Category: Business & Economy

There is a sharp sell-off in the bond market, and it has big implications on both the economy and people’s pocketbooks. Yields on U.S. government bonds, especially the 10-year Treasury note, determine the interest rates that people pay on a lot of their debt, including mortgages and credit cards. And a key bond yield hasn’t been this high since 2007. Several factors are driving the sell-off, including stronger-than-expected economic data and the government’s worsening finances. Here is what you need…

NEW YORK – Gemini Trust and GIC-backed Barry Silbert’s Digital Currency Group (DCG) were sued by New York’s top law-enforcement officer for allegedly defrauding customers of US$1.1 billion (S$1.5 billion), escalating legal woes for two companies hit hard by last year’s plunge in cryptocurrency markets. The lawsuit filed on Thursday by New York Attorney General Letitia James accuses Gemini, which operated a crypto exchange, and DCG’s Genesis Global Capital unit of failing to disclose to investors the risks of a…

STOCKHOLM – Finnish telecom gear group Nokia on Thursday said it will cut up to 14,000 jobs in a new cost reduction effort after third-quarter sales fell by a fifth, taken down by sales of next-generation 5G equipment. Nokia and rival Ericsson have grappled with slowing demand for 5G equipment in markets such as the United States and the European Union, trying to offset some of the weakness with higher sales to India, a low-margin market. Nokia is targeting savings…

WASHINGTON — The Biden administration on Wednesday broadly eased sanctions on Venezuela’s oil sector in response to a deal reached between the government and opposition parties for the 2024 election – the most extensive rollback of Trump-era restrictions on Caracas. A new general license issued by the U.S. Treasury Department authorized OPEC member Venezuela, which had been under crushing sanctions since 2019, to produce and export oil to its chosen markets for the next six months without limitation. U.S. Secretary…

BENGALURU – Grand Centrex Limited (GCL) said on Wednesday that it will list in the US by merging with a blank-cheque firm in a deal that values the Singapore-based video game distributor at US$1.2 billion (S$1.65 billion). Special purpose acquisition companies (Spacs) have largely fallen out of favour following a bumper 2020, after they drew intense scrutiny from the United States Securities and Exchange Commission. The poor stock performance of some companies that went public via a Spac merger have…

SEOUL – South Korean authorities arrested Kakao’s chief investment officer (CIO) for alleged stock price manipulation in a high-profile takeover battle over K-pop agency SM Entertainment. Bae Jae-hyun was arrested early on Thursday, according to the Seoul Southern District Court which issued the warrant. Internet giant Kakao won a controlling stake in SM after an intense bidding war with Hybe, the label behind hit boy group BTS. Financial regulators accused the executive, along with two others working at Kakao and…

SINGAPORE – Keppel Corporation has raised a 1.4 billion yuan (S$262.8 million) initial investment from an undisclosed global institutional investor, capturing opportunities in China’s sustainability transition. Together with 160 million yuan of a sponsor stake by Keppel, the total 1.6 billion fund (S$306 million) marked the closing of its China-focused sustainable urban renewal programme, said the company on Thursday. About 3.9 billion yuan worth of assets are expected to be under Keppel’s management “when fully leveraged and invested”. Both parties…

NEW YORK – US stocks fell on Wednesday as underwhelming earnings and ongoing fighting in the Middle East weighed on investor optimism. The Dow Jones Industrial Average fell 1 per cent to 33,665.08. The broad-based S&P 500 sank 1.3 per cent to 4,314.60, while the tech-heavy Nasdaq Composite Index dropped 1.6 per cent to 13,314.30. The yield on the popular 10-year US Treasury rose above 4.9 per cent for the first time since 2007, as traders prepared for the likelihood…

Things may take a positive turn only if the US economy achieves a soft landing, boosting the outlook for manufacturing and capital expenditures, the technology cycle bottoms out, and disinflation in Asia accelerates to provide scope for easing monetary policy in 2024, the IMF said. However, medium-term prospects are uncertain due to geo-economic fragmentation, with de-risking policies of major economies creating a potentially significant impact on growth, it said. While inflation is expected to ease in 2024, IMF advised central banks to ensure that inflation remains durably at appropriate…

HONG KONG – Hong Kong’s BC Technology Group is exploring the sale of its crypto platform OSL, one of only two exchanges licensed under digital-asset rules the city introduced in June, people familiar with the matter said. BC Technology has gauged interest in OSL from possible buyers such as industry players and funds, and a HK$1 billion (S$175.13 million) valuation has been suggested, the people said, asking not to be identified discussing private information. Shares of BC Technology slumped as…

BENGALURU – The global smartphone market contracted by 8 per cent to its lowest third-quarter level in a decade on subdued demand for major brands including Apple and Samsung in most developed markets, according to data from Counterpoint Research. The data, shared exclusively with Reuters, showed that the share of the top five brands, which also include Chinese firms Xiaomi, Oppo and Vivo, had fallen to a three-year low. The report fans fears that the market’s ongoing slump could sap…

If government regulators prevail against Google in the biggest U.S. antitrust trial in a quarter century, it’s likely to unleash drastic changes that will undermine the dominance of a search engine that defines the internet for billions of people. As the 10-week trial probing Google’s business practices nears its midway point, it’s still too early to tell if U.S. District Judge Amit Mehta will side with the Justice Department and try to handcuff one of the world’s most dominant tech…

As a ‘very large platform’ under the EU’s new Digital Services Act, X is required to respond by next week and could face massive penalties. The European Union (EU) has formally opened an investigation into X, the platform previously known as Twitter, to ensure it’s complying with the Digital Services Act (DSA) following Hamas’ attack on Israel in early October and subsequent Israeli air assault on Gaza. According to the request, this comes after “indications received by the Commission services…

Occupied Jerusalem, SANA- Three Palestinians were injured, on Thursday at dawn, as the Israeli occupation forces stormed Jenin city of the West Bank. Wafa News Agency stated the occupation forces raided Jenin city and opened fire on the Palestinians, wounding three young men while dozens suffered suffocation, in addition to arresting five others. The occupation forces also broke into Jericho city, Ain Sultan and Aqaba Jabr camps and arrested four young men, including two released prisoners. Since last Saturday, 28…

  NEW YORK – Wall Street stocks closed higher on Wednesday as traders await key US consumer inflation data, while shrugging off hotter-than-expected wholesale price increases. The Dow Jones Industrial Average closed 0.2 per cent up at 33,804.87. The broad-based S&P 500 rose 0.4 per cent to 4,376.95, while the tech-rich Nasdaq Composite Index gained 0.7 per cent to 13,659.68. Recent Federal Reserve officials’ comments “had two hawks dial down the immediate need for further tightening,” noted Mr Edward Moya,…

Over the past two decades, online piracy has proven a massive challenge for the entertainment industries. It’s a global issue that’s hard to contain, but various anti-piracy group are doing their best to fight back. There’s a seemingly perpetual stream of takedowns, as evidenced by press releases that come out every week. However, some targets are particularly resistant to enforcement action and much harder to take offline. A few days ago, the Motion Picture Association (MPA) submitted an overview of…