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☆ Singapore’s clean reputation gets a timely test
▼ + stars: | 2023-07-18 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

SINGAPORE, July 18 (Reuters Breakingviews) - Singapore could turn a governance crisis into an opportunity. Its transport minister S. Iswaran and Ong Beng Seng, the property billionaire credited with bringing Formula One to the city, were arrested and released on bail last week. The rare high-profile probe involving a public official by the hub’s anti-graft agency is a timely test of the Asian centre’s willingness to act tough on corruption. It's been six days since Prime Minister Lee Hsien Loong revealed the investigation by the Corrupt Practices Investigation Bureau and the exact details remain unclear. S. Iswaran and businessman Ong Beng Seng were arrested on July 11 and subsequently released on bail, the Corrupt Practices Investigation Bureau said.

Persons: Ong Beng Seng, It's, Lee Hsien Loong, Iswaran, Ong, Una Galani, Thomas Shum Organizations: Reuters, Formula, Practices, Beijing, DBS, Hotel Properties, InterContinental Hotels Group, Marriott International, Thomson Locations: SINGAPORE, Singapore, Denmark, Finland, New Zealand, Norway, Asia, Hong Kong, COMO

☆ Instant View: China's Q2 GDP growth slows to 0.8% q/q, raises stimulus expectations
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +11 min

"Consumers are not spending, mainly driven by the bleak outlook for the property market. Disappointing retail numbers and property market sales show it doesn't seem that the boost from rate cuts is sufficient. ..the property market is beginning another slowdown - the government will have to come up with more stimulus for property." "Nonetheless, we think more stimulus is required to stabilise and restore confidence in the property market." ZHIWEI ZHANG, CHIEF ECONOMIST, PINPOINT ASSET MANAGEMENT, HONG KONG"Nominal GDP growth turns out to be lower than real GDP growth in Q2, the first time since comparable data are available in Q4 2016.

Persons: CHRISTOPHER WONG, LOUIS KUIJS, CAROL KONG, XING ZHAOPENG, KEN CHEUNG, ALVIN TAN, VISHNU VARATHAN, MARCO SUN, CHEN, TONY SYCAMORE, ZHIWEI ZHANG, JING LIU Organizations: Gross, National Bureau, Statistics, Shanghai, NBS, BANK OF, ANZ, MIZUHO BANK, OF, OF ASIA FX, RBC, MUFG BANK, IG, SYDNEY, Friday's, BANK OF SINGAPORE, HSBC, stoke, Authorities, Reuters, U.S, Thomson Locations: U.S, SINGAPORE, ASIA, HONG KONG, SYDNEY, CHINA, SHANGHAI, OF ASIA, China

HONG KONG, July 12 (Reuters) - China's major tech companies have shed more than $1 trillion in value -equivalent to the entire Dutch economy - since the government's regulatory crackdown on the sector began more than two years ago, according to Refinitiv data. Reuters GraphicsTechnology stocks (.HSTECH) in Hong Kong have rallied 4.1% since Monday as investors bank on an easing regulatory environment to boost earnings, but some analysts have sounded a note of caution. "Mega-cap tech companies will allocate increasingly large amounts of capital expenditure towards developing generative AI technologies and products in a hostile external environment, potentially impacting profitability," said Redmond Wong, Saxo Markets strategist in Hong Kong. Steven Leung, UOB Kay Hian sales director, said current valuations would last "until we see more supporting policies from authorities". Reporting by Donny Kwok in Hong Kong and Scott Murdoch in Sydney; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

Persons: Tencent, Redmond Wong, Steven Leung, UOB Kay Hian, Donny Kwok, Scott Murdoch, Kevin Liffey Organizations: People's Bank of China, Tencent Holdings, HK, Alibaba, Baidu Inc, Reuters Graphics Technology, Saxo Markets, Thomson Locations: HONG KONG, Hong Kong, Sydney

SINGAPORE, July 7 (Reuters) - After standing in line for 36 hours, Qayyum Lukman on Friday emerged triumphant from a kiosk where he had just scored tickets to see pop sensation Taylor Swift perform in Singapore, her only stop in Southeast Asia next year. I don’t know what to think, indescribable, I’m very happy I got tickets! Indonesian Friski Riana, 31, joined virtual queues of millions of fans, even borrowing her friend's credit card to try and get tickets. [1/5]Qayyum Lukman, 25, full-time national servicemen, poses with a Taylor Swift vinyl album, as he waits first in line to buy Taylor Swift concert tickets, at a post office in Singapore July 7, 2023. Hours after the pre-sale closed, touts were marking up S$358 ($264.73) tickets to at least S$1,000 on marketplace app Carousell.

Persons: Qayyum Lukman, Taylor Swift, Swift, Lukman, I’m, ”, couldn't, Edgar Su, Friski, Thailand's, Pita Limjareonrat, Lavender, Chayut, Ananda, Kanupriya Kapoor, Simon Cameron, Moore Organizations: REUTERS, Coldplay, Business Times, Twitter, Thomson Locations: SINGAPORE, Singapore, Southeast Asia, Thailand, Malaysia, Indonesia, Vietnam, British, Jakarta, Bangkok, Manila, Kuala Lumpur, Ananda Teresia

☆ Bachelors in Asia are so desperate to attend Taylor Swift's concert that they are offering themselves up as dates to a bank's cardholders
▼ + stars: | 2023-07-05 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

A Singaporean bank's cardholders have exclusive access to presales for Taylor Swift concert tickets. Swiftie bachelors are going viral as they jokingly search for dates who happen to be cardholders. Over 300,000 fans are expected to attend the concert's Singapore dates, per The Straits Times. Dozens of other Taylor Swift fans are racking up thousands of likes with tweets in the same format. Over 300,000 fans are expected to attend the concert's Singapore dates, per the report.

Persons: Taylor Swift, Taylor Swift's, UOB, Keen, Swifties, that's, Swift, cardholders Organizations: Straits Times, Twitter, United Overeas Bank, Wall Street Locations: Singapore, Taylor Swift's Singapore, Japan, Malaysian, Asia, Malaysia, Indonesia, Thailand, Vietnam

SYDNEY/SINGAPORE, June 20 (Reuters) - Asia's dealmakers are counting on a pause in rate hikes globally and an economic rebound in China to rekindle activity in the region's equity capital markets, after volumes in the first half of the year sank to their lowest in four years. First-half Asia Pacific equity capital markets volumes dropped 16% to $117.2 billion from the same period in 2022, including a 34% drop in initial public offerings (IPOs) to $34.3 billion, Refinitiv data showed. "For investor sentiment to return for IPOs we need to see a more stable interest rate environment in the U.S., more economic stimulus from China and an improving geopolitical backdrop," said Cathy Zhang, head of Asia Pacific equity capital markets at Morgan Stanley. "We are hoping to see more IPO activity in the second half and starting to see some green shoots in the U.S. and Europe," said Udhay Furtado, Citigroup's co-head of Asia equity capital markets. As bankers scan their pipeline of IPO candidates for the second half, larger transactions in the region are being favoured to help kick-start activity.

Persons: Goldman Sachs, Cathy Zhang, Morgan Stanley, Udhay Furtado, Citigroup's, Sunil Dhupelia, JPMorgan's, China's JD.com, Hulu Energi's, Edmund Leong, Scott Murdoch, Yantoultra, Vineet, Sonali Paul Organizations: Asia, Morgan, IPOs, STAR, Shenzhen's, Reuters, JD Industrial, JD, Alibaba, HK, Bankers, Group Investment Banking, UOB, Thomson Locations: SYDNEY, SINGAPORE, China, Asia Pacific, U.S, York, Hong Kong, Indonesia, Europe, Asia, Japan, IPOS, Southeast Asia, Amman, Sydney, Singapore, Bangalore

☆ Singapore lender UOB's Q1 core profit leaps 74% to record $1.2 bln
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, April 27 (Reuters) - Singapore's United Overseas Bank (UOBH.SI) reported on Thursday a 74% surge in core profit in the first quarter from a year earlier on the back of strong net interest and non-interest income growth. The lender's core profit, which excludes one-off expenses, rose to a record S$1.58 billion ($1.20 billion) in the first quarter, just above the mean estimate of some S$1.55 billion from four analysts polled by Refinitiv. Net profit in the first quarter climbed 67% to $1.51 billion. "We delivered record profits this quarter backed by our core businesses and diversified growth drivers," Wee Ee Cheong, CEO of the Southeast Asia-focused bank said in a statement. ($1 = 1.3348 Singapore dollars)(This story has been corrected to clarify core net profit is up 74%, not net profit, and adds definition of core net profit)Reporting by Yantoultra Ngui; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ China developer Sunac shares plunge after year-long suspension ends
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, April 13 (Reuters) - Chinese property developer Sunac China Holdings Ltd's (1918.HK) shares fell 45% on Thursday morning after resuming trade following a suspension of more than a year as it looks to restructure its debt after a default. The share slump comes a day after the company said in a statement to the Hong Kong stock exchange that it was to resume trading and was implementing a debt restructuring plan. Shares were down by nearly 60% in pre-market trading but trimmed losses after the market opened. Sunac is among many Chinese developers that defaulted last year as the property sector reeled under a debt crisis. Earlier this month, the Hong Kong stock exchange cancelled the listing of Chinese developer Cinic Holdings after it failed to meet trading resumption requirements in the time allotted.

☆ Self-driving startup Venti raises $28.8 mln to speed up growth
▼ + stars: | 2023-03-28 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

LONDON, March 28 (Reuters) - Self-driving startup Venti Technologies said on Tuesday it has raised $28.8 million in Series A funding to speed up the growth of its autonomous vehicle (AV) business for customers the logistics and supply chain industry. Investors in the funding round included LG Technology Ventures, the venture capital arm of LG Corp (003550.KS) unit LG Group, and UOB Venture Management, the venture capital arm of Singapore's United Overseas Bank. Venti has been developing its self-driving for vehicles for the last three years at one of the world's largest container ports in Singapore and is already generating revenue. This year the company will deploy dozens of entirely self-driving vehicles, CEO Heidi Wyle told Reuters. Developing fully self-driving vehicles that can go everywhere has proven harder and more expensive than expected, but investors are continuing to fund startups that target simpler self-driving vehicle solutions far removed from pedestrians and other vehicles operated by humans.

☆ UOB completes deal for Citi's Vietnam consumer banking business
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, March 1 (Reuters) - Citigroup (C.N) said on Wednesday that it had completed the sale of its Vietnam retail banking and consumer credit card businesses to Singapore's United Overseas Bank in a transaction expected to result in a "modest regulatory capital benefit". United Overseas Bank (UOBH.SI), commonly known as UOB, said in a separate statement that it planned to complete the acquisition of Citigroup's Indonesian consumer banking business by the end of 2023. The lender announced in November the completion of its purchase of Citigroup's Malaysia and Thailand retail banking businesses. UOB's purchase of Citigroup's consumer businesses in the four Southeast Asian markets for about S$5 billion ($3.71 billion) marks its biggest acquisition in two decades. ($1 = 1.3476 Singapore dollars)Reporting by Yantoultra Ngui; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ Hedge funds unimpressed by Chinese internet giants' peppy earnings
▼ + stars: | 2023-02-28 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

HONG KONG, Feb 28 (Reuters) - A set of bumper earnings reports from the likes of Baidu Inc and other Chinese internet giants isn't impressing hedge funds and other investors who have cut exposure to the stocks and seem to be waiting for more good news. Despite easily beating expectations for their earnings and giving optimistic forecasts for the recovery in demand, shares in both companies fell. Mark Dong, co-founder of Minority Asset Management, who is based in Hong Kong, says expectations for Chinese growth are clouded by doubts over how Beijing plans to stimulate the economy and deal with external risks. The internet sector index (.H11137) nearly doubled between late-October and January but has since fallen 20%. Global hedge funds such as Bridgewater Associates, Tiger Asset Management and Coatue Management are big holders of China internet stocks, which makes the sector more vulnerable to the global economic cycle and geopolitical tensions.

☆ Singapore's digital banks dangle incentives to win new customers — is it sustainable?
▼ + stars: | 2023-02-21 | by ( Sheila Chiang | ) www.cnbc.com time to read: +7 min

Singapore's new digital retail banks are offering lower fees, more incentives and waiving minimum account balances to win over customers from traditional banks. Bloomberg | Bloomberg | Getty ImagesSINGAPORE — Digital retail banks in Singapore are pulling out all stops to win new customers. Unlike traditional banks — like DBS , OCBC and UOB — which operate physical branches and automated teller machines, digital banks operate entirely online. Singapore's new digital banksThe city-state gave out four digital bank licenses in December 2020. The other two digital wholesale bank licenses were bagged by Ant Group's ANEXT Bank and Green Link Digital Bank, catering to small-and-medium enterprises and other non-retail segments.

☆ Sembcorp Marine would benefit in the long term from merger with Keppel O&M: UOB
▼ + stars: | 2023-02-16 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSembcorp Marine would benefit in the long term from merger with Keppel O&M: UOBAdrian Loh of UOB Kay Hian says "the benefits of this merger certainly outweigh the short-term pain."

☆ Hong Kong adds security law clauses to land sales, property stocks drop
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +3 min

"Safeguarding national security is the shared responsibility by the entire Hong Kong society," the Development Bureau told Reuters, confirming the media report. Hong Kong Economic Times reported that Hong Kong authorities began to include applicable provisions of the National Security Law in the terms of land sales and short-term leases in the Asia financial hub. That sent Hong Kong property stocks index (.HSNP) down as much as 4.9% to the lowest in six weeks, compared to a 0.1% slip in the benchmark Hang Seng Index (.HSI). "It suggests that developers will be even more cautious in putting a bid in land sale," said Steven Leung, a sales director at UOB Kay Hian. Hong Kong and Chinese authorities say it is necessary to restore stability after anti-government protests in 2019.

☆ Singapore's DBS profit jumps two-thirds, CEO sees rate rises moderating
▼ + stars: | 2023-02-12 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

DBS Chief Executive Piyush Gupta said in the bank's results statement that interest rate increases are likely to moderate, but he doesn't expect rate cuts this year. We expect confidence to return to markets in the coming year as interest rate increases ease and China reopens," Gupta said. DBS reported a total net interest margin, a key gauge of profitability, of 2.05% for the latest quarter, up from 1.43% in the same period a year earlier. DBS' annual profit soared 20% to a record S$8.2 billion. Smaller peers OCBC (OCBC.SI) and UOB (OCBC.SI), which report results next week, are also expected to post a sharp rise in annual profits, but quarter-on-quarter earnings are seen as being flat to slightly lower.

☆ Instant View: China's economy slows sharply in Q4, 2022 growth one of the worst on record
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +10 min

As a result, the Chinese economic growth rate will be below the Chinese government's target of 5% plus." This could weigh on their potential economic growth in the mid-and long-term, and we really need to be paying attention to that." MARCO SUN, CHIEF FINANCIAL MARKET ANALYST, MUFG BANK (CHINA), SHANGHAI"China's Q4 and full-year 2022 GDP growth rates came in higher than expected. Economic growth will have to depend more on productivity growth, which is driven by government policies." IRIS PANG, GREATER CHINA ECONOMIST, ING, HONG KONG"The biggest surprise is the retail sales number, which is really a big beat...

☆ Inflation in Singapore will probably stay high in the first few quarters of 2023, UOB says
▼ + stars: | 2022-12-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflation in Singapore will probably stay high in the first few quarters of 2023, UOB saysAlvin Liew of the bank discusses the "few things at play," including the country's tight labor market.

☆ The dollar-yuan may stay below 7 for 'a while longer,' says UOB
▼ + stars: | 2022-12-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe dollar-yuan may stay below 7 for 'a while longer,' says UOBPeter Chia of the United Overseas Bank discusses why the Chinese yuan did not show any weakness following weak economic data.

☆ Thai central bank to deliver third straight 25bps hike on Nov. 30
▼ + stars: | 2022-11-28 | by ( Anant Chandak | ) www.reuters.com time to read: +3 min

"Negative real interest rates will continue to favour the Thai economic recovery as it diverges away from an ultra-tight monetary policy elsewhere in the world, most notably in the U.S. and Europe." Despite the wide interest rate gap, the baht has been one of the top performers in emerging market currencies, depreciating only about 7% so far this year. The government wants tourism next year to reach 80% of its pre-pandemic levels, even as global growth is likely to slow. "We expect Thai international tourism arrivals to be resilient to the global economic slowdown, with arrivals showing low sensitivity to global economic activity fluctuations historically," said Chua Han Teng, economist at DBS. Reporting and Polling by Anant Chandak; Editing by Ross Finley and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

☆ Pay attention to upcoming Fed meetings, says UOB
▼ + stars: | 2022-11-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPay attention to upcoming Fed meetings, says UOBHeng Koon How of United Overseas Bank discusses the Reserve Bank of New Zealand's hawkish 75 basis point interest rate hike.

☆ Philippine central bank to raise rates by 75 bps- Reuters poll
▼ + stars: | 2022-11-15 | by ( Shaloo Shrivastava | ) www.reuters.com time to read: +2 min

The BSP has already raised its key rate by a total of 225 basis points since May. Three-quarters of respondents, 12 of 16, forecast a 50 basis point rise in December to 5.50%. Six of 16 expected a 50 basis point hike, five expected a 25 basis point move while five others did not expect any move after December. The median forecast shows a higher terminal rate of 5.75% by end-Q1, compared with expectations of 5.00% by end-December in a September poll. Four big banks, Goldman Sachs, Nomura, DBS and UOB, estimated a terminal rate as high as 6.00% while HSBC predicted 6.25%.

☆ OCBC profit surges 31% in record quarter for Singapore banks
▼ + stars: | 2022-11-04 | by ( Anshuman Daga | ) www.reuters.com time to read: +2 min

"Net interest income grew on higher net interest margin and loan growth was sustained," Group CEO Helen Wong said in a statement, adding that asset quality was healthy, with no indication of systemic stress. OCBC's net profit increased to S$1.6 billion ($1.13 billion) in July-September versus the S$1.55 billion average estimate from four analysts, according to Refinitiv data. On Thursday, OCBC's larger peer DBS Group (DBSM.SI) reported a forecast-beating 32% jump in quarterly profit to a record high while UOB Group (UOBH.SI) also posted a record quarterly profit. The bank's net interest margin, a key gauge of profitability, increased 54 basis points to 2.06% in the quarter. ($1 = 1.4214 Singapore dollars)Reporting by Anshuman Daga; Editing by Christopher Cushing and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ OCBC profit jumps 31%, rounding up record quarter for Singapore banks
▼ + stars: | 2022-11-04 | by ( ) www.cnbc.com time to read: +2 min

In this article OCBC-SG Follow your favorite stocks CREATE FREE ACCOUNTThe signage of Oversea-Chinese Banking Corp. (OCBC) at OCBC Centre in Singapore, on Wednesday, Aug. 3, 2022. Edwin Koo | Bloomberg | Getty ImagesSoutheast Asia's second-largest lender Oversea-Chinese Banking Corp (OCBC) joined its Singapore peers in beating market estimates and pumping out record quarterly profits as banks rake it in on higher interest rates. But analysts say growth could be derailed by a big increase in U.S. interest rates — already at multi-year highs — as central banks try and tackle runaway inflation. watch nowOCBC said on Friday its net profit increased to S$1.6 billion ($1.13 billion) in July-September versus the S$1.55 billion average estimate from four analysts, according to Refinitiv data. On Thursday, the bank's larger peer DBS Group reported a forecast-beating 32% jump in quarterly profit to a record high while UOB Group also posted a record quarterly profit.

☆ DBS profit jumps 32% to record on rates, flags upbeat outlook
▼ + stars: | 2022-11-03 | by ( ) www.cnbc.com time to read: +1 min

DBS Group reported a forecast-beating 32% jump in quarterly profit to a record high and gave a bullish outlook on Thursday as higher interest rates boosted net interest margins at Southeast Asia's largest lender. Banks globally have benefited from a jump in net interest income as central banks hike rates to tackle soaring inflation, although analysts warn they could suffer if higher rates lead to a sharp slowdown in economic activity. Local peer UOB Group beat market estimates last week with a record quarterly net profit as net interest income swelled and credit allowances declined. Net profit at Singapore-based DBS came in at S$2.24 billion ($1.58 billion) in July-September, beating an average estimate of S$1.97 billion from four analysts, according to Refinitiv data. The bank saw sustained business momentum in the quarter and asset quality was resilient, DBS CEO Piyush Gupta said in a statement.

☆ Singapore bank OCBC's Q3 profit surges to record on rates
▼ + stars: | 2022-11-03 | by ( Anshuman Daga | ) www.reuters.com time to read: +1 min

The results rounded up a strong showing by Singapore banks after larger peer DBS Group (DBSM.SI) reported a forecast-beating 32% jump in quarterly profit to a record high and UOB Group (UOBH.SI) also posted a record quarterly profit. Singapore banks, which boast one of the strongest capital buffers in the world, have effectively weathered the COVID-19-induced slump and are now benefiting from rebounding Asian economies. Singapore-based OCBC's net profit increased to S$1.6 billion ($1.13 billion) in July-September versus the S$1.55 billion average estimate from four analysts, according to Refinitiv data. "Net interest income grew on higher net interest margin and loan growth was sustained," Group Chief Executive Helen Wong said in a statement on Friday. The bank's net interest margin, a key gauge of profitability, increased 54 basis points to 2.06% in the quarter.

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