Singtel once again finds itself unwittingly being thrust into the spotlight. Late last month, the telco’s Australian subsidiary, Optus, reported that hackers had accessed and stolen the personal information of around 9.8 million customers, or around a third of Australia’s population. There are widespread implications for Optus’ massive data breach. Australia’s Prime Minister Anthony Albanese has commented that Optus should pay for replacement passports, while states in the country have asked the telco to pick up the tab for the issuance of new driver’s licences. To make matters worse, two major law firms in Australia are investigating a possible class action lawsuit against Optus to claim compensation for people affected by this breach. The Sydney Morning Herald has estimated that the tota

Bitcoin's value rebounded on Thursday after dropping to a low not seen since July 2 minutes following the release of September's inflation reading that came in well above expectations. Bitcoin was changing hands at $19,407 Thursday afternoon, up 1.35% in the last 24 hours. Shortly after the inflation release, bitcoin had plunged to $18,195, according to crypto indexer, CF Benchmarks. Year-over-year inflation for last month was 8.2% for September, according to the government's U.S. Consumer Index Price (CPI), higher than Wall Street’s consensus expectations for 8.1%. Excluding food and energy, the core inflation rose 6.6% from a year ago, marking the highest level since 1982. The data show that inflation is proving more difficult to tame despite multiple Federal Reserve interest rate h

For shareholders of both Keppel Corporation Limited (SGX: BN4) and Sembcorp Marine Limited (SGX: S51), or SMM, the wait is finally over. On 27 October, both companies hammered out a revised deal to simplify the transaction structure for a proposed merger of SMM with Keppel’s Offshore and Marine (O&M) division. It was exactly six months since a proposed combination was announced by the two offshore oil rig giants, and more than 15 months since the idea of a potential combination was mooted. By amending the transaction, the approval and consent requirements have also decreased and the plan is to reduce the time to completion by up to two months. Assuming all goes well, the revised merger is projected to be consummated by either December this year o

As the world reopens and economies sputter back to life, many companies are also seeing improved prospects. Investors who have endured a tough two years can now rejoice. Blue-chip stocks are no different, with many enjoying healthy tailwinds that look set to lift revenue, net profits and free cash flow. The good news is that some of these names may even raise their dividends in line with their improved results. We profile three such blue-chip names that could spring a pleasant surprise for investors in the upcoming earnings season. DBS Group (SGX: D05) Singapore’s largest bank has been a bastion of strength over the last two years. The lender had ended 2021 with a record S$6.8 billion in net profit as it wrote back provisions and chalked up a healthy surge in fee i

Stocks Close Out Losing Week, Month and Quarter Major stock benchmarks declined more than 1% Friday as investors considered consumer-spending figures and the Federal Reserve's preferred inflation gauge. OPEC+ to Weigh Production Cut to Bolster Oil Prices The group is considering an output reduction of 1 million barrels a day, its biggest cut since the pandemic began, as the economic slowdown hurts demand. Japan Large Manufacturers' Sentiment Weakens Sentiment among Japan's large manufacturers deteriorated in the three months to September, the third straight quarter it has worsened, amid lingering concerns over supply shortages. U.K.'s Central Banker Faces Inflation, a Financial Crisis and His Own Government Bank of England Gov. Andrew Bailey intervened in bond markets to avert market turmo

A famous investor is warning his clients that a financial "superbubble" is getting ready to burst — and that the "epic finale" to this saga is gonna suck. As Jeremy Grantham, the founder of the prominent GMO asset management firm, argued in an announcement to investors this week, there's ample writing on the wall to suggest that not only is the stock market in a "superbubble," but that its burst is imminent.There have only been three previous superbubbles in modern finance, Grantham noted — "bear market rally" events that followed the financial crashes of 1929, 1973, and 2000. Those events were all characterized by freakouts over low stock values followed by a wave of "crazy investor behavior," and according to the famed investor, such a pattern is visible now after this summer's well-docu

The S&P 500 slumped Friday, as a stronger-than-expected monthly jobs report muted recent hopes of a Fed pivot, and shifted investor focus to the prospect of another jumbo-sized rate hike next month. The S&P 500 fell 2.9%, the Dow Jones Industrial Average fell 2.2%, or 669 points, and the Nasdaq slipped 3.7%. The U.S. economy created 263,000 jobs last month, above the 250,000 economists’ had expected, while the unemployment rate unexpectedly dropped to 3.5% as fewer than expected people entered the labor market. Wage growth of 0.3% was in line with forecasts, but slowed to 5% from 5.2% in 12 months through September. While this is a “welcome development for the Fed,” according to Jefferies, it won’t provide a ”justification for slowing from the rec

The global economy faces not one but four key uncertainties including a downturn next year, according to Singapore central bank chief Ravi Menon, in a signal that policy makers will be in firefighting mode for longer.He listed severity of the downturn, inflation’s trajectory in the medium term, impact of geopolitics on markets and climate risk on portfolios as the main risks to the global outlook.The key question is how deep and prolonged will the downturn be, Menon, managing director of the Monetary Authority of Singapore, said in a speech at the SuperReturn Asia conference of private equity and venture capital enthusiasts. That depends on how high and persistent inflation is, in which case central banks have no choice but to tighten more and for longer than markets are predicting, he add

SINGAPORE (Reuters) - Oil prices climbed during early Asian trade on Monday as a weaker dollar and supply concerns ahead of the European Union embargo on Russian oil in December offset fears of a global recession that could dampen fuel demand.Brent crude futures rose $1.15, or 1.3%, to $92.50 a barrel by 0049 GMT after settling up 0.5% on Friday. U.S. West Texas Intermediate crude was at $86.16 a barrel, up $1.05, or 1.2%. The front-month contract expires on Tuesday.Investing.com★★★★★ 4.5785K RatingsInstallOil prices climb on weak dollar, supply concernsOil prices climb on weak dollar, supply concernsReuters | Sep 18, 2022 09:10PM ET Be the first to commentOil prices climb on weak dollar, supply concernsBy Florence TanSINGAPORE (Reuters) - Oil prices climbed during early Asian tr

A risk-off mood across global financial markets amid persistent economic turmoil deterred prospective hedge funders from starting up new firms in the second quarter. The estimated number of new hedge fund launches slid to only 80 in Q2, down sharply from 185 in the first quarter of the year, according to fresh data from indexation and analysis firm Hedge Fund Research. The latest figure also reflects the fewest new funds launched since the fourth quarter of 2008, during the Global Financial Crisis. Financiers scaled back the opening of new hedge funds even as performance as a whole held up during the period compared to the broader markets. From the start of this year to the end of August, the HFRI Fund Weighted Composite Index – a global index of the world’s largest hedge funds – fell just

U.S. equities rallied Friday, as an earnings beat from Apple helped stocks elbow their way past a week of Wall Street misses for Big Tech.The S&P 500 (^GSPC) gained 2.5%. The Dow Jones Industrial Average (^DJI) bounced more than 800 points, or 2.6%, to a two-month high, as it also notched a fourth-straight week of gains and its best week of the year. The tech-heavy Nasdaq Composite (^IXI) rose 2.9%. The moves came even as Treasury yields climbed back above 4%.On the economic data front, the Federal Reserve’s preferred inflation measure showed prices are still running hot across the U.S. economy. The core personal consumption expenditures price index (PCE) rose 0.5% in September from the prior month, the Commerce Department said Friday — a slight slowdown from August

U.S. stocks soared on Friday as investors parsed through a medley of corporate financial results and pondered the possibility Federal Reserve officials may ease aggressive rate increases sooner than anticipated. The S&P 500 (^GSPC) marched up 2.4%, while the Dow Jones Industrial Average (^DJI) rallied more than 700 points, or 2.5%. The technology-heavy Nasdaq Composite (^IXIC) gained 2.3%. Treasuries retreated after a relentless climb in recent days that saw the benchmark 10-year note temporarily rise above 4.3%, a level not seen since 2008. In remarks at a meeting Friday, San Francisco Federal Reserve President Mary Daly said the U.S. central bank should avoid tipping the economy into an "unforced downturn" and that it was time to consider easing the pace of hikes. Investors also

While most of Singapore was sleeping, the US Federal Reserve raised its interest rates yet again. Know to the common man as “The Fed”, the whispers of interest rate hikes have been swirling around the financial sector for awhile now.The latest hike is the fourth since March this year. In July, we saw interest rate increase by another 0.75 points from 1.75% to 2.5%. The move was a bid to control inflation. This September, we saw another 0.75 points hike, bringing us to a current Fed interest rate of 3% to 3.25%.The United States might be 15,549 kilometers apart from Singapore but the decisions made by the financial institutions there cause a ripple effect here given just how closely our economy is tied to that of its global counterparts. If this all sounds like Greek to you and all you real

U.S. stocks snapped a two-day rally to close Wednesday lower after a turbulent last hour of trading that saw the major averages try — and fail — to hold on to modest gains. The S&P 500 edged down 0.2% but was well off its intraday loss of nearly 2%. The Dow Jones Industrial Average slipped 0.1%, and the technology-heavy Nasdaq Composite declined 0.3%. Shares of Twitter (TWTR) dipped 1.3% following a 22% spike on Tuesday that came after Tesla (TSLA) CEO Elon Musk apparently agreed to purchase the social media platform at his original proposed price of $54.20 per share. The bid came days before he was expected to be deposed as part of Twitter's lawsuit. Still, U.S. stock indexes remain well above last week's lows. The moves on Wednesday came after the benchmark S&P 500 surged 5.7% in

U.S. stocks plunged Tuesday, as investors worried the Fed will have to keep up its aggressive pace of monetary tightening to combat stubbornly high inflation. Many investors have feared the central bank risks triggering a recession should it raise interest rates too much too fast in its effort to bring soaring inflation under control. The Dow Jones Industrial Average DJIA, -3.94% tumbled 1,276 points, or 3.9%, on Tuesday, while the S&P 500 SPX, -4.32% sank 4.3% and the technology-heavy Nasdaq Composite COMP, -5.16% plunged 5.2%. All three major stock benchmarks suffered their biggest percentage drops since June 11, 2020, snapping their four-day winning streaks, according to Dow Jones Market Data.Stocks sank after the U.S. Bureau of Labor Statistics reported Tuesday morning that in

Gold prices recovered slightly from recent losses on Monday but remained pinned below key levels as markets awaited more policy tightening measures from the Federal Reserve.Spot gold rose 0.2% to %1,678.51 an ounce, while gold futures rose 0.2% to $1,687.30 an ounce by 20:03 ET (00:03 GMT).Bullion prices slumped to 2-½ year lows last week after red-hot U.S. inflation data showed that the Fed was likely to tighten rates by a large margin during a meeting this week, and likely for the remainder of the year.The data boosted the dollar to near 20-year peaks, and also supported U.S. Treasury yields, which in turn drove capital away from gold. Prices of the yellow metal slumped sharply from 2022 highs as the Fed began hiking rates this year.Gold now faces an uphill battle to above $1,700- a key

U.S. stock futures remained little changed during Sunday’s evening deals, after major benchmark averages finished the previous week at 3-month lows as surging interest rates and slowing global growth soured risk sentiment.By 7:00pm ET (11:00pm GMT) Dow Jones Futures were flat while S&P 500 Futures and Nasdaq 100 Futures declined 0.1% and 0.2%, respectively

Zoom (ZM): The company cut its fourth quarter and full-year revenue guidance, sending shares lower by more than 4% in extended trading. Zoom sees fourth-quarter revenue $1.10 billion to $1.11 billion, short of Wall Street’s estimate of $1.12 billion. Zoom sees full-year revenue of $4.37 billion to $4.38 billion, lower than its prior view of $4.39 billion to $4.40 billion. For the third quarter, Zoom reported adjusted earnings of $1.07 per share on revenue of $1.10 billion.Urban Outfitters (URBN): The retailer’s third-quarter sales beat estimates, sending shares higher in after hours trading. Sales for the three month period rose 3.9% from a year ago to a record $1.18 billion. Comparable retail segment sales rose 4%, double analyst estimates of 2% growth. CEO Richard Hay

The Federal Reserve is widely expected to raise its benchmark interest rate by three-quarters of a percentage point for the fourth meeting in a row on Wednesday after two days of Federal Open Market Committee meetings. And after that, markets expect the central bank to come off its hawkish stance to lower inflation and slow down the pace of rate hikes unless data continues to show stubbornly hot inflation. “We do expect Chair Jerome Powell to… use the post-FOMC press conference to lay the ground for a step down in the pace of rate hikes,” Michael Pearce, senior US economist Capital Economics, wrote in a note to clients. “He could do so by acknowledging the slowdown in the real economy already underway and emphasizing the lags between slowing economic activity and weakening price

Over the first two weeks of November, crypto exchange FTX went from leading crypto exchange to a $16 billion bankruptcy - this year's largest so far. Insiders, customers, the press, and regulators are still piecing together what caused the largest corporate failure in crypto's 14-year history and what such a fallout means as it ripples across the digital assets market. So far the fallout has meant the loss, freeze, or write down of at least $1.8 billion in funds comprising mostly equity investors from past funding rounds and firms who held money with FTX. It also accounts for the hundreds of millions of dollars in credit, loans, and acquisition financing between FTX, its U.S. subsidiary, Alameda Research, and outside parties. Here's the damage so far. Equity Investors Equity investors stan