CNA Correspondent - Tackling Pakistan's Triple Threat
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CNA
18 hours ago
- CNA
Jones Lang LaSalle exits advisory role in sale of New York's Roosevelt Hotel
KARACHI, Pakistan :Global real estate firm Jones Lang LaSalle (JLL) has quit its role as financial adviser on the partial sale of the Roosevelt Hotel in New York City, which is owned by Pakistan International Airlines, to avoid client conflict of interest, Pakistan said on Thursday. Pakistan is selling a minority stake in the hotel and looking for a redevelopment partner as it disposes of certain state assets under a privatisation programme agreed under a $7 billion IMF-backed reform plan. "The heightened interest in Roosevelt Hotel from many of JLL's own clients, post cancellation of its lease agreement with NYC, has put them in a compromising position,' Pakistan's Privatization Commission said in a statement, adding the firm resigned to avoid any 'perceived or actual' conflict of interest. JLL's exit will not derail the stake sale and a new adviser will be hired "on a fast track basis", the Commission said. Earlier this month, a senior official told Reuters that Pakistan is eyeing at least a $1 billion valuation and is ready to part with a minority stake in the property as it scouts for a redevelopment partner. The Roosevelt Hotel, a century-old property named after former U.S. President Theodore Roosevelt near New York's Grand Central Station, is one of Pakistan's top foreign assets. It is up for sale alongside power distribution companies in Pakistan and other state firms including PIA. The hotel was shut in 2020 due to losses and later leased to New York City as a migrant shelter. That lease ended earlier this year, and the property now sits vacant.
Independent Singapore
21 hours ago
- Independent Singapore
Singapore's core inflation stays at 0.6% in June, below economists' forecast
Photo: Depositphotos/ake1150sb SINGAPORE: Singapore's core inflation, which excludes private road transport and accommodation costs, was at 0.6% in June — the same as in May but lower than the 0.7% forecast in a Reuters poll of economists. The Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) said that while prices for retail and some other goods went up, this was offset by lower inflation in the other major consumer price index (CPI) categories, Reuters reported. Headline inflation, which was also the same in May, was lower than expected at 0.8% in June, compared to the 0.9% forecast by economists. In addition, higher transport inflation was offset by lower inflation in accommodation. MAS and MTI said imported inflation is expected to stay moderate, as global crude oil prices have eased and food commodity price increases are likely to remain contained. They added that while trade tensions could be inflationary in some economies, the impact on Singapore's import prices is expected to be offset by weaker global demand. Government subsidies for key services such as healthcare, preschool education, and public transport will also help to keep a lid on price increases, especially for services. Local unit labour costs are expected to rise gradually, as wage growth slows, even as productivity improves. Government subsidies for essential services like preschool education, public healthcare, and public transport will also help keep services inflation down. This latest inflation data comes just ahead of MAS' next policy review on Jul 30. In its April review, the central bank eased monetary policy for the second time this year, after a similar move in January . It also lowered its 2025 inflation forecast to between 0.5% and 1.5% for both core and headline inflation and revised Singapore's growth outlook to between 0% and 2% from 4.4% last year. /TISG Read also: The Gaga Effect: Lady Gaga's shows provided a 'healthy boost' to Singapore's economy, pulling in up to S$150M Featured image by Depositphotos () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
CNA
a day ago
- CNA
Dollar edges up against euro, slips versus yen on trade deal progress
The dollar edged higher against the euro on Thursday following progress in U.S. trade talks with key partners, but slipped against the yen as Japan's currency got a lift from expectations for higher interest rates. The Japanese central bank's deputy governor, Shinichi Uchida, said a trade deal with Washington had reduced economic uncertainty, comments that fuelled optimism in the market about the potential resumption of interest rate hikes. Still, some analysts think the yen faces persistent headwinds due to domestic political uncertainty following Sunday's upper house election. The European Union is nearing a deal that would impose a broad 15 per cent tariff on EU goods entering the United States, roughly in line with economists' expectations. Meanwhile, risk assets rallied as the trade deals eased fears over the economic fallout of a global trade war. The risk-sensitive Australian dollar rose to an eight-month high of $0.6625 on Thursday. The euro fell 0.1 per cent at $1.1760, not far from a high of $1.1830 it hit earlier this month, which marked its strongest level in more than three years. "We maintain our view that we would see some wobbles in risky assets in August as we see some slowdown in the (U.S.) employment data," said Mohit Kumar, economist at Jefferies. "As of now, there has been very little tariff impact on the hard data. But that does not mean it's not coming," he added, arguing it would take at least three months to see the fallout of trade duties on hard economic figures. Against the yen, the dollar fell 0.10 per cent to 146.35, extending its fall against the Japanese currency to a fourth straight session. Olivier Korber, forex strategist at Societe Generale, expects the yen to strengthen further, citing support from the trade deal and prospects for higher interest rates. "The local press reported that he (Prime Minister Shigeru Ishiba) should decide if he will resign in late August and, if that were to happen, a new party leader would probably be selected in September," Korber said. "This would ensure a smoother political transition, thus limiting market uncertainty," he added. Ishiba denied on Wednesday he had decided to quit after a source and media reports said he planned to announce his resignation to take responsibility for a bruising upper house election defeat. Trade negotiations aside, market focus is also on a rate decision from the European Central Bank later in the day. Expectations are for policymakers to keep rates unchanged, though markets will look out for what they say about the outlook for monetary policy. Investors generally expect one more ECB rate cut by the end of the year, most likely in December. Data showed that German business activity continued to grow marginally in July.
