European stocks advanced Wednesday, with London striking another record, driven by hopes of interest rate cuts in the eurozone, Britain and the United States as inflation eases.- Optimism - "European stocks are rising on optimism that borrowing costs will soon be lowered," City Index analyst Fiona Cincotta told AFP, noting that Frankfurt's DAX was also near its record.
South Korea's SK Hynix has agreed to sell its nearly 50% stake in its foundry unit based in China to a Chinese state-owned enterprise, according to regulatory filings and media reports. SK Hynix System IC said in a regulatory filing that it plans to sell a 21.3% stake in its foundry unit in Wuxi to China's state-owned Wuxi Industry Development Group Company for 205.4 billion won ($150.81 million). In a separate filing, SK Hynix System IC said it will also sell its intangible assets, including process technology to its Wuxi unit for 123.8 billion won.
Singapore's biggest bank DBS Group said on Wednesday that it has appointed Ping An Technology's chairman and CEO Eugene Huang as its chief information officer (CIO) effective Friday. Huang, who is joining from Ping An Group, has over 36 years of technology and banking experience and will report to DBS Group CEO Piyush Gupta in his new role, DBS said in a statement on Wednesday. "His immediate focus will be to build on the work the bank has done since last year to strengthen our technology resiliency," Gupta said in the statement.
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