An Indian court on Thursday declined to lift a freeze on Xiaomi Corp's $676 million worth of assets, even as the Chinese smartphone group said this enforcement action had "effectively halted" its operations in its key Indian market. India's federal financial crime agency, the Enforcement Directorate, froze 55.51 billion rupees of Xiaomi assets in April, alleging the company made illegal remittances to foreign entities by passing them off as royalty payments. Xiaomi, which denies any wrongdoing, challenged the asset freeze in the High Court of southern Karnataka state, saying in its legal filing it "is severely disproportionate and has effectively halted the operations" of the company.
We take a deeper look at what S$10,000 will buy you for this REIT ETF. The post Here’s what S$10,000 Will Buy You When You Buy Lion-Phillip S-REIT ETF appeared first on The Smart Investor.
TotalEnergies will start offering biofuels as a bunkering fuel to its customers in Singapore from next year, a senior executive at the French energy giant said on Thursday, as the company seeks to reduce its emissions in shipping. The move would reduce greenhouse gas emissions from shipping by 20-25%, said Vice President Marine Fuels Louise Tricoire. "We will be able to deliver biofuels with new UCOME (used cooking oil methyl ester) based supply chain in Singapore by 1 Jan 2023 for customers," said Tricoire at the Singapore International Bunkering Conference and Exhibition (SIBCON) 2022.
Growth in India's services industry slumped in September to a six-month low, led by a substantial easing in demand amid high inflation, a private survey showed. The S&P Global India services Purchasing Managers' Index fell to 54.3 in September from August's 57.2, much lower than the Reuters poll expectation for a gentle drop to 57.0. Despite staying above the 50-mark separating growth from contraction for the fourteenth straight month - the longest stretch of expansion since October 2016 - the index fell to its lowest since March.
A US$500 million superyacht that’s connected to sanctioned Russian tycoon Alexey Mordashov has mysteriously ended up in Hong Kong.
SINGAPORE (EDGEPROP) - The most profitable transaction recorded during the week of Sept 20 to 27 was for a penthouse unit at Duo Residences. The seller reaped a profit of $2.14 million on the 4,392 sq ft apartment when it was sold for $11.48 million ($2,613 psf) on Sept 20. The apartment had been purchased for $9.34 million ($2,127 psf) in November 2016. This means the seller made a 23% gain over a period of nearly six years.The sale marks the most profitable resale transaction recorded for Duo
NEW DELHI (Reuters) -Indian cosmetics and fashion retailer Nykaa and Dubai-based lifestyle and fashion conglomerate Apparel Group have struck an alliance to expand in the Gulf region, the companies said on Thursday. With the agreement, Nykaa hopes to grow in a region where it sees high demand for beauty products, months after inflationary pressures in India led it to report to a "subdued season" in the three months ended June. Nykaa Chief Executive Falguni Nayar said the two companies would together build a multi-brand beauty retail business in Gulf Cooperation Council countries, with Nykaa holding a 55% stake of the entity and Apparel Group holding the rest.
Stocks turned lower on Friday after figures showed the U.S. economy was creating jobs at a strong pace and give the Federal Reserve cover to continue with hefty interest rate hikes to quell inflation. After drifting sideways earlier in the session, stock markets turned lower, with bets on the Federal Reserve raising rates by 75 basis points at its next meeting increasing, sending the dollar higher. U.S. stock index futures, little changed before the data, fell by more than 1% after the report showed nonfarm payrolls increased by 263,000 in September - slightly above expectations - with the jobless rate at 3.5%, below forecasts.
The World Bank trimmed India's growth forecast for this financial year by a full percentage point on Thursday and predicted a 9.5% contraction in crisis-hit Sri Lanka, as rising commodity prices and debt trouble hit economies in South Asia. Growth estimates for the region - comprising India, Pakistan, Afghanistan, Bangladesh, Sri Lanka, Nepal, Bhutan and the Maldives - were revised down to 5.8% from 6.8% forecast in June. India's forecast was trimmed to 6.5% from 7.5%.
Oil prices are up again following OPEC+ largest supply cut since 2020.
Tighter liquidity conditions, a moderation in demand from insurers and a higher Reserve Bank of India terminal rate will likely push the 10-year Indian government bond yield to 7.90-8.00%, a top Citigroup Asia executive said on Thursday. "The second half (of fiscal 2023) will be a bit more challenging (for the Indian bond market) than the first, definitely," said Badrinivas NC, managing director, head of markets of South Asia at Citi. Indian government bond auctions went through successfully in the April-September period on strong demand from insurance companies and from banks.
Equity markets mostly fell Thursday and the pound retreated once more against the dollar on lingering recession fears despite hopes that the US Federal Reserve will tame the pace of aggressive interest rate hikes.
Mainland Chinese buyers have scooped up the biggest number of Singapore’s private apartments this year compared with other foreigners.
The offer is a premium of more than 18% over the one-month VWAP of Asian Healthcare Specialists
Gold prices held steady on Friday but were on track for their biggest weekly gain since March, with investors keenly awaiting U.S. jobs report to gauge the Federal Reserve's rate hike plans. Prices have risen about 3% so far this week, helped by the dollar and Treasury yields retreating from multi-year peaks. U.S. gold futures eased 0.2% at $1,716.90.
Honda Motor Co said on Thursday it would reduce car output by up to 40% at two Japanese plants for the rest of October from its earlier plans, as the company battles with persistent supply chain and logistical problems. Two lines at Honda's Suzuka plant in western Japan will cut production by about 20% in October, while its assembly plant in Saitama prefecture, north of Tokyo, will lower production plans by about 40% for the month. Honda blamed delays in receiving parts and logistics on COVID-19 outbreaks and semiconductor shortages.
The current HDB mortgage loan interest rate is 2.6%, but with growing interest rates and inflation concerns, will it be adjusted? We ask Paul Wee, Vice President, PropertyGuru Finance, PropertyGuru Group what this mean for Singaporean homeowners financing their HDB flat in 2022 and beyond.
Units of Kim Heng have been awardedUS$35 million of contracts in Taiwan
Nirgunan is a columnist of The Edge Singapore
For how long can Singapore property prices defy a global slowdown?