STI ends Tuesday flat as regional indices close mixed
The STI closed up 0.03 per cent or 1.13 points to 4,208.26.
Across the broader market, advancers outnumbered decliners 329 to 229 after 1.4 billion shares worth S$1.3 billion changed hands.
The trio of local banks closed lower on Tuesday, with DBS down 0.02 per cent or S$0.01 to S$47.25. UOB was down 0.3 per cent or S$0.10 to S$37; and OCBC closed down 0.5 per cent or S$0.08 to S$17.19.
Jardine Matheson was the top gainer on the STI, closing up 2.5 per cent or US$1.35 to US$55.26.
The biggest loser was Wilmar International , which closed down 0.7 per cent or S$0.02 to S$3.
Across the region, major indices were mixed, with the Kospi down 1.3 per cent and the Nikkei 225 down 0.1 per cent. Hong Kong's Hang Seng Index closed up 0.5 per cent and the KLCI down 0.3 per cent.
The approach to earnings season by companies has been cautious, with many downshifting their guidance in the first quarter, citing tariff risk and macro uncertainty, said Stephen Innes, managing partner, SPI Asset Management. This has created some room for positive surprises, as some of the second quarter's strength has been in front-loaded demand, promising stronger revenue and profits.
Now, more companies are raising their forward estimates, from 57 per cent of companies in April to 75 per cent, said Innes. 'We're seeing broader participation, with cyclicals, industrials and select consumer names also contributing.'
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Straits Times
an hour ago
- Straits Times
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Find out what's new on ST website and app. Britain's public broadcasters risk becoming an 'endangered species' in an age of video streaming websites such as YouTube, says the country's media regulator, Ofcom. LONDON – Britain's media regulator has called for fresh legislation to protect the nation's established public broadcasters such as the BBC from online video streaming services owned mainly by foreign companies. 'Public service media has a long and proud tradition in the UK. It delivers duly impartial and trusted news and original programmes which reflect British culture and bring the country together,' stated a July 21 report issued by Britain's media regulator, the Office of Communications, or Ofcom. But according to Ofcom, the country's public broadcasters risk becoming an 'endangered species' in an age of video streaming websites such as YouTube. The answer, the regulator claims, is to compel global streaming companies to give higher prominence to content produced by British public broadcasters, so that such material can be more easily accessible to British audiences. Ofcom's proposal for a set of new measures including fresh legislation has taken many media specialists in London by surprise, and it is far from certain that the measures will find favour with the British government. Still, the proposals are broadly in keeping with efforts undertaken by many countries, including Singapore, to ensure that their national public media providers can survive in a global information landscape increasingly dominated by a handful of often US-owned video streaming companies. YouTube is a subsidiary of Alphabet, which is also the parent company of Google. Public service broadcasters in the UK comprise the tax-funded BBC – the oldest global broadcaster, affectionately referred to by the British as 'Auntie' – as well as five other ad-funded networks that hold broadcasting licences. Top stories Swipe. Select. Stay informed. 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ITV, the biggest of the ad-supported British public networks, netted revenues of £4.1 billion in 2024. These are large sums, but the obligations on British public broadcasters are equally significant. Their output must be accessible nationwide without additional payment. They are also required to commission a large quantity of British-related drama and documentary material, encourage the growth of local talent, promote national media industries, offer special programmes for children, the elderly, and various ethnic minorities, and provide a continuous and comprehensive news service. This last task is both hugely expensive and unattractive to advertisers and commercial sponsors. Yet, no such obligations apply to major global streaming companies, such as Netflix, Disney+, or Amazon's Prime Video, which can concentrate their resources on producing only content that is profitable or stands to increase their fee-paying audiences. In its latest report, Ofcom acknowledged that global streaming companies can also 'contribute substantially to British culture and public debate'. The regulator singled out Netflix's Adolescence, a 2025 hit drama series about crime in a small British town, which prompted a national debate about juvenile delinquency and the relationships between teenage boys and girls. Nonetheless, the Ofcom report pointed out that such media gems are rare. Most of the global streaming companies' material has little reference to the UK, is not explicitly produced for UK audiences and remains behind paywalls. All British public broadcasters have launched their streaming services, either through their own specifically designed platforms, such as the BBC's iPlayer, or in association with other streaming providers. However, these are increasingly marginalised by the sheer power of foreign-owned streaming platforms, which not only take away audiences but also eat into the advertising markets that sustained many public broadcasters. Ofcom has long followed these developments with growing concern. Initially, the regulator's attention focused on ensuring that new streaming devices entering the market do not exclude the streaming platforms of British public broadcasters. A new Media Act came into effect in 2024, designed to ensure that the apps of public broadcasters are automatically included in all the smart TV devices sold in Britain; these are TV sets with integrated web connections. However, this legislation does not extend to video-sharing platforms, a sector dominated by YouTube. And this omission is now considered critical by Ofcom. 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CNA
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- CNA
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Straits Times
6 hours ago
- Straits Times
Japan PM Ishiba refutes reports of imminent resignation after surprise US trade deal
Japan's Prime Minister and president of the ruling Liberal Democratic Party Shigeru Ishiba at the party's headquarters in Tokyo on July 23. – Japan's embattled Prime Minister Shigeru Ishiba denied on July 23 that he was about to quit, saying that there was 'not a single grain of truth' in source-based reports that said he would step down within weeks. News of a looming resignation, likely after key political events in August, had threatened to eclipse a surprise trade deal struck with the United States just hours earlier, which shaved 'reciprocal' tariffs from 25 per cent down to 15 per cent. Despite Mr Ishiba's denials, the reality is that his position is increasingly precarious after his ruling Liberal Democratic Party (LDP) suffered a historic defeat in the Upper House election on July 20 , following a decisive trouncing in Lower House polls in October 2024. The crushing outcome has stirred the hornet's nest and might prove to be a career-ending blow, as the LDP and coalition partner Komeito now lack a majority in both Houses of Japan's bicameral Parliament. It remains uncertain whether the US trade deal, which was universally cheered by investors and economists, will quell the brewing civil war within the LDP and offer Mr Ishiba some breathing room. The Nikkei 225 index rallied, briefly soaring more than 1,500 points to a one-year high before paring some gains to close 1,396 points, or 3.5 per cent, higher at 41,171.32. The trade deal not only provided significant relief – the 15 per cent rate is the lowest so far among countries with a trade surplus with the US – but also spared Japan from making substantial concessions in its two 'sacred cow' industries: cars and rice. Top stories Swipe. Select. Stay informed. 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He held his ground when confronted about apparent double standards, having been vocal for then Prime Minister Shinzo Abe's resignation in 2007 after the coalition lost its Upper House majority in that year's election. Mr Ishiba countered that all he wanted was for Mr Abe to 'offer his sincere explanations as to why he should remain' – something he said he was now doing. He added that the LDP remained the largest party in the Diet, and cited the 'national crisis' of US trade tariffs as a reason why a political vacuum must be avoided. Now that this 'national crisis' has been averted, two schools of thought appear to have emerged within the LDP. One suggests that the surprisingly favourable agreement terms, after a battle that Mr Ishiba said was fought on ' national interests ', could give him the tailwind to stay on, especially if future polls reflect improved public sentiment. Yet the prevailing opinion was that Mr Ishiba should depart – on a high note, with the trade victory – after a turbulent nine months in power. The movement to force him out if he does not quit on his own accord has been gaining traction. Younger and mid-ranking lawmakers, including political scions Yasutaka Nakasone and Takako Suzuki, are leading a petition for Mr Ishiba to resign. Local prefectural chapters from Hokkaido to Ibaraki, Ehime, and Kochi have submitted formal letters requesting his resignation. According to LDP by-laws, members can force a party presidential election if a majority of lawmakers and prefectural delegates demand one. The party's election strategy chief Seiji Kihara even said that a hard reset was necessary to win back trust, suggesting that the LDP should cede power to the opposition. Two separate polls by Kyodo News and Yomiuri Shimbun this week, conducted before the trade deal was concluded, indicate that public opinion is divided over whether Mr Ishiba should quit, although a slight majority is in favour of his resignation. The Mainichi newspaper had cited unnamed sources as saying that Mr Ishiba 'will resign by the end of August', a timeframe chosen with the political calendar in mind. Mr Ishiba is slated to preside over war memorial services marking 80 years since the end of World War II, before welcoming top African leaders for a triennial summit on Japan-Africa cooperation. In the same month, the LDP will complete its post-mortem into the Upper House election results, which Mr Ishiba is expected to use as a basis for his future decisions. On July 23, Mr Ishiba sought a rare meeting with former prime ministers Taro Aso (2008-2009), Yoshihide Suga (2020-2021), and Fumio Kishida (2021-2024). He told reporters that the subject of his future was never raised during the 80-minute talks. 'Neither have I ever made statements that I will resign. There is absolutely no truth to the media reports,' he averred, adding: 'We shared a strong sense of crisis, that a split within the LDP must never occur.' He added that his immediate priority was to familiarise himself with the trade agreement, given that Japan exports more than 4,000 items to the US, and to ensure affected businesses receive the necessary support. The 15 per cent tariff rate has been broadly viewed in a positive light, with Ms Asuka Tatebayashi, a senior analyst at Mizuho Bank's global strategic advisory department, telling The Straits Times that the impact would be 'much lower and minimised' than the mooted 25 per cent. She added that no quota was set on Japanese car exports to the US, as was feared, while the deal puts an end to months of uncertainty for businesses. Tariffs on Japanese cars and car parts would be cut from 27.5 per cent to 15 per cent. And as Japan promised to buy more American rice, this would be done by increasing the ratio of US imports under an existing 'minimum access' framework that allows 770,000 tonnes of rice to be imported tariff-free per year, above which a duty of 341 yen per kilogram is charged. Meanwhile, Japan would also inject US$550 billion (S$703 billion) of investments into various sectors, including semiconductors, ships and steel . Chief trade negotiator Ryosei Akazawa, on his eighth trip to Washington, admitted that he did not expect to be able to conclude the deal on this visit. Former Japanese trade negotiator Sota Kato told ST that it was unclear what brought the deal across the finishing line now, adding that the LDP's Upper House defeat could have been a catalyst. 'The most plausible theory is that the US was in a hurry to seal the deal before the Ishiba administration is brought down and things have to start over,' said Dr Kato, who is now a research director at the Tokyo Foundation for Policy Research think-tank. He believed the deal's conclusion would hasten Mr Ishiba's departure, but wondered if Japan's next leader will come from the LDP, given that the ruling coalition does not hold a majority in the Diet. Regardless, political scientist Toru Yoshida of Doshisha University felt that behind-the-scenes horse-trading with the opposition will be inevitable, whether Mr Ishiba stays or goes. Or, he added: 'The LDP may try to secure a comeback through a snap election under a new prime minister.'
