Posts by Stephanie Irvin
Changi 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…
Read MoreMoney laundering case: Bulk of S$3 billion worth of assets seized from 17 foreigners, not from 10 arrested
THE S$3 billion in cash and assets seized or issued with prohibition of disposal orders in Singapore’s largest money laundering case belonged to 27 individuals, and not just the 10 hauled to court on various charges. In response to queries from The Straits Times (ST), the police on Jun 5 said 17 other individuals are…
Read MoreUG Healthcare makes acquisitions in Spain, Germany
UG HEALTHCARE : 8K7 0% announced on Thursday (Jun 6) that it acquired a 50 per cent interest in reusable glove distributor UG Nitrex to form a joint venture with its initial shareholders in Spain for 500,000 euros (S$730,650). The acquisition was accompanied by a put-and-call option agreement between Unigloves Singapore – UG Healthcare’s wholly…
Read MoreASML to ship its US$380 million chip machine to TSMC this year
ASML Holding will ship its latest chipmaking machine to Taiwan Semiconductor Manufacturing Company (TSMC) this year. Two of ASML’s biggest customers, TSMC and Intel, will get the so-called high-NA extreme ultraviolet (EUV) machine by the end of this year, chief financial officer Roger Dassen told analysts in a recent call, according to company spokesperson Monique…
Read MoreBanks’ drive to ‘tokenise’ assets moves slower than expected
BANKS which for years have talked about creating ‘tokenised’ versions of assets such as bonds and currencies say a shift to blockchain-based trading is taking longer than expected, with some investors cautious about the idea. By creating tokenised assets – usually blockchain-based tokens to represent holdings of mainstream assets such as currencies or bonds –…
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