Posts by Stephanie Irvin
Vingroup seeks private loan to buy KKR’s stake in Vinschool
Published Thu, Jun 5, 2025 · 12:17 PM [SINGAPORE] Vietnamese conglomerate Vingroup is seeking a around US$300 million private credit loan to purchase KKR’s stake of about 38 per cent in its education subsidiary Vinschool, according to sources familiar with the matter. UBS is approaching private credit funds to garner interest for the proposed loan,…
Read MoreCiti to cut 3,500 technology jobs in China as part of global revamp
Published Thu, Jun 5, 2025 · 11:23 AM — Updated Thu, Jun 5, 2025 · 11:28 AM [HONG KONG] Citigroup will reduce the number of employees at two of its technology centres in China by about 3,500, the bank said on Thursday, as part of its efforts to simplify and shrink its global tech operations…
Read MoreChina’s power prices nosedive, providing relief to tariff-hit factories
[BEIJING] A crash in Chinese coal prices, and a flood of clean energy, are cutting power rates in major industrial hubs, easing pressure on some of the factories caught in the crossfire of trade hostilities with the US. In Jiangsu province, the average price for June contracts settled by centralised bidding plunged 24 per cent…
Read MoreGold edges higher as soft US data lifts safe-haven demand
Published Thu, Jun 5, 2025 · 09:24 AM [BENGALURU] Gold prices nudged higher on Thursday (Jun 5), as weaker-than-expected US economic data spurred demand for safe-haven assets, while market participants also assessed persistent global economic and political uncertainties. Spot gold was up 0.1 per cent at US$3,377.79 an ounce, as at 0007 GMT. US gold…
Read MoreStablecoin issuer Circle raises US$1.05 billion in upsized US IPO
[BENGALURU] CIRCLE Internet on Wednesday (Jun 4) priced its upsized US initial public offering (IPO) at US$31 apiece, raising US$1.05 billion, adding fresh momentum to a growing pipeline of late-stage cryptocurrency firms eyeing public markets. Circle and its shareholders sold 34 million shares at US$31 apiece, valuing the company, which issues the USDC stablecoin, at…
Read MoreMercedes, BMW step up response to China export curbs to avoid shortages
[FRANKFURT] Automakers in the US and Europe raised concerns about China’s export controls on rare earth metals, as Beijing’s move threatens to disrupt global car production. Mercedes-Benz Group and BMW are in talks with suppliers to prevent shortages of components containing these materials, with the former discussing stockpiling certain items. Meanwhile, Ford Motor said it’s…
Read MoreOil settles 1% lower after US data shows large builds in fuel stocks
[HOUSTON] Oil prices settled down just over 1 per cent on Wednesday after US data showed surprisingly large build in petrol and diesel inventories, swelling fuel supplies with Opec+ planning more output and trade tensions clouding the energy demand outlook. Brent crude futures closed down 77 cents, or 1.2 per cent, at US$64.86 a barrel. US…
Read MoreJPMorgan plans to offer clients financing against crypto ETFs
[NEW YORK] JPMorgan Chase plans to let trading and wealth-management clients use some cryptocurrency-linked assets as collateral for loans, a major step by the biggest US bank to make inroads into an industry President Donald Trump has pledged to support. The firm will start providing financing against crypto exchange-traded funds, beginning with BlackRock’s iShares Bitcoin…
Read MoreSTMicro to cut 5,000 jobs in next 3 years, says CEO
[AMSTERDAM] STMicroelectronics expects 5,000 staff to leave the company in the next three years, including 2,800 job cuts announced earlier this year, its chief executive said on Wednesday (Jun 4). Around 2,000 employees will leave the Franco-Italian chipmaker due to attrition, bringing the total count with voluntary departures to 5,000, Jean-Marc Chery said at an…
Read MoreUS: Wall Street opens slightly higher after private payrolls data
Published Wed, Jun 4, 2025 · 09:53 PM [NEW YORK] US stocks inched up in choppy trading on Wednesday (Jun 4) after weaker-than-expected private payrolls data deepened concerns about the Trump administration’s erratic trade policies pressuring the labour market. The Dow Jones Industrial Average rose 54.5 points, or 0.13 per cent, at the open to…
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