Posts by Stephanie Irvin
PwC lost five China clients in May after Evergrande-linked probe
PRICEWATERHOUSECOOPERS (PwC) lost five Chinese clients in May alone, adding to a list of more than a dozen firms its stopped auditing in the country in the last two years. China Taiping Insurance Holdings said on May 27 that it appointed KPMG as its auditor for 2024 after PwC retired, just as China Merchants…
Read MoreGIC ‘excited’ by Japan, seeks to engage more with firms
GIC sees more opportunities to engage with Japanese companies to help them boost returns following a raft of governance reforms in the nation. The Singaporean sovereign wealth fund is “excited” by prospects in Japan and hunting for more deals as the governance overhaul and the end of deflation make the market more attractive, said Bryan…
Read MoreUnion at Samsung Electronics in South Korea to take strike action
SAMSUNG Electronics’ union in South Korea has declared it will start taking strike action, including advising members as an initial protest to take annual leave on June 7, a union official said during a live-streamed press conference on Wednesday. The union accounts for about 28,000 workers, or more than a fifth of the company’s total workforce,…
Read MoreWhat layoff benefits are Asian tech workers getting?
TECH in Asia has been tracking layoffs in Asia’s tech industry, and the numbers are staggering: Over 100,000 pink slips have been issued since the start of the funding winter. Despite the scale of layoffs, data on the benefits that laid off workers receive are scant. This article represents our stab at collecting such information. …
Read MoreValuetronics posts 18.9% fall in H2 profit to HK$77.4 million
Valuetronics : BN2 0% Holdings : BN2 0%, which provides electronics manufacturing services, on Wednesday (May 29) posted an 18.9 per cent increase in net profit for the second half ended Mar 31, 2024. Net profit for the six-month period stood at HK$77.4 million (S$13.4 million), compared with a net profit of HK$65.1 million posted…
Read MoreShell plans job cuts in offshore wind business
SHELL is preparing to cut staff from its offshore wind business as chief executive officer Wael Sawan moves the company away from the capital-intensive renewable energy sector. The British oil major is set to begin the layoffs within months, mainly in Europe, according to sources familiar with the matter who requested not to be identified…
Read MoreEurope: Shares decline as cautious Fed commentary weighs
EUROPEAN shares fell in broad-based declines on Tuesday in the lead-up to crucial inflation prints around the world this week, while cautious commentary from Federal Reserve officials further dented sentiment. The pan-European Stoxx 600 index closed 0.6 per cent lower, its biggest single-day day drop in a month. Most local equity indexes also ended the day lower,…
Read MoreSea cargo rates surge to pandemic highs
EQUIPMENT shortage, port congestion and a surge in shipments have come together to create a perfect storm, sending ocean freight rates up to highs last seen during the pandemic – and no relief is in sight for the short-term. Market watchers believe this might have little impact on Singapore’s inflation rate for now unless the…
Read MoreApple loses bid to appeal order allowing consumer antitrust class action
APPLE has failed to persuade a US appeals court to consider blocking a class action that accuses the iPhone maker of monopolising the market for iPhone apps and keeping prices artificially high for tens of millions of customers. The 9th US Circuit Court of Appeals on Friday (May 24) rejected Apple’s bid for a pretrial…
Read MoreT-Mobile to buy US Cellular assets for some US$2.4 billion
T-Mobile US, the second-largest mobile carrier in the US, has agreed to buy US Cellular’s wireless operations and some of its spectrum assets for roughly US$2.4 billion. The deal includes US Cellular’s wireless customers, retail stores and 30 per cent of its spectrum assets, according to statements from the companies. T-Mobile said it’s paying a…
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