Chinese Banks Move to Rein in Retail Gold Trading on Volatility
Chinese banks, led by ICBC, are ending retail gold‑trading services on the Shanghai Gold Exchange, with a July 24 cutoff, while Guangfa Bank demands position closures by Thursday afternoon or faces forced liquidation. The moves come as spot gold fell below $4,000 after a two‑year rally that peaked near $5,600 in January, driven by geopolitical tension and high interest‑rate expectations. Banks cite risk‑management concerns amid heightened volatility. Retail investors can still access gold‑accumulation products and ETFs, but direct spot and deferred contracts are being withdrawn.
Singapore to Upgrade PayNow, Launch New Finance Institute to Drive Innovation
Singapore’s Monetary Authority (MAS) and the Association of Banks in Singapore (ABS) will upgrade the PayNow instant‑payment platform with interoperable QR codes and deep‑linking features, aiming for full PayNow‑Nets QR interoperability by end‑2026. The enhancements also include larger‑value public‑sector transactions,...
DBS, OCBC, UOB, Nets to Expand ATM, Cash Access Network After Years of Rationalisation
By 2027 Singapore’s three major banks—DBS, OCBC and UOB—along with payments network Nets will add ATMs, branches and cash points so that every HDB block lies within 500 metres of a facility. The expansion reverses a decade‑long trend of ATM rationalisation...
JustCo’s the Boring Office to Open First CBD Co-Working Space
JustCo, the GIC‑backed flexible‑workspace provider, announced the launch of its first CBD co‑working centre under the "the boring office" brand, located on the ninth floor of The Octagon in Singapore. The space targets startups, entrepreneurs and SMEs that need 1‑to‑4‑person...
China’s ‘Future Industries’ Push Triggers Flood of Venture Capital, Bubble Concerns
Shanghai‑based Tectronic Maritime Space Systems announced a seed round of 150 million yuan ($21 million) at a 1.5 billion‑yuan ($210 million) valuation, with plans to raise three billion yuan over five years and list by 2032. The fundraising arrives as Chinese venture‑capital funding surged 60 %...
China Flags Top State Financial Firms for Tax Evasion, Improper Loans
China’s National Audit Office flagged three major state‑owned financial institutions for serious compliance breaches. Bank of China allegedly used shell funds to dodge roughly $332 million in taxes by masquerading private capital as public‑fund‑exempt projects. Agricultural Bank of China extended ¥11.07 billion...
Bank of Japan Sees AI Export Boom Cushioning Economy From Oil Price Shock
The Bank of Japan highlighted a surge in AI‑related exports that is offsetting the drag from higher oil prices, prompting a policy shift toward tighter monetary stance. Export‑price indices jumped 11.7% in May, with electronic goods up 23.9%, the strongest...
Wall St Subdued as Tech Steadies, Micron Earnings in Focus
Wall Street opened muted on June 24, with the Dow slipping 6.1 points to 51,660.75, the S&P 500 edging up 5.4 points to 7,370.88, and the Nasdaq down 8.4 points to 25,578.62. Technology shares steadied after a sharp sell‑off earlier in...
Brent Hits Lowest Since Before Start of Iran War on Expectations of Smoother Oil Flows via Hormuz
Brent crude fell 3% on June 24, reaching $74.76 a barrel, its lowest level since before the Iran‑Israel conflict began. The decline was driven by expectations that more tankers will resume transit through the Strait of Hormuz under a new UN‑backed...
Binance Vows to Stay in Europe Despite Licence Setback
Binance announced it will stay in the European Union despite its recent licence application being rejected, giving the exchange one week to secure authorisation before its current permission expires. The firm’s bid in Greece fell through, and talks with regulators...
Meta, Microsoft Lead US$850 Billion Boom in Data Centre Leases
Meta and Microsoft are driving a $850 billion surge in future data‑centre lease commitments among the world’s largest cloud providers. Meta added $79 billion in new leases, pushing its total to $182.9 billion, while Microsoft contributed more than $41 billion, reaching $196.6 billion. The combined...
Qualcomm in Talks to Provide Custom Chip-Design Services to ByteDance: Sources
Qualcomm is negotiating to design custom chips for ByteDance, the parent of TikTok, marking its first foray into providing chip‑design services to the Chinese internet giant. The proposed chips would leverage technology from AlphaWave Semi, which Qualcomm acquired last year,...
UOB Sets up Tech Oversight Committee in Board Reshuffle
United Overseas Bank (UOB) will create a Board Technology Committee effective July 1 to steer its technology and digital strategy, overseeing tech risk, operational resilience and governance. The board reshuffle also names Steven Phan as lead independent director and moves Wong Kan Seng...
Ship Insurers Set for Major Claims From Iran War, Allianz Says
Allianz’s annual safety and shipping review reveals that vessels and cargo worth roughly $125 billion were stranded in the Persian Gulf amid the Iran war. The insurer has already received claims, including total‑loss filings for ships hit by drones and missiles....
GameStop CEO Drops US$35 Billion Pay Plan to Focus on eBay Bid
GameStop CEO Ryan Cohen abandoned a proposed $35 billion bonus that was tied to the retailer reaching a $100 billion market value and $10 billion EBITDA. The move is intended to keep the company focused on its pending $56 billion bid for eBay, which...