Latest news with #DBSBank
Reuters
a day ago
- Business
- Reuters
Oil price outlook weakens on OPEC+ hikes, lingering trade concerns
May 30 (Reuters) - Analysts have revised down their oil price forecasts for the third consecutive month as swelling OPEC+ supply and lingering uncertainty around the impact of trade disputes on fuel demand weigh on prices, a Reuters poll showed. A survey of 40 economists and analysts in May forecasts Brent crude will average $66.98 per barrel in 2025, down from April's $68.98 forecast, while U.S. crude is seen at $63.35, below last month's $65.08 estimate. Prices have averaged roughly $71.08 and $67.56 so far this year respectively, as per LSEG data. While tensions have somewhat eased between the U.S. and other trade partners, trade conflicts still loom as a key factor that could weaken oil demand, said Tobias Keller, analyst at UniCredit. "On the supply side, oil prices will be heavily influenced by OPEC+ production decisions, while geopolitical tensions... pose ongoing risks of disruption and price volatility," Keller added. Eight OPEC+ members began unwinding output cuts earlier this year, agreeing to larger-than-expected increases of 411,000 bpd for May and June. The members may decide on a similar output hike for July at a meeting on Saturday, sources have told Reuters. The move "seems driven by a desire to punish non-compliant members rather than support oil prices at any specific level. Compliance will be hard to enforce, especially in Kazakhstan," said Suvro Sarkar, lead energy analyst at DBS Bank. Meanwhile, analysts polled by Reuters expect global oil demand to grow by an average of 775,000 barrels per day in 2025, with many pointing to elevated trade uncertainty and the risk of economic slowdown as key concerns. This compares to the 740,000 bpd 2025 average demand growth forecast from the International Energy Agency earlier this month. With U.S. consumption and China oil demand constrained by fuel efficiency gains, economic uncertainty and the shift to electric mobility, "demand growth is largely coming from the resource nations themselves," said Norbert Ruecker, head of economics & next generation research at Julius Baer. Meanwhile, Russia's war in Ukraine continues to pose a geopolitical risk premium for oil. Analysts say markets have largely priced in the uncertainty. "Potential de-escalation efforts and the possibility of lifting sanctions on Russian oil could further lower prices," said Sarkar.
Straits Times
2 days ago
- Business
- Straits Times
Forum: Banks must be transparent about transaction fees
I recently made a hotel booking via the online travel agency Agoda, which cost me $155.74. I subsequently cancelled the booking for a full refund. However, when I reviewed my DBS Bank credit card statement, I noticed that I had been charged $157.30 originally, but only refunded $154.18. It turned out that a 1 per cent cross-border transaction fee had been charged, but was not refunded. What was more troubling was that the fee was not listed as a separate line item in the statement, making it difficult to identify. When I called the bank, they acknowledged the issue and refunded the fee. This is where I believe the process can be improved. The 1 per cent fee is automatically applied when the transaction is made, but is not automatically refunded. It requires the consumer to detect the discrepancy and take the initiative to call the bank. In the spirit of transparency and fairness, I hope banks will clearly itemise such transaction fees as a separate line on statements, so consumers can distinguish such fees from merchant charges. I also hope these fees can be automatically refunded when the original transaction is fully refunded by the merchant. To do otherwise feels deceptive and places an unreasonable burden on consumers to monitor and challenge hidden charges. In an age of digital banking, such transparency and automation should be the minimum standard. Julia Yeo Siang Jun More on this Topic Forum: What readers are saying Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
2 days ago
- Business
- Straits Times
Keppel appoints ex-DBS chief Piyush Gupta as deputy board chairman from July 1
Former DBS Bank chief executive Piyush Gupta will also join the nominating, remuneration and board sustainability and safety committees. PHOTO: BUSINESS TIMES SINGAPORE – Keppel has appointed former DBS Bank chief executive Piyush Gupta as its deputy chairman and a non-executive independent director. The appointments will take effect from July 1, said the Singapore-based global asset manager and operator on May 29. Mr Gupta will also join the nominating, remuneration and board sustainability and safety committees. Mr Gupta, 65, retired from DBS in March 2025, concluding a 15-year tenure that saw the bank grow into South-east Asia's largest by assets, with record profits and a market value of $124 billion as at the end of 2024. He was credited with driving DBS' digital transformation, developing technology systems that enhanced much of the bank's operations, though the lender had its fair share of digital disruptions. Before joining DBS, he was Citi's CEO for South East Asia-Pacific for 27 years. Mr Gupta also holds other key appointments, including chairman of Singapore Management University's board of trustees and chairman of the Mandai Park Holdings. He is also a board member of the National Research Foundation , Singapore, and a member of the Ministry of Trade and Industry's Future Economy Advisory Panel. Keppel chairman Danny Teoh said on May 29 that Mr Gupta's leadership and experience in driving business and digital transformation will help Keppel in its journey towards becoming a leading global asset manager and operator. Mr Gupta noted that Keppel is at an important threshold, as it reinvents itself as a global asset manager with strong operating capabilities. Join ST's WhatsApp Channel and get the latest news and must-reads.
Yahoo
3 days ago
- Business
- Yahoo
$1.9m seized in police operation targeting scam activities; 9 arrested
SINGAPORE – About $1.9 million in suspected scam proceeds was seized by the police's Anti-Scam Command (ASC) in a near month-long joint operation targeting government official impersonation, investment and job scams. In a media statement on May 29, the police said that 400 bank accounts were frozen in the operation, which took place from April 15 to May 13 and involved officers from ASC working with the police land divisions' Scam Strike teams and participating local banks. Islandwide raids were conducted to locate those suspected of handing their bank accounts to scammers for use in money laundering activities. Nine people – seven men and two women between the ages of 18 and 33 – were arrested, and another 33 people are being investigated. The 42 people are believed to be involved in more than 200 cases of scams. The police also disrupted more than 900 online enablers and terminated more than 806 phone lines used in the scams. Police investigations are ongoing. Those convicted of assisting another to retain benefits from criminal conduct in certain circumstances may be jailed for up to three years, fined up to $50,000, or both. For the offence of unauthorised access to computer material, convicted individuals may be jailed up to two years, fined $5,000 or both. The police advised the public to always reject requests by others to use their Singpass credentials, bank accounts or mobile lines to avoid being held accountable for their misuse. In a separate statement on May 29, the police said that the officers from ASC had collaborated with DBS Bank and the Singpass Anti-Fraud Team to prevent victims of government impersonation scams losing $820,000 in two cases in April. In the first case, a 44-year-old man was on April 2 contacted by an unknown caller allegedly claiming to work for Citibank. The caller then directed him to a scammer posing as an official from the Monetary Authority of Singapore (MAS). The bogus official then told the man he was under investigation for money laundering, and instructed him to transfer $200,000 to a specified DBS account 'for investigative purposes'. Anti-scam measures implemented by ASC allowed DBS to detect suspicious activities in the scammers' bank account, and the bank intercepted the transfer to prevent the loss for the victim. In the second case, which also took place on April 2, a 77-year-old woman was referred to the authorities by staff at DBS Bank's Holland branch after they suspected that she had fallen prey to a scam. The woman had requested to make a cash withdrawal of $200,000 for her nephew's wedding, having already withdrawn $160,000 the previous day. ASC officers later found that the woman had been contacted by an unknown caller allegedly claiming to work for a telecommunications company, who referred her to scammers posing as officials from the Hong Kong police and MAS. The woman was told to withdraw $620,000 and hand the money over to the scammers, also 'for investigative purposes', but the Singapore authorities were able to successfully intercept the transactions and prevent her from losing the amount. Police has advised the public to adopt precautionary measures, which includes installing the ScamShield app and setting up security features for internet banking transactions. For more information on scams, visit or call the ScamShield helpline on 1799. Source: The Straits Times © SPH Media Limited. Permission required for reproduction Discover how to enjoy other premium articles here
Yahoo
3 days ago
- Business
- Yahoo
Bullish bets surge on Asian currencies as US-China thaw, trade deals rattle dollar: Reuters poll
By Roshan Thomas (Reuters) - Investors piled up bullish bets on Asian currencies, including the yuan, as easing U.S.-China tariff tensions, new trade deals and a growing unease with U.S. policies prompted them to pull out of dollar assets, a Reuters poll showed on Thursday. Investors sought long positions across the board, with those in the Taiwanese dollar and Philippine peso climbing to their highest since the end of 2020, according to the fortnightly poll of 10 respondents. All responses were collected before a U.S. trade court on Wednesday blocked President Donald Trump's sweeping tariffs, ruling he overstepped his authority by imposing duties on countries with trade surpluses against the United States. Long bets on the Chinese yuan were the highest since October last year - a month before Donald Trump was re-elected as the President of the United States - buoyed by signs of renewed dialogue on trade between Washington and Beijing after months of posturing and threats. The yuan rose 1% this month. Trump's tariff flip-flops and the mounting worries over a ballooning U.S. deficit have dented confidence in American assets, piling pressure on the dollar and driving investors toward Asian currencies. "Asian currencies are likely to stay firm against the U.S. dollar (USD) due to diversification outflows from USD assets into Asia, with investors being concerned over U.S. trade policy and its fiscal trajectory given proposed tax cuts", said Wei Liang Chang, market strategist at DBS Bank. Southeast Asian leaders have also reached an understanding that any bilateral agreements they might strike with the United States on trade tariffs would not harm the economies of fellow members. Parisha Saimbi, an FX strategist at BNP Paribas, said Asian currencies would remain somewhat supported, helped by the U.S.-China de-escalation and bilateral trade deals being reached. Meanwhile, the Taiwanese dollar has gained more than 6% in May to record its best ever monthly gain. Taiwan's president dismissed "false" claims of currency talks with Washington earlier in May, after the Taiwan dollar spiked on speculation the U.S. had pushed for its appreciation, fuelling market jitters over potential FX policy shifts. The South Korean won has also jumped more than 4% this month amid a broad dollar selloff, with Seoul officials confirming currency policy was on the table during recent talks with U.S. counterparts in Milan, fuelling speculation of joint FX moves. Bullish bets returned to the Indonesian rupiah for the first time since October 2024, as some investors looked past ongoing fiscal concerns and bet on policy direction stabilising. Elsewhere, bullish bets on the Malaysian ringgit and Thai baht rose to their strongest levels since October 2024. The Asian currency positioning poll is focused on what analysts and fund managers believe are the current market positions in nine Asian emerging market currencies: the Chinese yuan, South Korean won, Singapore dollar, Indonesian rupiah, Taiwan dollar, Indian rupee, Philippine peso, Malaysian ringgit and the Thai baht. The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3. A score of plus 3 indicates the market is significantly long U.S. dollars. The figures include positions held through non-deliverable forwards (NDFs). The survey findings are provided below (positions in U.S. dollar versus each currency): DATE USD/CNY USD/KRW USD/SGD USD/IDR USD/TWD USD/INR USD/MYR USD/PHP USD/THB 29-May-25 -0.67 -1.20 -1.34 -0.32 -1.50 -0.08 -1.04 -1.19 -1.14 15-May-25 0.00 -0.22 -0.54 0.70 -1.01 -0.19 -0.15 -0.68 -0.45 01-May-25 0.20 -0.06 -0.67 1.27 -0.53 -0.58 -0.40 -1.02 -0.61 17-Apr-25 0.57 0.19 -0.26 1.33 0.06 -0.20 0.04 -0.65 -0.30 03-Apr-25 0.47 1.13 0.54 1.20 1.14 0.01 0.33 -0.15 0.40 20-Mar-25 0.24 0.72 0.15 0.97 0.85 1.09 0.42 -0.13 0.08 06-Mar-25 0.77 1.00 0.34 1.36 0.71 1.47 0.45 0.20 0.48 20-Feb-25 0.88 0.83 0.31 1.06 0.59 1.22 0.37 0.31 0.02 06-Feb-25 1.15 1.01 0.86 1.25 1.14 1.98 0.62 0.93 0.23 Sign in to access your portfolio
