Business

camila September 28, 2021

SINGAPORE (REUTERS) – BlackRock and Royal Bank of Canada’s BlueBay Asset Management are among asset managers exposed to embattled developer China Evergrande Group, while TCW and HSBC funds have closed positions, researcher Morningstar said. In an analysis Morningstar published on Sept 24, Morningstar also said UBS Group and London-based Ashmore Group funds retained significant holdings […]

camila September 28, 2021

BENGALURU (REUTERS) – The East Asia and Pacific region’s recovery has been undermined by the spread of the Covid-19 Delta variant, which is likely slowing economic growth and increasing inequality in the region, the World Bank said on Monday (Sept 27). Economic activity began to slow in the second quarter of 2021, and growth forecasts […]

camila September 28, 2021

WASHINGTON (BLOOMBERG) – The resignation of two Federal Reserve chiefs amid a stock-trading scandal means an unexpected number of top monetary-policy jobs are coming up for grabs – and there’ll likely be an unusually intense spotlight on who fills them. Eric Rosengren and Robert Kaplan, presidents of the Fed branches in Boston and Dallas, announced […]

camila September 28, 2021

SHANGHAI (REUTERS) – Goldman Sachs has cut China’s economic growth forecast for 2021 to 7.8 per cent, from 8.2 per cent, as energy shortages and deep industrial output cuts add “significant downside pressures”, it said in a note on Tuesday (Sept 28). The power supply crunch, brought about by environmental controls, supply constraints and soaring […]

camila September 28, 2021

DETROIT (REUTERS) – Ford Motor and its South Korean battery partner SK Innovation will invest US$11.4 billion (S$15.4 billion) to build an electric F-150 assembly plant, and three battery plants in the United States, accelerating the No. 2 US automaker’s push into electric vehicles. Ford also said on Monday (Sept 27) it now expects to […]

camila September 28, 2021

DONGGUAN (NYTIMES, BLOOMBERG) – China’s energy crisis is shaping up as the latest shock to global supply chains as factories in the world’s biggest exporter are forced to conserve energy by curbing production. The disruption comes as producers and shippers race to meet demand for everything from clothing to toys for the year-end holiday shopping […]

camila September 28, 2021

KUALA LUMPUR (REUTERS) – Malaysia’s AirAsia X on Monday (Sept 27) posted a record quarterly loss of RM24.6 billion (S$7.95 billion), eight times more than a year ago, as a multi-billion-dollar provision to cover debts drove operating costs higher. It was the ninth loss in succession for the airline, an affiliate of AirAsia Group. The […]

camila September 28, 2021

NEW YORK (REUTERS) – The S&P 500 and Nasdaq indexes ended lower on Monday (Sept 27) with investors pivoting to value as tech shares, hurt by rising Treasury yields, weighed on equities in the quarter’s final week. Of the three major US stock indexes, only the blue-chip Dow Jones Industrial Average closed in positive territory, […]

camila September 27, 2021

HONG KONG (BLOOMBERG) – China may be diving head first into a power supply shock that could hit Asia’s largest economy hard just as the Evergrande crisis sends shockwaves through its financial system. The crackdown on power consumption is being driven by rising demand for electricity and surging coal and gas prices as well as […]

camila September 27, 2021

NEW YORK (BLOOMBERG) – Oil gained at the start of the week’s trading on signs that the crude market is tightening because of the global energy crunch. West Texas Intermediate closed in on US$75 a barrel after a run of five weekly gains, while Brent hit the highest level since October 2018. Inventories have been […]

camila September 27, 2021

SEOUL (BLOOMBERG) – In the world of finance, leveraged buyouts are sometimes seen as controversial – the domain of fictional villain Gordon Gekko from the movie Wall Street – where firms borrow large sums of money to buy their targets. But Mr Kyungsun Chung, a grandson of the Hyundai Motor empire founder Chung Ju Yung, is […]

camila September 27, 2021

HONG KONG (BLOOMBERG) – China Evergrande Group’s electric car unit will not proceed with its proposed issue of yuan-denominated shares on the Science and Technology Innovation Board of the Shanghai Stock Exchange, according to a filing to the Hong Kong stock exchange. The Hong Kong-listed unit of troubled China Evergrande Group and Haitong Securities have […]

camila September 27, 2021

SINGAPORE – Contractors in Singapore could face yet another hurdle next month, after the temporary relief period protecting them from claims and other legal proceedings expires. Lawyers told The Straits Times that there are signs of lawsuits brewing, with contractors preparing for contract disputes when the relief period under the Covid-19 (Temporary Measures) Act ends […]

camila September 27, 2021

SINGAPORE – Manpower and building material costs in the construction sector have spiked since the Covid-19 pandemic began, delaying projects and hitting the cash flow for companies in the supply chain. Here are the main costs companies are grappling with: 1. Salaries Before the pandemic, a basic-skilled worker earned about $800 a month, The Straits […]

camila September 27, 2021

SINGAPORE – The recent tie-ups between Singapore’s PayNow service and similar systems in Thailand and India is set to bring more competition to the cross-border payments scene. That prospect does not seem to daunt existing players in the sector, who told The Straits Times that they welcome the developments and are beefing up their operations […]

camila September 27, 2021

SINGAPORE – If you did not know what Evergrande was about a month or two ago, you would have had more than your fill over the past week. The debt saga involving the China-based property giant has hogged the headlines all week and rattled market sentiment, not just in China and Hong Kong, but in […]

camila September 26, 2021

SINGAPORE – Finance industry executive Lawrence Chan could probably write a book about the long-term value of bricks and mortar as an investment, but two phrases sum it up – capital gains and recurring rental income. As Mr Chan, 52, notes: “Land is scarce in Singapore and historical data has proven that real estate appreciates […]

camila September 26, 2021

SINGAPORE – Many love stories start with the usual courtship rituals, but this boy-meets-girl tale ended especially badly with an unusual twist. That the twist involved money should not come as a total surprise, of course, given the Singapore Dream often involves a property and that in turn always involves big bucks. Please subscribe or […]

camila September 26, 2021

SINGAPORE – Many of us have more than one credit card, but having piles of plastic does not mean you have more back-up credit lines if you have busted on one. Here are four things about debt you should know. Please subscribe or log in to continue reading the full article. Get unlimited access to […]