Posts by Stephanie Irvin
HSBC chair Tucker to return to Asia insurer AIA after overseeing bank overhaul
HSBC Holdings’ high-profile chairman Mark Tucker will return to the insurance sector as chair of Hong Kong-based AIA Group, after having presided over top management changes and navigated Sino-US tensions at the Asia-focused lender. Tucker will depart HSBC by Sep 30 and will step into the role of AIA chairman on Oct 1, the two…
Read MoreBroadcom gives tepid forecast, missing loftiest expectations
BROADCOM, a chip supplier to companies like Alphabet and Apple, gave a lackluster revenue forecast for the current quarter, suggesting that the AI spending frenzy isn’t as strong as some investors anticipated. Sales will be about US$15.8 billion in the fiscal third quarter, which ends Aug 3, the company said in a statement on Thursday.…
Read MoreOCBC seeks to delist Great Eastern with new offer at $30.15 per share
[SINGAPORE] OCBC has made a S$0.9 billion conditional exit offer at $30.15 per share for the 6.28 per cent stake in Great Eastern it does not own, in a bid to delist the insurer. The offer, which OCBC said on Friday (Jun 6) was made “at the request of Great Eastern”, will resolve the latter’s 11-month…
Read MoreTrafigura flags trading headwinds as payouts outstrip profit
TRAFIGURA Group warned that market volatility may not translate to opportunities for its traders, as the commodity giant reported first-half results that showed its dividend payments exceeded net profit. US President Donald Trump’s trade war in the last couple of months has ignited sharp price swings and market dislocations — typically conditions that commodity traders…
Read MoreTrump-Musk row slams Tesla shares, US$150 billion in market value wiped out
TESLA shares went into free-fall on Thursday as President Donald Trump publicly feuded with the electric vehicle maker’s billionaire CEO Elon Musk, his self-proclaimed “First Buddy.” Investors watched the unfolding drama with growing worry about what the fracas could mean for Musk’s business empire. The carmaker’s shares ended the day down 14 per cent, wiping…
Read MoreUS: Wall Street opens higher as investors focus on trade, key jobs data
Published Thu, Jun 5, 2025 · 09:42 PM [NEW YORK] US stock indexes opened higher on Thursday (Jun 5) after signs of tariff negotiations between the US and China, while investors looked ahead to a key jobs report to gauge the health of the labour market amid trade uncertainties. The Dow Jones Industrial Average rose…
Read MoreStanChart brings maximum interest rate on savings account to record 8.05%
[SINGAPORE] While local banks are dropping their interest rates on savings accounts, Standard Chartered Bank (StanChart) has raised its rates to an all-time high. Its revised interest rates, which took effect on Jun 1, is a two percentage point increase to 8.05 per cent, from 6.05 per cent previously. This is the highest rate available…
Read MoreMalaysia’s Petronas to cut more than 5,000 jobs after profits slump
The state-owned oil firm will also freeze promotions and hiring until December 2026 Published Thu, Jun 5, 2025 · 05:46 PM Malaysia’s state-owned oil firm will reduce headcount by upward of 5,000 people, Petronas chief executive officer Muhammad Taufik said in a briefing in Kuala Lumpur on Thursday (Jun 5). It will also freeze promotions…
Read MoreAcrophyte Hospitality Trust proposes disposal of Michigan hotel for US$6.7 million
[SINGAPORE] Acrophyte Hospitality Trust has proposed the disposal of a hotel in the US city of Auburn Hills in Michigan for a consideration of around US$6.7 million, said managers of the stapled group on Thursday (Jun 5). Through its indirect wholly owned subsidiary ARA USH Chicago, the stapled group on Wednesday entered into a conditional…
Read MoreRBI set to deliver third straight rate cut to lift growth
[NEW DELHI] India’s central bank will likely cut interest rates for the third straight meeting to boost growth, with market watchers focused on the extent of easing in this cycle. The Reserve Bank of India will lower the benchmark repurchase rate by 25 basis points to 5.75 per cent, according to all but one of…
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