Posts by Yurie Miyazawa
STI dips 0.1% on Thursday as regional central banks hold rates steady
SINGAPORE shares fell on Thursday (Jun 20) as central banks in the region maintained their benchmark lending rates. The People’s Bank of China left its one-year loan prime rate at 3.45 per cent, and its five-year rate at 3.95 per cent. Meanwhile, Bank Indonesia maintained its interest rate at 6.25 per cent. It also left…
Read MorePassenger car COE premiums bounce back after previous round’s drop
CERTIFICATE of Entitlement (COE) prices for the two passenger car categories in June’s second round of bidding have bounced back after a significant drop in the previous round. But unlike June’s first round of bidding, which saw COE premiums for all categories fall, results were mixed this time around. Premiums for motorcycles saw a small…
Read MoreChina orders small banks to curtail wealth management business, sources say
The latest instruction also requires some small banks to reduce their wealth management business activities by the end of this year China’s banking regulator has given small banks a 2026 deadline to stop selling wealth management products unless they have a separate wealth subsidiary in a bid to curb financial risks, three people with knowledge…
Read MoreSingapore flags corporate service providers, real estate among non-bank money laundering risks
CORPORATE service providers, real estate, casinos as well as precious stones and metals are among the non-banking sectors that pose higher money laundering risks to Singapore, indicated the updated Money Laundering National Risk Assessment published on Thursday (Jun 20). The banking sector, which includes wealth management, was assessed to pose the highest money-laundering risk to…
Read MoreSoftBank’s Masayoshi Son is ready for next big bet after hiatus
SOFTBANK Group founder Masayoshi Son declared he’s ready to swing for the fences when he makes his next big tech bet, suggesting the Japanese conglomerate is on the cusp of making a major investment in artificial intelligence (AI). The billionaire warned his next big endeavour could be a big hit or a bad flop –…
Read MoreFrasers Hospitality debuts in Taiwan with over 200-key Taipei serviced apartment
FRASERS Hospitality, a strategic business unit of Frasers Property, announced on Thursday (Jun 20) its entrance into Taiwan with its premium serviced apartment, in partnership with Taiwanese real estate developer Hongtai Group. Fraser Residence Taipei, which will offer more than 200 suites ranging from one to three bedrooms, is due to open in 2027. The…
Read MoreForwards become Malaysia’s favoured tool for boosting the ringgit
MALAYSIA’S central bank has been increasingly using currency forwards to support the ringgit, easing pressure on its foreign-exchange reserves. Bank Negara Malaysia’s net forward FX position widened to negative US$27.7 billion in April – reflecting a record net short position its the forward books – showing a preference for using that avenue to bolster its…
Read MoreGold edges higher as weak US data lifts Fed rate-cut bets
GOLD prices edged higher on Thursday (Jun 20) as lacklustre US economic activity fuelled expectations that the Federal Reserve would cut interest rates this year. Spot gold was up 0.2 per cent at US$2,331.38 per ounce, as at 0126 GMT. US gold futures edged 0.1 per cent lower to US$2,345.00. With recent data showing moderation…
Read MoreFormer hedge fund trader builds US$135 million burrito fortune
WHEN Steven Marks moved to Australia in the early 2000s, he was struck by the quality of Mexican food. It was, in his opinion, dismal. The Long Island native, a veteran of Steven Cohen’s SAC Capital and later Cheyne Capital, was so appalled with the burritos and tacos that he resolved to start his own…
Read MoreCiti sees AI displacing more finance jobs than any other sector
CITIGROUP said artificial intelligence (AI) is likely to displace more jobs across the banking industry than in any other sector as the technology is poised to upend consumer finance and make workers more productive. About 54 per cent of jobs across banking have a high potential to be automated, the bank said on Wednesday (Jun…
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