Posts by Yurie Miyazawa
US$2.4 billion wiped off Adani shares after Hindenburg allegations against regulator
ADANI Group, the Indian conglomerate rocked by a Hindenburg Research report last year, faced another heavy share sell-off on Monday (Aug 12) after the shortseller accused the head of India’s market regulator of having links to offshore funds also used by the group. US$2.43 billion, or 1 per cent, had been wiped off the market…
Read MoreThree Arrows liquidators seek US$1.3 billion over 2022 Luna crash
LIQUIDATORS for the failed cryptocurrency hedge fund, Three Arrows Capital, are seeking at least US$1.3 billion from TerraForm Labs, the bankrupt digital assets business co-founded by Do Kwon, for losses the fund suffered following the 2022 crash of his related TerraUSD and Luna tokens. TerraForm induced Three Arrows to purchase Luna and TerraUSD by manipulating…
Read MoreGoogle wins dismissal of US consumer lawsuit over mobile search
A FEDERAL judge in California has dismissed a lawsuit accusing Google of unlawfully dominating web search on smartphones, but said the consumers should get another chance after a Washington, DC court separately ruled the tech giant spent billions to create an illegal monopoly. US district judge Rita Lin in San Francisco on Aug 9 dismissed…
Read MoreTekka Place on the market, with S$450 million asking price
A BUMPER crop of retail and hospitality assets in Singapore is being offered in the market, with sellers more confident of finding buyers, now that there is light at the end of the tunnel in terms of lower borrowing costs. These assets include Tekka Place, a mixed-use retail and serviced apartment complex owned by a…
Read MoreSea raises seller fees to above TikTok, Temu to lift margins
SEA’S Shopee has raised the commissions it charges merchants in many core markets by about a third since the start of the year, underscoring the South-east Asia e-commerce leader’s renewed attempt of boosting its bottom line. The moves, which have not previously been reported, reflect Sea’s growing confidence it can retain merchants in key markets,…
Read MoreHRnetGroup H1 profit falls 22.8% to S$21.7 million in tough market conditions
FOR its first half ended Jun 30, HRnetGroup posted a 22.8 per cent drop in net profit to S$21.7 million, on a constant currency basis, from S$28.3 million in the previous corresponding period. The recruitment company noted an “extremely tough market” in the period, it said in a regulatory filing on Monday (Aug 12). Earnings…
Read MoreYen dips, markets stabilise ahead of US inflation data
THE yen fell against the US dollar on Monday (Aug 12) in calmer currency market trading after volatile moves last week, while investors weighed the odds of a deep Fed rate cut next month ahead of a slew of US economic data. The respite follows a tumultuous week that began with a massive sell-off across…
Read MoreOpec cuts oil demand growth forecast, highlighting dilemma over Oct hike
OPEC on Monday (Aug 12) cut its forecast for global oil demand growth in 2024 citing softer expectations for China, a reduction that highlights the dilemma faced by the wider Opec+ group in raising production from October. This is the first cut in Opec’s 2024 forecast since it was made in July 2023, and comes…
Read MoreChina’s top utility completes world’s biggest pumped hydro plant
STATE Grid of China has completed the world’s biggest pumped hydro plant as the nation ramps up its green energy capabilities. The last of 12 units at the Fengning plant started commercial operations on Sunday (Aug 11), the official China Energy News reported. Two units have variable-speed technology – the first of its kind in…
Read MoreSingapore stocks decline amid shift in interest rate expectations; STI down 0.8%
SINGAPORE stocks fell on Monday (Aug 12) amid a regional rally after intense market volatility last week. The Straits Times Index (STI) fell 0.8 per cent or 26.45 points to 3,235.38. Across the broader market, gainers beat losers 322 to 231 after 1.1 billion securities worth S$1.3 billion changed hands. On the other hand, Asian…
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