Rounding up top investing articles from around the web, including articles shared on Twitter.
PropertyGuru sinks deeper into the red with $16.1 million Q2 loss ahead of privatisation (Straits Times)
PropertyGuru sank deeper into the red in the second quarter ended June 30 with a net loss of $16.1 million, widening from $6.5 million recorded in the previous corresponding period.
However, the group’s revenue for the second quarter rose 10.3 per cent to $40.7 million, from $36.9 million in the year-ago period. This came on the back of higher contributions from its marketplaces segment buoyed by improving conditions in Malaysia, Vietnam and Singapore, said the group.
The revenue of the marketplaces segment rose 10.6 per cent on the year to $39.1 million, from $35.4 million previously.
Its Singapore marketplaces registered the highest increase in revenue, up 16 per cent to $25 million from $21.5 million last year.
PropertyGuru said in August that it will be acquired by investment firm EQT Private Capital Asia for US$1.1 billion (S$1.4 billion) and taken private.
Under the all-cash deal, ordinary shares of the company will be cancelled and converted automatically into the right to receive US$6.70 per share – a 7 per cent premium to the group’s last closing price at US$6.26 on Aug 15 before the news was released.
The transaction is expected to be completed in the last quarter of 2024 or the first quarter of 2025, subject to closing conditions including shareholder and regulatory approvals.
MBS’ ban on ex-top executive sparks debate over fairness of ‘unwelcome person’ notices at IR (Straits Times)
The Straits Times had reported on Aug 28 that Resorts World Sentosa (RWS) chief casino officer Andrew MacDonald and another RWS executive, Ms Louise Ng, were each issued persona non grata notices prohibiting them “from entering or remaining on any part of Marina Bay Sands integrated resort premises”.
The ban, which took effect on July 31, would mean both executives would not be able to enter areas “including but not limited to the hotel, mall, convention centre and casino, mall”.
MBS has not stated publicly why the two are no longer welcome, but media reports said the notices were issued over concerns that Mr MacDonald might have been attempting to poach MBS customers and staff during several visits to the property in July 2024.
Mr MacDonald, who was with MBS for nearly 12 years before joining RWS, has denied the allegations.
All hands on deck as Catholics count down to Pope’s arrival in Singapore (Straits Times)
5,000 volunteers – resident Catholics recruited to sing, cheer, document and otherwise execute the massive logistical operation that is a three-day papal visit.
In keeping with the times, an original theme song, professionally directed music video, new web series and behind-the-scenes clips of the fastidious preparations have been produced for the occasion.
There have been brisk sales of memorabilia including canary yellow bucket hats, T-shirts and a foldable fan with a USB port, with second runs on some items after the first batch sold out.
All proceeds will go towards defraying the cost of the Pope’s visit, said head of the souvenirs and fund-raising committee Lilian Kong.
But the community’s offerings go beyond the glossy to the child-like and handmade.
London landlords sell up properties at record rates ahead of anticipated tax hikes (CNBC)
- London landlords are selling up their buy-to-let properties at record rates, as anticipated tax hikes add further pressure to the once lucrative investment sector.
- Almost one-third (29%) of homes currently for sale in the capital were previously rented out, data published Thursday by property portal Rightmove showed.
- The U.K. buy-to-let market — once a key area of wealth creation — has come under pressure over the recent years, following the repeal of several incentives as well as a spike in mortgage rates.
India and Singapore agree to cooperate on chips as countries seek to strengthen partnership (CNBC)
- India and Singapore on Thursday signed memorandums of understanding for cooperation on a number of key areas including semiconductors, digital technologies, skill development and health care.
- The announcement comes during Indian Prime Minister Narendra Modi’s two-day visit to the Lion City, which began Wednesday following a trip to Brunei.
- “Singapore is not just a partner, it is an inspiration for every developing country. We want to create a bunch of Singapores in India,” Modi said in a meeting with Wong.
Qualcomm says it’s working on mixed reality smart glasses with Samsung and Google (CNBC)
- Qualcomm CEO Cristiano Amon told CNBC the chip designer is working with Samsung and Google to explore a mixed-reality set of glasses.
- Google, Samsung and Qualcomm’s smart glasses would be a different approach from Apple’s Vision Pro, a mixed-reality headset launched this year that is worn on a user’s head and can be controlled through hand gestures.
- “But what I really expect to come out of this partnership, I want everyone that has a phone to go buy companion glasses to go along with it,” Amon said.
Saudi Arabia’s fiscal breakeven oil price is rising fast. What will the kingdom do about it? (CNBC)
- Saudi Arabia’s “breakeven” oil price is growing as the kingdom embarks on huge spending projects as part of Vision 2030.
- Oil production and softer crude prices may be “flashing warning signs” for hydrocarbon exporting economies.
- The kingdom, however, has plenty of tools at its disposal to deal with a widening deficit, economists say.
Philippines and Indonesia in talks over possible prisoner swap involving fugitive former Filipino mayor Alice Guo (CNA)
Philippine and Indonesian authorities are discussing a potential prisoner swap involving fugitive former mayor Alice Guo and an Australian drug smuggling suspect wanted by Jakarta.
Accused of links to Chinese criminal syndicates, Guo was arrested on Tuesday (Sep 3) in Tangerang City – on the outskirts of Jakarta – after over a month on the run. She is wanted by the Philippine Senate for refusing to attend a congressional probe on her alleged criminal ties.
Guo ran for office as a Philippine citizen but her fingerprints were later found to match those of a Chinese national, Guo Hua Ping.
Removed from office as mayor of Bamban town in the province of Tarlac, Guo fled the country in July, travelling on her Philippine passport to neighbouring Malaysia and Singapore, before going to Indonesia in August, the anti-crime agency says.
China’s new global charm offensive: Vocational training for the world, but is there a catch? (CNA)
The three-hour workshop she was attending was organised and funded by Guangdong Industry Polytechnic University (GIPU) as part of its Qinggong programme, an annual initiative in Singapore since 2023.
Held daily for a week at a private school in Singapore’s Mountbatten area, the workshop is part of China’s broader push to expand its global network of vocational training programmes and education centres.
The classes, offered free of charge, cover a range of topics such as Chinese lacquerware, paper quilling, and enamelwork. Each session typically sees around 20 to 30 participants and GIPU anticipated around 300 participants for this year’s campaign.
I reached financial freedom at the age of 38: Here are 4 money principles I live by (CNBC)
The first step to becoming financially free is to be intentional about pursuing that freedom.
“What we used to value is stability, [but] given where the economy is going right now, stability is no longer a perk that… companies can provide us,” he said. “The current generation [feels] stuck, [like] they need to dedicate themselves to one particular path, but… your objective is to be free. Your objective isn’t to be loyal.”
“The beautiful thing about our lives right now is that… while jobs no longer provide security… we have so [many] resources that are available online as well,” he said: From learning how to invest to opening your own brokerage account, the internet offers free information on how to build your wealth.
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