Market

Singapore’s core inflation positive for third consecutive month in April
16Jun By Desk TeamNo Comments
Market, World

Singapore’s core inflation positive for third consecutive month in April

SINGAPORE: Consumer prices in Singapore rose in April, driven by smaller declines in electricity and gas costs, as well as retail and other goods, data showed on Monday (May 24). This is the third straight month that Singapore's core inflation has remained positive. Core inflation rose 0.6 per cent year-on-year in April, an increase from 0.5 per cent in March, according to data from the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI). The headline consumer price index (CPI), or overall inflation, rose to 2.1 per cent in April, from 1.3 per cent in March, driven by higher private transport and accommodation costs as well as an increase in core inflation. Core inflation excludes the price of private transport and accommodation. "The increase in both ...
Read More
COVID-19 pandemic relapse spells trouble for India’s middle class
16Jun By Desk TeamNo Comments
Asia, Market, USA, World

COVID-19 pandemic relapse spells trouble for India’s middle class

NEW DELHI: Ram Babu moved from his village to the Indian capital New Delhi in 1980, to clean cars. Soon, he learned to drive and got a job as a tour bus driver. Decades later, he set up his own company, Madhubani Tours and Travels. In March 2020, a stringent nationwide lockdown to fight the coronavirus pandemic froze economic activity overnight. Babu's business collapsed, and he drove his family back to their village. “Since March last year, we haven’t earned a single rupee,” he said. “All of my three buses are standing still for more than a year. We are completely broken.” India’s economy was on the cusp of recovery from the first pandemic shock when a new wave of infections swept the country, infecting millions, killing hundreds of thousands and forcing many people to stay home. C...
Read More
Commentary: Could S$1 ride-hailing fee hike hurt Grab more than it realises?
16Jun By Desk TeamNo Comments
Market, World

Commentary: Could S$1 ride-hailing fee hike hurt Grab more than it realises?

Grab has a fine balancing act to consider yet in this instance, both customers and drivers were not happy, says NUS Business School's Nitin Pangarkar. SINGAPORE: Grab recently announced a S$1 increase in its base fare effective from Jun 1. The fare increase is aimed at increasing the earnings of its drivers, albeit marginally. The hike will apply to Grab’s transport offerings except for Standard Taxi, GrabHitch and GrabCoach. Grab had earlier offered benefits to eligible drivers before new restrictions under Phase 2 (Heightened Alert) were announced, including rental rebates of up to S$45 a week for GrabRentals, delivery opportunities on the Grab platform, and training and career support initiatives via Grab Academy. The fare increase has attracted negative reactions from some cus...
Read More
Why France is a welcome security partner for Japan
16Jun By Desk TeamNo Comments
Asia, China, Market, USA, World

Why France is a welcome security partner for Japan

This past week, French forces joined the Japan Self-Defense Force, Australian Defence Force and U.S. military for a multilateral amphibious exercise in Camp Ainoura, Sasebo. This marks the first time French ground forces have trained on Japanese soil in the postwar era. This training comes on the heels of two French naval vessels that made port in Kochi last month, en route to a joint maritime exercise with members of the so-called “Quad” (Australia, India, Japan and the United States). These activities are representative of the steps Japan is taking to diversify its portfolio of security partners, but many outside observers may now be asking the blunt but obvious question: Why France? Certainly, partnering with countries such as Australia and India makes sense given the centrality of J...
Read More
China’s exports up 28%, imports hit decade-high
15Jun By Desk TeamNo Comments
Asia, China, Market, World

China’s exports up 28%, imports hit decade-high

BEIJING: China's exports rose 27.9 per cent in May while imports grew at the fastest pace in more than a decade as the global economy powers back from the COVID-19 crisis, official data showed on Monday (Jun 7). Demand for China's goods has bounced after economically painful lockdowns last year due to the pandemic, and as vaccines are rolled out across much of the world. The figures are also boosted by last year's low base of comparison when the coronavirus was spreading rapidly. Exports from the world's second-largest economy posted strong growth but came in lower than expectations of 32 per cent. "To be honest, that is a cracking number by anybody's standard and shows that global demand remains robust," said OANDA's Jeffrey Halley. In May, import growth hit its highest rate sinc...
Read More
Searches for crypto exchanges currently blocked in China
14Jun mmBy Joe RodriguezNo Comments
Asia, China, Market

Searches for crypto exchanges currently blocked in China

The Chinese government has possibly censored the internt as users are unable to search for popular crypto exchanges.Keywords searches for online trading platforms including Binance, OKEx and Huobi on popular internet services such as Baidu, Sogo, Zhihu, or Weibo are yielding no results. Other media outlets including CoinDesk first reported the possible blockage.The Chinese government has recently renewed a regulatory crackdown on crypto mining and trading, helping send Bitcoin down about 45% since its peak in April.The exchanges that appear to be impacted are some of the largest in the digital-asset world, with Asia-based users being among the earliest adopters. Binance is the world’s biggest crypto platform, with $30 billion in trading volume in the last 24 hours, according to CoinMarket...
Read More
Oil steadies after sell-off as US stockpiles rise less than expected
14Jun By Desk TeamNo Comments
Asia, Market, World

Oil steadies after sell-off as US stockpiles rise less than expected

Oil prices fell on Thursday after a slump in the previous session, as rising U.S. stockpiles added to concerns about a hit to demand from surging coronavirus infections in Asia and possible U.S. rate hikes. TOKYO -Oil prices steadied on Thursday after a two-day slump, reflecting the world's mixed economic recovery from the pandemic, with U.S. demand expected to keep rising, while a second coronavirus wave raging in India has led to more curbs on movement. Brent crude was up 18 cents, or 0.3per cent, at US$66.84 a barrel by 0527 GMT, having fallen 3per cent on Wednesday. U.S. oil gained 37 cents, or 0.6per cent, to US$63.73 a barrel, after a 3.3per cent drop in the previous session. "U.S. gasoline demand is holding up well ahead of the driving season," ANZ Research said in a note. Al...
Read More
Stocks set record highs as bond yields slide
13Jun By Desk TeamNo Comments
Asia, Market, World

Stocks set record highs as bond yields slide

U.S. bond yields fell to three month lows and a broad gauge of Asian shares rose on Friday as investors saw enough one-off factors in U.S. consumer price data to back the Federal Reserve's conviction that rising inflation will be transitory. NEW YORK/LONDON: European shares, the S&P 500 and an index of global stock performance scaled new peaks while yields on U.S., Japanese and European government debt fell on Friday as investors embraced the easy monetary policies of major central banks. Investor sentiment rose in Europe after the European Central Bank raised its growth and inflation projections on Thursday, and also renewed a pledge to keep stimulus flowing. The pan-regional STOXX Europe 600 index rose 0.7per cent to a record close, posting its sixth straight session of gains and ...
Read More
Women’s sport ready for take off, says Ruggiero
12Jun By Desk TeamNo Comments
Market, World

Women’s sport ready for take off, says Ruggiero

LONDON: Those looking to invest in sport should bet on women's leagues, with post-pandemic interest presenting new opportunities, says Angela Ruggiero the former International Olympic Committee executive board member and co-founder of the Sports Innovation Lab. While established men's leagues with their traditional revenue streams have nibbled at industry innovations, the newcomers have embraced technology and anything else that can help them gain a toe hold in a rapidly evolving marketplace. "I liken women's sports to startups; they're here but their growth is exponential," explained Ruggiero, during Foley Sports and Entertainment Group's "The Comeback; Sports in a Worldwide Pandemic" seminar on Wednesday. "The market has finally caught up, society in some ways is demanding it and ...
Read More
Dollar falls, equities gain as Fed calms inflation worries
12Jun By Desk TeamNo Comments
Asia, Market, World

Dollar falls, equities gain as Fed calms inflation worries

World equity markets made gains while the U.S. dollar hit new lows against major currencies on Tuesday after Federal Reserve officials reaffirmed a dovish monetary policy stance that eased inflation concerns. NEW YORK: World equity markets made gains while the U.S. dollar hit new lows against major currencies on Tuesday after Federal Reserve officials reaffirmed a dovish monetary policy stance that eased inflation concerns. Investors weighed the Fed's soothing words that put to rest tapering worries for the time being and helped to drive the dollar to four-and-a-half-month lows. The benchmark 10-year Treasury note also hit two-week lows and was at 1.56per cent in afternoon trading, down from 1.608per cent late on Monday. The yield curve flattened for a fourth straight session, as pa...
Read More