Posts by Stephanie Irvin
MAS order prompts unlicensed crypto exchanges to plan exit
[SINGAPORE] A final warning from the Monetary Authority of Singapore (MAS) has prompted major crypto exchanges operating in the country without a permit to plan for a hasty exit. Bitget and Bybit – top-10 exchange operators by volume with a presence in Singapore but no local licence – plan to reorganise their teams, according to…
Read MoreAnt unit to seek stablecoin permits in Hong Kong, Singapore: sources
[HONG KONG] Jack Ma-backed Ant Group’s international unit is planning to apply for stablecoin licences in Singapore and Hong Kong, according to people familiar with the matter. Singapore-based Ant International will apply for the stablecoin issuer’s licence in Hong Kong as soon as the city’s Stablecoins Ordinance goes into effect in August, the people…
Read MoreChina stocks soar on AI, US-China trade hopes. Who are the country’s ‘Terrific Ten’ firms?
[SINGAPORE] Chinese stocks have see-sawed since late last year, as investors reacted to factors ranging from government stimulus, artificial intelligence and Trump tariffs. The Asian giant’s companies had experienced a lengthy bear market in the last few years, with investors flocking to US markets. Last October, Hong Kong’s Hang Seng Index also plummeted sharply after…
Read MoreGrab prices and increases convertible notes offering to US$1.5 billion
The proceeds will be used for general corporate purchases, a concurrent repurchase of shares and possible acquisitions [SINGAPORE] Grab announced on Wednesday (Jun 11) that its five-year convertible note offering has been upsized to US$1.5 billion from US$1.25 billion. The initial conversion rate of the notes will be 152.6 Class A ordinary shares for every…
Read MoreMeta taps top researchers from Google, Sesame for new AI lab
META Platforms has poached top engineers from multiple tech firms, including Alphabet Inc.’s Google, for a new team focused on achieving a more advanced form of AI called artificial general intelligence. Jack Rae, a principal researcher at Google DeepMind, is expected to join Meta’s “superintelligence” team, according to multiple people familiar with the matter, who…
Read MoreGold prices climb as Middle East tensions rise, US inflation eases
GOLD prices rose on Thursday, as rising Middle East tensions boosted demand for safe-haven assets, while softer-than-expected US inflation data raised expectations of potential interest rate cuts by the Federal Reserve. Spot gold was up 0.3 per cent at US$3,364.10 an ounce, as of 0017 GMT. US gold futures gained 1.2 per cent to US$3,384.40.…
Read MoreToyota chairman to face scrutiny over US$33 billion deal at shareholder meeting
[TOYOTA CITY, Japan] Toyota Motor Chairman Akio Toyoda is likely to face scrutiny over a US$33 billion take-private deal of a key supplier when shareholders assemble for the Japanese automaker’s annual general meeting on Thursday. This year’s gathering, set to kick off at 10.00 am (0100 GMT), marks the first time in three years that…
Read MoreToyota chairman re-elected against backdrop of US$33 billion buyout bid
[TOYOTA CITY, Japan] Toyota Motor shareholders re-elected Akio Toyoda as chairman on Thursday (Jun 12), highlighting support among mom-and-pop investors even as the Japanese automaker’s US$33 billion buyout of a group company draws criticism from overseas shareholders. Toyoda, formerly chief executive of the world’s top-selling automaker and grandson of its founder, was widely expected to…
Read MoreNvidia marks Paris tech fair with Europe AI push
[PARIS] Drawing high-powered tech CEOs and a presidential visit, the Vivatech trade fair opened in Paris on Wednesday with a bang as Nvidia boss Jensen Huang announced a major push into Europe. “In just two years we will increase the amount of AI computing capacity in Europe by a factor of 10,” Huang told a packed hall…
Read MoreOil prices jumps 4% to 2-month high as tensions rise in Middle East
[NEW YORK] Oil prices rose more than 4 per cent on Wednesday, to their highest in more than two months, after sources said the US was preparing to evacuate its Iraqi embassy due to heightened security concerns in the Middle East. Brent crude futures settled US$2.90, or 4.34 per cent, higher to US$69.77 a barrel. US West…
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