Market

Singapore revises growth outlook again as Q3 GDP shrinks at slower 5.8% amid COVID-19
18Dec By Desk TeamNo Comments
Asia, China, Market, Singapore, World

Singapore revises growth outlook again as Q3 GDP shrinks at slower 5.8% amid COVID-19

SINGAPORE: The Singapore economy is expected to shrink between 6 per cent and 6.5 per cent this year, said the Ministry of Trade and Industry (MTI) on Monday (Nov 23) in another revision to its 2020 outlook after growth data confirmed a smaller-than-expected contraction in the third quarter. Its previous estimate, announced in August, was for the economy to contract between 5 per cent and 7 per cent amid the blow from the COVID-19 pandemic. Policymakers also offered for the first time a glimpse of their economic forecast for 2021 – a recovery into positive growth territory, with the economy envisaged to expand between 4 per cent and 6 per cent next year partly on the back of a low base. For the third quarter, Singapore’s gross domestic product (GDP) contracted by 5.8 per cent on a y...
Read More
Don’t chase India’s market rally — the good news is ‘already priced in,’ HSBC says
18Dec By Desk TeamNo Comments
Asia, Market, Singapore, World

Don’t chase India’s market rally — the good news is ‘already priced in,’ HSBC says

A pedestrian speaks on a mobile phone as he looks at share prices on a digital broadcast outside the Bombay Stock Exchange (BSE) in Mumbai on November 10, 2020. SINGAPORE — India's markets may have rallied to historic levels, but investors may want to stay away from chasing the rally for now, says HSBC Private Banking, which is currently underweight on India. "Our view at this stage is that a lot of the good news is already priced in to the Indian market as of now," James Cheo, chief market strategist for Southeast Asia at the firm, told CNBC's "Street Signs Asia" on Monday. As of Friday's close, both the Nifty 50 and S&P BSE Sensex sat close to all-time highs that were touched on Nov. 25, according to Refinitiv Eikon. India's markets were closed on Monday for a holiday. The recent ral...
Read More
J&K sets sight on Middle Eastern market for its horticulture produce
14Dec mmBy Joe RodriguezNo Comments
Asia, Market

J&K sets sight on Middle Eastern market for its horticulture produce

With a view to promote Kashmir horticulture produce across the globe, a delegation of top government officials along with progressive fruit growers are participating in UAE-India Food Security Summit 2020 to be held in Dubai.The delegation led by the Principal Secretary, Agriculture production, Naveen Chowdhary, Director Horticulture Kashmir, Aijaz Ahmad Bhat along with dozens of progressive farmers will have B2B interactions with multinational companies and international buyers.As per the officials, the potential buyers which the J&K delegation would be targeting will include Lulu supermarket, Choitram supermarket, Carrefour supermarket, Taj Hotels catering Dubai, Al Adil supermarket, Waitrose supermarket and Emirates airline catering services.Director Horticulture Kashmir, Aijaz Ahma...
Read More
Mnuchin says people are misunderstanding Fed funding decision, there’s plenty of firepower left
14Dec By Desk TeamNo Comments
Market, World

Mnuchin says people are misunderstanding Fed funding decision, there’s plenty of firepower left

Treasury Secretary Steven Mnuchin moved Friday to downplay his department's decision to pull the plug on several Federal Reserve programs, saying there's plenty of money around to provide funding where it is needed. "This was a very simple thing. We're following the intent of Congress," Mnuchin told CNBC's Jim Cramer during a "Squawk on the Street" interview. After working together through much of the year on a series of lending and market liquidity programs, the Treasury and Fed found themselves at odds Thursday after Mnuchin said Treasury would not be seeking to extend a handful of lending programs instituted during the early days of the coronavirus pandemic. Funding for the programs is set to expire at the end of the year. They cover corporate bond buying, loans to state and local go...
Read More
The psychological difference between spenders and savers (and what your habits say about your personality)
14Dec By Desk TeamNo Comments
Market, World

The psychological difference between spenders and savers (and what your habits say about your personality)

Times of stress tend to amplify our human nature, including the way that we spend and save money. While stuck at home during Covid-19, for example, some might be itching to spend or take advantage of upcoming Black Friday and Cyber Monday sales — experts say that stress-shopping is one way we attempt to feel in control of our lives. Others might be more anxious about finances or worried about job security. Even when there's no pandemic, the way that people spend or save says more about a person than whether they have self control. Experts don't exactly know why you end up with a propensity to splurge or save, but part of it likely has to do with your family upbringing, says Scott Rick, associate professor at the Michigan Ross School of Business, whose research focuses on the emotional caus...
Read More
US, EU must end trade disputes, Brussels says in Biden wish-list
14Dec By Desk TeamNo Comments
Market, World

US, EU must end trade disputes, Brussels says in Biden wish-list

BRUSSELS: The European Union and the United States should resolve their trade disputes after US President-elect Joe Biden takes office in January in a "new transatlantic agenda", the EU executive said on Wednesday (Dec 2), laying out its wish-list for better ties. After four years of US President Donald Trump's "America First" agenda during which Washington imposed tariffs on Brussels on national security grounds, the EU is now looking for close cooperation with Biden on almost all issues. The United States and the EU "must work closely together on solving bilateral trade irritants", the European Commission said in a proposal to EU governments, noting that EU-US commerce accounts for a third of world trade. However, the 12-page document presented by EU foreign policy chief Josep Bor...
Read More
China a ‘principal military, economic threat’ in Asia: US Commerce Secretary
9Dec mmBy Mike TrudellNo Comments
Asia, China, Market, Singapore, World

China a ‘principal military, economic threat’ in Asia: US Commerce Secretary

China continues to be both the largest potential market and the principal military and economic threat in the Asian region, US Secretary of Commerce Wilbur Ross said on Tuesday.Speaking at the Milken Institute Asia Summit, Ross said: “China accounts for 210 out of 539 anti-dumping and countervailing duty orders imposed by the U.S. In addition, China makes up a “good portion” of the U.S. entity list that restricts companies’ access to American suppliers for national security reasons, he said.Anti-dumping and countervailing duties are slapped on products suspected of being sold at an unfairly low price. Chinese firms that have been put on the entity list include telecommunications giant Huawei.Commenting on the recently signed between China and 14 other Asia-Pacific Countries, Ross said that...
Read More
The best brick-and-mortar savings account for banking at PNC Bank
8Dec By Desk TeamNo Comments
Market, Singapore, USA, World

The best brick-and-mortar savings account for banking at PNC Bank

Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC will update as changes are made public. Traditional brick-and-mortar savings accounts can be a simple but stable solution for keeping your money secure. They mostly all earn the same interest rate, come with minimum balance requirements and monthly fees. Account holders also have access to their thousands of in-person branches and ATMs, one of the most common reasons why people opt for big banks. With approximately 2,300 branch locations and nearly 18,000 PNC and PNC Partner ATMs, PNC Bank is one of these large brick-and-mortar banks. It stands out, however, for offering a savings account option called Virtual Wallet®, which uses innovative ...
Read More
An outsider’s look at the problems plaguing rural Japan
8Dec By Desk TeamNo Comments
Market, Singapore, USA, World

An outsider’s look at the problems plaguing rural Japan

It’s not something you typically see: a South Indian Masters graduate and former architectural designer assisting with freeze-drying traditional food items in a remote village in mountainous Yamagata Prefecture. But for Priya Mu, that’s just part of the job. Mu is a community intern for the village of Nakatsugawa (not to be confused with the town of the same name in Gifu Prefecture), named one of the 100 most beautiful villages in Japan for its unique landscape, fronting a dramatic mountain range, and well-preserved customs and culture, including snow festivals in both winter and summer. Working closely with local village leaders, Mu assists farmhouse bed-and-breakfasts to develop their nōhaku Eigo — service-industry language skills that help improve communication with foreign visitors — ...
Read More
Ulta Beauty strikes deal to open hundreds of shops at Target stores
6Dec By Desk TeamNo Comments
Market, Singapore, World

Ulta Beauty strikes deal to open hundreds of shops at Target stores

Target has struck a deal with Ulta Beauty to open shops with makeup, skincare, hair products and more inside of hundreds of its stores. Target and Ulta Beauty announced a deal Tuesday to open makeup and skincare shops inside of hundreds of Target stores across the country. Target CEO Brian Cornell said starting in the second half of next year, shoppers will find a smaller version of an Ulta store in more than 100 of Target's stores and on its website. Each "shop-in-shop" will be about 1,000 square feet with more than 40 beauty brands and a rotating assortment of products from hair care and fragrances to lip gloss. Customers can shop in person or use Target's same-day services, such as curbside pickup or home delivery by Shipt, to get their online beauty purchases. Ulta will train Targe...
Read More