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☆ Singapore's DBS Bank posts record first-quarter profit, beating estimates
▼ + stars: | 2023-05-02 | by ( ) www.cnbc.com time to read: +1 min

Singapore's biggest bank DBS reported record first-quarter profit on Tuesday, rising a stronger-than-expected 43% from a year earlier on a higher net interest margin, sustained business momentum and resilient asset quality. Southeast Asia's largest lender by assets however said its net interest margin likely peaked in the first quarter and there would be a gradual decline. January-March net profit rose to 2.57 billion Singapore dollars ($1.9 billion) from S$1.8 billion a year ago, beating a mean estimate of S$2.44 billion from five analysts polled by Refinitiv. DBS reported a total net interest margin, a key gage of profitability, of 2.12% for the first quarter, up from 1.46% in the same period a year earlier. DBS expected full-year net interest margin at 2.05% to 2.10%.

☆ Norwegian Cruise lifts profit forecast on higher ticket prices, steady demand
▼ + stars: | 2023-05-01 | by ( Ananya Mariam Rajesh Anne Florentyna Gnanaraja Sekar | Ananya Mariam Rajesh | Anne Florentyna Gnanaraja Sekar | ) www.reuters.com time to read: +2 min

loss per share of 30 cents vs loss est. of 41 centsCompany says it sees "strong consumer demand"May 1(Reuters) - Norwegian Cruise Line Holdings Ltd (NCLH.N) raised its annual profit forecast and sailed past first-quarter estimates on Monday, betting on higher ticket pricing, pent-up demand and robust on-board spending from wealthy customers. Norwegian, which mostly caters to the affluent, has also been raising prices of its tickets to offset the impact from higher costs of fuel and food due to supply chain snags worsened by the Russia-Ukraine crisis. The company expects 2023 adjusted profit of 75 cents per share, compared with its earlier forecast of about 70 cents per share. Shares in the company were up about 1% in premarket trade, paring some gains after it forecast second-quarter adjusted earnings per share below estimates.

☆ A solid start to earnings season will be put to the test in the week ahead
▼ + stars: | 2023-04-29 | by ( Zev Fima | ) www.cnbc.com time to read: +14 min

The biggest week of this earnings season showed us that things aren't as bad as many feared. The week ahead of earnings, including several more Club names, should tell us more. The results are always important, but it's the guidance and management commentary we will really hone in on to better understand the path ahead. In Amazon's case, a solid first quarter for its AWS cloud business was overshadowed by management seeing a material slowdown in April. ET: Nonfarm Payrolls Looking back It was the biggest week of this earnings season for the Club as several of our mega-cap holdings and industry bellwethers reported results.

Kirin has offered A$95 cash per Blackmores share, a 23.7% premium to the stock's last close, and a tad higher than its 22.4% jump in morning trade. Before the Kirin deal, its shares had been trading at one-third of their value at the height of the daigou craze in 2016. The board of Blackmores has unanimously recommended shareholders support the deal, with top shareholder and former chairman Marcus Blackmore also agreeing to vote in favour. Blackmores' share price rose as much as 22.4% to A$94, its highest since December 2021. Blackmores shareholders will be able to vote on the offer at a shareholder meeting in July and the companies expect the deal to close in early August.

Alibaba, one of the most valuable assets in SoftBank's portfolio, tumbled as much as 5.2% in Hong Kong and closed down about 2%. On Wednesday, the FT said forward sales based on filings at the U.S. Securities and Exchange Commission showed SoftBank's Alibaba stake would eventually fall to 3.8% from almost 15%. The Japanese group, led by billionaire founder Masayoshi Son, has sold about $7.2 billion worth of Alibaba shares this year through prepaid forward contracts, the newspaper said. "It is well within the realms of expectations that the proportion of Chinese shares among its total investment will shrink further." In New York, Alibaba's shares were up 3% as analysts noted that the stake sale was more due to SoftBank's circumstances.

TOKYO, April 13 (Reuters) - Japanese technology investor SoftBank Group Corp (9984.T) has moved to sell almost all of its remaining shares in Alibaba Group Holding Ltd (9988.HK), , the Financial Times reported, sending the Chinese e-commerce major's stock tumbling. Alibaba, one of the most valuable assets in SoftBank's portfolio, tumbled as much as 5.2% in Hong Kong after the report before paring the loss to 2.8%. SoftBank has been seeking ways to monetise its stake in Alibaba, which the Japanese conglomerate bought into more than two decades ago with just $20 million spending. On Wednesday, the FT said forward sales based on filings at the U.S. Securities and Exchange Commission showed SoftBank's Alibaba stake would eventually fall to 3.8% from almost 15%. The Japanese group, led by billionaire founder Masayoshi Son, has sold about $7.2 billion worth of Alibaba shares this year through prepaid forward contracts, the newspaper said.

☆ 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.

☆ Australia's Latitude Group opposed to paying ransom to cyber attack criminals
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

April 11 (Reuters) - Australian consumer finance firm Latitude Group Holdings Ltd (LFS.AX) will not pay a ransom to those behind a cyber attack last month, saying it will be detrimental to customers and cause harm to the broader community by encouraging further attacks. "We will not reward criminal behaviour, nor do we believe that paying a ransom will result in the return or destruction of the information that was stolen," Latitude said in a statement on Tuesday. Latitude, which provides consumer finance services to retailers Harvey Norman (HVN.AX) and JB Hi-Fi (JBH.AX), had also taken its platforms offline. Several Australian firms have reported cyber attacks over the past few months, which experts attribute to an understaffed cyber security industry. Reporting by Jaskiran Singh in Bengaluru; Editing by Anil D'Silva and Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Binance Compliance Chief Calls His Job One of the ‘Most Challenging’
▼ + stars: | 2023-04-06 | by ( Mengqi Sun | ) www.wsj.com time to read: 1 min

Binance compliance chief Noah Perlman said the crypto ‘regulation by enforcement’ approach taken in the U.S. is often difficult to navigate. NEW YORK— Noah Perlman , the newly hired global chief compliance officer at Binance Holdings Ltd., said the regulatory environment for the cryptocurrency industry has made his job one of the “most challenging opportunities in compliance.”Mr. Perlman, speaking at a crypto industry conference on Tuesday, said it has been difficult to navigate the often opaque rules governing the crypto industry without being on the wrong side of the regulators.

☆ Australia may inadvertently fuel cyber crime, says data theft victim service
▼ + stars: | 2023-04-05 | by ( Byron Kaye | ) www.reuters.com time to read: +4 min

SYDNEY, April 5 (Reuters) - An Australian government-backed service for victims of identity theft blasted a plan to toughen privacy laws amid an explosion of online data theft, saying it would spur compromised companies to pay ransom and invite more hacking. IDCare, a non-profit that helps internet crime victims, said by making it easier for regulators to fine companies for poor data security and failing to criminalise ransom payment, Australia may inadvertently fuel a cyber-crimewave. Canberra raised the maximum fine to A$50 million ($34 million) from A$2.2 million for companies that fail to stop data theft after the first major attack in October, when some 10 million customer accounts at No. DEMAND SPIKESince Australia made it compulsory for companies to report data breaches in 2018, IDCare's submission said community demand for its services had rocketed. ($1 = 1.4806 Australian dollars)Reporting by Byron Kaye; Editing by Praveen Menon and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ Savvy Games to acquire gaming company Scopely for $4.9 bln
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

April 5 (Reuters) - Savvy Games Group, wholly owned by Saudi Arabia's Public Investment Fund (PIF), has agreed to acquire Scopely, a maker of mobile games based in Culver City, California, for $4.9 billion, the companies said on Wednesday. Scopely, founded in 2011, will become an autonomous operation under the Savvy umbrella, they said in a statement, noting the deal will "strengthen Savvy's global position" and enable Scopely to accelerate growth. Last year, state news agency SPA said Savvy would invest 142 billion riyals ($37.85 billion) in initiatives aimed at making the kingdom a global hub for gaming. In February, Savvy bought a $265 million stake in the Chinese E-sports company VSPO backed by Tencent Holdings Ltd (0700.HK). ($1 = 3.7513 riyals)Reporting by Rishabh Jaiswal in Bengaluru; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.

☆ Tencent applies for dual counter trading on Hong Kong exchange
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: 1 min

March 31 (Reuters) - Tencent Holdings Ltd (0700.HK) said on Friday the video game company has applied for a dual currency counter with the Hong Kong Stock Exchange to allow investors to trade its shares in the yuan, in addition to the Hong Kong dollar. The stock exchange said in December it will introduce a new dual counter trading model from the first half of 2023. Other Hong Kong-listed companies such as insurer AIA Group Ltd (1299.HK) have also applied for a dual currency counter with the Hong Kong exchange. The launch of the dual currency counter is aimed at further advancing the internationalisation of the Chinese yuan, the Hong Kong bourse operator said earlier this month. Reporting by Nausheen Thusoo in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

[1/2] Horizon Quantum Computing Chief Science Officer Si-Hui Tan and Chief Executive Officer Joe Fitzsimons sit in front of their white board in Singapore in this handout photo taken November 2021. Courtesy Horizon Quantum Computing/Handout via REUTERSOAKLAND, Calif March 31 (Reuters) - Singapore-based software startup Horizon Quantum Computing on Friday said it raised $18.1 million to expand its engineering team and speed up product development. The company, founded in 2018, created a programming language called Helium for quantum computers, designed to make it easier to tackle complex problems. Quantum computers, based on quantum physics, could potentially perform some calculations millions of times faster than the current fastest super computers. Horizon Quantum Computing said it is also planning to open its first European offices in Ireland, where it is building its new engineering center.

☆ Crypto Giant Binance Offered Perks to ‘Flash Boys,’ Regulator’s Lawsuit Says
▼ + stars: | 2023-03-30 | by ( Alexander Osipovich | ) www.wsj.com time to read: 1 min

A regulator’s lawsuit against crypto exchange Binance Holdings Ltd. has shed light on the secretive role of high-frequency traders in crypto and how Binance sought to curry favor with such big-ticket customers. The Commodity Futures Trading Commission’s lawsuit, filed Monday, shows that Binance ran a “VIP” program for big trading firms that gave them various perks including slightly faster access to the exchange’s core systems than other customers enjoyed.

☆ CFTC Charges Against Binance Highlight Role of Former Compliance Chief
▼ + stars: | 2023-03-30 | by ( Mengqi Sun | ) www.wsj.com time to read: 1 min

A Binance spokeswoman called the complaint filed by the CFTC ”unexpected and disappointing as we have been working collaboratively with the CFTC for more than two years.”The suit by U.S. regulators against Binance Holdings Ltd. focuses in large part on the work of the cryptocurrency exchange’s former chief compliance officer, alleging he willfully aided and abetted the firm in evading U.S. laws. Samuel Lim, Binance’s compliance chief between 2018 and 2022, faces civil charges of undermining Binance’s compliance program and conducting activities to evade rules designed to prevent illicit financial activity, the Commodity Futures Trading Commission said Monday.

☆ Australia risks losing pole position in critical minerals race
▼ + stars: | 2023-03-30 | by ( Melanie Burton | ) www.reuters.com time to read: +5 min

The Grattan Institute, a think tank, estimates the critical minerals industry could add more than $400 billion to the economy by 2050, a bigger contribution than the coal industry, Australia's no.2 export, today. They want rapid action in light of new competition from the U.S., Canada and the European Union, which have laid out critical minerals strategies including billions of dollars in incentives. King said on Wednesday a critical minerals strategy would be released "soon". However the government has not said when it would deliver its national battery strategy. "The elements for an effective critical minerals strategy are in place.

☆ Singapore's banking authority says DBS outage was 'unacceptable'
▼ + stars: | 2023-03-30 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

A DBS Group Holdings Ltd. logo atop an automated teller machine (ATM) at a bank branch in Singapore, on Wednesday, Feb. 17, 2021. SINGAPORE — Shares of Southeast Asia's largest bank DBS Group were down 1.4% on Thursday, a day after a 10-hour outage of its digital services. The Monetary Authority of Singapore said the outage was "unacceptable" and the lender had "fallen short of expectations." DBS was the largest loser in terms of index points on Singapore's benchmark Straits Times Index on Thursday. In a statement issued late Wednesday, MAS said it instructed DBS to "conduct a thorough investigation to establish the root cause of the disruption and submit its investigation findings to MAS."

☆ Alibaba's breakup lifts hopes China's regulatory winter is thawing
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +6 min

The move represented a light at the end of the tunnel for many investors who had seen a wave of regulatory blitzes as a major cloud hanging over China's private sector. Reuters GraphicsAlibaba said on Tuesday it would split into six units - Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group. He was spotted on Monday in Hangzhou, home to Alibaba, just one day before the company announced the restructuring. Tencent Holdings Ltd (0700.HK), China's largest gaming company, saw shares rise as much as 5.1%. Alibaba's split may pave the way for other Chinese tech giants to undergo similar restructuring, CMC Markets analyst Tina Teng said.

☆ Asian stocks rally as bank jitters calm, Alibaba lifts mood
▼ + stars: | 2023-03-29 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

Alibaba's Hong Kong shares (9988.HK) shot up 15%, while the company's U.S.-listed shares closed 14.3% higher. The news lifted investor confidence in the wider Chinese tech sector, with shares of Alibaba's e-commerce rival JD.com Inc (9618.HK) 7% higher, and gaming giant Tencent Holdings Ltd (0700.HK) jumping 5%. "Alibaba's split may pave the way for other Chinese tech giants to do similar," CMC Markets analyst Tina Teng said. "This helps break down the monopolistic power of these conglomerates, which complies with the Chinese government's regulatory overhaul over antitrust issues." Futures indicated European stocks were set to open higher, with Eurostoxx 50 futures up 0.41%, German DAX futures up 0.38% and FTSE futures up 0.08%.

☆ Alibaba's breakup plan lifts hopes China's tech crackdown is ending
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +4 min

The group's Hong Kong-listed shares jumped as much as 16.3%, tracking a 14.3% rally in its U.S.-listed shares overnight . Its e-commerce rival JD.com Inc (9618.HK) rose 7% and gaming giant Tencent Holdings Ltd (0700.HK) gained 5%. That compared with a 2.3% jump in benchmark Hang Seng Index (.HSI) and a 3.2% gain for the Hang Seng Tech Index (.HSTECH). Brian Tycango, who tracks China's tech sector at Stansberry Research, says that in addition to enabling higher valuations, the restructuring better protects individual divisions from future government regulation. "Any new regulations will likely not affect the whole company now - just the particular division that that regulation covers," Tycango told Reuters.

☆ Asian stocks rally as banking anxiety eases; Alibaba surges
▼ + stars: | 2023-03-29 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.82% higher, while Japan's Nikkei (.N225) advanced 0.49%. Hong Kong's Hang Seng index surged over 2%, buoyed by Alibaba (9988.HK) after the Chinese e-commerce conglomerate announced its break-up plans. Alibaba's Hong Kong shares (9988.HK) shot up 15%, while the company's U.S.-listed shares closed 14.3% higher. Worries over inflation have prompted investors to recalculate what they expect the Fed to do in its next meeting in May. In the foreign exchange markets, the dollar index , which measures the U.S. currency against six peers, was mostly flat, having eased 0.3% overnight on improving risk appetite.

☆ Alibaba's Hong Kong shares surge 16% on split-up plans
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

March 29 (Reuters) - Hong Kong shares of Alibaba Group (9988.HK) soared on Wednesday, marking a vote of confidence from investors after the company announced a major restructuring plan. Shares of Alibaba's e-commerce rival JD.com Inc (9618.HK) were up 7%, and gaming giant Tencent Holdings Ltd (0700.HK) jumped 5% on Wednesday morning. That compared with a 2.3% jump in benchmark Hang Seng Index (.HSI) and a 3.2% gain for the Hang Seng Tech Index (.HSTECH). One day before the re-organization was announced, Alibaba founder Jack Ma, who had been out of mainland China since late 2021, was spotted visiting a primary school in Hangzhou, the city where Alibaba is headquartered. Reporting by Josh Horwitz in Shanghai and Donny Kwok in Hong Kong; Editing by Muralikumar Anantharaman and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Binance Sued by CFTC Over Evading U.S. Rules
▼ + stars: | 2023-03-27 | by ( Dave Michaels | ) www.wsj.com time to read: 1 min

Photo: Eric Lee for The Wall Street JournalThe CFTC and other federal agencies have been investigating Binance for several years. The Commodity Futures Trading Commission on Monday sued Binance Holdings Ltd., alleging the operator of the world’s largest cryptocurrency exchange violated U.S. rules that require futures and other derivatives to be traded on regulated platforms. The CFTC’s lawsuit also named Binance founder Changpeng Zhao and Samuel Lim , who the agency said was Binance’s first chief compliance officer, as defendants. The lawsuit seeks restitution and fines as well as an order that would prevent the companies from any continuing conduct that violates U.S. rules.

☆ Tencent Returns to Revenue Growth With Digital-Ad Recovery
▼ + stars: | 2023-03-23 | by ( Raffaele Huang | ) www.wsj.com time to read: 1 min

In the past few months, Tencent has secured government licenses for several blockbuster videogames in its pipeline. SINGAPORE—Chinese internet conglomerate Tencent Holdings Ltd .’s quarterly revenue rose 0.5% from a year earlier, backed by rising demand for digital advertisements, as executives said businesses were shaking off the impact from Beijing’s tough pandemic controls. October-December revenue rose to the equivalent of $20.8 billion, the company said Wednesday, after two quarters of contractions.

☆ Tencent Posts Surprise Profit Growth Despite Economic Slowdown
▼ + stars: | 2023-03-22 | by ( Raffaele Huang | ) www.wsj.com time to read: 1 min

In the past few months, Tencent has secured government licenses for several blockbuster videogames in its pipeline. SINGAPORE—Chinese internet conglomerate Tencent Holdings Ltd. posted a surprise 12% rise in its quarterly profit from a year earlier, even as China’s weak economy and Beijing’s tough Covid-19 controls during the period dented demand for videogame and advertising markets. October-December net profit was the equivalent of $15.3 billion, boosted by a one-time gain of $12.46 billion from the disposal of food-delivery company Meituan stocks, the company said Wednesday. Revenue rose 0.5%. Both beat expectations of analysts polled by FactSet.

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