SpaceX to invest $2 billion in Musk's xAI startup, WSJ reports
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
27 minutes ago
- Business Times
Singapore is most expensive city for HNWIs to live well for third year in a row: report
[SINGAPORE] For the third year in a row, Singapore is ranked as the most expensive city for high-net-worth individuals (HNWIs) to live well, indicated a report by Swiss private bank Julius Baer. Despite this, the city remains highly liveable, appealing to HNWIs and businesses due to its stable political climate, safety, and quality services including education and healthcare, the bank said on Monday (Jul 14). 'With the current unpredictable nature of the world, Singapore is valued for its stability, security and connection to Asia and beyond,' the report said. Three Asia-Pacific cities made it to the Julius Baer Global Wealth and Lifestyle Report 2025's top 10 expensive cities globally – Hong Kong ranked third, while Shanghai ranked sixth. The region had slight price decreases of 1 per cent on average, making it the most stable of all the surveyed regions this year, the report said. Chua Jen-Ai, Asia research analyst at Julius Baer, noted that the Apac region remains one of the fastest-growing globally, even though the tariff war has 'disproportionately impacted' the region. 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 'Firm fundamentals have set the stage for the rapid ascent of wealth in the region,' she said. HNWIs in Apac saw some of the biggest jumps in cost for lifestyle spending habits, outpacing all regions in high-end women's clothes, hotels and fine dining, as 80 per cent of them reported increased assets over the past year. Singapore is ranked the most expensive for cars and women's handbags; second for women's shoes and third for residential properties and healthcare. The biggest jump overall was in business class air fares – up 12.6 per cent across the Apac region, with a marked increase in leisure travel compared to business travel. Globally, business class air fares are up 18.2 per cent in US dollar terms, with post-Covid revenge spending proving remarkably durable, even if appetite is starting to slow, the report said. Longevity is also top of mind for all Apac HNWIs surveyed in the report, with 100 per cent saying they are taking measures to increase their lifespans. Unlike other regions, those in Apac said that they are overwhelmingly concerned about health, even as other regions reported more interest in dining experiences and human interaction. The growing wealth of Apac's HNWI population – combined with increased interest in health, wellness and experiences – continues to shape spending patterns across the region, the report said. Tariff uncertainty For the first time since the report, the index recorded a decline of 2 per cent in US dollar terms, which is 'a surprising development in a segment that has traditionally outpaced average consumer price growth'. The decline, led by a 3.4 fall in the price of goods, reflected shifting global consumption trends, the report said. 'Therefore, a decline of more than one percentage point underscores the headwinds facing the high-end sector,' said Christian Gattiker, head of research at Julius Baer. Nevertheless, the report noted that data collection took place before the US announced its tariff plans, thus the subsequent market and pricing turmoil is not factored into this year's numbers. Gattiker added: 'In light of ongoing uncertainty, trade tensions, and tariffs, our findings represent the final moment 'before' the current situation, and next year's Global Wealth and Lifestyle Report will likely provide a fascinating 'after' perspective.'
CNA
an hour ago
- CNA
Dollar at more than two-week high versus yen as trade war heats up
NEW YORK :The dollar hovered near more than a two-week high against the yen on Wednesday as U.S. President Donald Trump announced tariffs on seven countries, after earlier this week imposing 25 per cent tariffs on Japan and other trade partners beginning in August. . The greenback advanced against major peers on Tuesday after Trump issued a round of tariff letters to countries including Algeria, Iraq, Libya, Sri Lanka and the Philippines. Those tariffs - as high as 30 per cent - are due to start on August 1, but Trump said he was open to extensions if countries made proposals. Trump said on social media that tariff letters to additional countries would be released later Wednesday afternoon, without specifying any details. Despite recent gains, the dollar index, which measures the greenback against six major peers, is still down more than 6 per cent since Trump on April 2 unveiled his sweeping "Liberation Day" reciprocal tariffs, which prompted a sell-off in markets but were later mostly postponed to give time to negotiate bilateral trade deals.\ "There's been a lot of turbulence in holding the U.S. dollar," said Juan Perez, director of trading at Monex USA. "Where do we go now? Well, the uncertainty remains, and I know that that's a frustrating thing to hear, but this is going to be a roller coaster ride in which ... you're going to have to start embracing and accepting is just part of doing business." Trump has also threatened a 50 per cent tariff on imported copper and said he would soon introduce long-threatened levies on semiconductors and pharmaceuticals. The dollar was down 0.18 per cent at 146.35 yen, after touching 147.19 earlier in the session. The U.S. currency has gained around 1.5 per cent so far this week - the greenback's biggest weekly rise since mid-December. Export-dependent Japan stands out among major U.S. trading partners as being the farthest from a deal, and its currency has taken a beating. Multiple rounds of talks have failed to result in a breakthrough, and Japanese policymakers are increasingly focused on a critical upcoming election. Speculation that opposition parties will gain seats in Japan's upper house and push for more fiscal stimulus has sent Japanese government bonds (JGBs) lower this week, causing a spike in long-term yields. U.S. Treasury Secretary Scott Bessent, who has been a key trade negotiator with Tokyo, is expected to attend the World Expo 2025 in Osaka, Japan, later this month, potentially opening the door for more discussions. The euro slipped 0.09 per cent to $1.171 as investors cautiously weighed the likelihood that the European Union would not receive a tariff letter and could secure exemptions from the U.S. baseline rate of 10 per cent, EU sources familiar with the matter told Reuters. Minutes from the Federal Reserve's June 17-18 policy meeting on Wednesday showed that only "a couple" of officials said they felt interest rates could be reduced as soon as this month, with most policymakers remaining worried about the inflationary pressure from Trump's tariffs. Antje Praefcke, an FX analyst at Commerzbank, credited the euro's strength against the dollar also to markets pricing in interest rate differentials between the U.S. and Europe. "The market is now pricing in just under two interest rate cuts by the Fed by the end of the year, but only one by the ECB." The dollar index inched down 0.003 per cent to 97.545, while sterling was down 0.04 per cent at $1.36.
CNA
2 hours ago
- CNA
Work It - Crushing the internship and landing a full-time job
In an increasingly competitive job market, it's not enough to secure a good internship. Your performance during the stint is a crucial stepping stone to nailing that full-time job. So what do you need to do to impress potential employers? Ho Zhi Hui, co-founder of Skilio, a startup matching up students with companies breaks it down. This episode was recorded live at Ngee Ann Polytechnic.
