Posts by Stephanie Irvin
German Allianz to invest in China’s mega pension company with 2% stake
ALLIANZ Global Investors (AGI), one of the investment arms of German insurer Allianz, has become the first foreign company to own a stake in China’s pension insurance giant Guomin Pension. AGI has been permitted to subscribe to newly-issued shares representing a 2 per cent holding in the company worth 228 million yuan (S$42.5 million), the…
Read MoreYen under pressure even as Japan steps up verbal warnings
The yen remained under pressure and close to key levels against the dollar on Monday (Jun 24), even after Japan’s top currency official warned that authorities stand ready to intervene in currency markets 24 hours a day if necessary. “If there are excessive currency fluctuations, it has a negative impact on the national economy,” said…
Read MoreOil eases as strong dollar weighs on commodities markets
OIL prices inched down on Monday as concerns of higher-for-longer interest rates resurfaced and lifted the dollar, offsetting support for oil markets from geopolitical tensions and Opec+ supply cuts. Brent crude futures slipped 5 cents to US$85.19 a barrel by 0417 GMT, after settling down 0.6 per cent on Friday. US West Texas Intermediate crude…
Read MoreChina’s ByteDance working with Broadcom to develop advanced AI chip: sources
CHINA’S ByteDance is working with US chip designer Broadcom on developing an advanced artificial intelligence (AI) processor, two sources familiar with the matter said, a move that would help TikTok’s owner secure a sufficient supply of high-end chips amid US-Sino tensions. The 5-nanometre (nm) chip – a customised product known as an application-specific integrated chip…
Read MoreAustralian, New Zealand dollars surge against yen, inflation tests loom
THE Australian and New Zealand dollars scaled new 17-year tops on the low yielding yen on Monday thanks to persistent carry trade demand, although risk of a reversal looms as Japan stands ready to stop its currency’s fast declines. Traders are also looking ahead to Australia’s May consumer price report on Wednesday and the US…
Read MoreAsia: Markets track weak US lead, eyes on yen
ASIAN markets extended last week’s poor run with more losses on Monday, following on from another tepid lead from Wall Street as profit-taking weighed on the tech sector. A forecast-topping read on the US services sector provided further evidence that the world’s top economy remained in rude health and dealt a blow to hopes for…
Read MoreSome Vietnam coffee farms thrive despite drought, but may not stop espresso price hikes
VIETNAMESE coffee growers have been hit hard this year by the worst drought in nearly a decade, raising concerns of pricier espressos across the world, even as some farmers keep yields healthy with clever countermeasures. Domestic forecasts for next season’s harvest in Vietnam, the world’s second-biggest coffee producer, remain grim. The Mercantile Exchange of Vietnam…
Read MoreCDK Global begins to restore systems after cyber hack hits thousands of retailers
RETAIL technology and software provider CDK Global has begun work to restore systems used by over 15,000 retail locations across North America, the company said on Sunday (Jun 23), adding that it expects the process to take “several days”. “We are continuing to actively engage with our customers and provide them with alternate ways to…
Read MorePrudential launches US$2 billion share buyback scheme
PRUDENTIAL has launched a US$2 billion share buyback programme which is expected to be completed no later than mid-2026. On Sunday (Jun 23), the Asia-focused insurer also announced it will commence the first US$700 million tranche of the programme which will allow a maximum purchase of 200 million of Prudential’s ordinary shares. This is expected…
Read MoreUPS announces sale of Coyote Logistics unit to RXO for US$1 billion
UNITED Parcel Service (UPS), the world’s biggest package delivery firm, will sell its Coyote Logistics business unit to RXO for US$1 billion, the companies said on Sunday (Jun 23). The transaction will be funded with a mix of equity and debt, including a US$300 million equity investment from MFN Partners and a US$250 million equity…
Read More