Daily Debrief: What Happened Today (Aug 4)
Singapore sets up Economic Strategy Review under tariff taskforce to take 'fresh look' at longer-term strategies: DPM Gan
[SINGAPORE] The Republic is carrying out an Economic Strategy Review (ESR) to look at its longer-term strategies given the significant challenges brought by a new regime of US tariffs as well as the fraying multilateral trading system.
Prosecution accepts judicial mercy for cancer-stricken Ong Beng Seng; sentencing set for Aug 15
[SINGAPORE] There is a basis for the Singapore courts to consider judicial mercy in sentencing property tycoon Ong Beng Seng for his involvement in a case linked to former transport minister S Iswaran, prosecutors said on Monday (Aug 4).
Malaysia pledges over US$240 billion in US deals to avert trade fallout and to lower tariffs
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Sign Up
Sign Up
[KUALA LUMPUR] In a bid to secure a lower tariff rate, Malaysia has committed to trade agreements with the United States, with deals cumulatively valued at over US$240 billion for the purchase of items such as Boeing aircraft, coal and telecommunications equipment.
BlueSG to pause operations, revamp fleet amid complaints of vehicle, app issues
[SINGAPORE] Car-sharing operator BlueSG on Monday (Aug 4) announced that it would pause its car-sharing operations from Aug 8, while it prepares for a major upgrade to its tech platform and car fleet amid complaints of car and app issues.
Shophouse sales slow in H1 amid macro volatility; investors shift away from F&B assets
[SINGAPORE] Activity in the shophouse market was tepid in the first half of 2025, with both the number and value of recorded deals falling as investors adopted a wait-and-see approach amid growing macroeconomic uncertainty.
Is a new 400 sq ft condo home worth buying?
Springleaf Residence, which is jointly developed by GuocoLand and Hong Leong, speaks to my heart.
Singapore shares bounce back after 6-day losing streak; STI up 1%
[SINGAPORE] Stocks on the Singapore Exchange (SGX) rebounded on Monday (Aug 4), snapping a six-day losing streak, even as Asian indices closed mixed.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
16 minutes ago
- Business Times
Trump says to name new labour statistics chief this week
[WASHINGTON] US President Donald Trump said on Monday that he would pick an 'exceptional replacement' for his labour statistics chief, days after ordering her dismissal after a report showed weakness in the jobs market. In a post on his Truth Social platform, Trump reiterated - without providing evidence - that Friday's employment report 'was rigged.' He alleged that commissioner of labour statistics Erika McEntarfer had manipulated data to diminish his administration's accomplishments, drawing sharp criticism from economists and a professional association. 'We'll be announcing a new (labour) statistician some time over the next three-four days,' Trump told reporters on Sunday. He added on Monday: 'I will pick an exceptional replacement.' US job growth missed expectations in July, figures from the Bureau of Labor Statistics showed, and sharp revisions to hiring figures in recent months brought them to the weakest levels since the Covid-19 pandemic. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Trump ordered the removal of McEntarfer hours after the figures were published. 'We had no confidence. I mean the numbers were ridiculous,' Trump told reporters Sunday. He charged that McEntarfer came up with 'phenomenal' numbers on his predecessor Joe Biden's economy before the 2024 election. Hiring slowdown Even as he called for more reliable data on Monday, White House economic adviser Kevin Hassett conceded that the jobs market was indeed cooling. But Hassett maintained in a CNBC interview that this softening did not reflect the incoming effects of Trump's flagship tax and spending legislation - signed into law early last month. US employment data point to challenges as companies took a cautious approach in hiring and investment while grappling with Trump's sweeping - and rapidly changing - tariffs this year. The United States added 73,000 jobs in July, while the unemployment rate rose to 4.2 per cent, the Department of Labor reported. Hiring numbers for May were revised down from 144,000 to 19,000. The figure for June was shifted from 147,000 to 14,000. These were notably lower than job creation levels in recent years. During the pandemic, the economy lost jobs. Over the weekend, Hassett defended McEntarfer's firing in an NBC News interview: 'The president wants his own people there so that when we see the numbers they are more transparent and more reliable.' Trump's decision has come under fire. William Beach, who previously held McEntarfer's post, said the move set a 'dangerous precedent.' The National Association for Business Economics condemned her dismissal, saying large revisions in jobs numbers 'reflect not manipulation, but rather the dwindling resources afforded to statistical agencies.' In addition to a successor to McEntarfer, Trump is also expected to name a replacement for Federal Reserve governor Adriana Kugler. Kugler's early resignation, effective Friday, allows Trump a vacancy to fill as he pushes the independent central bank to lower interest rates. German Finance Minister Lars Klingbeil on Monday emphasised the importance of supporting 'independent, neutral and proven institutions.' He said: 'It is right that independent institutions remain independent and that politics do not interfere with them.' McEntarfer, a labour economist, was confirmed to the commissioner role in January 2024. AFP
Business Times
an hour ago
- Business Times
Palantir reports revenue up 48%, cites ‘astonishing' AI impact
[SAN FRANCISCO] Palantir Technologies reported a 48 per cent increase in revenue for the second quarter to more than US$1 billion, citing the 'astonishing impact' of artificial intelligence (AI) technology on its business. The data software company also raised its revenue outlook for the full year to US$4.14 billion to US$4.15 billion, exceeding analysts' prior expectation of US$3.91 billion. The shares gained about 4 per cent in extended trading after closing at US$160.66 in New York. Denver-based Palantir has seen its stock price surge more than 500 per cent over the past year, buoyed by high expectations from investors, growth in demand for AI tools and a deep reach into both the private and public sectors. The company's US$1 billion revenue in the period ended Jun 30 exceeded analysts' average estimate of US$939 million. It said growth was particularly strong in the US, where sales jumped 68 per cent to US$733 million. Palantir said adjusted earnings per share for the quarter were 16 US cents, exceeding analyst expectations of 14 US cents. In a letter to shareholders, chief executive officer Alex Karp lingered on the company's at-times tenuous relationship with Wall Street. 'The sceptics are admittedly fewer now, having been defanged and bent into a kind of submission,' he wrote. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up He also said that AI breakthroughs had helped fuel Palantir's growth, pointing to the development of large language models and the chips required to power them. Going forward, Karp said that Palantir planned to be the 'dominant software company of the future', and added, 'the market is now waking up to this reality'. Palantir has long played a role as a key US government contractor, working with both the US military, those of allied countries such as Ukraine, and partnering with new defence tech startups. The company's US government revenue climbed 53 per cent in the quarter to hit US$426 million. Meanwhile, its revenue from commercial contracts in the US climbed even quicker, rising 93 per cent for the year to hit US$306 million. In his letter to shareholders, Karp emphasised Palantir's commitment to defence tech, writing that the US is 'the most consequential country in the West', and adding, 'it must be protected'. BLOOMBERG
Business Times
7 hours ago
- Business Times
RevPAR is mixed across Frasers Hospitality Trust's markets in Q3
[SINGAPORE] Frasers Hospitality Trust saw its revenue per available room (RevPAR) drop in three of the five key markets in which it operates for the quarter ended June, the trust manager said in a regulatory filing on Monday (Aug 4). RevPAR fell by between 1.2 per cent and 5.6 per cent in Singapore, Australia and Malaysia, with that in Singapore making the steepest drop for Q3 FY2025. In contrast, Japan's RevPAR rose 17.6 per cent, and that in the United Kingdom eked out a modest gain of 0.1 per cent. However, for the three quarters of FY2025, only Singapore and Malaysia posted decreased RevPAR of 3.1 per cent and 0.1 per cent, respectively, compared with the year-ago nine-month period. RevPAR for Japan, at 17.6 per cent higher, topped the markets for Frasers Hospitality Trust. Although the average daily rate (ADR) rose 8.3 per cent year on year, mainly due to weakness in the transient and corporate segment, there was a 4 percentage improvement to 73 per cent in occupancy for its Singapore portfolio for Q3 FY2025. The Singapore dollar's appreciation against major currencies likely dampened inbound travel demand, the trust manager said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up RevPAR in Malaysia normalised after the rapid recovery phase post-pandemic, with a 0.1 per cent drop, mainly due to weaker corporate and group demand. In contrast, Japan posted a 9.7 percentage-point rise in occupancy and an 8 per cent increase in ADR for the nine months of FY2025, amid steady domestic demand and a sustained recovery in international arrivals. In spite of a 0.3 per cent rise in RevPAR for Australia, ADR declined slightly by 1.7 per cent for Q3 FY2025 because of a high base in the previous year. RevPAR rose a 2.6 per cent in the UK, driven by higher occupancy, but ADR declined amid intense rate competition in the transient segment and a market-wide dip in rates. Gearing stood at 34.8 per cent, with effective cost of borrowing at 3.5 per cent and interest coverage ratio at 2.9 times as at end of Q3 FY2025. Net asset value per stapled security was S$0.64, and the total value of investment properties was S$1.8 billion. Units of Frasers Hospitality Trust rose by 0.7 per cent or S$0.005 to S$0.705 on Monday, before this filing was published.
