Top Thai court suspends PM Paetongtarn in ethics violation case
Patpicha Tanakasempipat / Bloomberg - Thailand’s constitutional court has temporarily suspended prime minister Paetongtarn Shinawatra from office until it rules on a petition seeking her ouster for alleged ethical violations — the biggest blow yet to her less-than one-year-old government. Paetongtarn’s powers will be suspended fro ...
From banks to tech: Job cuts and layoffs for 2025
Bryan Cheong - Asia is not spared, with Standard Chartered and Procter & Gamble reviewing roles in Singapore
Two Chinese chip firms plan US$1.7 billion IPOs, bet US export curbs to spur growth
BEIJING: Two Chinese artificial intelligence chip startups are seeking to raise a combined 12 billion yuan (US$1.65 billion) in initial public offerings, hoping US curbs on advanced chip sales to China will boost local demand for their products, their filings show. Beijing-based Moore Threads plans ...
SUTD launches new office of AI and Digital Innovation to foster Design AI skills in students
Chloe Lim - It is a department dedicated to drive curriculum, innovation and talent development
Liquidators file legal proceedings against Standard Chartered Bank over 1MDB fraud
[KUALA LUMPUR] Liquidators seeking to recoup misappropriated funds from Malaysia’s sovereign wealth fund 1MDB have initiated legal proceedings against Standard Chartered Bank...
Standard Chartered faces US$2.7 billion lawsuit over alleged role in 1MDB fraud; bank ‘emphatically rejects’ claims
Jude Chan - The move is the latest in a wide-ranging effort to recover money belonging to 1Malaysia Development Berhad
Standard Chartered Bank faces US$2.7 billion lawsuit over alleged role in 1MDB fraud
The move is the latest in a wide-ranging effort to recover money belonging to 1Malaysia Development Berhad
China raises quota for foreign investment, ending 13-month pause
The QDII programme allows local institutional investors who meet certain conditions to buy foreign securities, bonds, and commodities within their prescribed limit
Landmark EU tech rules holding back innovation, Google says
[BRUSSELS] Alphabet’s Google will on Tuesday warn EU antitrust regulators and its critics that landmark European Union rules aimed at reining in...
Chinese automakers grab record hybrid market share in Europe
EV sales are now back to mid-2024 levels, before the European Union introduced tariffs on Chinese-made electric cars
Renault to report $11.2 billion loss on Nissan stake in first half
PARIS :French carmaker Renault said on Tuesday it will report an estimated 9.5 billion euro ($11.20 billion) non-cash loss on its stake in Nissan Motor in the first half after changing the way it accounts for the investment.Renault, which holds a 35.7 per cent stake in Nissan, said in the future, an ...
Renault to report US$11.2 billion loss on Nissan stake in first half
PARIS: French carmaker Renault said on Tuesday (Jul 1) it will report an extraordinary loss of about €9.5 billion (US$11.2 billion) on its stake in Nissan Motor in the first half after changing the way it accounts for the investment. The change comes as the two companies loosen their ties and adju ...
Renault to report $11 billion loss on Nissan stake in first half
PARIS :French carmaker Renault will report an extraordinary loss of about 9.5 billion euros ($11 billion) on its stake in Nissan Motor in the first half, it said on Tuesday, writing down its years-long investment in the Japanese firm that is battling slumping sales.The move is a further loosening of ...
Chinese money fires up Hong Kong shares
Institutional money is gushing in too, causing the gap in dual-listed stocks to compress, although China’s capital controls ensure some variance remains
Indonesian annual inflation at 1.87% in June, just above expectations
JAKARTA :Indonesia's annual inflation rate was 1.87 per cent in June, the statistics bureau said on Tuesday, just above market expectations.A Reuters poll of analysts had expected an annual inflation rate of 1.80 per cent in June. Bank Indonesia has a target range of 1.5 per cent to 3.5 per cen ...
Liquidators seeking US$2.7 bil from Standard Chartered in lawsuit over 1MDB, FT reports
Felicia Tan - Liquidators seeking to recover funds from Malaysia’s investment fund, 1Malaysia Development Berhad (1MDB), have filed a claim for US$2.7 billion ($3.43 billion) against Standard Chartered, reported the Financial Times on July 1. According to a press release issued on the same day, the liquidators ...
Taiwan life insurers caught in dilemma with costly FX hedges
Chien-Hua Wan and Masaki Kondo / Bloomberg - Taiwan’s life insurers were caught flat-footed when the local dollar surged in May, with the latest data suggesting that elevated hedging costs have hampered efforts to mitigate currency risks. Major Taiwanese life insurers’ hedging against foreign currency volatility stood at 47.2% of their ove ...
Indonesian exports rise 9.7% in May, statistics bureau says
JAKARTA :Indonesia's exports rose 9.68 per cent in May from a year earlier to $24.61 billion supported by increased shipments of vegetable oils and steel, the statistics bureau said on Tuesday.The increase in exports was higher than the median forecast in a Reuters poll of a 0.40 per cent rise. ...
Indonesia exports surge ahead of tariff talk deadline, inflation subdued
JAKARTA: Indonesia's exports surged in May ahead of a looming decision on threatened hefty US tariffs, data showed on Tuesday (Jul 1), while inflation remained low in June and analysts said there was room for the central bank to cut rates again to support the economy. Exports rose 9.68 per cent ...
Meta deepens AI push with 'Superintelligence' lab, source says
Meta CEO Mark Zuckerberg has reorganised the company's artificial intelligence efforts under a new division called Meta Superintelligence Labs, according to a source on Monday (Jun 30). The division will be headed by Alexandr Wang, former CEO of
Baidu appoints Haijian He as CFO
Chinese search engine giant Baidu said on Tuesday that Haijian He has been appointed as chief financial officer of the company, effective immediately.Junjie He, who was serving as the interim CFO since October last year, will now assume a senior vice president role, the company said.
Two property agents fined for involvement in S$3 billion money laundering case
Jessie Lim - One faces S$5,000 fine over an industrial property sale, while the other was fined S$2,000 for a commercial property transaction
US Treasuries get vote of confidence from Korea’s wealth fund
South Korea’s US$206.5 billion ($262.69 billion) sovereign wealth fund is standing by US Treasuries as a core holding, undeterred by recent market volatility. “We are happy to invest in US Treasuries in a sense that the bonds give very strong liquidity and stable returns,” regardless of short- ...
Shell-led LNG Canada ships first cargo to meet Asian demand
Anna Shiryaevskaya, Mitchell Ferman and Ruth Liao / Bloomberg - Shell has started exports from Canada’s first liquefied natural gas project, helping to meet rising Asian demand and extending its position in the global LNG market. The first cargo from the plant in British Columbia was loaded on the vessel Gaslog Glasgow. Operator LNG Canada Development said on ...
Asia: Stocks rise on trade deal hopes, Tokyo hit by tariff warning
[HONG KONG] Asian stocks rose on Tuesday amid optimism countries will strike US trade deals, though Tokyo’s Nikkei sank after Donald Trump...
Keys to blending AI agents and human employees for business growth
Nurdianah Md Nur - Integrating human and artificial intelligence (AI) is on track to become a standard operating procedure in workplaces across Asia Pacific. Human resource (HR) leaders in the region expect a 450% increase in AI agent adoption by 2027, up from just 10% today, according to Salesforce. These AI agen ...
Three senior Mizuho FX/rates traders exit in Singapore, London
[SINGAPORE] Three senior executives have left Mizuho Financial Group’s foreign-exchange and rates trading teams in Singapore and London, according to sources familiar...
RHB stays ‘underweight’ on rubber products; Riverstone ‘well-positioned’ to weather headwinds
Douglas Toh - The team at RHB Bank Singapore (RHB) are staying “underweight” on the rubber products sector, after noting that the Department of Statistics Malaysia (DOSM) reported a 6% m-o-m contraction in May export volume. The drop is a 21-month low following a 22% m-o-m decline in April. With this, the tot ...
Maybank keeps ‘buy’ on CSE Global, raises target price by 21%
Ruth Chai - With Trump pushing companies to set up US factories and build more data centres, Mainboard-listed CSE Global will likely be a key beneficiary of these megatrends, says Maybank Securities analyst Jarick See. CSE, a systems integrator providing electrification, communications and automation solutions, ...
KKR starts financial advisory platform to widen choices for Singapore consumers
Ranamita Chakraborty - Ascend Asia has onboarded finexis as a member firm, ahead of the completion of its acquisition by the third quarter of this...
PwC Singapore appoints 11 new partners across different practices
Bryan Cheong - They span a wide range of sectors, including financial services, technology, healthcare, logistics and real estate
Solar, wind industries see existential threat in Senate tax bill
Michelle Ma / Bloomberg - As Senate Republicans debate US President Donald Trump’s tax and spending bill, renewable energy companies are reeling at what looks like a worst-case scenario for the industry. The latest version of the Senate bill includes a new excise tax on wind and solar projects with certain Chinese componen ...
Seniors can claim S$800 SG60 vouchers from July 1; adults to get S$600 in vouchers from July 22
[SINGAPORE] Singaporean seniors aged 60 and above can now claim S$800 worth of SG60 vouchers, while other adults aged between 21 and...
S’pore, global markets focused on July 9, when US tariff pause ends: CGSI
Jovi Ho - The MSCI Singapore Free SGD index (SIMSCI) ended June at 409.26 points, up 2.54 points m-o-m, or 0.62%; having set another high in early-June before giving up some gains in the subsequent weeks. The Singapore and global markets will focus on the US tariff reprieve, which is set to expire on July 9, ...
