Posts by Stephanie Irvin
38 employers with 1,400 vacancies at NTUC-led job-matching exercise for Jetstar Asia workers
[SINGAPORE] The labour movement has brought on 38 employers in a job-matching exercise for the over 500 workers laid off by Jetstar Asia after the low-cost carrier announced its closure last week, the National Trades Union Congress (NTUC) said on Wednesday (Jun 18). The three-day exercise, which began on Tuesday and ends on Jun 19,…
Read MoreAmid ongoing investigations into its supply chain unit, how did Fu Yu’s board end up with only one director?
[SINGAPORE] A board dispute has left components manufacturer Fu Yu Corporation with no independent directors and only one executive director. Three independent directors, Royston Tan, Christopher Huang and Daniel Poh resigned last week amid relentless efforts of its largest shareholder to have Tan and Huang ousted. Tan and Huang resigned on Jun 11 after persistent attempts…
Read MoreDBS aims to double Australian lending book in 5 years
[SYDNEY] DBS Group aims to double its Australian lending book in the next five years, its CEO Tan Su Shan said, as the Singapore-headquartered bank seeks to take advantage of trade links between Australia and South-east Asia. The bank said on Wednesday (Jun 18) it had signed a pact with trade agency Austrade which will…
Read MoreCEO’s wealth hits US$33 billion as unprofitable Chinese medicine firm’s stock soars
[NEW YORK] A blistering rally in a tiny, money-losing traditional Chinese medicine company’s stock has vaulted its founder’s net worth to among the world’s largest fortunes. The firm, Hong Kong-based Regencell Bioscience Holding, was for all intents and purposes trading as a microcap stock on the Nasdaq just eight weeks ago. But its shares have…
Read MoreDefence, oil and other names: Analysts look at ways to invest amid Israel-Iran conflict
[SINGAPORE] Recent attacks between Israel and Iran have caused investors to mull over where to place their bets next, especially with defence names rallying, as well as gold and oil prices spiking. Overall, global defence contractors on average rallied as much as 4 per cent in the initial reaction after the Israel-Iran attacks, Morningstar noted.…
Read MoreBlackRock launches absolute return hedge fund for retail investors in Singapore and Hong Kong
[SINGAPORE] BlackRock has launched an Asia-Pacific-focused hedge fund for retail investors in Singapore and Hong Kong, the world’s largest asset manager with US$11.6 trillion in assets under management announced on Wednesday (Jun 18). The fund, titled the Systematic Asia Pacific Equity Absolute Return Fund, employs a market-neutral strategy that is designed to be resilient to…
Read MoreWilmar to buy over Nigeria-incorporated palm oil business from British joint venture partner for US$70 million
[SINGAPORE] Wilmar International is buying the remaining stake it does not already own in a Nigeria-incorporated palm oil business from its joint venture partner, British manufacturer PZ Cussons, for US$70 million. Once its acquisition of the 50 per cent equity stake in PZ Wilmar held by the London Stock Exchange-listed company is complete, Wilmar will…
Read MoreHoi Hup Realty clinches resolution to grant planning consent for London ‘High Holborn’ project
[SINGAPORE] Hoi Hup Realty on Wednesday (Jun 18) secured a resolution to grant planning consent from the City of London Corporation for the “High Holborn” project, an office-led regeneration of a 1.4-acre island site. The project area comprises three buildings in London – at 322 High Holborn, Holborn Gate and 44 Southampton Buildings. The “High…
Read MoreSIA flights from Changi Airport to Bali among dozens cancelled after Indonesia volcano eruption
[JAKARTA] At least two dozen flights to and from the Indonesian resort island of Bali, including Singapore Airlines flights from Changi Airport, have been cancelled after a volcano in the archipelago’s east erupted, shooting an ash tower 10km into the sky. Mount Lewotobi Laki-Laki, a 1,703m twin-peaked volcano on the eastern tourist island of Flores,…
Read MoreUS plans to ease capital rule limiting banks’ Treasury trades
[WASHINGTON] The top US bank regulators plan to reduce a key capital buffer by up to 1.5 percentage points for the biggest lenders after concerns that it constrained their trading in the US$29 trillion Treasuries market. The Federal Reserve, Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) are…
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