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Straits Times
20 hours ago
- Straits Times
Vehicle hits crowd in LA's East Hollywood, injuring over 20
Find out what's new on ST website and app. LOS ANGELES – A vehicle drove into a crowd early on July 19 in East Hollywood, injuring more than 20 people and sending multiple victims to local hospitals, according to the Los Angeles Fire Department. The incident occurred around 2am (5pm Singapore time) on Santa Monica Boulevard. At least four people were critically injured and eight in serious condition, the department said in an alert. More than a dozen ambulances, fire engines, and specialised rescue teams responded to the scene. The cause of the crash remains under investigation. BLOOMBERG
Business Times
3 days ago
- Business
- Business Times
US tariffs risks turning global trade into ‘arm-wrestling match': Vivian Balakrishnan
[COLORADO] Global trade risks becoming a 'bilateral arm-wrestling match' following US President Donald Trump's approach of slapping tariffs on its partners, according to Singapore Minister for Foreign Affairs Dr Vivian Balakrishnan. Such an imposition may trigger a strong temptation from the other side to impose reciprocal tariffs. 'Instead of a rules-based global system that promotes trade, you now have a system where every trade agreement becomes a bilateral arm-wrestling match,' he said in a fireside chat during the Aspen Security Forum in Colorado on Wednesday (Jul 16). 'You end up in an escalatory spiral.' Dr Balakrishnan's comments come as Trump said he would notify more than 150 countries of how much levies Washington would place on their exports, with 10 per cent being the minimum. Singapore has yet to receive a letter from Trump, he added. Singapore is heavily reliant on global trade and its exports are often seen as a bellwether for the health of Asian economies. The Republic this week reported faster-than-expected growth in the second quarter on strong manufacturing and services exports as businesses seek to front-run higher US tariffs. The 10 per cent tariff imposed by the US 'does not quite compute', said Dr Balakrishnan, given that the US and Singapore have run a free trade agreement since 2004, with America running a trade surplus against the nation. Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong will be visiting the US this month for trade talks that are expected to include discussions on pharmaceutical supply chains. BLOOMBERG
Business Times
3 days ago
- Business
- Business Times
Thailand seeks ways to curb gold price impact on currency
[BANGKOK] Thailand's central bank and the finance ministry are discussing ways to address currency moves that are not aligned with fundamental factors, including the impact of gold prices, according to a deputy governor. Gold prices are among the non-fundamental factors affecting the baht's movement and authorities are looking at ways to reduce the correlation between the two, Bank of Thailand (BOT) deputy governor Roong Mallikamas said. She declined to say what steps were being planned or how soon they will be announced. 'The baht should act as a shock absorber and not a shock amplifier,' Roong, a contender for the new BOT governor, said on Tuesday (Jul 15). 'So, definitely things that are non-fundamental should be addressed.' The Thai baht typically gets a boost when Thais sell gold, which is highly valued as an investment, as the US dollar proceeds get converted into the local currency. The baht surged about 11 per cent over the past year, turning it into one of Asia's best-performing currencies, while gold climbed to a record in April. Gold link The baht has a much closer link to gold than other emerging Asian currencies, with the two prices having a correlation coefficient of about 0.53 over the past 90 days. A coefficient of 1 would mean they are moving in lockstep. A strong baht is adding to risks to the Thai economy, which is already facing the threat of a punitive 36 per cent US tariff on its exports. The rally has led some ministers and business groups to urge the central bank to weaken the currency to support exports and tourism, the nation's key growth drivers. The BOT has said it does not target any particular level or direction for the baht and its gain over the past year is in line with regional peers. Roong said the baht's outperformance over the dollar index and its high correlation to gold is something the central bank has noticed and trying to address. 'We don't try to stop people from being interested in gold, but we want them to do it in such a way that it doesn't affect the volatility of the baht or make the baht have higher correlation' with gold, Roong said. BLOOMBERG
Business Times
4 days ago
- Business
- Business Times
Hong Kong wealth, fund assets hit HK$35.1 trillion as inflows surge
[HONG KONG] Hong Kong's assets under management across its asset and wealth management industry rose 13 per cent to HK$35.1 trillion (S$5.7 trillion) as inflows surged last year, underscoring a recovery in the Asian financial hub. Net fund inflows jumped 81 per cent to HK$705 billion across the industry in 2024, according to a survey conducted by the Securities and Futures Commission. In particular, inflows for the asset management and fund advisory business soared 571 per cent to HK$321 billion. Assets for private banking and wealth rose 15 per cent to HK$10.4 trillion, boosted by net inflows of HK$384 billion. For the city, it is a stark reversal from the Covid period, when Hong Kong was grappling with an exodus of people and mainland money was moving to Singapore. Hong Kong has been stepping up efforts to attract wealthy with tax concessions and residency plans. The city's equity benchmark is trading near its highest level in over three years, boosted by increased optimism towards technology stocks and strong demand from mainland investors. 'Hong Kong is gaining more clout than ever as a leading international hub for asset and wealth management, propelled by strong fund inflows, financial innovation and a growing talent pool,' said Christina Choi, the SFC's Executive Director of Investment Products. Hong Kong-domiciled funds authorised by the SFC recorded net fund inflows of HK$163 billion in 2024, followed by HK$237 billion in the first five months of 2025. This year, 1,237 firms took part in the SFC's annual survey, including asset managers, private banks and insurance companies. BLOOMBERG
Al Etihad
5 days ago
- Business
- Al Etihad
Apple to buy rare earths from Pentagon-backed US producer MP
15 July 2025 18:41 (BLOOMBERG)Apple Inc. has struck a $500 million deal to buy rare-earth minerals from MP Materials Corp., the US producer that just last week secured backing from the two companies will build a factory in Texas, with neodymium magnet manufacturing lines tailored for Apple products, the iPhone maker said Tuesday in a statement. Apple said the spending on rare-earth minerals is part of its earlier pledge to invest more than $500 billion in the US over the next four of MP Materials gained 11% in pre-market trading. Apple's stock was little changed. Fox News reported some details on the supply deal earlier on world's dependence on China for rare-earth permanent magnets that are essential for consumer tech, cars, wind turbines and fighter aircrafts, has become a flashpoint in the Asian nation's trade war with the the Trump administration imposed 145% tariffs on China, Beijing shut down exports of the critical component. MP Materials operates the sole US rare-earth mine at Mountain Pass in increased production will support dozens of new manufacturing and R&D jobs, Apple two companies will also work together to establish a rare earth recycling line in Mountain Pass, California, and develop novel magnet materials and innovative processing technologies to enhance magnet performance, according to the statement. That facility will allow MP Materials to take in recycled rare earth feedstock and use it in Apple products."Rare earth materials are essential for making advanced technology, and this partnership will help strengthen the supply of these vital materials here in the United States,' said Apple Chief Executive Officer Tim Cook in the have emerged in recent weeks that the US and China are beginning to deliver on promises made in trade talks held in Geneva and London in the past two months. China agreed to resume shipments of rare earths - with exports surging in June - while the Trump administration has reversed some restrictions on technology exports to China, including some semiconductors from Nvidia Corp. and Advanced Micro Devices Inc. The Pentagon took a $400 million stake in MP last week to secure supplies of magnets critical for military and other applications. The deal came with $1 billion in financing from JPMorgan Chase & Co. and Goldman Sachs Group Inc. to fund a major new plant.
