Latest news with #Chang
Business Times
a day ago
- Business
- Business Times
Singapore stocks sink on Thursday after Powell signals higher inflation; STI down 0.7%
[SINGAPORE] Local shares fell for a second consecutive session on Thursday (Jun 19), after US Federal Reserve chair Jerome Powell warned of 'meaningful' inflation ahead, as consumers are expected to face higher prices due to the Trump administration's proposed import tariffs. He also cautioned against placing too much confidence in the current outlook for rate cuts. The benchmark Straits Times Index (STI) lost 0.7 per cent or 26.63 points to close at 3,894.18. Across the broader market, decliners outnumbered advancers 315 to 167, with 981.1 million securities worth S$933.2 million changing hands. The top performer on the Straits Times Index (STI) was Hong Kong-based conglomerate Jardine Matheson Holdings , up 0.9 per cent or US$0.43 at US$46.26. At the other end of the index was Thai Beverage , the maker of Chang beer. The counter declined 3.2 per cent or S$0.015 to close at S$0.45. The trio of local banks were in the red. DBS was down 0.7 per cent or S$0.30 at S$43.93, OCBC declined 0.3 per cent or S$0.05 to S$15.99 and UOB closed 0.3 per cent or S$0.12 lower at S$34.71. 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 Elsewhere in the region, key indices ended mostly lower on Thursday, after the US Federal Open Market Committee (FOMC) left the benchmark interest rate unchanged at 4.25 to 4.5 per cent, citing a strong labour market and reduced uncertainty in the economic outlook. Japan's Nikkei 225 fell 1 per cent and the FTSE Bursa Malaysia KLCI declined 0.7 per cent. Australia's ASX 200 slipped 0.1 per cent and Hong Kong's Hang Seng tumbled 2 per cent. South Korea's Kospi bucked the trend, closing 0.2 per cent higher. Suan Teck Kin, head of research at UOB Global Economics & Markets Research, said the research team is still projecting for three 25-basis-point rate cuts in 2025, to be delivered at the September, October and December FOMC meetings. This would bring the upper bound of the Fed Funds Target Rate (FFTR) to 3.75 per cent by the end of 2025. He added that the team is also maintaining its forecast for two additional rate cuts in 2026, which would lower the terminal FFTR to 3.25 per cent that year. 'The revised 'dot plot' suggests the Fed will still cut rates two times this year, unchanged from its March outlook, though the June version shows more dispersion among the Fed members, as a result of the elevated uncertainty,' said Suan.
Mint
a day ago
- Business
- Mint
Ex-Credit Suisse Banker Skips Prison for Aiding US Case
A former Credit Suisse Group AG banker who admitted to his role in a $2 billion fraud and money-laundering scheme avoided prison Wednesday after cooperating with the government. Surjan Singh testified at two US trials in Brooklyn, New York, tied to what became known as the tuna bond scandal for its dubious maritime projects, including a fishing fleet in Mozambique that triggered a financial crisis in the African nation. The nation's former finance minister Manuel Chang was convicted at a trial and sentenced in January to 8 1/2 years in prison for his role in the scheme. Singh also testified at an earlier trial against a shipping executive, who was acquitted. US District Judge Nicholas Garaufis cited Singh's help to the government investigation as a reason to not impose any prison term upon him. 'I saw first-hand Mr. Singh's testimony,' the judge said. 'I find he was candid, direct, measured and thoughtful.' Singh had faced between 46 months to 57 months in prison. A Brooklyn jury in 2024 found Chang guilty of engaging in a wire fraud conspiracy and a second scheme to launder money. The panel also found he pocketed $7 million in illegal kickbacks and, in return, prosecutors said Chang agreed to approve and guarantee $2 billion in loans to state-owned entities in Mozambique. While funds were intended to fund three maritime projects, evidence showed Chang and his co-conspirators diverted more than $200 million in loan proceeds to pay bribes and kickbacks to bankers and Mozambique officials. Singh was accused of pocketing $5.7 million in kickbacks. Singh was is the last of three former Credit Suisse bankers who pleaded guilty to taking millions of dollars in kickbacks. Andrew Pearse, who was Singh's boss and served as the government's star witness at both trials, also avoided prison. A third banker, Detelina Subeva, pleaded guilty but did not testify. This article was generated from an automated news agency feed without modifications to text.
Korea Herald
a day ago
- Business
- Korea Herald
Posco becomes first steelmaker inducted into World Steel Dynamics Hall of Fame
Korea's steel-to-battery-materials conglomerate, Posco Group, announced Thursday that it has become the first global steelmaker to be permanently inducted into the hall of fame by World Steel Dynamics, a prominent US-based steel industry consultancy. The recognition was awarded to Posco Holdings during the Global Steel Dynamics Forum held Wednesday in New York. The event was attended by key industry leaders, including Posco Group Chair Chang In-hwa, US Steel CEO David Burritt, Cleveland-Cliffs Chair Lourenco Goncalves and Tata Steel CEO T.V. Narendran, along with around 500 industry officials. The hall of fame honor recognizes Posco's achievement of ranking first in WSD's global competitiveness assessment for 15 consecutive years since 2010. The consultancy evaluates 35 steelmakers worldwide based on 23 key performance indicators, including technological innovation, production output, cost efficiency and financial soundness. "Maintaining the No. 1 position in overall competitiveness for 15 years is by no means a short journey. I express my heartfelt gratitude for the dedication and hard work of all Posco members," Chang said. "I believe this hall of fame induction reflects the support and encouragement of the global steel industry." During his visit to New York, Chang shared Posco's vision to enhance its global leadership and promote Korea–US cooperation in manufacturing, focusing on artificial intelligence and the energy sector. At the forum, he presented the group's strategy to evolve into a leading future-oriented materials company, highlighting initiatives such as developing AI-powered smart factories. The previous day, Chang also participated in a roundtable hosted by The Korea Society, a nonprofit organization dedicated to promoting cooperation between Korea and the US. There, he discussed topics including Korea–US collaboration in steelmaking, secondary battery materials and energy, in the context of rising geopolitical uncertainty, the company said.
Winnipeg Free Press
2 days ago
- Business
- Winnipeg Free Press
‘Our goal was to create kind of a new niche'
There are 32 food options at Tavern on King Edward — more if you count the items on the dog menu. The new restaurant, located at 1760 Sargent Ave., is advertising its focaccia pizzas, prawn sushi hand rolls and chicken tenders. But customers who bring their four-legged friends to the dog-friendly patio will be able to order their pet a fresh-made rice-and-vegetable dish. (Add chicken breast, burger patty or steak for an additional fee.) 'Other places have dog patios,' Chris Chang said. 'We just thought we would take it to the next level.' Chang is vice-president of operations at the Tavern Collective, a new dining brand owned and operated by Vancouver-based Northland Properties Corp. MIKE DEAL / FREE PRESS Chris Chang is vice-president of operations at the Tavern Collective, a new dining brand opening a restaurant at 1760 Sargent Ave. Tavern on King Edward will celebrate its grand opening, Wednesday. MIKE DEAL / FREE PRESS Chris Chang is vice-president of operations at the Tavern Collective, a new dining brand opening a restaurant at 1760 Sargent Ave. Tavern on King Edward will celebrate its grand opening, Wednesday. Tavern on King Edward — which celebrates its grand opening Wednesday — is the chain's second restaurant, after a Calgary location that opened in December. It's situated at the corner of King Edward Street and Sargent Avenue, next to the Sandman Signature hotel. Northland Properties is the parent company of multiple hotel chains and restaurants, including Denny's and Shark Club. Chang said the company chose Winnipeg as the home for the second Tavern restaurant because of the 'strong sense of community' in the city. (The restaurant is not affiliated with the Tavern United chain, he added.) 'It felt like a very diverse cultural scene (in Winnipeg),' Chang said. 'We learned that it had a pretty amazing food scene because we already have some brands here.' 'Other places have dog patios … We just thought we would take it to the next level.'–Chris Chang The 6,300-square-foot space includes seating for 150 guests, with an additional 24 seats on the patio. It's an open, inviting space adorned with plants inside the entrance and at the bar, and a steampunk-inspired aesthetic throughout. There are also plenty of portraits of JD, the French bulldog that serves as the Tavern Collective's mascot. There are three arcade games in a small room at the back and Chang said guests can expect to hear a mix of music from the 1980s, '90s and the early aughts — with corresponding music videos on display on the TVs. (Sports will be broadcast whenever local teams are playing.) 'Our goal was to create kind of a new niche, where you walk in and you feel the comfortability of your neighbourhood pub, social house or bar, but you get the elevated service and offering — what we call premium casual, but without premium casual prices,' Chang said. '(It's) affordable without sacrificing experience and execution.' In addition to the children's menu and weekend brunch options, there's an extensive drinks list that includes a variety of mocktails. The restaurant will feature a daily happy hour and late-night menu from 2 p.m. to 5 p.m. and 9 p.m. to close, including 20 per cent off select food items and $2-$3 off signature drinks. Chang believes the standard of hospitality people expect from the restaurant industry has fallen as a result of the COVID-19 pandemic — and Tavern on King Edward aims to rectify that. MIKE DEAL / FREE PRESS Tavern on King Edward's 6,300-square-foot space includes seating for 150 guests, with an additional 24 seats on the patio. MIKE DEAL / FREE PRESS Tavern on King Edward's 6,300-square-foot space includes seating for 150 guests, with an additional 24 seats on the patio. 'One of the big things we wanted to do was bring back true hospitality,' he said. 'When guests come in here, they'll see we truly understand without them there is no us.' One unique offering from the restaurant is a biscuit for dogs made by Winnipeg's Planet Pup Doggy Bakery. A dollar from each biscuit sold will be donated to local animal charities, Chang said. Bakery owner Deb Kurdydyk said Tavern Collective approached her 'out of the blue' to create the treats and she was happy to oblige. 'I've done different corporate work but never for restaurants,' Kurdydyk said. 'This is a first.' Monday Mornings The latest local business news and a lookahead to the coming week. Tavern on King Edward hosted a soft opening on Monday and Tuesday for friends and family of the restaurant's 60 employees. Chang said he was extremely pleased with how it went and is looking forward to hosting more guests. 'We're super excited to actually be here in Winnipeg and get the doors open and welcome everyone,' he said. 'When people come in here they can expect for their expectations to be exceeded.' Tavern on King Edward will be open seven days a week: 11 a.m. to midnight Monday through Thursday; 11 a.m. to 1 a.m. Friday; and 10 a.m. to 1 a.m. Saturday and Sunday. Per a news release, the Tavern Collective has future expansion plans underway with 'eyes set on Ontario and other major Canadian cities.' Aaron EppReporter Aaron Epp reports on business for the Free Press. After freelancing for the paper for a decade, he joined the staff full-time in 2024. He was previously the associate editor at Canadian Mennonite. Read more about Aaron. Our newsroom depends on a growing audience of readers to power our journalism. If you are not a paid reader, please consider becoming a subscriber. Our newsroom depends on its audience of readers to power our journalism. Thank you for your support.
Axios
2 days ago
- Entertainment
- Axios
Miami chef Nando Chang wins James Beard Award
Nando Chang of Itamae AO in Midtown won the Best Chef: South category in the James Beard Awards last night — just one year after his sister, Valerie, won the same award. ViceVersa in Downtown fell short in the Best New Bar category. Why it matters: The James Beard Awards are the Grammys of the food and beverage world. The big picture: Chang's win solidifies Miami as a foodie city with restaurants and talent worth celebrating. Valerie's win last year marked the first time since 2010 a Miami chef took home an award, per the Foundation. What they're saying: "It's pretty surreal," Chang told Axios after winning. "I was fortunate enough to watch my sister win this award last year, but being here in person this year [...] I feel very fortunate. We won back to back, it's pretty cool." "My family and I owe Miami so much," he said. "We're blessed to have been embraced by the community and our hope is that we continue to have a space to further grow our culture."
