OPEC+ set to make another accelerated oil output hike on Saturday, sources say
LONDON :Eight OPEC+ countries are likely to make another accelerated oil output increase for August at a meeting on Saturday, sources from the producer group told Reuters, as they seek to regain market share.The group, which includes Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan and ...
UOB 'accepts' MAS' decision to impose penalty of $5.6 mil for its anti-money laundering related breaches
Nicole Lim - United Overseas Bank (UOB) says that it accepts the Monetary Authority of Singapore (MAS)’s decision to impose a penalty of $5.6 million on the bank for its anti-money laundering related breaches. The financial regulator announced today that it has imposed composition penalties amounting to $27.45 ...
Southern Alliance Mining denies its involvement in Sabah mining scandal
Nicole Lim - Southern Alliance Mining (SAM) has issued a statement on the alleged involvement of its managing director Pek Kok Sam in a mining scandal in Sabah. The group and Pek “collectively strongly deny and refute the allegations, which are highly defamatory and factually incorrect”, the statement reads. ...
Artificial intelligence rules to go ahead, no pause, EU Commission says
BRUSSELS :The European Union's landmark rules on artificial intelligence will be implemented according to the timeline agreed by legislators and EU countries, the European Commission said on Friday, dismissing suggestions and pressure from some companies and several EU countries for a temporary ...
Pierre Herme grows Asian footprint with mega store in Singapore’s RWS
Jaime Ee - The iconic French pastry chef’s full-concept maison will be the largest in the world
Daily Debrief: What Happened Today (Jul 4)
Stories you might have missed
Keppel REIT increases multicurrency debt issuance programme limit to $2 billion
Nicole Lim - The manager of Keppel REIT has announced the completion of the update of the multicurrency debt issuance programme established on Jan 19, 2009 to increase the limit to $2 billion from $1 billion previously. The updated programme enables both Keppel REIT special purpose vehicle (SPV) and trustee to i ...
Investors eye tariff deadline as US stocks rally
NEW YORK :Investors will be keeping a close eye on tariff headlines out of Washington next week, as a temporary suspension of punitive import levies is set to expire. If that Wednesday deadline passes without an increase in trade tensions, it could prove positive for the markets.Negotiators from mor ...
MAS imposes composition penalties totalling $27.45 mil to nine FIs for AML/CFT breaches
Felicia Tan - The Monetary Authority of Singapore (MAS) has imposed composition penalties amounting to $27.45 million to nine financial institutions (FIs) for breaching the central bank’s anti-money laundering and countering the financing of terrorism (AML/CFT) requirements. The penalties come after the MAS com ...
Singapore shares slip as tariff pause will end soon; STI drops 0.2%
Tay Peck Gek - STI dips to 4,013.62 as decliners beat gainers 282 to 192 across the broader market
Louis Vuitton Korea says systems breach led to some customer data being leaked
SEOUL :Louis Vuitton Korea said on Friday that a systems breach in June led to the leak of some of the luxury brand's customer data including contact information, but did not involve customers' financial information.
Market Focus Weekly: Trump, Tariffs and the Tumble of the US Dollar
Emily Liu - Trade threats. Sliding currencies. Shifting rate expectations. In the debut episode of Market Focus Weekly by The Business Times, host Emily Liu sits down with...
New work group to address foreigners doing delivery jobs illegally, unauthorised hitch services
Sharanya Pillai - It will also look into other challenges that platform workers face, such as a lack of income stability
Credit Suisse, UOB, UBS, Citi among 9 financial institutions penalised S$27 million for roles in S$3b money laundering case
Tan Nai Lun - Julius Baer, LGT and UOB Kay Hian also hauled up; UOB is only local bank on the list
Billion-dollar money laundering case: MAS slaps 9 financial institutions with S$27.45 million in penalties
Credit Suisse, UOB, UBS, UOB Kay Hian and Citibank were among the financial institutions penalised.
Credit Suisse, UOB, UBS, Citi among 9 financial institutions penalised S$27.5 million for roles in S$3b money laundering case
Tan Nai Lun - Julius Baer, LGT and UOB Kay Hian also hauled up; UOB is the only local bank on the list
Deutsche Bank and Temasek's SeaTown join VinFast’s US$510 mil private debt
Megawati Wijaya / Bloomberg - Deutsche Bank AG and SeaTown Holdings International are among the lenders providing a US$510 million ($649.7 million) private credit loan to VinFast Auto Ltd., according to people familiar with the matter. The facility for VinFast, an electric vehicle maker owned by Vietnamese conglomerate Vingroup ...
Bank of Singapore launches new asset allocation framework amid heightened global market volatility
Nicole Lim - The Bank of Singapore has launched a new framework for its clients to build “resilient, long-term investment portfolios”, according to a release. Called the strategic asset allocation framework, the framework has been developed by the bank’s chief investment officer through a year-long study a ...
Info-Tech Systems debuts on SGX Mainboard at 95 cents, closes at 91 cents
Felicia Tan - Shares in Info-Tech Systems debuted on the Singapore Exchange’s (SGX) Mainboard at 95 cents on July 4, 9.2% above its initial public offering (IPO ) price. The company is trading under the stock code “ITS”. The firm offered 24.86 million shares at 87 cents apiece at its IPO, announced the comp ...
Deutsche Bank, SeaTown join VinFast’s US$510 million private debt: sources
The EV maker confirms fundraising to sustain operations
Central banks embrace gold and geopolitical hedging amid uncertain global outlook: UBS
Samantha Chiew - Central banks are increasingly re-evaluating their reserve management strategies as macroeconomic pessimism and geopolitical risks dominate the global landscape. The 31st UBS Annual Reserve Manager Survey, conducted between May and June 2025 with responses from nearly 40 central banks, reveals a mar ...
A*Star, Siemens launch manufacturing R&D collaboration in Asean
Bryan Cheong - The partnership will focus on developing digital and AI-driven solutions to help manufacturers in Singapore and the region transition to more resilient...
Citigroup’s rich clients divert from US to UK despite higher taxes
Trump’s America-first policies spur more wealthy students to apply to top UK universities as elite US colleges face clashes with his administration
Thai telco core profits expected to jump 38% in 2025, outpacing market: Maybank
Young Zhan Heng - Analyst foresees significant cost savings from a recent spectrum auction and rising user revenues as key drivers
ST Engineering unveils $100 subscription-based cybersecurity solution for SMEs
Singapore Technologies Engineering (ST Engineering) is supporting small-and medium-sized enterprises (SME) with the launch of its AI-enabled threat elimination and response (AETHER) service at the group’s fourth Cybersecurity Summit on July 4. The event, which brings together over 1,000 cybersecur ...
ST Engineering unveils $100 cybersecurity solution for SMEs
Singapore Technologies Engineering (ST Engineering) is supporting small-and medium-sized enterprises (SME) with the launch of its AI-enabled threat elimination and response (AETHER) service at the group’s fourth Cybersecurity Summit on July 4. The event, which brings together over 1,000 cybersecur ...
China to impose duties of up to 34.9% on EU brandy, starting Jul 5
SHANGHAI: China's Commerce Ministry issued its final ruling on brandy originating in the European Union on Friday (Jul 4), implementing duties of up to 34.9 per cent for a period of five years starting from Jul 5, 2025, the ministry said in statement. Some companies that had made minimum price ...
China spares major cognac makers from EU brandy dumping duties
SHANGHAI: China spared major cognac producers Pernod Ricard and Remy Cointreau from new duties of up to 35 per cent on EU brandy announced on Friday (Jul 4), provided they sell at a minimum price. China's Commerce Ministry issued its final ruling following an investigation into brandy originati ...
Higher seller’s stamp duty a warning shot to speculators but unlikely to cause market distress
Jessie Lim - Recent spike was due to pandemic construction delays and steep rise in home prices since 2020, say analysts; sub-sale activity tapering off
Pelita Air to operate from T4 when it lands in Singapore, likely using Jetstar premises
Tay Peck Gek - The Indonesian airline could make its inaugural Singapore flight in December
The (licensed) psychologist will see you now
Tessa Oh - Singapore’s push to license psychologists aims to protect patients, but practitioners worry that strict qualification requirements will exacerbate existing service shortages
Higher seller's stamp duty, longer holding period for private homes to have limited impact on market: Analysts
Analysts said the move by the government was to curb short-term flipping of private homes.
Trump says countries to start paying tariffs on Aug 1
So far, his administration has announced deals with the UK and Vietnam, and agreed to a truce with China
Gold heads for weekly gain as US tax-cut bill stokes fiscal worries
GOLD rose on Friday, poised for a weekly gain as investors sought safe-haven assets after the passage of US President Donald Trump’s...
