Posts by Yurie Miyazawa
Hong Kong stocks plunge more than 9%, biggest fall in 16 years
Hong Kong’s Hang Seng Index dived 9.41%, or 2,172.99 points, to 20,926.79. Hong Kong stocks plunged more than nine per cent on Tuesday (Oct 8), their biggest fall in 16 years, after China left investors disappointed by a lack of new stimulus and few details about measures announced last month. Hong Kong’s Hang Seng Index…
Read MoreSaudi fund trims Nintendo stake after saying it wants more
Its ownership in the company falls to 7.54% from 8.58%, a filing to Japan’s finance ministry shows SAUDI Arabia’s sovereign wealth fund has disclosed that it sold down its stake in Nintendo, days after a senior executive said it was considering deploying more capital into the Kyoto-based game company. The Arab Gulf country’s Public Investment…
Read MoreYuan drags Asian currencies as China’s spending plans disappoint
CHINA’S onshore yuan had its worst day in more than a year after a week-long break, fuelling a broader weakening among Asian currencies as traders rolled back bets on the world’s second-largest economy. The onshore yuan dropped as much as 0.9 per cent against the greenback on Tuesday (Oct 8), its worst performance since June…
Read MoreMalaysia hopes EU legislators will be more accommodating on sustainable policies
MALAYSIA said on Tuesday (Oct 8) that it hopes European lawmakers will be “more accommodative” on sustainable policies, following a European Commission proposal to delay the implementation of a law that would ban imports of products linked to deforestation. The proposed one-year delay would help give producing countries time to take the necessary steps to…
Read MoreBattery maker LG Energy profit declines as global EV sales slump
THE global slowdown in electric vehicle (EV) sales has hit LG Energy Solution, with the Korean battery maker’s third-quarter profit falling almost 40 per cent. Operating profit for three months ended Sep 30 was 448.3 billion won (S$433 million), according to preliminary results released on Tuesday (Oct 8). While that was higher than analyst estimates…
Read MoreChina’s WuXi AppTec to raise US$500 million in convertible bond sale as US restrictions loom
CHINA’S WuXi AppTec will raise US$500 million in a convertible bond sale, according to a regulatory filing on Tuesday (Oct 8), a month after the US passed rules to restrict business with the firm on national security grounds. Wuxi Apptec said the proceeds raised in the deal would be used to fund the Shanghai-headquartered biotech…
Read MoreSingapore shares open higher on Tuesday; STI up 0.1%
SINGAPORE shares began Tuesday (Oct 8) in positive territory after US equities fell overnight. As at 9.01 am, the Straits Times Index (STI) was up 0.1 per cent or 4.22 points to 3,603.41. Across the broader market, losers outnumbered gainers 65 to 64 after 88.5 million securities worth S$80.6 million changed hands. Chinese agritech company…
Read MoreStocks to watch: Silverlake Axis, OUE Healthcare
THE following companies saw new developments that may affect trading of their securities on Tuesday (Oct 8): Silverlake Axis: The enterprise technology company lost its free float as less than 10 per cent of its shares are publicly-held and no longer meets the Singapore Exchange free-float requirement, it said on Monday evening. It added that…
Read MoreSaudi Arabia’s PIF to take 40% share in Selfridges stores
SAUDI Arabia’s Public Investment Fund (PIF) is set to become a minority partner in department store chain Selfridges after buying out the position of the now-insolvent Signa Group. The PIF will take a 40 per cent stake in both the properties and the operating businesses of Selfridges, according to an e-mailed statement from the current…
Read MoreBank of Korea eyes first policy pivot in years on signs of cooling property
THE Bank of Korea (BOK) is expected this week to conduct a long-awaited policy pivot, joining global peers in embarking on an easing cycle after the housing market showed signs of cooling and inflation eased below its target. Twenty of 22 economists surveyed by Bloomberg forecast the central bank will cut its benchmark interest rate…
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