Posts by Stephanie Irvin
Philippine peso skids on dollar’s strength
The Philippine peso weakened against the dollar on Thursday (Jun 20) to hit a 10-day low and lead a broader decline in Asian currencies, reflecting expectations policymakers would cut interest rates ahead of the US Federal Reserve. The peso was last trading 0.22 per cent lower at 58.77 to the dollar, having weakened earlier to…
Read MoreNasdaq boosts scrutiny of investors in IPOs from China, Hong Kong
NASDAQ is once again increasing scrutiny of small initial public offerings (IPOs) from China and Hong Kong to avoid a repeat of the wild swings that followed a handful of deals two years ago, according to sources familiar with the matter. Several Hong Kong- and China-based IPO applicants have faced a series of questions from…
Read MoreChinese banks hold lending rates following PBOC’s caution
CHINESE banks maintained their benchmark lending rate for a 10th straight month, as pressure on the yuan restricts policymakers’ space for easing. The one-year loan prime rate (LPR) was maintained at 3.45 per cent, according to a statement from the People’s Bank of China (PBOC) on Thursday (Jun 20), in line with most economists surveyed…
Read MoreMeituan’s worst-to-first stock rally has street looking for more
AFTER pulling an about-face to become one of the best-performing technology stocks in China this year, Meituan may be primed for further gains on easing competition and improving profitability. Analysts see shares of China’s top food-delivery platform rising another 17 per cent over the next year, on projections for record earnings. Cost cuts are helping…
Read MoreAustralia regulator raises concerns over Olam’s A$145 million bid for Namoi Cotton
AUSTRALIA’S competition regulator said on Thursday (Jun 20) the proposed acquisition of Namoi Cotton by Singapore’s Olam Agri for A$145 million (S$131 million) raised competition concerns in the supply of cotton ginning services. The affiliate of Singapore’s Olam Group and Dutch commodity merchant Louis Dreyfus Company have been engaged in an international bidding war to…
Read MoreCrypto firm Consensys says US regulator has closed inquiry into Ethereum 2.0
THE US Securities and Exchange Commission (SEC) has closed its investigation into the blockchain protocol Ethereum 2.0, cryptocurrency firm Consensys said in a post on social media platform X late on Tuesday (Jun 18). The firm filed a lawsuit seeking an injunction against the US SEC in April over regulation of the Ethereum blockchain. Consensys…
Read MoreNvidia’s 591,078% rally to most valuable stock came in waves
THE year was 1999. Steve Jobs had recently returned to lead Apple. Intel was the dominant force in semiconductors. And a little-known chipmaker named Nvidia made its debut on the Nasdaq stock exchange. It took less than three years for Nvidia to ascend into the S&P 500 – replacing the disgraced oil-trading conglomerate Enron, no…
Read MoreMore worries for China, sales at big e-commerce festival drop for first time
SALES fell for the first time ever at China’s blowout mid-year e-commerce sales festival as consumers remain cautious about spending as the economy sputters, according to third-party data estimates released on Wednesday (Jun 19). Combined gross merchandise volume (GMV), a widely used proxy for e-commerce sales, reached 742.8 billion yuan (S$138.2 billion) across China’s major…
Read MoreAustralia cracks down on ESG investing industry with new rules
THE Australian government is planning to introduce environmental, social and governance (ESG) labelling requirements, as it seeks to fight greenwashing and steer more capital into credible sustainable activities. Authorities will establish labels and disclosures for investment products marketed as “sustainable”, including funds run by the superannuation industry, after a public consultation in early 2025, according…
Read MoreHot stocks: Glove makers rally after Top Glove reports turnaround in Q3
SHARES of glove makers rose during afternoon trading on Wednesday (Jun 19) after Top Glove reported a profit turnaround for the third quarter. Riverstone’s counter jumped as much as 4.6 per cent to S$1.01 as at 2.18 pm, while UG Healthcare rose as much as 5.9 per cent to S$0.143 as at 2.25pm. Sri…
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