes BYD’s price target by more than 80% on outlook
JPMORGAN Chase’s analysts raised their price targets for BYD by more than 80 per cent on expectations the Chinese automaker will deliver six million vehicles globally in the next two years. The bank, which now has the highest target prices for BYD’s Hong Kong and Shenzhen shares based on data compiled by Bloomberg, increased them…
Read MoreAsia’s worst stock loser erases Thai founder from billionaire status
SOMPHOTE Ahunai, whose net worth topped US$4.8 billion two years ago, is no longer a billionaire after a series of unwieldy efforts to diversify one of Thailand’s biggest renewable-power producers into a Tesla-like transport specialist. Shares of Energy Absolute posted a record monthly drop of 51 per cent in June, slashing Somphote’s fortune to less…
Read MoreUS plans up to US$1.6 billion in funding for packaging computer chips
THE Biden administration said on Tuesday (Jul 9) that it would direct up to US$1.6 billion in funding towards developing new technology for packaging computer chips, a major thrust in United States efforts to stay ahead of China in creating components needed for applications such as artificial intelligence (AI). The proposed funding, part of the…
Read MoreYoma Strategic clarifies that no charges have been filed against executive chairman
YOMA Strategic clarified on Wednesday (Jul 10) that no charges have been filed against its executive chairman Serge Pun. The company issued the clarification in relation to an article by news agency Myanmar-Now, which reported that Pun has been held in junta custody for more than a month over alleged violations of banking regulations. In…
Read MoreStocks to watch: Frasers Property, ST Engineering, Yoma Strategic
THE following companies saw new developments that may affect trading of their securities on Wednesday (Jul 10): Frasers Property: Its subsidiary secured a dual-tranche, sustainability-linked loan aggregating about S$904 million, announced the property group on Tuesday. Proceeds will be used to refinance existing loans, and for working capital and other general corporate purposes. Shares of…
Read MoreUS says it broke up Russian AI bot farm on X
THE United States has disrupted a Russian disinformation campaign involving AI-powered bots used to create fake profiles on the social media platform X, the Justice Department said on Tuesday. Officials seized two internet domains and searched 968 social media accounts that Russian operatives allegedly used to create an artificial intelligence “bot farm” and peddle disinformation…
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