Gold glitters as mistrust spreads
A decade ago, I asked officials at the New York Federal Reserve if I could peek at their gold reserves. They refused point blank.
The reason? Fed officials have long taken pride in having the world's biggest gold vault, dug 24m down into Manhattan's bedrock. But they prefer to keep it discreet, partly because many of the vault's 507,000 bars belong to countries such as Germany and Italy. Silence was literally golden.
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Straits Times
17 minutes ago
- Straits Times
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Straits Times
26 minutes ago
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UCLA says Trump administration froze $750 million of its federal funding
Sign up now: Get ST's newsletters delivered to your inbox The US government alleges universities, including UCLA, allowed antisemitism during the protests. WASHINGTON – President Donald Trump's administration has frozen $584 million (S$750 million) in federal funding for the University of California, Los Angeles, UCLA said on Aug 6 after the government reprimanded the university over pro-Palestinian protests. The Trump administration has threatened to cut federal funds for universities over pro-Palestinian protests against US ally Israel's war in Gaza. The government alleges universities, including UCLA, allowed antisemitism during the protests. Large demonstrations took place at UCLA in 2024 . Protesters, including some Jewish groups, say the government wrongly equates their criticism of Israel's military assault in Gaza and its occupation of Palestinian territories with antisemitism, and their advocacy for Palestinian rights with support for extremism. 'Currently, a total of approximately US$584 million in extramural award funding is suspended and at risk,' UCLA Chancellor Julio Frenk said in an update on the university website. The Los Angeles Times reported UCLA leaders were preparing to negotiate with the government over the freeze. The White House had no immediate response to a request for comment. Last week, the university agreed to pay over US$6 million to settle a lawsuit by some students and a professor who alleged antisemitism. It was also sued earlier this year over a 2024 attack on pro-Palestinian protesters at the height of the US campus protest movement. The government has in recent weeks settled its probes with Columbia University, which agreed to pay over US$220 million, and Brown University, which said it will pay US$50 million. Both institutions accepted certain government demands. Talks to settle with Harvard University are ongoing. Top stories Swipe. Select. Stay informed. Singapore Some ageing condos in Singapore struggle with failing infrastructure, inadequate sinking funds World Trump eyes 100% chips tariff, but 0% for US investors like Apple World White House says Trump open to meeting Russia's Putin and Ukraine's Zelensky Singapore MRT track issue causes 5-hour delay; Jeffrey Siow says 'we can and will do better' Singapore ST Explains: What is a track point fault and why does it cause lengthy train disruptions? Singapore ST and Uniqlo launch design contest for Singapore stories T-shirt collection Asia Malaysia plans barrierless toll system modelled after Singapore's ERP Singapore S'pore and Indonesia have discussed jointly developing military training facilities: Chan Chun Sing Rights advocates have raised concerns about academic freedom and free speech. The government has also attempted to deport foreign student protesters but faced judicial roadblocks. Stanford University's student-run newspaper sued the Trump administration on Aug 6 , saying student writers were censoring themselves and turning down assignments related to Gaza to avoid being targeted for deportation. REUTERS
Straits Times
an hour ago
- Straits Times
Singapore's Carro targets US IPO with over $3.8 billion valuation, sources say
Sign up now: Get ST's newsletters delivered to your inbox If successful, Carro's listing would be the largest South-east Asian IPO in the US since Shopee parent Sea's listing in 2017. SINGAPORE - Singapore-based Carro, South-east Asia's largest used-car online marketplace, is preparing for a US initial public offering (IPO) as early as 2026 that could raise up to US$500 million (S$642.6 million), according to sources familiar with the matter. The company is aiming for a valuation of more than US$3 billion (S$3.8 billion), according to the sources, who could not be named discussing confidential information. If successful, Carro's listing would be the largest South-east Asian IPO in the United States since Shopee parent Sea's 989.3 million listing in 2017 and the third biggest South-east Asian high-tech IPO in the US, according to LSEG. It would also be the first major automotive tech and artificial intelligence or AI-driven commerce start-up from Singapore to go public in the US. Carro is on track to deliver US$100 million in annual earnings before interest, taxes, depreciation, and amortisation by its fiscal year ending March 2026, one of the sources said. The IPO size is still under discussion and may change depending on market conditions, the sources added. Carro did not immediately respond to an email request seeking comment on Aug 6. Top stories Swipe. Select. Stay informed. Singapore Some ageing condos in Singapore struggle with failing infrastructure, inadequate sinking funds World Trump eyes 100% chips tariff, but 0% for US investors like Apple World White House says Trump open to meeting Russia's Putin and Ukraine's Zelensky Singapore MRT track issue causes 5-hour delay; Jeffrey Siow says 'we can and will do better' Singapore ST Explains: What is a track point fault and why does it cause lengthy train disruptions? Singapore ST and Uniqlo launch design contest for Singapore stories T-shirt collection Asia Malaysia plans barrierless toll system modelled after Singapore's ERP Singapore S'pore and Indonesia have discussed jointly developing military training facilities: Chan Chun Sing Founded in 2015, Carro operates a digital platform that enables consumers and dealers to buy and sell vehicles, while also offering insurance, financing and after-sales services. Besides Singapore, it has a presence in markets across the Asia-Pacific region including Malaysia, Indonesia, Thailand, Japan, Taiwan and Hong Kong, its websites show. With over 4,500 employees across Asia-Pacific, Carro has raised more than US$1 billion in debt and equity from investors including Temasek, SoftBank and several other sovereign funds, according to its websites. A successful listing could pave the way for other regional unicorns such as Carsome, Traveloka and Xendit to follow suit. Beyond South-east Asia, a growing number of Chinese companies are also eyeing US listings, drawn by the potential for higher valuations despite ongoing geopolitical tensions. REUTERS
