Top News this Week (26 Nov)


Rounding up top investing articles from around the web, including articles shared on Twitter.

OpenAI brings Sam Altman back as CEO less than a week after he was fired by board (CNBC)

  • Sam Altman is back as CEO of OpenAI after he was fired suddenly Friday afternoon.
  • Following his ouster, hundreds of OpenAI employees, including co-founder and board member Ilya Sutskever, signed a letter demanding that remaining board members resign or they would leave.
  • Microsoft CEO Satya Nadella said on Monday that Altman and others from OpenAI would be joining to start a “new advanced AI research team.”

Singapore expects economy to grow 1% to 3% next year, narrows 2023 outlook (CNBC)

  • Singapore’s economy grew 1.1% in the third quarter of 2023, topping advance estimates as well as expectations from economists polled by Reuters.
  • The country’s trade and industry ministry thinks that manufacturing and trade-related sectors will remain weak this year, but aviation and consumer facing sectors are likely to remain resilient.

Singapore’s Temasek warns that fake agents in China are trying to sell scam investments (CNBC)

  • “The scammers fraudulently claim to represent our Shenzhen office and solicit money from individuals on the premise of paying them back with commissions,” Temasek said.
  • “This is a scam and is not associated with Temasek in any way. Temasek does not directly sell any investment products or financial instruments in China. We have not authorized any third party to do so on our behalf,” the Singapore investment company added.
  • The Singapore state investor has three offices in mainland China in Beijing, Shanghai and Shenzhen.

Nvidia’s revenue triples as AI chip boom continues (CNBC)

  • Nvidia’s results surpassed analysts’ projections for revenue and income in the fiscal fourth quarter.
  • Demand for Nvidia’s graphics processing units has been exceeding supply, thanks to the rise of generative artificial intelligence.
  • Nvidia announced the GH200 GPU during the quarter.

Binance CEO Changpeng Zhao pleads guilty to federal charges, steps down (CNBC)

  • Changpeng Zhao, the billionaire founder and CEO of Binance, has stepped down after pleading guilty to federal criminal charges of violating and causing a financial institution to violate the Bank Secrecy Act, according to the plea agreement.
  • The plea is part of a $4.3 billion settlement with the Justice Department, according to court documents.
  • Binance will continue to operate but with new ground rules. The company will be required to maintain and enhance its compliance program to ensure its business is in line with U.S. anti-money-laundering standards. The company is required to appoint an independent compliance monitor.
  • Binance has agreed to forfeit $2.5 billion to the government, as well as to pay a fine of $1.8 billion.

Govt’s cost-efficient approach to public services has moderated cost of living for all households: PM Lee (Straits Times)

The Republic’s strategy for moderating the cost of living for all households is to make sure that essential public services are efficiently run and cost-effective, while ensuring the Government stays lean and efficient, said Prime Minister Lee Hsien Loong.

This approach includes requiring public service providers to break even, which puts pressure on them to likewise be efficient and keep their costs down, he added at the opening of NTUC’s National Delegates’ Conference on Nov 22.

At the same time, the Government recognises that some households will need extra help, and it provides this in the form of cash or vouchers such as U-Save rebates, public transport vouchers and GST vouchers. Some households will get up to $9,000 of direct help in this financial year, he noted.

Tripartism can work in Singapore because Govt is ‘pro-growth’ and ‘pro-worker’: PM Lee (Straits Times)

“They value being in a country that knows where it is heading, where everyone pulls together for the common good, everything works, and life can get better for all.”

With the Government leading the country in the right direction, it is thus much easier for the tripartite partners to work together to create prosperity and share the fruits of growth, he added.

Tripartism is the three-way relationship between employers, unions and the Government that is focused on long-term interests and sustainable win-win outcomes.

Goldman Sachs expects China stocks to make first annual gain in 4 years in 2024 (CNBC)

  • Goldman Sachs projects MSCI China and CSI 300 to rise 12% and 15%, respectively, underpinned by an estimated earnings growth of about 10% and “moderate” valuation gains.
  • Goldman Sachs prefers A-shares over H-shares for its lower sensitivity to geopolitical and liquidity factors.
  • In their 2024 China equity outlook, Goldman Sachs upgraded the food and beverage sector to overweight from market weight and technology hardware sector to overweight from underweight.

COE prices rebound for large cars, Open category; premiums in other categories continue to fall (Straits Times)

The premium for Category B, for larger, more powerful cars and electric vehicles (EVs), ended at $135,336, a 23.03 per cent increase from $110,001 recorded on Nov 8. This was, however, still below the $150,001 record set in October.

The Open category COE price came in at $135,002, up 7.99 per cent from $125,011 two weeks ago.

Although such COEs can be used to register any type of vehicle except for motorcycles, they end up mostly for bigger cars. As with Category B COEs, premiums for the Open category also reached a record in October, at $158,004.

The COE premium for Category A, for smaller, less powerful cars and EVs, fell to $85,001. This is an 11.17 per cent drop from $95,689 recorded at the last exercise.

The commercial vehicle COE premium dipped by 5.27 per cent to end at $73,889, down from $78,001.

The motorcycle COE premium came in at $10,001, down 8.16 per cent from $10,889.

BTW – we share commentary on Singapore Investments every week, so do join our Telegram Channel (or Telegram Group), Facebook and Instagram to stay up to date!

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