Latest news with #Innes
Barnama
4 days ago
- Business
- Barnama
Concerns Over US Fiscal Position Dampen The Dollar
BUSINESS By Abdul Hamid A Rahman KUALA LUMPUR, May 30 (Bernama) -- The US dollar continues to weaken, pressured by concerns over the United States (US) fiscal outlook, including rising debt, widening deficits and increased government spending, alongside trade tensions and shifting global investments. SPI Asset Management managing partner Stephen Innes said the dollar's recent weakness is tied to deeper issues in the US economy, and not just interest rate changes. "The dollar's weakness has very little to do with interest rates. In fact, the relationship between the dollar and US Treasury yields, which used to be strong, has now broken down completely. Investors are losing trust in US policies and are worried about the country's growing debt,' he told Bernama. Innes pointed out that a major factor in the dollar's decline is the growing shift of Asia's investments away from US assets. 'Asia is starting to pull back its US$5 trillion to US$7 trillion investments in US Treasuries, signalling a strategic change in how Asia views US assets. "Asia's confidence in US assets is fading, which is contributing to the pressure on the dollar," he said. Innes indicated that US fiscal issues, including the impact of President Donald Trump's "Big Beautiful Bill," are likely to expand the US deficit. "The tax cuts and increased spending under this policy are making the deficit worse, and that is negative for the dollar," he said.
France 24
5 days ago
- Business
- France 24
Asian equities boosted by US court's tariff ruling, Nvidia results
The ruling provided an extra shot in the arm for investors already upbeat after forecast-busting earnings from chip titan Nvidia revived optimism about the tech sector. And while the White House has appealed against the decision, analysts said traders were making the most of the buying opportunity on hopes the levies will not be imposed. After hearing cases brought by businesses and a coalition of state governments, the three-judge Court of International Trade agreed that the president's actions violated the power of the purse given to Congress under the constitution. The White House slammed the ruling by "unelected judges". The news revived risk appetite among investors, who remain anxious despite slowly recovering from the shellshock of the president's April 2 "Liberation Day" tariffs that fanned fears of a global recession. Markets in Japan and South Korea -- major exporters who faced huge tariffs -- surged more than one percent thanks to rallies in tech firms and auto makers. Seoul was also helped by a central bank interest rate cut. Hong Kong, Shanghai, Sydney, Taipei and Manila were also higher, while the futures for all three main indexes in New York piled on more than one percent each. 'Market exhaling' The gains were helped by a rally in tech firms that came after Nvidia reported better-than-expected first-quarter earnings, even as it faced increased export controls that it warned could cost it billions in the current quarter. The firm posted a profit of $18.8 billion on revenue of $44.1 billion, and forecast strong sales for the second quarter, thanks to still-booming demand for chips to power artificial intelligence. Stephen Innes at SPI Asset Management said investors extending the Nvidia-fuelled rally showed "the market exhaling after weeks of white-knuckle volatility sparked by trade war brinkmanship," he wrote in a commentary. US judges gave a clear message, Innes said: "The Oval Office isn't a trading desk, and the Constitution isn't a blank cheque." The ruling is "a structural pivot in the narrative: from strongman tariffs to institutional guardrails", he said. "Executive overreach may finally have found its ceiling. And with it, a fresh dose of macro stability -- at least until the next headline." The prospect that the worst of the tariffs could be avoided also weighed on safe-haven assets, with gold and the yen retreating. Oil, meanwhile, extended Wednesday's rally that was already underway ahead of an OPEC meeting to discuss output and rising tensions over Russia and Iran. Key figures at around 0230 GMT Tokyo - Nikkei 225: UP 1.7 percent at 38,355.70 (break) Hong Kong - Hang Seng Index: UP 0.4 percent at 23,347.38 Shanghai - Composite: UP 0.6 percent at 3,359.32 Euro/dollar: DOWN at $1.1242 from $1.1291 on Wednesday Pound/dollar: DOWN at $1.3430 from $1.3468 Dollar/yen: UP at 145.89 yen from 144.82 yen Euro/pound: DOWN at 83.71 pence from 83.84 pence West Texas Intermediate: UP 1.1 percent at $62.50 per barrel Brent North Sea Crude: UP 1.0 percent at $65.54 per barrel
The National
6 days ago
- Entertainment
- The National
Algorithms reviving traditional Scottish music for the next generation
This monumental triumph was aided by a slight cheat in the system: one physical sale of an album can count for more than 6000 streams. This does not take away from the achievement. Conversely, it highlights the dedication and loyalty of the Scottish rock band's fans. As Gary Innes, BBC Scotland radio presenter and frontman of the popular trad band Mànran, puts it: 'They used their fan base to basically support them by buying physical CDs. I can guarantee most of them that actually bought the CD don't have a CD player but what they are doing is wanting to contribute to their favourite band.' READ MORE: Skerryvore on 20 years, castle gigs, global fans and staying true to Scottish roots Innes has proven the might of the modern trad music scene through his ambitious and hugely successful festivals: Hoolie in the Hydro, Lochaber Live and Lochaber: A Celebration. What seems to be at the heart of this success is firstly the willingness to fuse the traditional with the modern, as he continues: 'When you're hearing bagpipes with synthesisers and you're going to a show and there's lasers and there's smoke machines and haze and strobe and all of a sudden you're like, 'well, this could be a dance festival.'' What also drives this success is his genuine desire to provide festivalgoers a valuable experience and honest connection to both Scottish traditions and each other. He energetically explains: 'To me, everything in life is about having a connection and just being nice to people … to create memories for folk, I think, is a privilege. 'I realise that's probably quite a cliche thing to say but, in all honesty, it's just genuinely about trying to create events and memories and moments for people, because that's what it's doing for me too!' Of course, this growth in the popularity of traditional music has not been driven by one man alone (though some may argue otherwise). Streaming, social media and other contemporary devices for music consumption have inevitably played their part in returning Scots to their roots. Later this year, the former ceilidh band Trail West host their sell-out Trail West Fest, which features two nights at the Barrowlands in Glasgow. This band performs a mix of original songs and 'repackaged' traditional music reworked to have a modern sound. Seonaidh MacIntyre, Trail West's bagpiper, guitarist and vocalist, claims that the band's reach would have been nearly impossible without their online presence. He says: 'The fact that you get that exposure – I mean, I don't think that we would be doing gigs in the Barrowlands, let alone selling out two nights, if it wasn't for that.' Despite this, he still believes that live music is the best way to engage with fans and get music out there. He expands: 'I don't think we would be the same band without the live thing. Having a live presence, that's your kind of bread and butter if you're wanting to earn money from music because unless you break BIG time online, you're not gonna make that much from it.' This growth may come at a price, however. The simple truth is that the more English and genre-infused the songs are, the greater reach they generally get. Many could argue this algorithm-driven production could make music less distinctive across all genres. READ MORE: Scottish director's film set during Highland Clearances takes Cannes by storm However, as Innes acknowledges: 'It does feel that maybe you take with one hand, giveth with the other slightly, because if you look at our streaming numbers for instance, they've exponentially raised in the last couple of years with more English material but with the more listeners they are indeed getting to listen to a more Gaelic content.' For those who still fear that social and streaming services are diluting Scotland's music traditions, I challenge you to attend Hoolie in the Hydro 2025 where more than 10,000 young people will be bouncing up and down to Trail West blasting out the 300-year-old Macpherson's Rant – and still argue that algorithms aren't helping re-shape, revive and re-energise traditional Scottish music for the next generation.
The Star
18-05-2025
- Business
- The Star
Ringgit likely to trade in 4.26-4.29 range next week
KUALA LUMPUR: The ringgit's outlook remains positive going into next week, with the currency expected to hover in the 4.26-4.29 range against the US dollar, according to SPI Asset Management managing partner Stephen Innes. He said the potential for Federal Reserve (Fed) rate cuts and easing US yields could push the greenback lower. "Recent US data came in below expectations, raising hopes for an interest rate cut, which weighed on the greenback. The softer US Consumer Price Index and Producer Price Index figures have raised hopes that the Fed may cut interest rates sooner than expected. "Although the Fed has yet to confirm any changes, markets are already adjusting their expectations,' he told Bernama. Innes said Malaysia's first-quarter gross domestic product (GDP) growth of 4.4 per cent, though slightly below forecast, was in line with government targets and did not significantly impact the local currency. "Market attention is now on forward risks, especially from the US, rather than past data,' he added. The ringgit ended the week marginally higher against the US dollar, closing at 4.2900/2980 on Friday from 4.2970/3005 a week earlier. The local note traded mostly higher against a basket of major currencies. The ringgit appreciated versus the euro to 4.8022/8112 at Friday's close from 4.8320/8359 at the end of last week and gained vis-a-vis the Japanese yen to 2.9470/9527 from 2.9565/9591 previously. However, it eased against the British pound to 5.7018/7125 from 5.7004/7050 a week earlier. The ringgit also traded mostly higher against ASEAN currencies. It firmed vis-a-vis the Singapore dollar to 3.3041/3105 on Friday from 3.3095/3124 a week before, rose versus the Thai baht to 12.9003/9318 from 13.0082/0267 previously, and improved against the Philippine peso to 7.71/7.73 from 7.74/7.76. Meanwhile, the local note edged down against the Indonesian rupiah to 260.8/261.5 from 260.0/260.4 last week. - Bernama
New Straits Times
18-05-2025
- Business
- New Straits Times
Ringgit likely to trade in 4.26-4.29 range next week
KUALA LUMPUR: The ringgit's outlook remains positive going into next week, with the currency expected to hover in the 4.26-4.29 range against the US dollar, according to SPI Asset Management managing partner Stephen Innes. He said the potential for Federal Reserve (Fed) rate cuts and easing US yields could push the greenback lower. "Recent US data came in below expectations, raising hopes for an interest rate cut, which weighed on the greenback. The softer US Consumer Price Index and Producer Price Index figures have raised hopes that the Fed may cut interest rates sooner than expected. "Although the Fed has yet to confirm any changes, markets are already adjusting their expectations," he told Bernama. Innes said Malaysia's first-quarter gross domestic product (GDP) growth of 4.4 per cent, though slightly below forecast, was in line with government targets and did not significantly impact the local currency. "Market attention is now on forward risks, especially from the US, rather than past data," he added. The ringgit ended the week marginally higher against the US dollar, closing at 4.2900/2980 on Friday from 4.2970/3005 a week earlier. The local note traded mostly higher against a basket of major currencies. The ringgit appreciated versus the euro to 4.8022/8112 at Friday's close from 4.8320/8359 at the end of last week and gained vis-a-vis the Japanese yen to 2.9470/9527 from 2.9565/9591 previously. However, it eased against the British pound to 5.7018/7125 from 5.7004/7050 a week earlier. The ringgit also traded mostly higher against Asean currencies. It firmed vis-a-vis the Singapore dollar to 3.3041/3105 on Friday from 3.3095/3124 a week before, rose versus the Thai baht to 12.9003/9318 from 13.0082/0267 previously, and improved against the Philippine peso to 7.71/7.73 from 7.74/7.76. Meanwhile, the local note edged down against the Indonesian rupiah to 260.8/261.5 from 260.0/260.4 last week.
