Updated version at 8.30 am
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April 5, 2021,
- Oil prices edged down in early Asian trade on Monday after OPEC+ agreed last week to gradually ease some of its production cuts between May and July.
- Stung by the collapse of Asia’s top independent oil trading firm, Hin Leong Trading, liquidators and creditors are hunting for assets from the city-state to China to Australia belonging to the Lim family, after the Singapore-based company was wound up in March.
- China’s central bank asked lenders to rein in credit supply on concern the surge in loans is fueling asset bubbles, the Financial Times (FT) reported.
- Samsung Electronics Co Ltd likely saw a 45% jump in profit for January-March on robust sales of smartphones, TVs and home appliances, though chip division earnings are seen tumbling after a storm suspended production at its US plant.
- H&M‘s woes in Asia deepened after a “problematic” map on its website drew the attention of Chinese authorities, with the retailer’s attempts to resolve the matter then angering consumers in Vietnam.
- Malaysia’s richest man Robert Kuok added some US$155 million to his fortune as of today to take his total tally to US$20.7 billion and was ranked 87 on the Bloomberg Billionaires Index.
- Tesla‘s estimate-smashing deliveries of electric vehicles in the first quarter suggest boss Elon Musk’s bet on growth in China and Europe is starting to pay off.
- Singapore-based neo-banking startup StashFin said it has raised US$40 million in a series B extension funding from Altara Ventures and Uncorrelated Ventures.
- Europe is ramping up global EV-car battery production as more automakers go electric. Prospective manufacturers are popping up in the Nordic region, Germany, France, the UK and Poland in a transcontinental competition to reduce the dominance of China’s Contemporary Amperex Technology Co. Ltd. and South Korea’s LG Energy Solution.