World

Now, professional investors are turning the once privately hoarded assets into publicly investable, diversified offerings for clients. In July, Ben Cleary, portfolio manager at Tribeca Investment Partners, helped raise US$50 million for a fund that holds rare pale-violet Argyle diamonds, with a minimum investment of US$1 million. Institutionalising the asset class is also helping to lower the threshold for access, letting everyday investors in. Luxus, founded by former Blackstone veteran Dana Auslander, is trying to catch this trend by bringing diamond investments to retail investors at a lower price point. Though investors might not be able to afford a rare 11.7-carat yellow diamond, they will be able to own shares of it, and benefit when it is sold on. Luxus plans to IPO the US$1.7 mill...

NEW YORK :Oil prices extended their slide on Wednesday, led lower by worries that the global economy would slow further with renewed restrictions to curb COVID-19 in China. Brent crude futures for October due to expire on Wednesday, settled at $96.49, down $2.82 a barrel, or 2.8 per cent. The more active November contract lost $2.20 to $95.64 a barrel. U.S. West Texas Intermediate (WTI) crude futures ended down $2.09, or 2.3 per cent, at $89.55 a barrel. "The weakness coming out of China has played a significant role" in lowering prices, said Harry Altham, energy analyst for EMEA & Asia at StoneX Group in London. "There are fears of demand destruction across the West as interest rates rise and inflation concerns grip Western economies." The market has been primarily concerned with inade...

HONG KONG : Some of Asia's large China-focused hedge funds are buying more non-China stocks as regulatory scrutiny, policy uncertainties and a slowing mainland economy force them to cut exposure to offshore Chinese assets. Beijing's clampdown on technology companies, a real estate debt crisis, Sino-U.S. audit tensions and disruptions from zero-COVID policies, have hit sentiment, portfolio managers said, adding it was difficult to see how companies would grow. "The past year has been extremely difficult for funds that are based in Hong Kong and focusing on investing in offshore China stocks," said a Hong Kong-based hedge fund portfolio manager, who declined to be identified due to the sensitivity of the subject. "Many have had to cut exposure to China stocks and allocate some positions t...

Let's get you up to speed with the day's stories. The death toll from a fire on Tuesday night at a karaoke bar in southern Vietnam has risen to 32. The blaze engulfed the second floor of the building, trapping customers and staff. The building's staircase and emergency exit were blocked by the dense smoke. The initial cause of the fire was said to be an electrical short circuit, according to a report by authorities in Binh Duong province, north of Ho Chi Minh City. "I saw people up (at the rooftop), many of them were screaming. We thought we would die. Many people jumped," said one survivor, recounting his experience from a hospital bed. Former Malaysian prime minister Najib Razak was not given special treatment while serving his sentence and does not live in a house on the premises, t...

KUALA LUMPUR: Malaysia's central bank lifted its benchmark interest rate for the third straight meeting on Thursday (Sep 8), as it looks to rein in inflation amid robust economic growth. Bank Negara Malaysia raised its overnight policy rate by 25 basis points to 2.50 per cent, as expected by 19 of 20 economists polled by Reuters. It was the first time it had delivered three consecutive hikes since 2010. The economists polled also expect a fourth hike in November. BNM had raised rates at its two previous meetings from a historic low of 1.75 per cent. The central bank said in a statement that indicators pointed to continued growth in the economy, including improved labour market conditions and a recovery in investment activity and tourism following the reopening of borders. BNM's moneta...

In this article AAPL Follow your favorite stocks CREATE FREE ACCOUNT Eva-katalin | E+ | Getty Images Spending money you don't have has become easier than ever before. Buy now, pay later (BNPL) services have been on the rise for years, with companies such as Klarna, Zip, and Afterpay offering zero-interest payment plans for a variety of purchases from partner retailers — everything from mattresses to electronics, sporting goods, clothing, jewelry and more. Their apps are marketplaces full of major retail brands that beckon you with deals and offers, and the clincher: You don't have to pay for the whole purchase now. Apple already offers zero-interest payment plans on its products through Apple Card, but the company is adding a new BNPL option called Apple Pay Later that will be connected ...

KUALA LUMPUR: When Wong Sim Huat (not his real name) saw an advertisement on Facebook about a job in Cambodia that promised a salary of up to RM15,000 (US$3,300) per month, he did not think twice about signing up. At that time, Wong had been jobless for over a year as the COVID-19 pandemic caused him to lose his previous job as a shopkeeper in Kluang, Johor. “It was very hard to look for a proper job at the time and the advertisement said I didn’t need to take out a single cent to get to Cambodia,” the 32-year-old told CNA. Instead of taking a flight to Cambodia from Kuala Lumpur, Wong was told to go to the town of Sungai Golok in Kelantan which borders Thailand. From Sungai Golok, he entered Thailand illegally via a boat. Later, he and six other Malaysians got into a vehicle that cros...

NEW YORK/LONDON :The dollar marched higher on Tuesday after a report on the U.S. services industry in August reinforced the view that the United States was not in recession, while the euro and rate-sensitive Japanese yen tumbled further against the greenback. The dollar index rose 0.547 per cent after the Institute for Supply Management said its non-manufacturing PMI edged up to a reading of 56.9 from 56.7 in July, the second straight monthly increase after three months of declines. The surprise reading - economists in a Reuters poll had forecast it would slip to 54.9 - followed the ISM's manufacturing survey last week that showed U.S. factory activity grew steadily in August in contrast to other major economies. "Some of the top-tier numbers on the U.S. economy are suggesting there's n...

LONDON: Chelsea have new ownership but the ruthless strategy employed by former owner Roman Abramovich when it comes to hiring and firing managers appears to have remained at Stamford Bridge. Just over three months since a consortium headed by American Todd Boehly completed a £4.25 billion takeover of Chelsea, Thomas Tuchel has been fired. Like many of his predecessors, Tuchel delivered silverware into the Chelsea trophy cabinet, winning the Champions League just four months after taking over in 2021. But just like them that proved no guarantee of lengthy employment at the west London club. Here is a list of Chelsea's last six permanent managers and the circumstances of their exits. JOSE MOURINHO (June 2013-Dec 2015) Mourinho delivered the Premier League title on his return to Stamfo...

SEOUL :FTSE Russell is likely to add South Korea to a watch list in coming weeks for inclusion in its World Government Bond Index, the country's vice finance minister said on Wednesday, heralding a move that could bring huge inflows of foreign funds. "We are closely working with FTSE Russell ... and we've been receiving positive signs from them," Choi Sang-dae, second vice finance minister in charge of budget and treasury bond markets, told Reuters in an interview. "We see a high chance of joining the watch list this September, although a final decision has not been made yet," said Choi, describing South Korea's progress toward inclusion in one of FTSE Russell's flagship indexes. The WGBI comprises sovereign debt from more than 20 countries and global funds tracking the index are estima...