Top News this Week (9 June)


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

Jokowi says Indonesia’s new capital city is on track despite project leadership resignations (Straits Times)

President Joko Widodo has travelled to East Kalimantan and reassured the public that Indonesia’s planned new capital there is on track.

This comes just a day after the bombshell announcement that the leaders of the body overseeing the project had resigned.

On June 4, speaking at an event in the city of Balikpapan, the closest port of call to upcoming capital Nusantara, Mr Widodo stressed how the new city is still “in the development process” and that it would be the “greenest capital in the world”.

He noted that as much as Nusantara will be filled with buildings, it will also be filled with green spaces, and that the city will be designed to include city parks as well.

“The dream city of the future… is a… smart city, a creative city, which is liveable,” he said.

Who is Singaporean businessman David Yong from Netflix show Super Rich In Korea? (Straits Times)

Asked about his net worth in an interview, Mr Yong told The Straits Times that he estimated it to be above US$10 million (S$13.5 million).

In an August 2023 appearance on the South Korean variety show Unpredictable Fortunetellers, which was posted on YouTube, he told the hosts that he has investments and assets amounting to around US$90 million.

When asked about the differing figures, Mr Yong said: “That show was talking about the property investments that we have, and we add it up here and there, it’s about US$90 million, not that I am directly worth US$90 million. It’s more like, we have all these investments across multiple countries, we add it up, it is about US$90 million.”

Tokyo’s Shibuya district to ban drinking in public places to curb bad behaviour (Straits Times)

One of Tokyo’s most popular tourist neighbourhoods is making a move to curb bad behaviour – by taking alcohol indoors.

The measure, which is expected to take effect in October, will see drinking alcohol forbidden on streets or public places in Shibuya from 6pm to 5am every day. The legal drinking age in Japan is 20.

Shibuya City, which is a self-governed district within Tokyo, can make its own local regulations.

Indian shares see worst session in 4 years on narrower lead for Modi’s alliance (Straits Times)

Indian shares plunged over 8 per cent on June 4, set for their worst day in four years and erasing their gains for 2024, as vote-counting trends showed Prime Minister Narendra Modi’s alliance falling short of a predicted landslide victory.

The NSE Nifty 50 index was down 7.2 per cent at 21,605 points as of 12.41pm IST and the S&P BSE Sensex fell 6.6 per cent to 71,366.

The indexes fell as much as 8.5 per cent, poised for their worst session since the onset of the Covid-19 pandemic. They had jumped over 3 per cent on June 3 after exit polls projected that the BJP-led alliance will likely get a two-thirds majority in the lower house.

Seoul fully suspends inter-Korean military pact over trash balloons (CNA)

South Korea’s President Yoon Suk Yeol fully suspended on Tuesday (Jun 4) a 2018 tension-reducing military deal with the North in response to a bombardment of trash-carrying balloons sent by Pyongyang last week.

The agreement, signed during a period of warmer ties, was already largely void as Seoul had partially suspended it last year in response to North Korea putting a spy satellite into orbit, prompting Pyongyang to say it would not honour it at all.

But Seoul’s security officials said that respecting even some portions of the deal was hindering their ability to defend against the North’s provocations, which include floating nearly 1,000 balloons carrying garbage such as cigarette butts and manure across the border last week.

Malaysia’s passport QR code trial at Johor-Singapore Causeway faces 2-week delay; app ‘still being developed’ (CNA)

Proof of concept (POC) testing for QR code clearance for Malaysians crossing the Johor-Singapore Causeway anticipated to start last Saturday (Jun 1), has been delayed for two weeks, according to a Malaysian state official.

Johnson & Johnson must pay $260m in latest talc trial, Oregon jury says (Straits Times)

ohnson & Johnson (J&J) must pay US$260 million (S$350 million) to an Oregon woman who said she got mesothelioma – a deadly cancer linked to asbestos exposure – from inhaling the company’s talc powder, a jury found on June 3.

The verdict in the 4th Judicial District Circuit Court in Portland comes as the company continues to pursue a proposed US$6.48 billion settlement of most talc-related lawsuits against it through a prepackaged bankruptcy.

Toyota apologizes for cheating on vehicle testing and halts production of three models (CNBC)

Toyota Chairman Akio Toyoda apologized Monday for massive cheating on certification tests for seven vehicle models as the automaker suspended production of three of them.

The wide-ranging fraudulent testing at Japan’s top automaker involved the use of inadequate or outdated data in collision tests, and incorrect testing of airbag inflation and rear-seat damage in crashes. Engine power tests were also found to have been falsified.

Singapore Airlines’ turbulence incident offers a lesson to all in the business, says Emirates presiden (CNBC)

  • The recent Singapore Airlines turbulence incident and how the aftermath was handled serves as a lesson to all in the industry, said Emirates President Timothy Clark.
  • A Singapore Airlines flight encountered severe turbulence on its way from London to Singapore on May 21, leaving one person dead and several injured.
  • “They were a bit unlucky, but how they dealt with the aftermath is a lesson to all of us in the business,” Clark said.

‘Roaring Kitty’ post seems to show trader held onto giant GameStop stake after Monday’s rally (CNBC)

  • Keith Gill still owned 5 million shares of GameStop and 120,000 call options with a strike price of $20 that expire on June 21, according to a screenshot he showed.
  • The meme stock leader known as ‘Roaring Kitty’ is behind GameStop’s recent roller-coaster ride.
  • E-Trade, the Morgan Stanley-owned brokerage Gill uses, is holding internal talks about whether to ban him from the platform, according to a Wall Street Journal report.

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