Posts by Stephanie Irvin
The first casino near Dubai sparks a new gold rush
BARELY a year after Las Vegas casino operator Wynn Resorts announced plans for a US$4 billion resort in the United Arab Emirates, the area is crawling with construction workers erecting five-star resorts, shops and US$7 million villas in what developers expect will become a major tourist hotspot. Before that deal, the artificial Marjan islands off…
Read MoreJapan’s Honda to start selling micro-sized electric vans in October
HONDA Motor will start selling a micro-sized electric van targeted at Japan’s delivery industry in October, the Japanese automaker said on Thursday (Jun 13), joining an increasingly crowded part of the market. The small electric commercial van will have a cruising range of 245 km, the company said. It will be classed as a “kei”…
Read MoreGold prices drop on revised rate-cut bets after Fed verdict
GOLD prices fell on Thursday (Jun 13) after traders gauged Federal Reserve officials’ updated interest rate projections, which signalled only one US rate cut this year. Spot gold was down 0.5 per cent at US$2,311.50 per ounce, as at 0134 GMT. US gold futures fell 1.2 per cent to US$2,327.20. The US dollar strengthened 0.1…
Read MoreSubsidies and price cuts drive China’s car sales recovery in May
CHINA’S vehicle sales recovered in May from the previous months, thanks in part to government subsidies. Retail sales of passenger cars dropped 1.9 per cent from a year earlier to 1.7 million units in May, but grew 11 per cent from April, the China Passenger Car Association (CPCA) said on Tuesday (Jun 11). The May…
Read MoreStocks to watch: Mapletree Logistics Trust, Mandarin Oriental, Ossia International
THE following companies saw new developments that may affect trading of their securities on Thursday (Jun 13): Mapletree Logistics Trust : M44U 0%: The trust’s manager said it will divest its entire equity interest in its wholly foreign-owned enterprise, Mapletree Logistics Warehouse (Xian), for an estimated price of 70.5 million yuan (S$13.1 million). The divestment…
Read MoreApple briefly reclaims title of world’s most valuable company
APPLE on Wednesday briefly reclaimed its berth as the world’s biggest company when measured by stock price, taking back the top position for a few hours from Microsoft. The iPhone juggernaut is on a Wall Street tear following its announcements of AI features at its annual developers conference on Monday. Apple, which had taken its time…
Read MoreTerraform to pay US$4.47 billion to settle SEC fraud case
TERRAFORM Labs will pay US$4.47 billion to resolve a US Securities and Exchange Commission (SEC) lawsuit over the firm’s 2022 collapse, which wiped out US$40 billion in investor assets and shook the cryptocurrency world. The SEC on Wednesday (Jun 12) asked a federal judge in New York to approve the settlement. The deal was reached…
Read MoreUS 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…
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