Hotel Properties jumps after billionaire founder steps down amid scandal
April 14 (Reuters) - Shares of Singapore-listed Hotel Properties (HPPS.SI), opens new tab touched a one-week high on Monday after its billionaire founder embroiled in a scandal involving a former transport minister stepped down as the firm's managing director.
Ong Beng Seng, the septuagenarian founder and rights holder to the Singapore Grand Prix Formula One race, is accused of giving high-value gifts to disgraced ex-transport minister S. Iswaran, who late last year became the first former cabinet minister to be given a prison sentence in Singapore.
Ong, a Malaysian citizen based in Singapore, "wishes to devote more time to manage his medical conditions" and would not stand for re-election at the annual general meeting later this month, Hotel Properties said in an exchange filing.
The company said, opens new tab in February that its managing director planned to admit guilt and accept responsibility for one of the charges filed against him.
Shares of the hotelier and investment holding firm jumped 3.5% to S$3.550, as of 0747 GMT, after earlier soaring as much as 4.7% to record its highest level since April 3.
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Reuters
31 minutes ago
- Reuters
Pakistan likely to hike defence spending but slash overall budget in 2025-26
ISLAMABAD, June 10 (Reuters) - Pakistan will unveil its annual federal budget for the coming fiscal year later on Tuesday, seeking to kickstart growth while finding resources for an expected hike in defence expenditure following the conflict with India last month. Islamabad will also have to contend with remaining within the discipline of its International Monetary Fund programme and the uncertainty from new trade tariffs being imposed by the United States, its biggest export market. Media reports say the government is likely to present a 17.6 trillion rupee ($62.45 billion) budget for the fiscal year beginning July 1, down 6.7% from this fiscal year. It has projected a fiscal deficit of 4.8% of GDP, against a targeted 5.9% deficit in 2024-25, the reports say. Analysts said they expect an increase of around 20% in the defence budget, likely offset by cuts in development spending. Pakistan allocated 2.1 trillion Pakistani rupees($7.45 billion) for defence in the outgoing fiscal year, including $2 billion for equipment and other assets. An additional 563 billion rupees ($1.99 billion) was set aside for military pensions, which are not counted within the official defence budget. India's defence spending in its 2025–26 (April-March) fiscal year was set at $78.7 billion, a 9.5% increase from the previous year, including pensions and $21 billion earmarked for equipment. It has indicated it will step up expenditure following the May conflict with Pakistan. The government of Pakistani Prime Minister Shehbaz Sharif has projected 4.2% economic growth in 2025-26, saying it has steadied the economy, which had looked at risk of defaulting on its debts as recently as 2023. Growth this fiscal year is likely to be 2.7%, against an initial target of 3.6% set in the budget last year. Pakistan's growth lags far behind the region. In 2024, South Asian countries grew by an average of 5.8% and 6.0% growth is expected in 2025, according to the Asian Development Bank. Expansion of the economy should be aided by a sharp drop in the cost of borrowing, the government says, after a succession of interest rate cuts by the central bank. But economists warn that monetary policy alone may not be enough, with fiscal constraints and IMF-mandated reforms still weighing on investment. Finance Minister Muhammad Aurangzeb said on Monday that he wanted to avoid Pakistan's boom and bust cycles of the past. 'The macroeconomic stability that we have achieved, we want to absolutely stay the course,' he said. 'This time around we are very, very clear that we do not want to squander the opportunity.' The budget is expected to prioritize expanding the tax base, enforcing agriculture income tax laws, and reducing government subsidies to industry, to meet the terms of a $7 billion IMF bailout signed last summer. Just 1.3% of the population paid income tax in 2024, according to the tax authorities, with agriculture and the retail sector largely outside of the tax net. The IMF has urged Pakistan to widen the tax base through reforms which include taxing agriculture, retail, and real estate. Ahmad Mobeen, senior economist at S&P Global Market Intelligence, said that he expected the revenue target for 2025-26 will be missed. 'The shortfall will mostly be owing to lack of optimal implementation of announced measures as well as absence of meaningful structural reforms to widen the tax net in general,' said Mobeen. ($1 = 281.8400 Pakistani rupees)
Reuters
3 hours ago
- Reuters
Stocks rise, dollar tentative ahead of US-China talks outcome
SINGAPORE, June 10 (Reuters) - Stocks were buoyant and the dollar remained on guard on Tuesday as trade talks between the United States and China were set to extend to a second day, with tentative signs tensions between the world's two largest economies could be easing. U.S. President Donald Trump put a positive spin on the talks at Lancaster House in London, which wrapped up for the night on Monday and were set to resume at 0900 GMT on Tuesday. "The fact that we're still up here near record highs, does suggest that we are seeing the market accept what has been said by Trump and when you look at some of the other comments from Lutnick and Bessent, to me it seems to suggest that they are relatively happy with the progress," said Tony Sycamore, a market analyst at IG. "But the market always likes to see some concrete announcements." As Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer were set to meet for the second day with their Chinese counterparts, much of investors' focus has been on the progress of the talks. Any progress in the negotiations is likely to provide relief to markets given Trump's chaotic tariffs and swings in Sino-U.S. trade ties have undermined the world's two biggest economies and hobbled global growth. Stocks advanced in Asia, extending their rise from the start of the week. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab advanced 0.5%, while Nasdaq futures gained 0.62%. S&P 500 futures edged 0.43% higher. EUROSTOXX 50 futures and FTSE futures both added roughly 0.1% each. In Tokyo, attention was also on the Japanese government bond (JGB) market, following news that Japan is considering buying back some super-long government bonds issued in the past at low interest rates. The yield on the 10-year JGB fell one basis point to 1.46% in early trade, while the 30-year yield slid 5 bps to 2.86%. Yields on super-long JGBs rose to record levels last month due to dwindling demand from traditional buyers such as life insurers, and jitters over steadily rising debt levels globally. "The volatility at the super-long segment of the curve stems from a supply-demand imbalance that has been brewing since the BOJ embarked on balance sheet normalisation," said Justin Heng, APAC rates strategist at HSBC Global Investment Research. Japanese Finance Minister Katsunobu Kato said on Tuesday the government will conduct appropriate debt management policies while communicating closely with market participants. In currencies, the dollar attempted to regain its footing after falling on Monday. Against the yen , the dollar was up 0.45% to 145.25. The euro fell 0.28% to $1.1387 while sterling slipped 0.2% to $1.3523. Trump's erratic trade policies and worries over Washington's growing debt pile have dented investor confidence in U.S. assets, in turn undermining the dollar, which has already fallen more than 8% for the year . The next test for the greenback will be on Wednesday, when U.S. inflation data comes due. Expectations are for core consumer prices to have picked up slightly in May, which could push back against bets of imminent Federal Reserve rate cuts. The producer price index (PPI) report will be released a day later. "May's U.S. CPI and PPI data will be scrutinised for signs of lingering inflationary pressures," said Convera's FX and macro strategist Kevin Ford. "If core CPI remains elevated, expectations for rate cuts could be pushed beyond the June 18 FOMC meeting." Traders see the Fed keeping rates on hold at its policy meeting next week, but have priced in roughly 44 bps worth of easing by December . In the oil market, prices edged up, with Brent crude futures gaining 0.24% to $67.20 a barrel. U.S. West Texas Intermediate crude was last up 0.25% at $65.45 per barrel after hitting a more than two-month high earlier in the session. Spot gold fell 0.5% to $3,310.40 an ounce.
Reuters
4 hours ago
- Reuters
Dollar steady as traders await details from US-China talks
SINGAPORE, June 10 (Reuters) - The U.S. dollar was steady on Tuesday in tight trading as Washington and Beijing remained locked in trade talks that left investors on edge and hesitant in placing major bets while looking ahead to U.S. inflation report later in the week. Top economic officials from the world's two largest economies sought to defuse a bitter dispute that has widened from tariffs to restrictions over rare earths, with trade talks extending to a second day in London. The talks come after U.S. President Donald Trump and Chinese President Xi Jinping spoke by phone last week and at a crucial time for both economies, which are showing signs of strain from Trump's cascade of tariff orders since January. The lack of firm details from the talks despite positive notes from some officials and Trump meant the currency markets were frigid in Asian hours as traders held their position, reluctant to make major moves. The U.S. dollar was little changed against the yen at 144.57 in early trading. The euro last fetched $1.1425 and sterling was 0.1% firmer at $1.3563. "The extension of talks and some positive soundbites from the U.S. officials could offer short-term relief, markets are unlikely to buy into this optimism without real structural progress," said Charu Chanana, chief investment strategist at Saxo. Washington and Beijing are trying to revive a temporary truce struck in Geneva that had briefly lowered trade tensions and calmed markets. "Unlike the Geneva talks, where tariff relief provided easy wins, the London talks are now tackling thornier issues like chip export controls, rare earths, and student visas," said Chanana. "These are long-term, strategic matters—not easily resolved over a few days. That makes it harder to deliver a positive surprise." The Australian dollar , often seen as a proxy for risk sentiment, was flat at $0.652, while the New Zealand dollar was a touch firmer at $0.6058, staying close to the seven-month peak it touched last week. The dollar index , which measures the U.S. currency against six other units, was steady at 98.986, not far from the six-week low it touched last week. The index is down 8.7% this year as investors flee U.S. assets worried about the impact of tariffs and trade tensions on its economy and growth. Investor focus this week will be on the consumer price index report for May, due on Wednesday. The report could give insight into the tariff impact at a time investors are wary of any flare-ups in inflation. The CPI report will be one of the last key pieces of data before the Federal Reserve's June 17-18 meeting, with the U.S. central bank widely expected to hold rates steady. Fed officials have signalled that they are in no rush to cut interest rates and signs of economic resilience will likely cement their stance, but traders are pricing in nearly two 25-basis point cuts by the end of the year.
