Posts by Stephanie Irvin
DBS unit fined in Hong Kong for anti-money laundering breach
DBS Group Holdings’ Hong Kong unit was fined HK$10 million (S$1.7 million) by the city’s regulator for lapses in adhering to anti-money laundering and counter-terrorist financing regulations. The disciplinary action follows an investigation by the Hong Kong Monetary Authority (HKMA) of DBS Hong Kong’s systems and controls for compliance, the regulator said in a statement.…
Read MoreChinese AI firms showcase resilience, innovations at AI event despite US sanctions
CHINESE tech companies, from industry giants to ambitious startups, converged at the World AI Conference in Shanghai this week to showcase their latest innovations and express strong support for the country’s artificial intelligence sector even as it faces US sanctions. More than 150 AI-related products and solutions are being exhibited at the conference, with a…
Read MoreSingapore refinery sale, Dutch plant delay to cost Shell US$2 billion in impairment
SHELL expects as much as US$2 billion of impairments in its second-quarter earnings related to a delayed biofuels plant under construction in the Netherlands and its chemicals facility in Singapore. Since taking the job in January last year, Shell chief executive officer Wael Sawan has pledged to be “ruthless” in improving the company’s performance and…
Read MoreChery launches 28,000 euro crossover SUV in Italy as it plans Europe expansion
CHINA’S Chery Auto is starting sales in Italy with a petrol version of its Omoda 5 crossover SUV, priced from 27,900 euros (S$40,731), as the automaker assesses its options to expand its manufacturing capacity and sales in Europe. One of several Chinese companies bringing budget cars to Europe, mostly electric, Chery began European sales in…
Read MoreSGX securities turnover value declines in June as volumes fall 19%
TOTAL securities market turnover value on the Singapore Exchange (SGX) shed 11 per cent to S$21.1 billion in June compared with the same period a year ago. This came as volumes fell 19 per cent on year to 23.6 million shares traded, based on market statistics posted by SGX on Friday (Jul 5). …
Read MorePound steady as UK’s Labour bags landslide win; Singapore stocks with British portfolios mixed
THE sterling pound strengthened slightly on Friday afternoon (Jul 5) as The Labour Party swept to a resounding victory in the United Kingdom general election. The British currency was trading at US$1.2770, up 0.1 per cent, as at the midday break. Labour opposition unseated the Conservatives (or Tories) after 14 years, winning at least 326…
Read MoreBitcoin drops for fourth day even as global stocks hit records
BITCOIN sank for a fourth consecutive trading session, part of a wider crypto sell-off that contrasts with recent record highs in global stocks. The digital asset shed 2.5 per cent to change hands at about US$56,870 as of 9.25 am on Friday (Jul 5) in Singapore, while smaller coins such as Ether and XRP also…
Read MoreSamsung flags better-than-expected rise in second-quarter profit as chip prices jump
SAMSUNG Electronics estimated on Friday a more than 15-fold rise in its second-quarter operating profit, as rebounding semiconductor prices driven by the artificial intelligence boom lifted earnings from a low base a year ago. The world’s largest memory chip and TV maker estimated its operating profit rose to 10.4 trillion won (S$10.2 billion) in the…
Read MoreIndia’s hopes for Tesla investment cool as Elon Musk ceases contact
INDIA does not expect Tesla to move forward with an investment in the country any time soon after executives at Elon Musk’s electric vehicle (EV) maker stopped contacting them, according to sources familiar with the matter. Musk’s team has not made any further inquiries with officials in New Delhi after the billionaire postponed a visit…
Read MoreLondon Metal Exchange second-quarter trading volumes surge to a 10-year high
TRADING volumes on the London Metal Exchange (LME) surged 27 per cent in the second quarter to the highest in a decade, with a sharp increase in the LME’s nickel contract leading activity gains across its major metals. The latest performance marks a dramatic turnaround for the London exchange, which had grappled with a yearslong…
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