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Keppel’s Profit Boosted by Strong Data Centre Demand

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Singapore’s Keppel Corporation reported a 5% rise in its full-year underlying profit, driven by robust performance in its connectivity segment, particularly in the data centre business. The company’s data centre operations saw an impressive 45% increase in annual net profit, reflecting the surging demand for digital infrastructure needed to support artificial intelligence services.

Keppel’s connectivity arm, which operates data centres that house servers and other computing equipment, has benefitted from the growing need for AI-driven digital infrastructure, particularly in the Asia Pacific region. As AI and other digital services expand, investments in data centres are expected to grow, further bolstering the company’s performance.

The firm, originally established over 56 years ago as a shipbuilding yard, has plans to more than double its data centre funds under management and increase its capacity, as announced in October. However, the highest-earning segment of Keppel’s infrastructure business saw a slight 4% decline in profit to S$673 million, largely due to lower fair value gains and reduced distributions from Keppel Infrastructure Trust.

Keppel’s net profit from continuing operations, excluding its offshore and marine assets, rose to S$1.06 billion ($784.20 million) in 2024, up from S$1.02 billion the previous year. The company, transitioning into an asset management firm, has set a target to manage S$200 billion in assets by 2030. As of December, its funds under management reached S$88 billion.

The company declared a final dividend of 19 Singapore cents per share, consistent with last year’s payout.

 

Blockchain Firm Movement Labs Seeks $3 Billion Valuation in $100 Million Funding Round

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Movement Labs, a blockchain development firm, is in the process of raising $100 million in a Series B funding round that could place the company’s valuation at $3 billion, according to a source familiar with the matter. The round is being led by crypto-focused investor CoinFund, with additional participation from Brevan Howard’s digital asset division.

Both CoinFund and Brevan Howard declined to comment on the details of the deal.

This funding round comes as startups in the cryptocurrency space are seeing renewed interest from investors following easing regulatory pressures and a market rebound from the lows experienced after the FTX collapse. The venture capital landscape is also benefiting from a recovery in dealmaking, spurred by interest rate cuts, which provide better opportunities for exits.

Global venture capital activity rose more than 5% to $368.5 billion last year, according to PitchBook.

Movement Labs raised $38 million in its previous funding round last year, and plans to use the new funds to enhance its product offerings, expand its presence in the Asia-Pacific region, and grow its team. The company was founded in 2022 by Vanderbilt University dropouts Cooper Scanlon and Rushi Manche, with a focus on creating a faster, more accessible blockchain. They also released their native token last month.

 

European Markets Set for Positive Opening Amid Anticipations of U.S. Interest Rate Cuts and Strong Asia-Pacific Performance

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European markets are set to open higher on Tuesday, recovering from a slow start to September trading earlier in the week. Investors are showing optimism following a volatile August, with key indices like the U.K.’s FTSE, Germany’s DAX, France’s CAC 40, and Italy’s FTSE MIB expected to edge up. Analysts are closely watching economic data and interest rate expectations as the U.S. Federal Reserve prepares for its next meeting in mid-September, where a potential rate cut is on the horizon.

In Asia-Pacific, markets mostly posted gains overnight, driven by South Korea’s inflation easing to its lowest year-on-year level since March 2021. This positive momentum is contributing to the cautiously optimistic outlook in Europe. Meanwhile, Europe is awaiting key economic data, including Spanish unemployment figures and U.K. retail sales, which will further shape investor sentiment.

With U.S. markets reopening after the Labor Day holiday and a major jobs report on the way, September trading is expected to remain dynamic. Investors are bracing for what could be a challenging month, but the anticipation of interest rate cuts offers some support for market recovery in the coming days.