Posts by Swedan Margen
Wilmar maintains innocence after Indonesian judges who acquitted it are arrested on corruption charges
[SINGAPORE] Wilmar International maintained its innocence after four judges who cleared it – as well as two other palm oil companies – in a corruption case related to obtaining export permits, were reportedly arrested. “We believe we are not guilty of the charges as our actions during that period to increase the supply of palm…
Read MoreSingapore shares and STI close higher on Monday, mirroring regional indices
Across the broader market, advancers outnumber decliners 377 to 181 after 1.1 billion shares worth S$1.4 billion change hands [SINGAPORE] The Straits Times Index (STI) closed higher, mirroring most regional indices on Monday (Apr 14). The STI closed up 1 per cent or 36.38 points to 3,548.91. Across the broader market, advancers outnumbered decliners 377…
Read MoreCiti transformation pays off amid tariff troubles, with room for optimism
[SINGAPORE] In 1902, Citi established an office in Singapore. Fast forward 123 years, Citi has thrived and grown along with Singapore and has a much larger presence here. But with US President Donald Trump imposing hefty tariffs right, left and centre, will banking and trade activities be derailed? When asked for his reaction to…
Read MoreHPL jumps 5.5% after announcing that Ong Beng Seng will step down as managing director
[SINGAPORE] Shares of Hotel Properties Limited (HPL) rose on Monday (Apr 14) by over 5 per cent, following the company’s announcement that property tycoon and hotelier Ong Beng Seng is set to step down from his managing director position. At 9.41am, the counter climbed 5.5 per cent or S$0.19 to S$3.59, with 6,100 securities changing…
Read MoreThese China sectors and stocks are bucking the trend amid market volatility
[SINGAPORE] Global markets have been nothing but volatile on the back of tariff-induced swings – but China stocks were an outlier last week. From Apr 7, the Hang Seng Index and the CSI 300 Index were steadily rising even as other markets in the region were still volatile. The indices were up around 2.2 per…
Read MoreOCI is said to put brakes on Malaysia IPO plan on market turmoil
The polysilicon industry has struggled with a huge surplus, with far too much capacity built relative to demand, resulting in prices of the solar grade material tumbling more than 80 per cent over the past two years [KUALA LUMPUR / HONG KONG] OCI Holdings’ financial advisers have paused work on the potential listing of its…
Read MoreIndonesia’s foreign reserves hit record high despite rupiah rout
Domestic concerns, such as the fiscal outlook and slowing economic growth amid President Prabowo Subianto’s shuffling of policy priorities, are also weighing on market sentiment [JAKARTA] Indonesia’s foreign exchange reserves gained US$2.6 billion last month to reach another record high even as the global markets turmoil battered the rupiah. The stockpile climbed to US$157.1 billion…
Read MoreGoldman cuts targets on China stocks for second time this month
The firm has long been bullish, often going against the tide during the market’s multiyear slump [TOKYO] Strategists at Goldman Sachs cut their targets for key Chinese stock indexes for a second time this month, citing heightened trade tensions with the US. “US-China trade tensions have soared to unprecedented levels, prompting concerns about global recession,…
Read MoreBattered dollar steadies but investors brace for more tariff volatility
[SINGAPORE] The US dollar found some footing on Monday but was still near a three-year low after a bruising week that shook investor faith in the world’s reserve currency as US President Donald Trump’s tariff plans whipsawed global markets. Investors braced for another volatile week as Trump’s imposition and abrupt postponement of tariffs on goods…
Read MoreUK rushes to find materials to keep British Steel plant running
[LONDON] UK officials are rushing to secure the raw materials needed to keep Britain’s last primary steel manufacturer running, with other businesses offering to provide help. The government said on Monday (Apr 14) that dozens of companies, including Tata and Rainham Steel, have offered raw materials and managerial support to help keep the British Steel…
Read MoreGlobal funds hit pause on Indonesia after Prabowo policy changes
[MELBOURNE / LONDON] Indonesian President Prabowo Subianto’s attempt to engineer an economic renaissance is running up against a hard truth: Investors are not buying the vision he’s selling. Some of the world’s biggest money managers are reticent to rush back into the country’s assets after sweeping changes under Prabowo’s administration sent stocks tumbling by the…
Read MoreChina credit expansion beats forecast on bond sale deluge
[NEW YORK] China’s credit expanded more than expected in March as the government accelerated bond offerings to help the economy offset the impact of surging US tariffs on Chinese goods. Aggregate financing, a broad measure of credit, rose 5.89 trillion yuan (S$1 trillion), according to Bloomberg calculations based on data released by the People’s Bank…
Read More