3 days ago
India in talks to create bigger banks, including via mergers, finance minister says
India has 12 state-owned banks, which together hold assets totalling 171 trillion rupees (S$2.51 trillion) as of March
Business Headlines & Market News
Business Headlines and Stock Market News by Singapore Financial News Publishers
3 days ago
Connecting Asean with Project Nexus
Goola Warden - Project Nexus marks a major step forward in cross-border payments. Its multilateral approach boosts payment connectivity, offering greater efficiency and network effects than earlier bilateral links. Nexus has strong potential to advance cross-border payments in three areas: global connectivity, enh ...
3 days ago
Bank of Canada plans 10% job cuts as PM Carney moves to trim expenses
The central bank is committed to achieving a 15% total budget reduction over the 2026 to 2028 period
3 days ago
Beng Kuang Marine profit before tax up 19.3% y-o-y to $4.52 mil for 3QFY2025, but revenue declined 2.9% y-o-y
Nicole Lim - Beng Kuang Marine has reported a profit before tax of $4.52 million for the 3QFY2025 ended Sept 30, up 19.3% y-o-y. For the 9MFY2025, profit before tax declined 11.3% y-o-y to $13.58 million. Revenue for 3QFY2025 came in 2.9% y-o-y lower at $25.99 million, and 11.4% y-o-y lower for 9MFY2025 at $76.7 ...
3 days ago
Why refinement will power the real revolution in banking
Nurdianah Md Nur - Dear readers, The payments revolution is real. AI agents will soon shop on our behalf. Stablecoins are processing trillions each year. Real-time networks are connecting across the Asia Pacific. Yet, none of these matters if banks cannot strengthen their foundations fast enough to support them. Banki ...
3 days ago
Far East Orchard’s 9M profit more than doubles to S$37.6 million
Low Youjin - The sharp increase is mainly driven by one-off gains of S$24.9 million
3 days ago
OCBC engineers the bank of the future with AI and quantum
Nurdianah Md Nur - Oversea-Chinese Banking Corporation (OCBC) is transforming itself into a digitally advanced powerhouse where cutting-edge technology supports highly personalised customer relationships that once relied on face-to-face meetings with branch managers. Long relegated to back-office support, technology n ...
3 days ago
EPAM raises 2025 forecasts on strong IT services spending
EPAM Systems raised its annual earnings forecast for the third time this year as businesses spend more to modernize their systems for artificial intelligence, sending shares of the IT consultancy firm 4 per cent higher in premarket trading on Thursday.Enterprises overhauling their legacy systems in ...
3 days ago
States seek extension of e-commerce tariff moratorium at WTO
GENEVA :A group of states is seeking to extend a World Trade Organization agreement to refrain from placing customs duties on digital transmissions, a World Trade Organization document showed on Thursday.The proposal submitted by Barbados on behalf of a group of African, Caribbean and Pacific states ...
3 days ago
Metro set to gain $4.1 mil from portfolio holdings’ divestment in a retail property in Western Australia
Nicole Lim - Metro Holdings is divesting its stake in a retail property in Western Australia through its holdings in a portfolio of property holdings, and is set to gain $4.1 million. Metro owns a 30% stake in a portfolio of 18 freehold properties in Australia, through its ownership of 30% of units in SLH Proper ...
3 days ago
Sustainable investing’s necessary rebranding
Jovi Ho - The idea of “traditional ESG”, or sustainable investing, has been “sufficiently discredited” in America, says former US Secretary of State John Kerry. “You just don’t hear people talking about it anymore — not the politicians, not the business leaders.” This comes after decades of ...
3 days ago
ESPN taps DraftKings as sports-betting partner after ending PENN deal
ESPN signed a new deal making DraftKings its official betting site and odds provider, after ending a U.S. online sports betting partnership with casino operator PENN Entertainment.Starting December, online sports betting company DraftKings' sportsbook and daily fantasy contests will be added ac ...
3 days ago
ESPN and PENN Entertainment to end US sports betting partnership early
PENN Entertainment and Walt Disney's ESPN have agreed to end their exclusive U.S. online sports betting partnership, effective December 1, the companies said on Thursday.The termination cuts short a 10-year deal signed in August 2023, under which ESPN got $150 million annually for providing PEN ...
3 days ago
ESPN, PENN Entertainment to end US sports betting partnership early
Casino operator PENN Entertainment and ESPN have agreed to end their exclusive U.S. online sports betting partnership, effective December 1, the companies said on Thursday.The move cuts short a 10-year deal signed in August 2023, under which Walt Disney's majority-owned ESPN got $150 million an ...
3 days ago
UOB TMRW connects consumers across Asean
The Edge Singapore - Asean is one of the most digitally connected regions globally. According to AseanStats 2024, more than 80% of the population were internet users in Asean, with the exception of Indonesia and Laos. Malaysia, Thailand and Singapore — with a total population of more than 110 million — had more than ...
3 days ago
DHL adjusts to shifting US trade rules, calls Asia its ‘second home’: CEO
The logistics firm’s CEO Tobias Meyer tells CNA that Asia remains a key focus, even as US trade rules weigh on global shipments.
3 days ago
A decade with the SFF
Goola Warden - The Singapore FinTech Festival (SFF) celebrates its 10th anniversary this year on Nov 12-14. More than a forum for ideas and innovation, each year SFF highlights a theme — from financial inclusion and sustainability to AI, quantum computing and digital assets — driving economic growth regionally ...
3 days ago
Bank of England keeps rates on hold in knife-edge vote that hints at cut soon
It voted 5-4 to keep the central bank’s benchmark Bank Rate at 4.0%
3 days ago
PathFin.ai helps financial institutions turn AI ambition into reality
Nurdianah Md Nur - Artificial intelligence (AI) and generative AI investments in the Asia Pacific are projected to grow at a CAGR of 24% to reach US$110 billion ($143 billion) by 2028, according to market research firm International Data Corp. The region’s banking sector alone is expected to increase digital transfo ...
3 days ago
Beng Kuang Marine awarded new projects worth $15.9 mil, boosting aggregate contract value awarded to $22.1 mil to date
Nicole Lim - Beng Kuang Marine has been awarded new projects with a total contract value of $15.9 million, boosting aggregate contract value awarded to $22.1 million to date. The group was awarded new projects of deck equipment and shipbuilding with contract values of $8.1 million and $7.8 million respectively. ...
3 days ago
How HSBC’s collaborative strategy aims to future-proof trust in banking
Nurdianah Md Nur - Since 1865, HSBC has made trust its core value. This focus now drives its efforts to secure digital trust as quantum computing and artificial intelligence (AI) transform the industry. “Technologies like AI and quantum are already reshaping the financial services landscape. Today, AI is helping ban ...
3 days ago
Metropolis raises $1.6 billion to expand beyond AI-powered parking lots
Metropolis Technologies, a U.S. operator of parking lots that uses artificial intelligence and computer vision to recognize vehicles, has raised $1.6 billion in fresh capital to extend its technology into sectors such as retail, restaurants and gas stations, the company said on Thursday. The fundin ...
3 days ago
SoftBank-backed Metropolis raises $1.6 billion to expand beyond AI-powered parking lots
Metropolis Technologies, a U.S. operator of parking lots that uses artificial intelligence and computer vision to recognize vehicles, has raised $1.6 billion in fresh capital to extend its technology into sectors such as retail, restaurants and gas stations, the company said on Thursday. The fundin ...
3 days ago
AI agents and stablecoins will redefine payments in Apac
Nurdianah Md Nur - The future of payments is being written in Asia Pacific (Apac), where digital transaction volumes are growing three times faster than in North America as consumers leapfrog card-based infrastructure in favour of instant, autonomous payment systems. According to Capgemini’s World Payments Report 20 ...
3 days ago
SGX to launch ‘next-gen’ trading engine in second half of 2027
Navene Elangovan - SGX Regulation is seeking public feedback on rule amendments and new functions of the engine from Thursday to Dec 31
3 days ago
Exclusive-Nvidia-backed Vast Data inks $1.17 billion AI deal with CoreWeave
AI startup Vast Data has signed a $1.17 billion commercial agreement with cloud provider CoreWeave, extending their existing partnership as demand for infrastructure that powers artificial intelligence systems grows, the company told Reuters.Under the agreement, CoreWeave will use Vast as the primar ...
3 days ago
Far East Orchard NPAT doubles y-o-y to $37.2 mil for 9MFY2025 from one-off gains
Nicole Lim - Far East Orchard has reported net profit after tax of $37.2 million for the 9MFY2025 ended Sept 30, an over 100% y-o-y increase. This was boosted by one-off gains of $24.9 million, comprising the $9.1 million gain from Woods Square and a $15.8 million re-measurement gain on the previously held 49% e ...
3 days ago
King Wan Corporation secures $36.5 mil worth of M&E contracts from July to Sept
Nicole Lim - King Wan Corporation has secured mechanical and electrical (M&E) contracts worth $36.5 million during July to September. These works include the plumbing, sanitary and gas installation works for the proposed mixed-use development at Beach Road; sanitary, plumbing and gas installation works for t ...
3 days ago
EU says digital platforms in EU should not allow porn or weapons
BRUSSELS :The European Commission is in touch with French authorities as well as with Chinese online retailer Shein following a French complaint about Shein allowing pornographic content or weapons sales on its platform, an EU spokesperson said on Thursday.The spokesperson confirmed that the EU had ...
3 days ago
Genting Singapore Q3 net profit rises 19% to S$94.6 million amid higher VIP volume, win rate
Tay Peck Gek - [SINGAPORE] Genting Singapore posted a 19 per cent year-on-year increase in net profit to S$94.6 million for the third quarter ended Sep...
3 days ago
EchoStar to sell more spectrum licenses to SpaceX for $2.6 billion
EchoStar said it would sell a set of wireless spectrum licenses to SpaceX for about $2.6 billion in exchange for stock in the space startup, expanding on the $17 billion deal the companies struck in September.The AWS-3 licenses cover airwaves across the U.S. that can be used to support mobile and sa ...
3 days ago
Snap shares surge as $400 million Perplexity deal rekindles AI ambitions
Snap shares jumped 18 per cent in premarket trading on Thursday after its $400 million partnership with startup Perplexity AI reassured investors that the social media company could catch up to larger rivals in the artificial intelligence race.The Snapchat parent's shares had risen 16 per cent ...
3 days ago
JPMorgan faces record 45-million-euro fine from German watchdog over money-laundering lapses
The lender says the fine concerns past issues and that delays in SAR filings did not hinder probes
3 days ago
JPMorgan hit with record 45-million-euro fine from German watchdog over money-laundering lapses
The lender says the fine concerns past issues and that delays in SAR filings did not hinder probes