Business Headlines & Market News

Business Headlines and Stock Market News by Singapore Financial News Publishers

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17 minutes ago
Hong Kong may cut home stamp duty for mainland buyers - Bloomberg News
HONG KONG : Hong Kong may consider waiving extra stamp duty on homes for mainland Chinese buyers as a way to shore up the economy and reverse a brain drain, Regina Ip, convenor of the government's advisory Executive Council told Bloomberg on Tuesday.Shares of Hong Kong property developers rose ...
29 minutes ago
Snap launches tools for parents to monitor teens’ contacts
Snap Inc, owner of the popular messaging app Snapchat, rolled out its first parental control tools on Tuesday, which will allow parents to see who their teens are talking to, but not the substance of their conversations.The new feature called Family Center is launching at a time when social media co ...
1 hour ago
Snap plans to lay off employees- The Verge
Snap Inc is in early stages of planning layoffs, the Verge reported on Monday, citing people familiar with the plans.The scope of the job cuts is currently unclear as managers are still planning it for their teams, the report said, adding that the Snapchat-owner has more than 6,000 employees. (https ...
2 hours ago
Philippines Q2 GDP grows 7.4% y/y, slower than forecast
MANILA : The Philippine economy expanded slower than expected in the second quarter, data showed on Tuesday, losing its momentum as red-hot inflation curbed consumer spending.The Southeast Asian country's gross domestic product rose 7.4 per cent in the June quarter from a year earlier, slower t ...
2 hours ago
Philippine GDP grows less than expected in Q2
MANILA: The Philippine economy expanded less than expected in the second quarter, but at pace still in line with the official 2022 growth target, giving the central bank leeway to further tighten monetary policy to curb red-hot inflation. The Southeast Asian country's gross domestic product was ...
2 hours ago
Asia stocks wobble as focus turns to US inflation data, Fed outlook
HONG KONG : Asian shares were down on Tuesday as financial markets fretted about persistent global cost pressures, with investors turning their focus this week to U.S. inflation data and the prospects for further aggressive Federal Reserve rate hikes.The unexpectedly strong U.S. jobs data on Friday ...
2 hours ago
Tesla's July sales of Chinese-made vehicles slide due to factory line upgrades
SHANGHAI :Tesla sold 28,217 Chinese-made vehicles in July, nearly two-thirds less than a month earlier as a scheduled upgrade to its factory lines in Shanghai disrupted production.The U.S. carmaker exported 19,756 Model 3s and Model Ys from China last month, the China Passenger Car Association (CPCA ...
2 hours ago
Tesla sells 28,217 Chinese-made vehicles in July -CPCA
SHANGHAI : Tesla sold 28,217 Chinese-made vehicles in July, including 19,756 for export, the China Passenger Car Association (CPCA) said on Tuesday. CPCA also said passenger car sales in July in China totalled 1.84 million, up 20.1 per cent from a year earlier.
2 hours ago
Dollar loiters off highs as traders eye CPI
SINGAPORE : The dollar lurked just below recent highs on Tuesday as traders waited for U.S. inflation data due later in the week, which could take pressure off the Federal Reserve and put it on the greenback if it suggests the pace of price rises has peaked.The data is due on Wednesday and the antic ...
3 hours ago
Australia business activity booms in July, costs surge
SYDNEY : A measure of Australian business confidence rebounded in July as sales and profits held up surprisingly well in the face of rising interest rates and high inflation, though firms also reported record costs amid supply constraints.Tuesday's survey from National Australia Bank Ltd (NAB) ...
3 hours ago
Google down for thousands of users: Downdetector
Alphabet Inc's Google was down for thousands of users on Monday (Aug 8), according to outage tracking website There were more than 40,000 incidents of people reporting issues with the world's largest search engine, according to Downdetector, which tracks outages by collat ...
3 hours ago
Philippines trade deficit at $5.84 billion as imports surge
MANILA : The Philippines posted a $5.84 billion trade deficit in June, the widest gap based on data running from January 2020, government figures showed on Tuesday, ahead of the release of second-quarter GDP figures at about 0200 GMT.Imports rose 26 per cent from a year earlier to $12.5 billion, dri ...
3 hours ago
Oil dips on chance of Iran supply boost
MELBOURNE :Oil prices pulled back slightly on Tuesday on the latest progress in last-ditch talks to revive the 2015 Iran nuclear accord, which would clear the way to boost its crude exports in a tight market.Brent crude futures fell 14 cents, or 0.1 per cent, to $96.51 a barrel at 0404 GMT, paring a ...
3 hours ago
Oil retreats on chance of Iran supply boost
MELBOURNE : Oil prices dipped in early trade on Tuesday on the latest progress in last-ditch talks to revive the 2015 Iran nuclear accord, which would clear the way to boost its crude exports in a tight market.Brent crude futures fell 27 cents, or 0.3 per cent, to $96.38 a barrel at 0027 GMT, paring ...
4 hours ago
ValueAct builds 8.7% stake in software provider Trend Micro, shares surge
TOKYO :Activist investor ValueAct Capital Partners said on Tuesday it has built an 8.7 per cent stake in cybersecurity software provider Trend Micro Inc, driving shares of the Tokyo-listed firm more than 9 per cent higher.The investment comes as Trend Micro, which has a market value of over $8 billi ...
4 hours ago
ValueAct Capital builds 8.7% stake in security software provider Trend Micro
TOKYO :Activist investor ValueAct Capital Partners said on Tuesday it has built an 8.7 per cent stake in cybersecurity software provider Trend Micro Inc, driving shares of the Tokyo-listed firm sharply higher. Shares of Trend Micro, which has a market value of over $8 billion, jumped more than 7 per ...
4 hours ago
ValueAct Capital built 8.7% stake in security software provider Trend Micro
TOKYO : Activist investor ValueAct Capital Partners said on Tuesday it has built a stake of 8.7 per cent in Tokyo-listed cybersecurity software provider Trend Micro Inc.
4 hours ago
Indonesia lowers export tax threshold on crude palm oil to $680/T -ministry
JAKARTA : Indonesia has started to impose export tax on crude palm oil from when the government's reference price is above $680 per tonne, lower than above $750 per tonne previously, a finance ministry document showed.The new threshold has taken effect from Tuesday.
5 hours ago
Japan July M3 money supply rises 3.0 pct yr/yr
TOKYO, August 9 : Japan's M3 money supply rose 3.0 per centin July from a year earlier, the Bank of Japan said on Tuesday.Following is a table of percentage changes in average money supplybalances:Year-on-year JUL JUN MAY JUL YEAR AGOM2 +3.4 +3.3 +3.1 +5.3M3 +3.0
5 hours ago
SoftBank plans to sell some or all of its 9% stake in SoFi
Japanese conglomerate SoftBank Group Corp plans to sell its stake in digital personal finance company SoFi Technologies Inc, according to a filing late on Monday. SoFi shares fell 3 per cent in extended trading. On Monday, SoftBank sold 6.7 million shares in SoFi at a weighted average price of US
5 hours ago
HKMA buys HK$2.98 billion from market as currency hits weak end of trading band
HONG KONG : Hong Kong's de-facto central bank bought HK$2.975 billion ($378.99 million) from the market in New York trading hours to stop the local currency from weakening and breaking its peg to the U.S. dollar.The Hong Kong dollar is pegged to a tight band of between 7.75 and 7.85 versus the ...
6 hours ago
Australia's central bank launches digital currency project
SYDNEY: Australia's central bank on Tuesday said it was launching a one-year research programme into the case for a central bank digital currency (CBDC) in Australia, focusing on what potential economic benefits it might bring. The Reserve Bank of Australia (RBA) is partnering with the Digital ...
6 hours ago
Made In Singapore: 7 local heritage businesses that have withstood the test of time
In conjunction with National Day, CNA Luxury digs into our archives for stories on Singapore’s most successful heritage brands, and the people who are continuing to preserve their legacies.
6 hours ago
Commentary: Ruffled feathers in chicken export competition between Malaysia and Indonesia
Malaysia’s ban on chicken exports to Singapore has allowed Indonesia to join the competitive poultry export market, but in the long run, Indonesia will be able to compete only if it can find a way to transport live chickens to Singapore, say these writers.
7 hours ago
Tesla’s second stock split in 2 years a welcome catalyst
Nisha Ramchandani - AT an annual meeting last Thursday (Aug 4), Tesla shareholders greenlit a 3-for-1 stock split that is poised to take place on Aug 24. Essentially, shareholders will get 2 additional shares for every share of Tesla they hold on the Aug 17 record date, while trading on a split-adjusted basis will sta ...
7 hours ago
New guilty plea in BitMEX crypto exchange laundering case
NEW YORK: The first employee of BitMEX pleaded guilty on Monday (Aug 8) to violating US bank secrecy laws by failing to establish an anti-money laundering program, following guilty pleas to the same charge by the cryptocurrency exchange's three co-founders. Gregory Dwyer, 39, of Australia and B ...
8 hours ago
Take-Two forecasts weak annual sales as lack of major titles hits gaming industry
:Take-Two Interactive Software Inc on Monday became the latest videogame publisher to forecast weak annual sales, providing further evidence that absence of major releases and easing COVID-19 curbs have reined in the industry's growth.Shares of the New York-based company dropped nearly 7 per ce ...
8 hours ago
Take-Two forecasts annual adjusted sales below estimates on waning demand
:Take-Two Interactive Software Inc forecast its annual adjusted sales below expectations on Monday, crippled by waning demand for many of its titles as easing of COVID-19 constraints dampens stay-at-home gaming.Shares of the New York-based company, which fell nearly 30 per cent this year, dropped 7 ...
11 hours ago
Northrop taps rocket startup Firefly to replace Antares' Russian engines
WASHINGTON: Northrop Grumman is partnering with rocket startup Firefly Aerospace to build a core stage replacement to its workhorse Antares rocket, whose Russian-made engines were cut off from the United States over the war in Ukraine, the company said in a statement on Monday.    
14 hours ago
US imposes sanctions on virtual currency mixer Tornado Cash
WASHINGTON: The United States on Monday imposed sanctions on virtual currency mixer Tornado Cash, accusing it of helping hackers, including from North Korea, to launder proceeds from their cyber crimes. A senior Treasury Department official said Tornado Cash, one of the largest mixers identified as ...
14 hours ago
Frasers Property sells 286 units in 9MFY2022, readies former Bedok Point for launch
The Edge Singapore - In business updates for 3QFY2022, for the three months to June 30, Frasers Property announced it had sold 65.1% of Riviere units. The development is targeted to be completed by 1HFY2023. FPL has also sold 100% of Parc Greenwich, an executive condominium.Elsewhere in Singapore, the planning process f ...
14 hours ago
Frasers Property snags S$2.3b in pre-sold revenue for residential projects in 9M FY22
Jude Chan - FRASERS Property has achieved pre-sold revenue of S$2.3 billion so far in FY2022 for its residential projects across Singapore, Australia, China and Thailand, the real estate group said on Monday (Aug 8) in a business update for the third quarter ended June.
14 hours ago
Nasdaq looks to Latin America to replace some lost Chinese IPOs
SAO PAULO : Latin American companies could replace at least some of the Chinese companies' initial public offerings (IPOs) that have disappeared from western markets this year, a senior Nasdaq executive said. Regulators in Beijing and Washington have increased their scrutiny of Chinese companie ...
14 hours ago
Cox Enterprises acquires digital media firm Axios
Cox Enterprises said on Monday it has acquired digital media firm Axios as part of its ongoing efforts to further diversify the conglomerate. The financial terms of the deal were not disclosed. However, the New York Times earlier reported the deal valued Axios at US$525 million, according to two
14 hours ago
LMIRT's DPU stabilisies in 2Q but NAV declines as gearing inches higher
Goola Warden - The long-suffering unitholders of Lippo Mall Indonesia Retail Trust will be able to receive distributions per unit (DPU) in 2QFY2022 of 0.09 cents, unchanged y-o-y, while 1HFY2022 DPU gained 5.9% y-o-y to 0.18I cents. However, net asset value (NAV) fell to 8.76 cents as at end-June, down from 9.49 c ...
15 hours ago
Chip and carmaker CEOs meet ahead of Biden signing
WASHINGTON : The heads of chipmakers GlobalFoundries and Applied Materials and carmakers Ford Motor and General Motors Co were to meet at a closed-door summit with U.S. government officials on Monday to discuss administration plans to invest in semiconductors.On Tuesday, President Joe Biden will sig ...