Category: Business

SINGAPORE – DBS Bank has agreed to sell a 77.8 per cent stake in electronic payment services provider AXS to Tower Capital Asia, a private equity firm based in Singapore. The bank will retain a minority stake of 9.9 per cent in AXS, it said on Tuesday. It did not disclose the stake’s sale price. The deal is slated to close by August, and is not expected to have a material impact on DBS’ earnings or net tangible assets for…

NEW YORK – Standard Chartered is ramping up its bullish Bitcoin prediction, targeting as much as US$120,000 (S$161,000) by the end of 2024 – almost quadruple the current price – as increasingly cash-rich miners reduce their sales of the token. “Increased miner profitability per BTC mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher,” Geoff Kendrick at Standard Chartered wrote on Monday. Bitcoin mining is an energy-intensive process in which…

TAIPEI/BENGALURU – Taiwan’s Foxconn has withdrawn from a US$19.5 billion (SS26 billion) semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta, it said on Monday, in a setback to Prime Minister Narendra Modi’s chipmaking plans for India. The world’s largest contract electronics maker signed a pact with Vedanta last year to set up semiconductor and display production plants in Mr Modi’s home state of Gujarat. “Foxconn has determined it will not move forward on the joint venture with Vedanta,” a Foxconn…

  According to the company, Spain imported 7,673 gigawatt hours (GWh) of liquefied natural gas from Russia last month, which accounted for 26.8% of the kingdom’s total purchases. From January to June, Spain purchased 41,145 GWh of LNG from Russia, Enagas added. Russia is followed by Algeria and the United States. Algeria exported to Spain 21% of the total amount of gas, and the United States – 18.5%. Earlier, media reported, citing sources, that Madrid urged Spanish importers of Russian…

BENGALURU – Nearly 900 Amazon workers at a warehouse in Britain will stage a strike for three days in the coming week over a pay dispute, labour union GMB said on Saturday. The strike will take place from July 11-13 at Amazon’s warehouse in Coventry, for two hours during the morning and two hours in the evening on the three days, GMB said in an emailed statement to Reuters. It coincides with a “Prime Day” sales event the company has…

U.S. Treasury Secretary Janet Yellen on Sunday said she agreed Washington will listen to Chinese complaints about security-related curbs on U.S. technology exports and might “respond to unintended consequences” as she ended a visit to Beijing aimed at reviving strained relations. Yellen defended “targeted measures” on trade that China’s leaders complain are aimed at hurting its fledgling tech industries. She said the Biden administration wants to “avoid unnecessary repercussions” but gave no indication of possible changes. Relations between the two…

From August, China is to restrict exports of gallium and germanium, two critical elements for making semiconductor chips. With China dominating the supply of both elements, exporters will now need special license to get them out of the country. The move has the potential to harm a range of western tech manufacturers that use these elements to make their products. The move is reportedly in response to western restrictions of equipment vital for making semiconductor devices (and was forewarned in an previous article in The Conversation). Above…

Nearly 70 IT security and privacy academics have added to the clamour of alarm over the damage the UK’s Online Safety Bill could wreak to, er, online safety unless it’s amended to ensure it does not undermine strong encryption. Writing in an open letter, 68 UK-affiliated security and privacy researchers have warned the draft legislation poses a stark risk to essential security technologies that are routinely used to keep digital communications safe. “As independent information security and cryptography researchers, we…

BEIRUT (AP) — A French court Tuesday upheld the freezing of the assets of Lebanon’s embattled central bank governor, rejecting his appeal to have them released, an official close to the investigation said. Several European countries are investigating central bank Gov. Riad Salameh and his associates over myriad alleged financial crimes, including illicit enrichment and laundering of $330 million. A French investigative judge on May 16 issued an international arrest warrant, or Interpol red notice, for the 72-year-old Salameh after…

The Australian Prudential Regulation Authority has slapped BNK Banking Corporation with a $247,500 fine for failing to meet its data reporting requirements to the APRA.  In a statement, the prudential regulator said BNK was 32 days late in filing statistical reports for the month ending Feb. 23 under the Economic and Financial Statistics program. This failure to report data by required deadlines was in breach of the requirements of the Financial Sector (Collection of Data) Act 2001 (FSCODA). Therese McCarthy…

SHANGHAI – China’s major state banks have lowered their US dollar deposit rates for the second time in a month, seven banking sources with direct knowledge of the matter said, as the authorities step up efforts to arrest a slide in the Renminbi currency. Interest rates offered by the “Big Five” state-owned lenders on most dollar deposits are now capped at 2.8 per cent, down from 4.3 per cent previously, said the people. The People’s Bank of China (PBOC), which…

James S. Crown On Sunday, James S. Crown died in an unusual single-car accident, reportedly on a motorsport racetrack at a “member-owned country club” in Aspen, Colorado. The Pitkin County Coroner’s Office said in a statement that “The official cause of death is pending autopsy, although multiple blunt force trauma is evident.” The Sheriff’s Office indicated that the earliest new information would be made available to the public is next week. In August of last year, Wall Street On Parade made a…

Sweden’s data protection watchdog has issued a couple of fines in relation to exports of European users’ data via Google Analytics which it found breach the bloc’s privacy rulebook owing to risks posed by US government surveillance. It has also warned other companies against use of Google’s tool. The fines — just over $1.1 million for Swedish telco Tele2 and less than $30k for local online retailer CDON — are notable as they are the first such fines following a…

LONDON – Kyiv has placed British consumer goods giant Unilever on Ukraine’s “International Sponsors of War” list, claiming Monday it continues to profit from operations in Russia, triggering demonstrations in London. “The National Agency on Corruption Prevention has added British company Unilever onto its list of ‘International Sponsors of War’,” a statement said. This was owing to its “presence in the Russian Federation and its significant taxes to the Russian state budget, thereby supporting the aggressor’s economy and contributing to…

China’s defense minister said on Monday he hoped to expand naval cooperation with Russia, in the highest-level public talks between military officials from the two countries since a failed mutiny in Russia last month. Li Shangfu spoke in Beijing with Nikolai Yevmenov, head of the Russian navy, and said he hoped both countries could “strengthen communication at all levels,” according to a readout from the Chinese defense ministry. He also said the two should “regularly organize joint exercises, joint cruises, and joint military…

Canada’s banking regulator is cautioning that lenders and borrowers are overly reliant on lengthening mortgage amortizations to help the latter cope with higher interest rates and surging costs. In an exclusive interview with The Globe and Mail on Friday, Peter Routledge, the head of the Office of the Superintendent of Financial Institutions (OSFI), said that borrowers with mortgages in which payments are not high enough to cover the interest portion of the loan could experience a “shock” in significantly higher…