South Korea June inflation beats forecasts
The consumer price index rose 2.2 per cent in June from a year earlier, after rising 1.9 per cent in May, according to Statistics Korea.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
an hour ago
- Straits Times
UOB to trim deposit rates on flagship account from Sept 1 after OCBC cut; DBS stays unchanged
Sign up now: Get ST's newsletters delivered to your inbox A flagship savings account is a bank's best savings product, which offers bonus interest rates that go up as customers transact more with the bank. SINGAPORE – Interest rates keep falling for savings accounts here with UOB now about to fire the next salvo. The lender said it is cutting rates for its flagship UOB One account from Sept 1 – the third such reduction in the past two years. UOB's move follows on the heels of OCBC, which dropped rates on its 360 account from Aug 1 – the second time this year. DBS remains the last one standing, with rates on the Multiplier account remaining unchanged at between 1.8 per cent and 4.1 per cent. A flagship account is a bank's best savings product, offering bonus interest rates that rise as customers make more transactions, such as credit their salary, spend on their credit card, take up a loan or buy an insurance policy. UOB told customers that it is dropping the bonus rates for two categories by between 0.5 and 0.8 percentage point. The affected categories are: Card spend and the requirement to make three debit transactions via Giro; and card spend and salary credit. UOB One customers will earn between 1 per cent and 3 per cent on their first $125,000 from Sept 1, if they fulfil the criteria for the two categories. The rates are down from between 1.5 per cent and 3.8 per cent. Top stories Swipe. Select. Stay informed. Tech Reporting suspected advanced cyber attacks will provide a defence framework: Shanmugam Business Singapore's US tariff rate stays at 10%, but the Republic is not out of the woods yet Asia Asia-Pacific economies welcome new US tariff rates, but concerns over extent of full impact remain Business ST explains: How Trump tariffs could affect Singapore SMEs, jobs and markets Asia Indonesia's Mount Lewotobi Laki-laki erupts Singapore Thundery showers expected on most days in first half of August Singapore Synapxe chief executive, MND deputy secretary to become new perm secs on Sept 1 Singapore 5 women face capital charges after they were allegedly found with nearly 27kg of cocaine in S'pore The rates for the card spend tier remain at 0.05 per cent to 0.65 per cent. This essentially means that customers can expect between $750 and $1,750 of interest a year if they fulfil the criteria of card spend and three Giro debit transactions. If they credit their salary and spend on their UOB credit card, they can expect between $1,125 and $2,625 a year and between $487.50 and $512.50 if they only use their credit card. The upcoming revision is the third time the bank has trimmed rates for the UOB One account since May 2024. A UOB spokesperson said the revisions align with the longer-term interest rate outlook. The announcement follows the July 30 decision from the US Federal Reserve to keep rates steady there at 4.25 per cent to 4.5 per cent . The spokesperson added that the number of customers who earned bonus interest on their UOB One account has increased by more than 10 per cent year on year as at June 30. Mr Michael Makdad, senior equity analyst at investment research firm Morningstar, said UOB had been the more aggressive in offering higher rates among the three local banks in order to attract deposits. He added that he is not surprised that it is cutting rates again as it seeks to 'normalise its offerings that may have been more attractive than (its) peers for some customers'. Mr Glenn Thum, research manager at Phillip Securities Research, said that UOB may be trying to sustain its net interest margin (NIM) by lowering its funding costs. NIM is the difference between the interest income a bank receives from lending and what interest it pays on customer deposits. A higher NIM means more profit, a lower one indicates it is earning less from its lending and deposit activities. Meanwhile, OCBC 360 customers are now earning lower rates after the bank trimmed the interest it pays on certain bonus categories, such as salary credit, savings and card spend, from Aug 1. The bonus rates for the insurance and investment tiers remain unchanged. This marks the second time OCBC has dropped deposit rates on its 360 account, the first coming on May 1, 2025 . Morningstar's Mr Makdad said OCBC has the buffer to follow up with another cut after its results on Aug 1 showed that deposits in current and savings accounts increased 14 per cent year on year to $203 billion as at June 30. Such deposits are seen as cheaper sources of funding for banks. However, Phillip Securities' Mr Thum does not think OCBC will lower rates on the 360 account in the next few months unless the US Fed cuts rates faster than expected. An OCBC spokesperson said its 360 account remains a competitive product. The spokesperson added that the bank 'regularly reviews its product offerings and interest rates to align them with the competitive landscape and market conditions'. Ms Helen Tran, DBS' head of consumer deposits and transactional payments, said the bank has maintained its rates, an approach that has yielded positive outcomes. The number of DBS Multiplier customers increased by more than 30 per cent from March 2022 to March 2025, she noted, adding that 'growth momentum remains strong'. Ms Tran said that the DBS Multiplier remains the only savings account that recognises retirement payouts from the Central Provident Fund account as part of income in the 'Bank & Earn' space. The initiative means that 900,000 Singaporean or permanent resident customers aged 65 and above automatically qualify for higher interest rates on their Multiplier balances. The flurry of deposit rate cuts has left some depositors, like 57-year old civil engineer Leong Meng Sun, scurrying for another bank. Mr Leong was with Standard Chartered initially but switched after the interest on his account dropped from $20 a month in December 2024 to less than $9 from January 2025, for the same salary. He looked at the OCBC 360 but felt he would struggle to meet the requirement to increase his monthly account balances by $500. He then settled on the DBS Multiplier because it pays 1.8 per cent for smaller account balances of $50,000 like his, given he can meet the salary credit and credit card spend criteria. He also likes that Multiplier customers can continue to earn interest after they retire, but acknowledges that DBS may also follow UOB and OCBC to cut the deposit rates: 'It is a risk I have to take.'
Straits Times
an hour ago
- Straits Times
Milner to honour former teammate Jota with jersey number switch
Sign up now: Get ST's newsletters delivered to your inbox Brighton & Hove Albion's James Milner will don the number 20 shirt this season as a tribute to former Liverpool teammate Diogo Jota, who died in a car crash in Spain last month. Jota and his brother Andre Silva were killed in early July when their Lamborghini veered off the road and burst into flames in northwestern Spain. The Portuguese forward had worn the number 20 during his time at Liverpool, where he and Milner played together for three seasons before the veteran midfielder's move to Brighton in 2023. "Once I heard Carlos (Baleba) was looking to change his number and 20 was available, I wanted to do it as a mark of respect and obviously pay tribute to Diogo Jota," Milner said. "(He was) an amazing player I was fortunate to play with and a great friend as well. So it'd be a great honour to wear his number in the Premier League." Liverpool are permanently retiring the number 20 after consultation with the player's wife Rute and family. The squad number will not be used at any level, including the women's team and academy. The 39-year-old Milner recently agreed a one-year contract extension with Brighton and is chasing Premier League history of his own. Top stories Swipe. Select. Stay informed. Tech Reporting suspected advanced cyber attacks will provide a defence framework: Shanmugam Business Singapore's US tariff rate stays at 10%, but the Republic is not out of the woods yet Asia Asia-Pacific economies welcome new US tariff rates, but concerns over extent of full impact remain Business ST explains: How Trump tariffs could affect Singapore SMEs, jobs and markets Asia Indonesia's Mount Lewotobi Laki-laki erupts Singapore Thundery showers expected on most days in first half of August Singapore Synapxe chief executive, MND deputy secretary to become new perm secs on Sept 1 Singapore 5 women face capital charges after they were allegedly found with nearly 27kg of cocaine in S'pore With 638 Premier League appearances already to his name, he sits within striking distance of Gareth Barry's all-time record of 653 games. REUTERS
Straits Times
an hour ago
- Straits Times
Sig Sauer must face ICE officer's lawsuit over accidental gun firing
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: The logo of Sig Sauer is displayed at the Eurosatory international land and air defence and security trade fair in Villepinte, France, June 17, 2024. REUTERS/Benoit Tessier/File Photo A U.S. appeals court on Friday revived a lawsuit seeking to hold firearms maker Sig Sauer liable to an Immigration and Customs Enforcement officer who was injured when his P320 gun went off accidentally during a training drill. The 3rd U.S. Circuit Court of Appeals in Philadelphia said a trial judge erred by dismissing Keith Slatowski's lawsuit after excluding testimony from two experts about whether the gun's design could cause injury. Sig Sauer and its lawyer did not immediately respond to requests for comment. The company has faced several lawsuits over alleged unintentional P320 firings. Slatowski's gun discharged from within its holster after his hand hit the grip in September 2020 at a New Castle, Delaware firing range. A bullet went through his upper right hip and out his thigh. While unsure whether debris or the holster itself caused the trigger to depress, the former Marine said the lack of an external safety to prevent unexpected firings made his gun unsafe. Slatowski sought $10 million in damages. Writing for a three-judge appeals court panel, Circuit Judge Stephanos Bibas said the trial judge properly excluded testimony from the two experts about whether Slatowski's gun caused his injury, because they hadn't done testing. But the appeals court said testimony about possible design flaws should have been admitted. Top stories Swipe. Select. Stay informed. Tech Reporting suspected advanced cyber attacks will provide a defence framework: Shanmugam Business Singapore's US tariff rate stays at 10%, but the Republic is not out of the woods yet Asia Asia-Pacific economies welcome new US tariff rates, but concerns over extent of full impact remain Business ST explains: How Trump tariffs could affect Singapore SMEs, jobs and markets Asia Indonesia's Mount Lewotobi Laki-laki erupts Singapore Thundery showers expected on most days in first half of August Singapore Synapxe chief executive, MND deputy secretary to become new perm secs on Sept 1 Singapore 5 women face capital charges after they were allegedly found with nearly 27kg of cocaine in S'pore It returned the case to U.S. District Judge R. Barclay Surrick in Philadelphia for a possible trial. "The P320's design is technical and probably needs explaining," Bibas wrote. "From there, ... Slatowski must rely on his lay eyewitness testimony. It may not prove persuasive. But that is up to the jury, not the judge." Slatowski's wife is also a plaintiff. Their lawyer Robert Zimmerman said in an email: "Our clients are thankful for the opportunity to present their case to a jury." The case is Slatowski et al v Sig Sauer Inc, 3rd U.S. Circuit Court of Appeals, No. 24-1639. REUTERS
