Latest news with #YihuiXie
Yahoo
30-04-2025
- Business
- Yahoo
Copper Falls From Four-Week High as China's Manufacturing Slows
(Bloomberg) -- Copper retreated from its highest close since early April after data showed a retreat in China's factory activity, offering a sign of how trade conflict with the US is hitting Asia's biggest economy. New York City Transit System Chips Away at Subway Fare Evasion NYC's Congestion Toll Raised $159 Million in the First Quarter The Last Thing US Transit Agencies Should Do Now At Bryn Mawr, a Monumental Plaza Traces the Steps of Black History At the National Public Housing Museum, an Embattled Idea Finds a Home The official manufacturing purchasing managers' index dropped to 49 compared with 50.5 in March. That level was significantly weaker than economists expected, and means manufacturing switched from expansion — above 50 — to contraction as trade tensions spiked this month. Copper had staged a strong rebound over the past couple of weeks on signs of a significantly tighter market, with China's stockpiles plunging and import premiums surging. Analysts have attributed that to various factors, including a scrap shortage, a demand spurt from the country's solar sector, and the knock-on effect of a rush to ship the metal to the US. But they've also warned the bump could short-lived. Wednesday's factory data shows how the high-stakes stand-off between Beijing and Washington over tariffs is already starting to bite Chinese factories and threatening prospects for commodities demand. Copper fell 0.6% to $9,384 a ton by 10:55 a.m. Shanghai time, putting it on course for a loss of more than 3% in April after heavy losses at the start of the month. Aluminum and zinc also fell on the London Metal Exchange. Meanwhile, China's steel sector is still struggling, and iron ore futures in Singapore are poised for a third monthly decline. Prices dropped 0.4% to $98.10 a ton on Wednesday to be down 2.9% for April. Angang Steel Co., the nation's second-biggest steelmaker, posted its 11th consecutive quarterly loss, although its loss was 67% smaller year-on-year. --With assistance from Yihui Xie. Made-in-USA Wheelbarrows Promoted by Trump Are Now Made in China As More Women Lift Weights, Gyms Might Never Be the Same Why US Men Think College Isn't Worth It Anymore Eight Charts Show Men Are Falling Behind, From Classrooms to Careers The Mastermind of the Yellowstone Universe Isn't Done Yet ©2025 Bloomberg L.P.
Yahoo
29-04-2025
- Business
- Yahoo
Allianz-Income saga becomes a flashpoint in Singapore's election
By Yihui Xie (Bloomberg) — The blocked sale of Income Insurance Ltd. to Allianz SE has emerged as a political flashpoint in Singapore's elections, with the ruling party drawing criticism for its response to the controversial deal last year. The issue has centered around the chief of Singapore's umbrella labor movement — who is running for a seat in parliament — and how he pushed for the S$2.2 billion ($1.7 billion) deal before it was ultimately aborted by the German insurer. In the past few days, some opposition party members and a former chief executive of the Singapore insurer have revived a debate around the months-long saga, and used it to call for more accountability from the government and leaders of the union that owns Income. Ng Chee Meng, the secretary-general of the National Trades Union Congress, is a member of the ruling People's Action Party. A former Cabinet minister who lost his seat in the last general election, Ng is running in a new single-member constituency against a candidate from the Workers' Party, the country's largest opposition party. Last July, German insurance Allianz said it planned to acquire a majority stake in Income Insurance, which used to be called NTUC Income. The proposed deal sparked a public outcry from individuals who were worried that it could undermine Income's social mission of providing affordable insurance to Singaporeans. In October, Singapore authorities blocked the deal on the grounds of 'public interest,' and amended a law to require further government approval for deals that involve insurers that are cooperatives or linked to cooperatives. Allianz withdrew its offer in December. The government has said its blocking of the Allianz-Income deal was not a signal that Singapore is closing the door to foreign investments. Over the weekend, Ng was criticized for not addressing the public backlash surrounding the proposed deal before it was scrapped. In early August, a statement from Ng and the union's president had laid out the reasons for the sale, and said the insurer had provided assurances that it would keep premiums affordable for policyholders. Pritam Singh, the chief of the Workers' Party, said labor members of parliament from the ruling party had also failed to question the merits of the deal. 'Not a single PAP labor MP asked questions about this issue in Parliament in August 2024,' he said in a rally on Saturday. Tan Suee Chieh, a former CEO of NTUC Income, called for Ng to account for his role and decisions in a letter to voters that was posted on social media. Tan also shared an open letter to Singapore Deputy Prime Minister Gan Kim Yong, who is also Chairman of the Monetary Authority of Singapore, asking him to explain how the events around the deal unfolded. Ng, in response, defended the decision making around the deal, and said the proposed transaction was done 'in good faith' and in compliance with regulations. He also said there is an ongoing review to learn lessons from the case. 'We could not have known the law would be changed, but we sincerely respected the government's view,' he told voters during a rally on Sunday. Speaking after Ng, Senior Minister Lee Hsien Loong also defended the labor chief, and said the opposition had not voted against the deal. Singaporean voters are set to head to polls on May 3, after a nine-day campaign that is one of the world's shortest. Other issues that have fueled political debates during this election are the cost of living and recent hikes in the country's goods and services tax. More stories like this are available on ©2025 Bloomberg L.P.
Yahoo
27-04-2025
- Politics
- Yahoo
Singapore politicians warn against foreign meddling in election
By Yihui Xie (Bloomberg) – Singapore's political leaders are warning against foreign attempts to influence voters in an election campaign, under measures introduced four years ago to guard against external meddling. Lawrence Wong, leader of the city-state's ruling People's Action Party, said at a rally on Saturday that foreign actors, including a political party in Malaysia, had tried to influence the outcome of Singapore's elections. He warned that the mixing of religion and politics, as well as calls to support candidates based on race or religion, were 'very dangerous.' Pritam Singh, who leads the largest opposition Workers' Party, said his team categorically rejects any involvement of foreign elements in domestic politics. 'Singapore is our business – nobody else's,' Singh said at a rally the same day. The warnings followed a government order issued to Meta Platforms to take down several Facebook advertisements published by foreigners during the election period, according to a statement from the Ministry of Home Affairs and Elections Department on Friday. This is the first parliamentary election since the Foreign Interference (Countermeasures) Act was passed in 2021, which gives officials power to curb foreign efforts to influence Singapore's political affairs. Authorities identified two members of Parti Islam Se-Malaysia – a conservative Islamist party and the largest opposition group in Malaysia – among the Facebook posts. The list also included an Australian citizen who renounced his Singapore citizenship in 2020 and had previously been detained under Singapore's Internal Security Act for promotion of the terrorist group ISIS, according to the statement. Paul Tambyah, chairman of opposition Singapore Democratic Party, raised concerns about foreign bots on Facebook spreading misinformation about candidates. Tambyah urged the Ministry of Digital Development and Information to take action, stressing that the impact of such influences may persist beyond elections. The country's election campaign started on Wednesday, and will last nine days – making it one of the world's shortest – before voters head to the polls on May 3. More stories like this are available on ©2025 Bloomberg L.P.
