Posts by Stephanie Irvin
Robinhood to buy crypto exchange Bitstamp in global push
ROBINHOOD Markets will acquire the European cryptocurrency exchange Bitstamp for US$200 million as part of the financial technology company’s expansion outside of its home market in the US. The deal, which is expected to close in the first half of next year pending regulatory approval, is Robinhood’s first foray into the institutional business, according to…
Read MoreChina securities regulator seeks to ease market panic over delisting risks
CHINA’S securities watchdog does not expect a near-term spike in delistings, it said on Thursday (Jun 6), after investors dumped shares in small-cap companies on fears they could be kicked off the market as Beijing weeds out weaker firms. The “survival of the fittest” mechanism is gradually taking shape but in the short term, there…
Read MoreNio’s loss exceeds expectations as EV competition crimps sales
NIO reported a bigger-than-expected loss in the first quarter, highlighting how increased competition in the electric vehicle market is making it more difficult for the company to become profitable. The Shanghai-based EV maker’s adjusted net loss grew 18.1 per cent to 4.90 billion yuan (S$911.7 million) in the first quarter, according to a company statement…
Read MoreNo change to STI constituents following June review
THERE will be no changes to the constituents of the Straits Times Index (STI), following the June quarterly review. The reserve list will also remain unchanged, said STI administrator FTSE Russell on Thursday (Jun 6). The STI is Singapore’s main stock-market benchmark. Counters on the STI reserve list will replace any constituent stocks that become…
Read MoreChangi Airport Group full-year net profit up 13 times to S$431 million on post-Covid recovery
CHANGI Airport Group (CAG) saw a jump in net profit to S$431 million for the full year ended Mar 31, up from S$33 million in the year-ago period. Revenue rose 45 per cent to S$2.7 billion, from S$1.9 billion previously, in tandem with the recovery in travel demand and strong passenger traffic growth. “The strong…
Read MoreClean energy investment set to run at double fossil-fuel spend
Investment in clean energy technologies will climb to US$2 trillion this year, almost double the amount spent on fossil fuels, according to the International Energy Agency (IEA). Two-thirds of the record US$3 trillion invested in energy sources in 2024 will be devoted to sectors such as renewables, electric vehicles, nuclear power, grids, storage and efficiency,…
Read MoreUS probes Microsoft’s deal with AI firm Inflection
US regulators are investigating whether a deal Microsoft struck with AI startup Inflection may have been structured to avoid scrutiny, the Wall Street Journal reported, citing a person familiar with the matter. Microsoft in March agreed to pay the startup US$650 million to license its AI software, after the US company moved to hire much…
Read MoreAbu Dhabi’s first IPO of the year draws US$20 billion in orders
Abu Dhabi’s first initial public offering of the year drew in orders of US$20 billion, as appetite for listings in the Gulf remains healthy. Alef Education’s shareholders will raise 1.89 billion dirhams (S$693.2 million) after the deal priced at 1.35 dirhams per share, the top of the range. That implies a market capitalisation of 9.45…
Read MoreMoney launderer Su Jianfeng convicted, sentencing adjourned to Monday
MONEY launderer Su Jianfeng, one of the 10 foreign nationals involved in Singapore’s largest money laundering case, was convicted on Thursday (Jun 6). The 36-year-old Vanuatu national pleaded guilty to one count of money laundering under the Corruption, Drug Trafficking and Other Serious Crimes Act and one count of forgery. These charges aside, Su Jianfeng…
Read MoreSumitomo Mitsui weighs broader expansion in India’s low-tax hub
SUMITOMO Mitsui Financial Group is hiring for its planned outpost in India’s low-tax hub, joining a cluster of global banks placing a bet on the nation’s answer to Singapore and Dubai. Japan’s second-biggest bank plans to start its Gujarat International Finance TecCity branch likely in July with around 10 people, through a mix of hires…
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