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Daiwa House Logistics Trust proposes $46m maiden acquisition in Japan

SINGAPORE – Daiwa House Logistics Trust (DHLT) is proposing to acquire a portfolio of two logistics facilities and a piece of freehold land in Japan for a total consideration of 4.68 billion yen (S$46 million). In a filing on Wednesday, the real estate investment trust (Reit) manager estimates this to represent an 11.8 per cent discount […]

Daiwa House Logistics Trust proposes $47.7m maiden acquisition in Japan

SINGAPORE – Daiwa House Logistics Trust (DHLT) is proposing to acquire a portfolio of two logistics facilities and a piece of freehold land in Japan for a total consideration of 4.68 billion yen (S$46 million). In a filing on Wednesday, the real estate investment trust (Reit) manager estimates this to represent an 11.8 per cent discount […]

Goldman slashes China’s 2023 growth forecast with Covid-zero strategy likely to stay

HONG KONG – Goldman Sachs cut its 2023 economic growth forecast for China sharply, predicting Beijing will stick to its stringent Covid-zero policies through at least the first half of next year. Gross domestic product (GDP) will probably increase 4.5 per cent in 2023, down from a previous projection of 5.3 per cent, Goldman’s economists […]

With latest rate hike, US Fed signals willingness to accept recession to crush inflation

HOUSTON – Federal Reserve officials have given their clearest signal yet that they are willing to tolerate a recession as the necessary trade-off for regaining control of inflation. Policymakers, criticised for being too late to realise the scale of the inflation problem in the United States, are moving aggressively to catch up. They raised interest rates […]

Crypto shakeout engulfs top management as CEOs start stepping down

NEW YORK – The cryptocurrency industry’s epic shakeout, having cost thousands of jobs and set off a round of consolidation, is reaching the corner office.  Crypto exchange Kraken announced on Wednesday that co-founder Jesse Powell will step down as CEO, to be replaced by chief operating officer David Ripley. The reshuffle comes shortly after Genesis’s Michael […]

Sats said in talks to buy Worldwide Flight Services for up to $4.2 billion

SINGAPORE – Catering and gateway services provider Sats is in talks to acquire air cargo handler Worldwide Flight Services from its private equity owner Cerberus Capital Management for as much as US$3 billion (S$4.2 billion), people with knowledge of the matter said. The Singapore-listed company has sounded out financing for the potential purchase, said the […]

Oil spikes after Putin orders partial mobilisation in Ukraine

SINGAPORE – Oil surged on Wednesday after Russian President Vladimir Putin ordered a partial mobilisation to hold on to occupied territories in Ukraine, an escalation that could lead to further disruption to energy supplies. West Texas Intermediate jumped 1.75 per cent to US$85.69 a barrel after fluctuating earlier in the session. Brent crude surged 1.87 per […]

Global investors cut exposure to China on rising risks

SINGAPORE – Global investors in private equity and venture capital funds say they are rotating away from China as clients are reassessing risks because of the country’s rapidly changing environment. Investors are paring their holdings in the once-booming economy, despite their conviction that long-term growth will continue, according to speakers from Partners Capital, Hamilton Lane […]

Tencent’s $3.2 billion buyback spree fails to stem stock rout

HONG KONG – Tencent Holdings’ buyback spree is failing to revive investor sentiment over the online gaming giant, whose shares are languishing near a 2018 low. Tencent, China’s biggest company by market capitalisation, has spent nearly US$1 billion (S$1.4 billion) in repurchasing shares over the past month to take the year’s total to US$2.3 billion […]