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global market updates apple tesla ford bank of america and byd news
Apple enhances AirPods Max with lossless audio and AI leadership changes, while Tesla faces regulatory hurdles in China and legal issues in the US. Ford is under investigation for gear shifts in F-150 trucks, and Bank of America appoints a new head for India. In Europe, SAP surpasses Novo Nordisk in market value, and Bayer's stock drops after a significant jury verdict. BYD reports a substantial profit increase, and Toyota delays its battery factory project while starting a recycling facility.
soft start expected for singapore stock market amid global uncertainties
The Singapore stock market ended its three-day winning streak, with the Straits Times Index dropping 21.10 points to close at 3,799.93. Losses in property and industrial sectors were offset by gains in trusts, while global markets showed weakness ahead of the Federal Reserve's interest rate decision. Wall Street's decline was driven by a pullback in technology stocks, and oil prices fell amid concerns over global demand and potential oversupply.
Nykredit to Acquire Spar Nord Bank in Major Danish Banking Merger
Denmark's Nykredit has made a DKr24bn ($3.5bn) cash offer to acquire Spar Nord Bank, representing a 49% premium on its share price, with completion expected in the first half of 2025. In other news, AllianceBernstein plans to sue Switzerland over the $17bn writedown of Credit Suisse's AT1 bonds, joining a lawsuit that claims investor rights were violated during the UBS takeover. Additionally, DBS Group, Mitsubishi UFJ Financial Group, and Sumitomo Mitsui Financial Group are potential bidders for Indonesia's Panin Bank, which has seen a significant rise in its share value this year. Morgan Stanley will pay $15mn to settle SEC allegations regarding inadequate fraud prevention measures at its Smith Barney unit.
Blackstone Pursues 2.6 Billion Dollar Loan for AirTrunk Data Centers
Blackstone Inc. is negotiating a multi-currency loan of approximately A$4 billion ($2.6 billion) for AirTrunk Pte., an Australian data center operator. The private equity firm is in discussions with around 10 banks, including DBS Group, Standard Chartered, and Sumitomo Mitsui, as loan terms are being finalized.
DBS Expands Wealth Management for Russian Clients Amid Sanction Concerns
DBS Group Holdings has expanded its wealth management team to cater to affluent Russians, hiring private bankers amid a climate where many global banks are retreating due to sanction risks. The bank's stock has surged, reflecting its growth in managing Russian assets, which, while small, is increasing as competitors like UBS and HSBC limit their dealings with such clients. DBS maintains rigorous compliance measures to ensure clients are not subject to sanctions, with a minimum asset requirement of $20 million for Russian clients.
dbs expands wealth management team for wealthy russians amid sanctions concerns
DBS Group Holdings Ltd. has expanded its wealth management team to attract affluent Russians, capitalizing on opportunities as many global competitors withdraw due to sanction concerns. The bank has added two Russian-speaking private bankers, increasing their total to at least nine in Singapore. One new hire came from Union Bancaire Privee SA, while the other joined from Credit Suisse.
dbs expands wealth management team for wealthy russian clients amid sanctions
DBS Group Holdings has expanded its wealth management team to attract wealthy Russians, hiring two private bankers recently, despite many global banks retreating due to sanction risks. The Singapore lender now has at least nine Russian-speaking bankers and aims to double its wealth management fees by 2027, offering services to clients with a minimum of $20 million in assets. While it conducts rigorous risk assessments to ensure compliance with sanctions, DBS emphasizes that it does not specifically target Russian clients.
pag secures 375 million loan for major india buyout
PAG has secured a $375 million buyout loan from Barclays, DBS, Goldman Sachs, and Standard Chartered for its acquisition of Manjushree Technopack Ltd., India's largest rigid plastic packaging provider. The five-year loan will later be syndicated to the broader market.
Marina Bay Sands seeks record 12 billion dollar loan for expansion
Marina Bay Sands Pte is seeking to secure a loan of up to S$12 billion ($8.9 billion) to fund its casino resort expansion in Singapore, which would mark the largest financing deal in the city-state's history. DBS Group Holdings Ltd., Malayan Banking Bhd., Oversea-Chinese Banking Corp., and United Overseas Bank Ltd. are coordinating the loan arrangements.
adani group faces serious allegations of bribery and fraud in us investigation
Gautam Adani and executives from Adani Group face U.S. federal charges for a massive bribery scheme involving $265 million in bribes to Indian officials to secure energy contracts. The allegations have led to significant market repercussions, including steep declines in Adani's stock and bond values, raising concerns about foreign investment in India. The SEC has labeled the actions a "massive bribery scheme," while Adani Group denies the allegations, asserting its commitment to governance and compliance.
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