Posts by Stephanie Irvin
Hyundai India eyes record US$3.5 billion IPO
An IPO of that size would break the record set by Life Insurance Corp of India, which raised US$2.5 billion in 2022 Hyundai Motor could raise as much as US$3.5 billion from the eagerly anticipated initial public offering of its Indian unit, people familiar with the matter said, easily making it the biggest to ever…
Read MoreSingapore banks lead uptick; STI up 0.9%
Global markets are looking ahead to the major elections, including those in France and the UK SINGAPORE stocks continued on their uptick on Tuesday (Jul 2), following gains by the local banks. The benchmark Straits Times Index (STI) rose 0.9 per cent or 29.33 points to 3,367.90. Across the broader market, losers outweighed gainers 302…
Read MoreMajor Japanese insurers to offload 500 billion yen of Honda shares: sources
FOUR of Japan’s top property and casualty insurers and other financial firms plan to sell around 500 billion yen (S$4.2 billion) of shares in Honda Motor, three people said, as the unwinding of cross-shareholding practices accelerates. Tokio Marine Holdings Sompo Holdings and two units of MS&AD Insurance Group will together offload shares in the automaker,…
Read MoreUS to fight labour shortage with new Chips Act worker programme
THE Biden administration is kicking off a programme to cultivate the US computer-chip workforce, aiming to stave off a labour shortage that threatens to undermine domestic semiconductor production. The programme, described as a workforce partner alliance, will use some of the US$5 billion in federal funding set aside for a new National Semiconductor Technology Center…
Read MoreChina’s plastics boom is set to create another trade headache
A SURGE of Chinese plastic supply is threatening to overflow in the face of weak domestic demand, morphing into a fresh trade challenge for the rest of the world. Parts of the country’s sprawling petrochemicals sector are running at as little as half capacity as producers cut back. But with the industry still expanding, that…
Read MoreDozens hurt as turbulence prompts flight diversion to Brazil
DOZENS of passengers were injured on Monday (Jul 1) when an Air Europa flight from Madrid to Montevideo hit strong turbulence, prompting an emergency landing in Brazil, the airline and government officials said. The plane, a Boeing 787-9 Dreamliner with 325 people on board, was diverted in the early morning hours to the airport of…
Read MoreUber expands boat services across Europe to capture tourist demand
UBER Technologies said on Monday (Jul 1) it will bring a yacht service to Ibiza and will introduce different water-transport offerings to other European cities in an effort to address the robust demand stemming from tourism in the continent. The service named “Uber Yacht” will be available to pre-book on the Spanish island of Ibiza…
Read MoreOiltek order book rises to RM430.9 million after obtaining new contract
OILTEK International’s wholly owned subsidiary won a new contract consisting of two new plants, taking the group’s current order book to a record high of about RM430.9 million (S$123.9 million). On Tuesday (Jul 2), the renewable energy solutions provider said its new contract is expected to have a positive impact on its performance for the…
Read MoreWorld Bank Group kicks off US$20 billion annual guarantee push
THE World Bank Group said on Monday (Jul 1) it had started operating a new one-stop-shop loan and investment guarantee platform which it hopes will triple the provision of guarantees and risk insurance provided around the world to US$20 billion a year. The target, which it wants to hit by 2030 and which aims to…
Read MoreTrading app Robinhood agrees deal with Pluto Capital to tap into AI
ROBINHOOD Markets said on Monday (Jul 1) it had bought artificial intelligence (AI) powered investment platform Pluto Capital, adding the trading app to a growing list of companies looking to offer AI tools to customers. Top technology companies are racing to build AI into their products and services. Generative AI, which aims to create human-like…
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