Posts by Yurie Miyazawa
Hong Kong central bank cuts interest rate, tracks Fed move
THE Hong Kong Monetary Authority (HKMA) on Thursday cut its base rate charged via the overnight discount window by 50 basis points to 5.25 per cent, tracking a move by the US Federal Reserve. Hong Kong’s monetary policy moves in lock-step with the United States as the city’s currency is pegged to the greenback in…
Read MoreUnited States says thwarted Chinese ‘state-sponsored’ cyber attack
THE US Justice Department on Wednesday said it had neutralised a cyber-attack network that affected 200,000 devices worldwide, alleging it was run by hackers backed by the Chinese government. The malware infected a wide range of consumer devices, including routers, cameras, digital video recorders and network-attached storage devices, according to a US statement, with the…
Read MoreUS Fed delivers oversized rate cut as it gains ‘greater confidence’ about inflation
THE Federal Reserve on Wednesday kicked off what is expected to be a series of interest rate cuts with an unusually large half-percentage-point reduction, a move aimed at boosting a cooling job market while continuing to push down on inflation. “This decision reflects our growing confidence that with an appropriate recalibration of our policy stance,…
Read MoreChinese overcapacity is crushing the global steel industry
EACH year, China makes as much steel as the rest of the world combined. The vast scale of its output – around one billion tonnes a year – is obscured by the fact that most of it stays in the country. Lately, however, China’s exports of the metal have surged, reaching 90 million tonnes in…
Read MoreAmazon boosts warehouse worker pay by at least US$1.50 an hour
AMAZON.COM is raising the pay of its hourly warehouse workers by at least US$1.50 an hour and adding Prime memberships to their benefits. The raises will take effect this month for the hundreds of thousands of employees working for Amazon’s sprawling US logistics operation, boosting the average base wage to more than US$22 an…
Read MoreSnapchat pushes ‘safer’ platform image, but not everyone agrees
SNAPCHAT, the popular teen-focused social network, is positioning itself as a healthier alternative to platforms like Instagram and TikTok, which have faced criticism for their impact on youth mental health. However, not everyone is convinced. At parent company Snap’s annual conference in Santa Monica on Tuesday (Sep 18), CEO Evan Spiegel emphasised the platform’s unique…
Read MoreUS seeks over US$100 million from ship owner and manager in Baltimore bridge collapse
THE United States filed a lawsuit on Wednesday (Sep 18) claiming over US$100 million from the Singapore owner and manager of container ship Dali, which collided into a Baltimore bridge in March. The Dali’s owner Grace Ocean and manager Synergy Marine told The Business Times that they “have no further comment on the merits of…
Read MoreUS SEC poised to allow half-penny stock pricing
WALL Street’s top regulator on Wednesday (Sep 18) unveiled rules allowing stock markets to price shares in increments of half a penny, rather than the current minimum size of one cent, aiming to promote more competitive pricing and reduce investor costs. The five-member US Securities and Exchange Commission (SEC) was due to convene at 10…
Read MoreRobust dry bulk market drives ship recycling to decade-low
ONLY 45 dry bulk ships have been recycled between January and August 2024 – 42 per cent lower year on year and the second-lowest level in 16 years, according to trade group Bimco. A report released by the international organisation for shipowners, charterers, shipbrokers and agents on Wednesday (Sep 18) pointed out that the total…
Read MoreUS dollar cedes ground to yen ahead of Fed decision
THE US dollar surrendered some of its overnight gains against the yen on Wednesday (Sep 18), as investors tweaked their positions ahead of a policy meeting expected to initiate a US easing cycle. The Federal Reserve is expected to make its first interest rate cut in more than four years, with markets pricing a 63…
Read More