Top central bankers, who credit the use of a 2% inflation target with anchoring decades of stable prices, are facing the first full-on test of how well that approach to monetary policy works once prices have erupted, and how strictly they'll enforce it if damage to their economies intensifies. By announcing an inflation goal, central bankers feel they build credibility for themselves and focus the planning of households and firms in ways that help keep inflation controlled. It's a concept that seemed supported by the facts as the use of inflation targeting spread across the developed world from New Zealand in 1990 through Europe and to the United States and Japan in 2012 and 2013.
Gold prices on Tuesday were on track for their third straight monthly gain, helped by an overall weaker dollar and expectations around slower rate hikes from the U.S. Federal Reserve. Bullion has gained 5.7% in January. The dollar was heading for its fourth consecutive monthly loss, making bullion more attractive for holders of other currencies.
Malaysia's Maybank does not face any financial impact from its subscription to Indian conglomerate Adani Enterprises' share offering, the bank said on Monday. Marquee investors Maybank Securities and Abu Dhabi Investment Authority picked up a stake in Adani Enterprises' $2.45 billion secondary share offering on Wednesday, which coincided with a short-seller report that slammed the shares of Adani group companies. The demand from anchor investors comes despite Hindenburg Research disclosing a short position in Adani Group, accusing it of improper use of offshore tax havens and flagging concerns about high debt that eroded $11 billion in investor wealth.
The contract wins are for wastewater treatment plants in the US and a system maintenance contract from the Singapore government.
Entities of billionaire Gautam Adani on Tuesday pledged more shares of the conglomerate's port unit as security to lenders, an exchange filing showed, amid a rout in the group's stocks following a scathing short-seller attack. Emerging Market Investment and Flourishing Trade and Investment pledged a 2.69% stake in the Adani Ports and Special Economic Zone to Catalyst Trusteeship, which acted as a security trustee on behalf of lenders, the filing showed. The total stake pledged by the entities in Adani Ports is now 7.79%.
The Indian rupee ended flat on Monday, as the choppiness in equity markets soured the mood at the beginning of a week packed with the domestic Union budget and global central bank meetings. The mood was sombre amid volatility in Indian stock markets, following a two-day selloff fuelled by a U.S. short-seller's report on the Adani Group flagging concerns about the conglomerate's debt levels and its use of tax havens. In the short-term, typically, incidents like these make investors question a range of similar companies, said Rob Carnell, head of ING's Asia-Pacific research.
While higher borrowing costs may hamstring institutions, there still exists the possibility of a big-ticket deal or a series of medium-sized transactions through this year, says Savills. (Picture: Samuel Isaac Chua/The Edge Singapore)SINGAPORE (EDGEPROP) - Investment sales value in Singapore came in at $24.7 billion for 2022, a decline of 1% y-o-y, according to an investment report by Savills Singapore. For 4Q2022, the market clocked $2.81 billion in investment sales, slipping 36.1% q-o-q — the
Indian multiplex operator INOX Leisure Ltd on Monday posted profit before exceptional items and tax for the third quarter, as movie buffs returned following a string of hits and splurged on pricier tickets and in-theater purchases. The company, which is in the process of merging with market leader PVR Ltd, reported profit before exceptional items and tax of 286.2 million Indian rupees ($3.51 million) for the third quarter ended Dec. 31, compared to a net loss of 16 million rupees a year ago. PVR also swung to a profit last quarter, underscoring a change in fortunes for India's theater operators after a slate of flop Hindi language movies earlier in the year.
India has asked utilities to not retire coal-fired power plants till 2030 due to a surge in electricity demand, according to a federal power ministry notice reviewed by Reuters, just over two years after committing to eventually phase down use of the fuel. The energy-hungry nation said last May it plans to reduce power generation from least 81 coal-fired plants over the next four years, but the proposal did not involve shutting down any of its 179 coal power plants. India has not set a formal timeline for phasing down coal use.
NEW DELHI (Reuters) -India plans to use an emergency law next month to force power plants that run on imported coal to maximise output, two government sources told Reuters on Monday, in preparation for expected record consumption this summer. Many Indian coal-fired plants, including those those owned by Adani Power and Tata Power in India's western Gujarat state, have not operated at full capacity in the recent years because they have found it difficult to compete with power generated from cheap domestic coal.
Taking a personal loan is common practice in Singapore. What are some common reasons people take one, and what are some advantages and...
The White House is launching a partnership with India on Tuesday that President Joe Biden hopes will help the countries compete against China on military equipment, semiconductors and artificial intelligence. Washington wants to deploy more Western mobile phone networks in the subcontinent to counter China's Huawei Technologies, to welcome more Indian computer chip specialists to the United States and to encourage companies from both countries to collaborate on military equipment like artillery systems.
HONG KONG SAR - Media OutReach - 30 January 2023 - Chinachem Group (the "Group") announced today that it has exchanged contracts for and completed the purchase of One New Street Square with UK-based REIT Landsec, a premium 276,502 sq ft office building in the heart of Central London, at a total consideration of £349.5 million, representing a capital value of £1,264 psf. One New Street Square Completed in 2016, One New Street Square is fully let to Deloitte on a lease expiring in 2036, at a curre
Wheat prices in India, the world's biggest consumer of the grain after China, have dropped nearly 13% from record highs since the government offer last week of 3 million tonnes to bulk consumers such as flour millers. Prime Minister Narendra Modi's government on Wednesday allowed flour millers to buy up to 3 million tonnes of wheat from state reserves. On Monday, wheat prices in New Delhi dropped to 28,290 rupees ($347.11) a tonne, down 13% from their record high hit last week because stocks are low.
DÜSSELDORF, GERMANY - Media OutReach - 30 January 2023 - Dear Reality launches EXOVERB, a totally new reverb plugin that adds an as yet unheard three-dimensional depth and width perception to stereo productions. Blending the mix with the most natural reverb, the plugin offers 50 true-to-life acoustic scenes, relying on EXOVERB's proprietary reverb engine with synthesized spatial multi-IRs. Incorporating the fundamentals of spatial hearing, EXOVERB enables enhanced control of the spatial distance
A one-bedroom unit at Ascott Orchard Singapore. Photo: CLASSINGAPORE (EDGEPROP) - The managers of CapitaLand Ascott Trust (CLAS) have reported a distribution per stapled security (DPS) of 3.33 cents for the 2HFY2022 ended Dec 31, 2022. The DPU for the second half of the FY stood 47% higher than 2HFY2021’s DPS of 2.27 cents.For the FY2022, CLAS’s DPS increased by 31% y-o-y to 5.67 cents, up from FY2021’s DPS of 4.32 cents.Excluding one-off items, which include the divestment gain of $45 million d
Global energy and commodity price reporting agency Argus today launched the world's first independently assessed price for ship fuel that includes a biofuel component. The new B24 daily assessment reflects the market value of "bunkers" – as ship fuel is known – made up of 24% used cooking oil methyl ester (UCOME) and 76% very-low sulphur fuel oil (VLSFO), delivered-on-board in Singapore.
SINGAPORE - Media OutReach - 30 January 2023 - For the tenth year in a row, SABIC, a global leader in the chemicals industry, has been recognized as the "top employer Asia Pacific" by the Top Employer Institute, a globally accredited certification body. SABIC's focus on empowered, people-centric leadership, and embrace of technology that makes processes simpler and easier, have been key to its continued success as companies pivot to new ways of working following the pandemic. SABIC wins the Top
Both companies are striving for net zero carbon emissions by 2050 and prioritize green operations as part of their ESG agenda BANGKOK, THAILAND - Media OutReach - 30 January 2023 - In a joint effort to drive a greener supply chain, Big C Supercenter, "The Thai Retailer with Customers at its Heart" the leading grocery retailer in Thailand, and DHL Supply Chain Thailand, the global market leader in contract logistics, have announced the deployment of electric trucks for product distribution, from
Other Asian currencies advanced, led by the onshore Chinese yuan. The onshore yuan, resuming trading after a week, climbed 0.7% to near 6.75 to the dollar. Foreign banks were on the bid on USD/INR at open, and importers were likely active, the trader added.