Posts by Stephanie Irvin
Australian PM’s approval drops as RBA sees no near-term rate cut
AUSTRALIAN Prime Minister Anthony Albanese’s approval rating fell to the lowest level since he took office in 2022 as the central bank signalled it will not join global peers in cutting interest rates, suggesting no relief is in the offing for voters struggling with the cost of living. Dissatisfaction with Albanese’s performance advanced three percentage…
Read MoreGold flat after data suggests smaller Fed rate cut
GOLD prices were flat on Monday (Sep 2), after falling 1 per cent in the previous session, with US inflation data suggested that the Federal Reserve was more likely to go for a smaller-than-expected interest rate cut this month. Spot gold was flat at US$2,502.89 per ounce, as at 0015 GMT after hitting a session…
Read MoreShares in Hong Kong’s New World Development plunge after loss estimate
SHARES in major Hong Kong property developer New World Development plunged 13 per cent after it estimated a net loss of as much as HK$20 billion (S$3.4 billion) for the financial year that ended in June. The shares closed at HK$6.83 on Monday (Sep 2), another 21-year low. The company said in a Friday filing…
Read MorePimco, GMO refine EM playbook as Fed cuts set to shake up market
TOP-PERFORMING emerging-market (EM) bond managers are recalibrating positions as the most anticipated US interest rate cut in decades brings fresh impetus to an asset class buffeted by nearly US$15 billion in outflows this year. Investors from Pacific Investment Management Company (Pimco) to Neuberger Berman and Grantham Mayo Van Otterloo (GMO) are eyeing local-currency debt and…
Read MoreBill Ackman says X ban will make Brazil an ‘uninvestable market’
HEDGE fund billionaire Bill Ackman joined critics of a court order to suspend Elon Musk’s X in Brazil, saying the ruling will likely drive away investors and harm the country. On Friday (Aug 30), Supreme Court justice Alexandre de Moraes ordered Internet service providers in Brazil to block its users from accessing X, after the…
Read MoreIntel CEO to pitch board on plans to shed assets, cut costs: source
INTEL CEO Pat Gelsinger and key executives are expected to present a plan later this month to the company’s board of directors to slice off unnecessary businesses and revamp capital spending, according to a source familiar with the matter, as they try to revive the once-dominant chipmaker’s fortunes. The plan will include ideas on how…
Read MoreS&P 500 could challenge its previous all-time high
LAST Wednesday (Aug 28), the S&P 500 Index opened nearly flat at 5,624.51, continuing its recent downtrend to reach an intraday low of 5,560.95. After 2pm Eastern Standard Time, the index managed to stage a mild recovery but still closed lower at 5,592.18, down 33.62 points, or 0.60 per cent for the day. The current…
Read MoreYen’s rapid advance pressures earnings once thought easy to beat
The yen’s recent rally has taken it past levels many Japanese companies use to forecast their earnings, raising the risk of exporters cutting their guidance and hampering the stock market recovery. With stronger signals coming from the Bank of Japan (BOJ) and Federal Reserve on monetary policy, the yen has gained 3.5 per cent against…
Read MoreBrazil watchdog moves to block access to Elon Musk’s X after court order
BRAZIL’S telecommunications regulator said on Friday (Aug 30) it was suspending access to Elon Musk’s X social network in the country to comply with an order from a judge who has been locked in a months-long feud with the billionaire investor. The popular social media platform missed a court-imposed deadline on Thursday evening to name…
Read MoreIndia lifts sugar curbs for ethanol in threat to global supply
INDIA has lifted restrictions on sugar mills and distilleries using cane juice to make ethanol, a move that’s likely to prolong export curbs from the world’s second-biggest grower and tighten global supply. Ethanol producers will be allowed to use sugarcane juice, B-heavy and C-heavy molasses during the 2024-25 year that starts November, according to the…
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