Asia: Stocks mixed before US-Russia summit
On Thursday Wall Street finished little changed as strong wholesale inflation data tempered optimism about the US Federal Reserve cutting interest rates.
A quarter-point cut is still expected but a larger half-point rate cut is likely 'off the table', said Jack Ablin of Cresset Capital Management.
Intel surged 7.4 per cent following a Bloomberg News report that US President Donald Trump is considering an investment in the beleaguered chip company in exchange for a government stake.
Japan's economy grew 0.3 per cent in the three months to June, while output for the previous period was revised upwards, averting a possible technical recession for the world's number four economy.
The expansion came despite tariffs imposed by Trump on Japanese imports, including on cars - an industry accounting for eight per cent of Japanese jobs.
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In morning trade in Asia, the Nikkei was up almost one per cent while Shanghai, Seoul and Sydney also moved higher.
But Hong Kong's Hang Seng fell for the second straight day after Chinese retail sales and industrial production grew at a slower rate than expected last month.
A long-term crisis in the real estate sector and high youth unemployment have been weighing on Chinese consumer sentiment for several years.
The situation has worsened with the heightened turmoil sparked by Trump's trade war.
Oil prices dipped, reversing gains on Thursday ahead of Trump's Alaska summit with Russian President Vladimir Putin on ending the Ukraine war.
Oil traders are worried 'that if the meeting doesn't go well, we'll see stronger sanctions on Russian oil thereby depriving the world of or making it much difficult for this oil to get to the market', said Stephen Schork of the Schork Group. AFP
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Sign Up Sign Up Tan called the claims 'misinformation' in a letter to employees. But his record of investing in China and the riches it has brought him had already cast a shadow over his work. In July, Cadence pleaded guilty to violating US export controls during Tan's tenure and took a US$140.6 million charge related to settling the cases. Earlier, in 2023, the US government had sent Tan a letter asking Walden to explain its investments after the San Francisco-based firm had invested in more than 100 Chinese companies. 'I want to be absolutely clear: Over 40+ years in the industry, I've built relationships around the world and across our diverse ecosystem – and I have always operated within the highest legal and ethical standards,' Tan wrote in response to the allegations. A spokesperson for Santa Clara, California-based Intel declined to comment. A naturalised US citizen, Tan was born in Malaysia in 1959, the youngest of five children. 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an hour ago
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The meats are either dehydrated or freeze-dried, and all products are preservative- and chemical-free. Ms Soo also avoids using additives and fillers, focusing on natural nutrition and flavour. The products adhere to the United States Department of Agriculture's food safety guidelines, and TDG's ready-to-eat meal packs are formulated to meet the standards set by US agency National Research Council for dog food. TDG products are produced in Singapore in a kitchen licensed by the Animal & Veterinary Service under the National Parks Board, using ingredients from sources approved by the Singapore Food Agency. Signature items from the freeze-dried meat cube range include Ondeh Ondeh Chicken and Black Sesame Duck. Marinated jerkies such as Dang Gui Wolfberry Pork, and Chicken and Honey Sesame Beef are popular snacks. Dogs also like chews such as whole pig ears. Prices are between $13 and $33 for dog treats and ready-to-eat meals, with freeze-dried meat cubes and marinated jerkies available in the store for the dogs to sniff and select. These are placed in bins at a height where the pooches cannot eat them. Ms Soo opened TDG in Crane Road in June 2020 with an investment of $130,000 from her savings and government grants. It was not an easy endeavour, as the Covid-19 pandemic was still prevalent. Singapore had just entered Phase One of its reopening after the circuit-breaker period, when people were encouraged to leave their homes only for essential activities. However, pet ownership boomed during the pandemic, which helped Ms Soo's business. She managed to break even in 18 months. She subsequently opened a commercial kitchen in Sembawang and the store relocated to a bigger space in Joo Chiat Road. "It was good to have a proper kitchen," says Ms Soo. "I used to operate from a tiny makeshift kitchen at the back of the shophouse, cutting, marinating and dehydrating meats." She adds that with the larger facility, production capacity has increased substantially. However, she continues to keep the scale of the food production small so everything remains fresh. "We are constantly making new batches as the shelf life of our pet food is very short, about six to eight months depending on the product," she says. Prices are between $13 and $33 for dog treats and ready-to-eat meals. ST PHOTO: LIM YAOHUI Starting a pet food business never crossed Ms Soo's mind. After graduating from the National University of Singapore with a mechanical engineering degree in 2004, she convinced her parents to let her pursue her dream of becoming a jockey. "I've always loved animals. So, I thought, like, why not be a job?" says Ms Soo, who is single. This passion led her to New Zealand, where she spent almost six years training to be a jockey. She also took on other jobs at cafes, orchards and canning factories. During those years, she also found time to earn two chef certificates, one in general culinary arts and another in pastry. However, being a jockey was not meant to be because she was over the strict weight limit required for the profession. After returning to Singapore, she volunteered at animal shelters, drawing on her experience with horses to help rehabilitate dogs. It was there when she learnt how limited and heavily processed most pet food options were, particularly for dogs with specific dietary needs or preferences. While some of the products are sold in boxes, pet owners are encouraged to scoop what they need and pack the treats in their own containers. ST PHOTO: LIM YAOHUI Sustainability plays a big role at TDG. Though some products are sold in boxes, pet owners are encouraged to take along their own containers and fill them up from the bulk bins. Ms Soo makes a conscious effort to choose ingredients from certified sustainable sources, such as wild-caught Atlantic cod and pollock, which are Marine Stewardship Council-certified fish. She also takes the "entire cut" approach. For instance, slices of pork loin become jerkies, while off-cuts or ends are minced into pork cubes. Fish bones become broth that are used for seasonal creations, such as Chinese New Year soups and National Day recipes. Fruit, vegetables and meat scraps are dropped off at a local permaculture site every other month for composting, turning food waste into nutrient-rich soil. With the business expanding to include both cooked and raw meals, catering to the evolving preferences of pet owners, Ms Soo hopes to open another outlet, possibly in western Singapore. "We have been looking for a second shop for almost a year, but rental costs are incredibly high," she says. It has been rewarding for her to see canine customers grow alongside TDG. "We see them at different stages, some from puppies to adult dogs, others from adults to seniors," says Ms Soo. She adds that her dream is to have a cafe where pets can have their own omakase experience. For now, though, her happy place is in the kitchen, where she concocts new recipes and creates nutritious food for pets.
