Posts by Yurie Miyazawa
Cloud firm Snowflake seeks US$2 billion in convertible bonds
SNOWFLAKE is seeking to raise US$2 billion from the sale of convertible bonds. The data analytics provider is offering two tranches of US$1 billion each in a private placement, according to a statement on Monday (Sep 23). Snowflake is marketing its convertible senior notes due 2027 and 2029 respectively with a coupon of 0 to…
Read MoreVisa faces Justice Department antitrust case on debit cards
THE US Justice Department plans to allege that Visa illegally monopolised the US debit card market, according to people familiar with the matter. The antitrust division is set to file a lawsuit as soon as Tuesday accusing the operator of the largest US payments network of a range of anticompetitive conduct, said the people, who asked…
Read MoreOil settles lower on weak euro zone business activity
OIL prices closed lower on Monday as worries about demand were compounded by disappointing euro zone business activity and a weak Chinese economy. Brent crude futures for November settled 59 cents lower, or 0.8 per cent, to US$73.90 a barrel, while US crude futures for November fell 63 cents, or 0.9 per cent, to US$70.37. Euro…
Read MoreRetailer Miniso to buy stake in China’s Yonghui for 6.27 billion yuan
LOW-COST retailer Miniso Group Holding plans to acquire a significant stake in supermarket chain operator Yonghui Superstores for 6.27 billion yuan (S$1.1 billion) to build on its presence in China. “The acquisition will expand the group’s investment and operational channels in the daily necessities retail business, enabling the group to diversify its cyclical business risks,…
Read MoreGiant owner DFI to sell Shanghai-listed Yonghui to Miniso for 4.5 billion yuan
DFI Retail Group plans to divest its entire stake in Shanghai-listed Yonghui Superstores, amounting to 1.9 billion shares in the Chinese supermarket operator, to low-cost retailer Miniso. The group estimates the transaction to result in about 4.5 billion yuan (S$823.6 million) in gross cash proceeds. On Monday (Sep 23), DFI Retail said the deal aligns…
Read MoreUS moves to bar Chinese, Russian tech from connected vehicles
The US Commerce Department moved on Monday (Sep 23) to ban the sale of connected vehicles incorporating Chinese and Russian technology, citing national security risks. The proposed rule is part of President Joe Biden’s hardening approach to the world’s second-biggest economy and comes after an announcement in February of a probe into security risks posed…
Read MoreExtended incentives encourage EV take-up, but demand for hybrids may soften: industry
RECENT tweaks to two clean-vehicle schemes show Singapore’s commitment to electric vehicles (EVs) – but possibly at the expense of hybrids, said industry players. Authorities said last Friday (Sep 20) that the EV Early Adoption Initiative (EEAI) will be extended past its end-2024 expiry for another year, till end-2025. Under the EEAI, buyers of electric…
Read MoreEuropean banks are factoring climate risks into loans, says ECB
EUROPEAN banks are factoring climate risks into the terms of mortgages they grant, although they do not fully grasp the potential costs, according to their top regulator. The European Central Bank (ECB) found that loans secured by real estate in “high climate risk areas” were more expensive than loans with the same characteristics in “safer”…
Read MoreBNP Paribas to buy German private banking unit from HSBC
HSBC has been exploring the sale of various businesses in Europe’s largest economy BNP Paribas has signed an agreement with HSBC Holdings to buy the UK-based lender’s private banking operations in Germany, according to a statement on Monday (Sep 23). Adding the unit will take assets under management in BNP Paribas’ local wealth management business…
Read MoreBig UK investors poised to buy the dip in US property
BRITISH investment managers Legal & General (L&G) and Schroders are to invest hundreds of millions of US dollars in commercial property in the United States, but are largely steering clear of the hard-hit office sector, the companies said. The fund managers, which oversee more than £1.9 trillion (S$3.3 trillion) of assets between them, said they…
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