Rounding up top investing articles from around the web, including articles shared on Twitter.
Unemployment rate in Singapore down across the board in June: MOM report (Straits Times)
The Ministry of Manpower (MOM) said in its report on the data that the unemployment rate of Singaporeans fell from 3 per cent in May 2024 to 2.8 per cent in June 2024.
Manufacturing and services firms in Singapore upbeat about second half of 2024: Surveys (Straits Times)
Manufacturing and services companies here expect business conditions to improve from July to December, compared with the second quarter of 2024.
This is on the back of growing demand in semiconductors, increased travel and consumer spending, two surveys out on July 31 said.
Liquidators seeking to recover $855m from alleged nickel trading scammer Ng and three others (Straits Times)
The liquidators of Ng’s three companies are seeking a court order to recover about $855 million from Ng, former directors Lee Si Ye and Ju Xiao, and former employee Cheong Ming Feng, for their complicity in what is allegedly the biggest Ponzi scheme in Singapore’s history.
Ng and the trio were sued in November 2021 by the liquidators of Envy Global Trading (EGT), Envy Asset Management (EAM) and Envy Management Holdings in a bid to recover $416.5 million and US$17.7 million (S$23.8 million) of investors’ monies allegedly transferred to Ng’s own bank accounts under false pretences.
In December 2022, Ng, the former managing director of EGT and EAM, was declared a bankrupt upon application by liquidators to recover these sums from his personal assets.
HSBC shares rise 3% after profit beat, $3 billion buyback announcement (CNBC)
- Europe’s largest lender HSBC posted a narrow decline in pretax profit in the first half of the year, but beat expectations on the back of a high-interest rate environment.
- The bank outlined its priorities of diversifying its revenues and maintaining a firm foothold in what it described as its “critical” home markets of Hong Kong and the U.K.
Bank of England’s rate cut is on a knife-edge even with inflation on target (CNBC)
- Markets remain split on the chance of a Bank of England rate cut on Thursday, despite U.K. inflation hitting the central bank’s 2% target twice in a row.
- Some in its nine-member Monetary Policy Committee remain concerned about services inflation and wage growth, meaning the vote could be a tight split.
- Several economists nonetheless think the doves will win out, putting pressure on the British pound.
Bank of Japan raises benchmark interest rate, outlines roadmap for trimming bond buying program (CNBC)
- Japan’s central bank has raised its benchmark interest rate to “around 0.25%” from it previous range of 0% to 0.1%.
- This would mark the highest interest rates since October 2008, when it was set at 0.3%.
- It also said that it will reduce the monthly outright purchases of Japanese government bonds to about 3 trillion yen ($19.64 billion) per month in the January to March 2026 quarter.
Samsung second-quarter operating profit soars 1,458% as AI demand remains strong; results top estimates (CNBC)
- Samsung Electronics on Wednesday posted better-than-expected revenue and profit numbers, as demand for its advanced memory chips crucial in AI computing remained strong.
- Revenue for the quarter was 74.07 trillion Korean won, a 23.42% increase from a year earlier, while operating profit jumped 1,458.2%.
Here’s how much athletes at the Paris Olympics earn for winning medals (CNBC)
$590m contract awarded for Jurong Lake District MRT station and tunnels, work to start in Q4 (Straits Times)
he Land Transport Authority (LTA) awarded a civil contract of about $590 million for the design and building of Jurong Lake District MRT station and tunnels, in the second phase of the construction of the Cross Island Line (CRL).
The contract was awarded to local company KTC Civil Engineering and Construction, said LTA in a statement on July 31.
Construction of the underground station, which will be located within the upcoming Jurong Lake District hub, is expected to commence in the fourth quarter of 2024.
Passenger service is set to begin in 2032, along with the rest of CRL Phase 2.
‘A miracle it got approved’: Hokkien-laden Singapore film Wonderland makes a stand for authenticity (Straits Times)
Local film-maker Chai Yee Wei calls it a “miracle”.
His new movie Wonderland, which will open in Singapore cinemas on Aug 8, has been approved for public exhibition.
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