Posts by Stephanie Irvin
US Federal Reserve keeps rates steady, sees just one 2024 cut despite inflation progress
THE Federal Reserve held interest rates steady on Wednesday and pushed out the start of rate cuts to perhaps as late as December, with officials projecting only a single quarter-percentage-point reduction for the year amid rising estimates for what it will take to keep inflation in check. In a set of projections that likely removes the…
Read MoreSingapore sales of ultra-luxury cars like Ferrari, Rolls-Royce dive on higher taxes, lower rebates
SALES of ultra-luxury cars in Singapore have plunged to a fraction of previous levels, more than a year after a major hike in taxes, Land Transport Authority data showed. Across six ultra-luxury brands that sell in significant numbers here, there were 51 registrations in the first five months of 2024, down 77.6 per cent from…
Read MoreUS: Nasdaq opens at record highs as markets cheer inflation data
Wall Street jumped at the open, with the S&P 500 and the Nasdaq touching fresh record highs on Wednesday (Jun 12) after benign consumer prices data reassured investors inflation was cooling, boosting hopes for rate cuts from the Federal Reserve later this year. At 9:32 am ET, Dow e-minis were up 346 points, or 0.89…
Read MoreChina’s Nio says commitment to Europe EV market ‘unwavering’ despite tariff increase
CHINESE electric vehicle maker Nio strongly opposes the European Union’s use of increased tariffs as a strategy to obstruct the normal global electric vehicle trade but its commitment to Europe’s EV market is unwavering, it said on Wednesday (Jun 12). Nio “will continue to serve our users and explore new opportunities within Europe despite protectionism”,…
Read MoreUniper wins 13 billion euros arbitration ruling against Gazprom
GERMAN utility Uniper has won a multi-billion euro arbitration against former long-time supplier Gazprom, it said on Wednesday (Jun 12), allowing it to tear up dormant gas supply contracts and potentially setting a precedent for similar cases. The ruling marks a landmark victory for Uniper, which had to be rescued by the German government in…
Read MoreThe tiny trades that brought down Segantii’s giant hedge fund
It took just US$1.1 million worth of well-timed trades to knock down one of Asia’s top hedge funds. A Hong Kong court on Wednesday (Jun 12) revealed how Simon Sadler’s Segantii Capital Management allegedly used insider information to sell shares of an apparel retailer ahead of an impending block trade seven years ago. The details…
Read MoreSingapore shares end flat as markets hold their breath for Fed rate decision; STI down 0.1%
SINGAPORE shares ended flattish on Wednesday (Jun 12) as markets took a wait-and-see approach ahead of a key US Federal Reserve meeting. The benchmark Straits Times Index (STI) fell 0.1 per cent or 1.77 points to 3,307.44. Across the broader market, losers beat gainers 309 to 247 after 1.2 billion securities worth S$1 billion…
Read MoreJapan enacts law ensuring access to third-party apps
Japan on Wednesday (Jun 12) enacted legislation to ensure tech giants like Google and Apple give access to third-party smartphone apps and payment systems on their platforms or risk major fines. Similar to the European Union’s (EU) new Digital Markets Act (DMA), the law mandates that they act fairly and make operating systems, browsers and…
Read MoreShipping container prices up by 26% in Singapore
THE average shipping container prices in Singapore has increased by 26 per cent from October 2023 to May 2024, reflecting a “substantial increase” in demand for capacity amid global port congestion. In Singapore, the average price of 20-foot (ft) dry containers were US$950 in September 2023, but have since risen to US$1,211 in the…
Read MoreContainer prices surge 26%; lines shifting some transshipment from Singapore to regional ports amid congestion
THE average shipping container prices in Singapore has increased by 26 per cent from October 2023 to May 2024, reflecting a “substantial increase” in demand for capacity amid global port congestion. In Singapore, the average price of 20-foot (ft) dry containers was US$950 in September 2023, but has since risen to US$1,211 in the…
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