Singapore Tonight - Fri 4 Jul 2025
Singapore Tonight
From business to politics, health to technology, we bring you up-to-date with the latest news on Singapore and analyze how these events may affect you tomorrow.
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CNA
36 minutes ago
- CNA
Oil pares loss as tight market offsets OPEC+'s bigger hike
LONDON :Oil pared losses on Monday as a tight physical oil market offset the impact of OPEC+ hiking oil output more than expected in August as well as concern about the potential impact of U.S. tariffs on economic growth and oil demand. The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, agreed on Saturday to raise production by 548,000 barrels per day in August, more than the 411,000 bpd hikes they made for the earlier three months. Brent crude futures fell as low as $67.22 a barrel and by 0815 GMT were down 22 cents, or 0.3 per cent, to $68.08. U.S. West Texas Intermediate crude was at $66.63, down 37 cents or 0.6 per cent, up from an earlier low of $65.40. "For now, the oil market remains tight, suggesting it can absorb additional barrels," said UBS analyst Giovanni Staunovo. The OPEC+ decision will bring nearly 80 per cent of the 2.2 million bpd voluntary cuts from eight OPEC producers back into the market, RBC Capital analysts led by Helima Croft said in a note. However, the actual output increase has been smaller than planned so far and most of the supply has been from Saudi Arabia, they added. In a show of confidence in oil demand, Saudi Arabia on Sunday raised the August price for its flagship Arab Light crude to a four-month high for Asia. Goldman analysts expect OPEC+ to announce a final 550,000 bpd increase for September at the next meeting on August 3. Oil also came under pressure as U.S. officials flagged a delay on when tariffs would begin but failed to provide details on changes to the rates that will be imposed. Investors are worried higher tariffs could slow economic activity and oil demand. "Concerns over Trump's tariffs continue to be the broad theme in the second half of 2025, with dollar weakness the only support for oil for now," said Priyanka Sachdeva, a senior market analyst at Phillip Nova.
CNA
41 minutes ago
- CNA
China says BRICS not seeking 'confrontation' after Trump tariff threat
BEIJING: China said on Monday (Jul 7) that BRICS, the grouping that also includes Brazil, Russia and India, was not seeking "confrontation" after United States President Donald Trump vowed to impose an extra 10 per cent tariff on countries aligning with the bloc. "Regarding the imposition of tariffs, China has repeatedly stated its position that trade and tariff wars have no winners and protectionism offers no way forward," foreign ministry spokeswoman Mao Ning said. Trump said he would send the first tariff letters to various countries on Monday, days before his deadline for trading partners to reach a deal expires. He said on Sunday he would send a first batch of up to 15 letters, warning that US levies on imports would snap back to the high levels he set in April if countries failed to make agreements. And, in a post on his Truth Social network, he threatened a further 10 per cent tariff on countries aligning themselves with the emerging BRICS nations, accusing them of "anti-Americanism" after they slammed his tariffs at a summit in Rio de Janeiro on Sunday. Conceived two decades ago as a forum for fast-growing economies, BRICS has come to be seen as a Chinese-driven counterbalance to US and Western European power. However, Beijing defended the grouping on Monday as "an important platform for cooperation between emerging markets and developing countries". "It advocates openness, inclusivity and win-win cooperation," Mao said. "It does not engage in camp confrontation and is not targeted at any country," she said.
CNA
an hour ago
- CNA
Japan Activation Capital takes stake in electronics firm Omron
TOKYO :Japan Activation Capital (JAC) has taken a stake in electronics company Omron, according to a statement, as the investment firm ramps up its exposure to Japanese companies. JAC's stake totals roughly 4 per cent for some 30 billion yen ($210 million), according to the investment firm. Shares in Omron, a player in factory automation and healthcare equipment, have fallen roughly a third this year. JAC was established by former Carlyle Group executive Hiroyuki Otsuka to invest in mid- to large-cap Japanese companies. The firm has previously taken stakes in household goods makers Lion and Pigeon. JAC is considering investments in several more companies this year, Otsuka told Reuters. ($1 = 145.0500 yen)
