Jetstar Asia ceasing operations: More than 500 employees to be retrenched
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Business Times
2 minutes ago
- Business Times
Temasek-backed ST Telemedia is said to consider selling stake in data centre operator GDS: sources
[SINGAPORE] ST Telemedia (STT) is considering selling its holding in Chinese data centre operator GDS Holdings, people familiar with the situation said. The company, backed by Singapore state investor Temasek Holdings, holds almost 34 per cent of GDS' Class A shares, representing about 20 per cent of aggregate voting power, the latest GDS annual report shows. ST Telemedia is sounding out interest from potential buyers for the entire stake, the people said, asking not to be identified as the deliberations are private. Data centres are in strong demand globally, thanks in large part to the artificial intelligence boom. That has reflected in the share price of GDS, which is up almost 60 per cent in Hong Kong this year and more than 220 per cent over the past 12 months. The company has a market value of around US$7.4 billion. The rally in GDS, which also has American depositary receipts, could make it harder for ST Telemedia to find a buyer for its stake, the people said, adding that it may offload the holding in blocks. The company may also decide not to sell, they said, noting that deliberations are at an early stage. ST Telemedia declined to comment. GDS did not respond to requests for comment. Singapore-headquartered ST Telemedia invests in communications, media, data centres and infrastructure technology businesses. ST Telemedia also owns one of Asia's largest data centre operators, ST Telemedia Global Data Centres. Bloomberg News reported in July that KKR is in talks about potentially buying STT GDC in a deal that could value the firm at more than US$5 billion. Meanwhile, GDS has a presence beyond mainland China with a stake in DayOne Data Centers Singapore Pte, which runs facilities in Hong Kong, Tokyo and South-east Asia. DayOne is considering an initial public offering in the US, Bloomberg reported in February. GDS posted revenue of US$375 million for the quarter through March, with net income of US$105 million, reversing a US$48 million loss a year earlier. BLOOMBERG
CNA
32 minutes ago
- CNA
Pakistan finance minister eyes cut to key policy rate from 11%
ISLAMABAD :Pakistan's finance minister said on Wednesday that there was more room for the central bank to cut the country's key policy rate down from 11 per cent. "We are hopeful of progress in terms of the policy rate going south," Mohammed Aurangzeb said at an event in Islamabad. The next policy rate announcement is due on September 15, according to the State Bank of Pakistan's calendar. The central bank left its key interest rate unchanged at 11 per cent on July 30, going against analyst expectations. In a Reuters poll ahead of the policy rate announcement, all 15 analysts said they expected the bank to ease, with nine forecasting a 50 basis-point cut, four predicting a deeper 100 basis-point reduction and two projecting a smaller 25 basis-point cut.
CNA
34 minutes ago
- CNA
Thai central bank cuts rates to lowest in two years to support growth
BANGKOK : Thailand's central bank lowered its policy rate by a quarter point on Wednesday, its fourth cut in 10 months, to support a sluggish economy grappling with falling prices, the impact of U.S. tariffs and a decline in foreign tourists. The monetary committee unanimously voted to cut the one-day repurchase rate by 25 basis points to 1.50 per cent, the lowest in more than two years. The economy was expected to expand this year and next, close to earlier assessments, but U.S. trade policies would exacerbate structural problems and weaken competitiveness, with small businesses vulnerable, the central bank said in a statement. "Going forward, the economy is expected to slow down in the second half of the year due to U.S. trade policies, both directly and indirectly, and a decline in short-haul tourist arrivals as a result of intensified regional competition," it said, adding that private consumption and small businesses would be hit. "The committee views that monetary policy should be accommodative going forward to support the economy," it added. The central bank said it expects growth in Southeast Asia's second-largest economy to slow in the second half of the year. The baht reversed course to fall 0.1 per cent after the announcement, while Thai stocks were largely unchanged after rising 1.10 per cent in morning trading. The economy has struggled with weak consumption, high household debt, slowing tourism, trade uncertainty and U.S. tariffs. The central bank has said the economy might have grown about 3 per cent annually in the second quarter of 2025 but would feel the impact of U.S. tariffs and weakening consumption later this year. Wednesday's meeting was the last for Governor Sethaput Suthiwartnarueput. New Governor Vitai Ratanakorn will take over on October 1, and he has said rate cuts will support growth. The next policy review will be on October 8. In June, the BOT predicted 2025 economic growth of 2.3 per cent, with export growth of 4 per cent, after factoring in U.S. tariff rates of 18 per cent. The economy expanded 2.5 per cent last year, lagging peers. Last month, the United States reduced its tariff rate to 19 per cent on imported goods from Thailand, down from the initial 36 per cent level and more aligned with other countries in the region. There are still uncertainties relating to U.S. tariffs on transshipments via Thailand from third countries. There are still uncertainties relating to U.S. tariffs on transshipments via Thailand from third countries. The United States was Thailand's biggest export market last year, accounting for 18.3 per cent of total shipments, with a value of $55 billion. Consumer prices in July fell 0.7 per cent from a year earlier, down for a fourth consecutive month, and below the central bank's target range of 1 per cent to 3 per cent for the fifth consecutive month. Headline inflation was subdued because of supply side factors including low food prices from favourable weather conditions and downward trends in energy prices, the BOT said. Price decline was not widespread as core inflation remained stable and near previous assessments, it said. In June, the central bank predicted headline inflation of 0.5 per cent this year, with the core rate seen at 1 per cent.
