Categories
Business

Dollar on defensive as investors await U.S. jobs data

TOKYO/SINGAPORE (Reuters) – The dollar was on the defensive against more growth-sensitive currencies on Thursday, following upbeat U.S. and European economic data, though worries about the coronavirus blunted more aggressive risk taking ahead of upcoming U.S. jobs figures.

The New Zealand dollar NZD=D3 led modest gains in Asia, edging ahead by 0.2% to a one-week high of $0.6492. [AUD/]

Against a basket of currencies, the greenback slipped marginally and is tracking toward its worst week in a month, with a 0.4% fall – though it could shift significantly in either direction depending on U.S. jobs data due at 1230 GMT.

Non-farm payrolls figures are expected to show an increase of 3 million jobs last month. But estimates vary widely and the data comes as concerns grow about whether the U.S. economy can sustain its recovery as coronavirus infections surge and some states reimpose limits on business and personal activity.

“Any reasonable reaction to this number must also price in the resurgence in cases,” said Vishnu Varathan, head of economics at Mizuho Bank in Singapore, adding that a strong beat is needed to boost sentiment.

“A shortfall, particularly even one that may be mildly negative, would quickly reinforce the shadows of doubt being cast on plans for unfettered re-openings,” he said.

A miss would probably push U.S. Treasury yields lower, Varathan added, but he said the dollar’s response is less predictable and dependent on whether investors regard hiccups in the U.S. recovery as a challenge to the global rebound.

“Given the programmes in place, a weak number is unambiguously weak,” said Steve Englander, global head of G10 FX research at Standard Chartered in New York.

“A strong number could reflect economic improvement or fiscal incentives to hire.”

FINE BALANCE

Supporting sentiment in the meantime was news that a COVID-19 vaccine developed by German biotech firm BioNTech (BNTX.O) and U.S. pharmaceutical giant Pfizer (PFE.N) showed potential in early-stage human trials.

U.S. manufacturing activity also rebounded more than expected in June, with the Institute for Supply Management’s manufacturing activity index hitting its highest in 14 months.

Similar surveys from China, Germany and France all pointed to an improvement in factory activity, while the ADP National Employment Report showed June private payrolls added nearly 2.4 million jobs.

Still, re-openings are stalling in the U.S. as case numbers surge. New cases of COVID-19, the illness caused by the coronavirus, shot up by nearly 50,000 on Wednesday, the biggest one-day spike since the start of the pandemic.

The safe-haven Japanese yen JPY= hung on to overnight gains to hold steady at 107.53 yen per dollar, pointing to elevated investor caution.

Elsewhere the euro changed hands at $1.1257 EUR=, maintaining its gain of 0.3% since the start of week.

The mood also lifted sterling GBP=D4 above $1.25 for the first time in a week, and it last sat at $1.2483, having bounced almost 2% from a one-month low hit on Monday.

Analysts expect the pound could be about 4% stronger in a year’s time, if Britain and the European Union can thrash out a trade deal, a Reuters poll has found.

Broadly, poll respondents expect the dollar to slowly decline over the coming year, though that depends on there being no second shock from the coronavirus.

“If we see further spikes in coronavirus cases, I would expect both the dollar and the yen to strengthen against other currencies,” said Tohru Sasaki, head of Japan market research at J.P. Morgan.

Graphic: World FX rates in 2020 here

Source: Read Full Article

Categories
World News

Gunmen attack Mexican drug rehab center killing 24

MEXICO CITY (Reuters) – Gunmen killed 24 people at a drug rehabilitation facility in the central Mexican city of Irapuato, police said on Wednesday, underlining the government’s challenge in fulfilling its pledge to stop gang violence.

Police in the city in Guanajuato state said the unidentified attackers also shot and wounded seven people in what was the second attack at an Irapuato rehab center in the past month.

Photos from the scene shared by police with reporters showed at least 11 prone and bloodied bodies in a room.

Police said in a statement that three of the wounded were in grave condition, and that the facility was not formally registered.

Social media videos following the incident showed ambulances on site and several dozen people described as relatives of the victims clustered on the street.

Guanajuato’s Attorney General Carlos Zamarripa said he had designated a specialized team to investigate the killing, which he called a “cowardly criminal act,” while Governor Diego Sinhue called for a joint effort from federal and state authorities to tackle violence.

The attack was one of the worst mass slayings since President Andres Manuel Lopez Obrador took office 19 months ago pledging to reduce record levels of violence. But homicides hit a new record last year and are trending higher still in 2020.

Guanajuato, a major carmaking hub, has become one of the principal flashpoints of criminal violence in Mexico, ravaged by a turf war between the local Santa Rosa de Lima gang and the powerful Jalisco New Generation Cartel.

According to federal data, Guanajuato registered 1,405 homicides this year through May, more than any other state.

On June 6, gunmen opened fire at a different addiction rehab center in Irapuato, killing 10 men. Rehab centers are known to have been targeted by criminal gangs waging battles for control of the drug business.

At least 26 people were killed in an arson attack by suspected gang members on a bar in the southern port of Coatzacoalcos last August.

Source: Read Full Article

Categories
Politics

Singapore GE2020: PAP will not have 'blank cheque' because of NCMP scheme, say Chan Chun Sing and Indranee

SINGAPORE – The People’s Action Party will never have a blank cheque to do as it wishes as it is accountable to Singaporeans, two ministers said on Thursday morning (July 2).

The Non-Constituency MP (NCMP) scheme also guarantees that Parliament will have a diversity of views and opposing voices, regardless of whether opposition members are elected, they added.

Minister for Trade and Industry Chan Chun Sing and Minister in the Prime Minister’s Office Indranee Rajah were responding to Workers’ Party candidate Jamus Lim, who urged Singaporeans to vote for the WP and deny the PAP “a blank cheque” during a televised debate on Wednesday night.

Speaking to The Straits Times, Mr Chan said this is not a “correct characterisation” of what the coming general election is about, adding that the PAP is accountable to the electorate and responsible for the people’s welfare.

“In governance, the PAP is accountable to the people always, whether it is election (time) or not,” he said.

” I don’t think there is anything such as a blank cheque as if the PAP can do anything without accountability. I don’t think that’s a correct characterisation. Everything that we do, at every step of the way, we have to be responsible to Singaporeans, their welfare, their well-being and we have to be responsible for the long-term survival of the country.”

Mr Chan was speaking on the sidelines of a walkabout at Pek Kio Market, where he was joined by his Tanjong Pagar GRC teammates, Ms Indranee and PAP new faces Alvin Tan and Eric Chua.

During the debate on Wednesday, Associate Professor Lim, who is in the WP’s Sengkang GRC team, said: “The PAP has argued that the election is really about giving them a mandate to bring the country out of this crisis and they need this mandate in order to do so.”

“The truth is the PAP in all likelihood will have this mandate by the end of this election… what we are trying to deny the PAP isn’t a mandate, what we are trying to deny them is a blank cheque.”

Rebutting Prof Lim, Ms Indranee pointed to the NCMP scheme: “The PAP will never have a blank cheque, because no matter what happens, the Constitution guarantees at least 12 opposition seats at the minimum.”

She added that NCMPs have equal voting rights as elected MPs. This means they can vote on matters such as constitutional amendments, supply and money bills, and votes of confidence.

The NCMP scheme was introduced in 1984 to ensure a minimum number of opposition members in Parliament. NCMP seats are offered to losing opposition candidates who garner the highest percentage of votes during the GE.

In 2016, the Constitution was amended to give NCMPs expanded rights and to increase the number of such MPs from nine to 12.

Mr Chan said the NCMP scheme was a “design feature” of Singapore’s parliamentary system, adding that “it’s quite rare for people to design it into the system”.

“So you think about it, there are not many systems in the world that have institutionalised this such that there will always be diversity of views in Parliament,” he said.

“We designed it as such because we want to make sure that any discussion about the future of the country and the policies that we are going to implement is done robustly – it is in our interest to do so as both the PAP and Government.”

During the walkabout, the PAP team handed out fliers and chatted with residents in the Moulmein-Cairnhill ward contested by the party’s new face, Mr Tan, 40, LinkedIn’s Asia-Pacific head of public policy and economics.

Resident and Pek Kio Market stallholder Ang Ah Moy, 74, said the ward’s previous MP Melvin Yong, who is standing in Radin Mas SMC for this election, comes by the market often.”I’m quite thankful for all the support the PAP has given us. It has helped us get through this period,” she said.

Mr Tan said residents in the area have been welcoming.

“We are not new here, they all know us, and we had very warm interactions,” he said

Singapore GE2020: Get full election coverage on our dedicated site here.

Source: Read Full Article

Categories
World News

Energy Transfer digs in on North Dakota pipeline expansion despite oil slump, sources say

NEW YORK (Reuters) – U.S. pipeline company Energy Transfer has taken the rare step of invoking force majeure – normally used in times of war or natural disaster – to prevent oil firms from walking away from a proposed expansion of the controversial Dakota Access pipeline, according to two sources familiar with the matter.

Energy Transfer wants to nearly double the size of the line, and some companies that signed up say it is no longer necessary due to the sharp fall in U.S. oil production after the coronavirus pandemic. North Dakota is one of the costliest spots in the United States to produce crude, and its output has dropped by about one-third from last year, more than most other oil-producing states.

DAPL is the largest pipeline running out of North Dakota’s Bakken shale basin. It has capacity to ship 570,000 barrels per day (bpd) of crude to its endpoint in Illinois. Users say an expansion to 1.1 million bpd is unlikely to be filled because the state’s production is not expected to rebound soon.

“Honestly, DAPL is not needed,” said one customer who committed to space on the expanded line, speaking on condition of anonymity. “They’re trying to build a house that all these people signed up for. Even if there’s no longer a need for the house, you can’t really walk away from it. Would I like to get out? Yes, for sure.”

Energy Transfer, however, has invoked force majeure because it could not get the permits by a certain date, according to one shipper on the line and another familiar with the declaration. That buys the company more time to get regulatory approvals and prevents customers from walking away from their commitments.

The company declined to comment on the force majeure. Energy Transfer spokeswoman Lisa Coleman reiterated previous company statements that it has received enough interest to increase the pipeline’s capacity.

Pipelines are generally built after companies find customers willing to commit to shipping oil. That helps pipeline builders to line up financing for such projects, which take years to complete. Contracts to use future pipeline space usually allow customers to walk away from those agreements when substantial delays occur.

In an April filing with Illinois regulators, Energy Transfer said that “not one shipper has sought to withdraw from an existing agreement” despite the oil downturn and that demand exceeds DAPL’s current capacity. The company said in legal filings that the downturn is temporary.

North Dakota’s production has dropped by 450,000 bpd, down from a peak of nearly 1.5 million bpd reached last year, according to the Energy Information Administration’s data.

The expanded line is currently expected to enter service in late 2021.

At least a half-dozen U.S. oil pipeline projects have been put on hold indefinitely so far this year, according to U.S. Energy Department data. U.S. production has dropped from a record 12.9 million bpd in late 2019 to roughly 11 million bpd.

OPPOSITION IN ILLINOIS

DAPL drew thousands of people to North Dakota in 2016 in support of Native American tribes and environmental groups protesting the line’s initial construction. It eventually started in mid-2017 after months of delays.

To expand the line, Energy Transfer needs approval from regulators in North Dakota, South Dakota, Iowa and Illinois.

The first three have said yes, but environmental groups brought numerous legal challenges in Illinois starting a year ago. They argued the application was improperly filed and that an expansion increases the risk of large-scale leaks. The challenges may force the company to resubmit its application.

“They’re in force majeure right now because they did not get the permits,” one source with direct knowledge of the matter said.

An administrative law judge in Illinois could issue findings on the legal dispute as early as this month, though there is no timeline for that report. Once those findings are released, and both Energy Transfer and the opposition respond, the Illinois Commerce Commission will vote on whether the expansion can go forward. That vote has not been scheduled.

Even if producers wanted to fight Energy Transfer’s declaration of force majeure, they may be hesitant to initiate legal action due to the time and cost involved, said Ted Borrego, who has practiced oil and gas law for over 45 years and teaches at the University of Houston Law Center.

“Rarely will you see a shipper trying to bail out of a contract,” he said.

DAPL customers such as Hess Corp and refiner Marathon Petroleum, which invested in the original DAPL project, declined to comment specifically on any contractual agreements on DAPL or on the proposed expansion. Continental Resources, another large Bakken producer, did not respond to requests for comment.

“Hess believes that DAPL has and will continue to be a critical piece of U.S. energy infrastructure, which allows for transportation of crude oil into expanded domestic markets in the U.S. and abroad,” company spokesman Rob Young said.

Bakken crude producers generally break even on drilling at a price of about $46.50 a barrel, according to Deutsche Bank analysts, higher than other parts of the country. The U.S. crude oil benchmark is trading just below $40, after averaging just $17.50 in April and $33.70 in May.

While output in North Dakota has rebounded somewhat from its fall in May to less than 1 million bpd, production is expected to remain lower than its peak.

“At the moment I don’t think the demand is there from shippers for more DAPL, given the decline in Bakken output,” said Sandy Fielden, director of oil and products research at Morningstar in Austin, Texas.

Source: Read Full Article

Categories
World News

Hong Kong chaos: Protesters clash with police over strict new security law

We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.

Hundreds of protesters and pro-democracy activists were arrested last night as they protested the stringent new bill. One of the arrests included a 15-year-old girl who was protesting the new restrictions and waving a flag.

Police officers were cladded with riot gear, shields and bearing guns as they pushed protesters back using water cannons, tear gas and pepper spray.

China released the details of the National Security Bill on Tuesday evening, weeks after the law was announced.

It happened on the eve of the 23rd anniversary of Hong Kong’s transfer to China and it overturns assurances made to protect Hongkongers’ freedoms.

Pro-democracy demonstrators were initially outnumbered by riot police, who were stationed at each major intersection.

Thousands of protesters arrived later to support the pro-democracy protest, dodging the tear gas and pepper pellets fired int heir direction.

Police said ten protesters were detained particularly under the new security law.

The first was a man with a flag that read: “Hong Kong Independence”. A woman holding a sign with the Union Flag was also arrested.

Other demonstrators were arrested for “possessing items advocating independence”.

Around 370 people were detained on other charges, including unlawful assembly and bearing weapons.

READ MORE: Susanna Reid skewers Labour’s Anneliese Dodds over COVID criticism

The new legislation is interpreted as China’s most resolute move to gain complete control over Hong Kong.

It bans any action considered to be against China’s national interests.

Even if violence is not used, anyone shouting slogans or holding signs advocating for independence is considered to be breaching the law.

Driving a bus full of pro-democracy demonstrators could be deemed to be breaking the law.

DON’T MISS:
Melania Trump’s shocking way to show Donald Trump she is upset [REVEALED]
How UK could push for WTO overhaul and champion free trade [INSIGHT]
Kate and William mull MAJOR decision – royal expert speaks out [UPDATES]

Those who are found to be committing more sever crimes will be labelled “terrorists”, taken to the mainland and receive a life sentence in prison. Some trials will take place behind closed doors.

A new police force has also been authorised to work in the territory with immunity to local legislation.

It will be China, not Hong Kong, the one to decide how the law is interpreted.

Ahead of the demonstration, pro-democracy activist Tsang Kin-shing, of the League of Social Democrats, cautioned there was a “large chance of our being arrested”.

He said: “The charges will not be light, please judge for yourself.”

One man said: “I’m scared of going to jail but for justice I have to come out today, I have to stand up.”

Media tycoon Jimmy Lai said the bill meant Hong Kong was “dead”.

He added: “It’s worse than the worst scenario imagined. Hong Kong is totally subdued, totally under control.”

Mr Lai also backed the Tiananmen Square protesters in 1989 and he thinks Beijing will reprehend him.

“I cannot worry, because you never know what kind of measures they will take against me,” he said.

Amnesty International said the new legislation was a “far-reaching threat to Hong Kong’s freedoms”.

Source: Read Full Article

Categories
World News

U.S., EU advocacy groups warn against Google's purchase of Fitbit

WASHINGTON (Reuters) – Twenty advocacy groups from the United States, Europe, Latin America and elsewhere signed a statement Wednesday urging regulators to be wary of Google’s $2.1 billion bid for fitness tracker company Fitbit Inc (FIT.N) because of privacy and competition concerns.

The 20 organizations – which include the U.S.-based Public Citizen, Access Now from Europe and the Brazilian Institute of Consumer Defense – argued that the deal would expand the already considerable clout in digital markets of Alphabet Inc’s (GOOGL.O) Google.

Acquiring Fitbit would give Google such intimate information about users as how many steps they take daily, the quality of their sleep and their heart rates.

“Past experience shows that regulators must be very wary of any promises made by merging parties about restricting the use of the acquisition target’s data. Regulators must assume that Google will in practice utilize the entirety of Fitbit’s currently independent unique, highly sensitive data set in combination with its own,” the groups said.

Australian and Canadian groups were among the signatories.

A Google spokeswoman said the tech wearables space was crowded.

“This deal is about devices, not data,” she said. “We believe the combination of Google’s and Fitbit’s hardware efforts will increase competition in the sector.”

Google announced the deal in November to take on competitors in the crowded market for fitness trackers and smart watches. Fitbit’s market share has been threatened by deep-pocketed companies like Apple Inc (AAPL.O) and Samsung Electronics Co Ltd (005930.KS).

Australia’s competition authority said this month that it may have concerns about the deal and would make a final decision in August.

EU antitrust regulators will decide by July 20 whether to clear the deal with or without concessions or open a longer investigation.

In Washington, Google is under antitrust investigation by the Justice Department, a congressional committee and dozens of states for allegedly using its massive market power to harm smaller competitors.

Source: Read Full Article

Categories
World News

Retail shops in Malaysia move online to stay afloat

Even though it has had a negative impact on both public health and the economy, the Covid-19 outbreak was a game changer when it came to digital transformation. It forced retailers to migrate to online platforms in a bid to stay afloat.

Sports attire business owner Muhammad Qayyum Al Qadri saved his five-year-old company from permanent closure by setting up a website and retraining his staff while staying at home, with very limited resources at his disposal.

“We’re quite known in the sports scene, but we didn’t really have an online presence. That was my fault, but I didn’t think anything could possibly go wrong until the pandemic broke out. We had to temporarily shut down when the government enforced the MCO. That was when we became ‘paralysed,'” he said, referring to Malaysia’s movement control order, which was implemented on March 18.

“After discussing it with my team, I purchased a website domain, set up an Instagram account and announced it to our customers via a broadcast message on WhatsApp.

“Over three months into the MCO, we now have more than 2,000 followers on Instagram and our sales are more stable,” said the 39-year-old from Petaling Jaya.

During the MCO, Malaysians were banned from leaving their homes unless it was necessary. More than 209,000 retail stores, including 90 per cent of stalls and markets, had to shut down, resulting in zero sales.

On May 4, the movement curbs were relaxed, allowing most businesses to reopen. But by then, thousands of businesses had ceased operations permanently.

According to Retail Group Malaysia (RGM), sales fell by 28.8 per cent in the first two weeks of the MCO, compared with the same period last year.

The Malaysian retail industry is expected to suffer a decline in sales of 5.5 per cent or RM10.9 billion (S$3.6 billion) this year, instead of the 4.6 per cent growth projected last December, the RGM forecast.

Madam Adilah Khairudin, 37, owner of traditional Malay clothing shop Poya Boutique, said: “We’ve been operating via a physical store for more than 20 years, so when the MCO was announced, I panicked because 90 per cent of our sales came from there.

“We have an Instagram account, but it wasn’t really utilised until recently. With the few resources I have, I carefully curate the content to lure potential customers.

“I’m now a storyteller for my products – I need to be creative. And it works. I’m now getting customers from Kelantan, Penang and Terengganu. Before this, most of my customers were based in the Klang Valley. The pandemic made me realise that there is a bigger market for businesses online.”

But moving online comes with challenges, as all sellers – from home-based businesses to mall tenants – work out new ways to manage inventory and fulfil orders.

“There were a lot of hiccups during the first month (of the MCO). We basically made a lot of mistakes. But with every mistake we make, we get to learn more,” Mr Qayyum said.

To ensure a smooth operation, Madam Adilah also said she had to move some of her stock to her residence to ease the fulfilment process.

“Now, my days are spent replying to customers’ private messages online and also fulfilling their orders from home. I need to equip myself with the right knowledge. I also need to invest in photo shoots for my products and advertise on a relevant platform,” she said.

Despite the easing of MCO restrictions, mall visitor numbers have significantly decreased.

“I no longer feel comfortable going to shopping malls or any other public places, so I think retailers going online is the way forward,” said shopper Nur Aisyah Ismail, 28.

“I don’t think we will ever be able to go back to ‘normal’, so I really love seeing how many of them have started selling online. The only downside is, if you’re buying clothes, you won’t be able to feel the material, but I can live with that.”

Source: Read Full Article

Categories
World News

Hong Kong police arrest suspect at airport after officer assaulted in security law protests

HONG KONG (Reuters) – Hong Kong police arrested a 24-year-old man at the city’s airport in the early hours of Thursday on suspicion of attacking and wounding an officer during protests against a new national security law Beijing imposed on the financial hub.

Hong Kong police fired water cannon and tear gas and arrested more than 300 people on Wednesday as protesters took to the streets in defiance of the sweeping security legislation introduced by China to snuff out dissent.

On Wednesday, police posted pictures on Twitter of an officer with a bleeding arm saying he was stabbed by “rioters holding sharp objects”. The suspects fled while bystanders offered no help, police said.

A police spokesman told Reuters the arrested man was surnamed Wong but could not confirm if he was leaving Hong Kong or working at the airport.

Local newspaper Apple Daily, citing unnamed sources, said the suspect was onboard a Cathay Pacific flight to London due to depart just before midnight.

A witness said “around 10 minutes before take-off, three police vehicles drove towards No. 64 gate, outside the Cathay Pacific plane” and around 10 riot police ran up the bridge to the aircraft.

Cathay Pacific did not immediately respond to a request for comment.

Police said on Wednesday they had made around 370 arrests for illegal assembly and other offences, with 10 involving violations of the new law.

The legislation punishes crimes of secession, subversion, terrorism and collusion with foreign forces with up to life in prison. It will also see mainland security agencies in Hong Kong for the first time and allows extradition to the mainland for trial in courts controlled by the Communist Party.

China’s parliament adopted the law in response to protests last year triggered by fears that Beijing was stifling the city’s freedoms, guaranteed by a “one country, two systems” formula agreed when it returned to Chinese rule in 1997. Beijing denies the accusation.

Source: Read Full Article

Categories
World News

Singapore stock watch: SIA, Suntec Reit, SPH Reit, UIC, AGV Group, Stamford Land

SINGAPORE (THE BUSINESS TIMES) – The following companies saw new developments that may affect trading of their shares on Thursday (July 2):

Singapore Airlines (SIA): With international travel still largely on hold, the SIA group has stored four more aircraft in Australia, taking the number of planes parked in Australia to 22. SIA shares closed at $3.81 on Wednesday, up $0.08 or 2.1 per cent.

Suntec Real Estate Investment Trust (Suntec Reit): Suntec Reit has bumped up its stake in Harmony Investors Group, which indirectly holds Suntec International Convention and Exhibition Centre, for a total of $40 million. Units of the trust gained $0.02 or 1.4 per cent to finish Wednesday at $1.43 before the announcement.

SPH Reit: SPH Reit has proposed a distribution of 0.5 cent per unit for the third quarter of FY2020, which ended on May 31. Units of SPH Reit closed at 86 cents on Wednesday, down 1.5 cents or 1.7 per cent.

United Industrial Corporation (UIC): UIC chief executive officer and president Lim Hock San will retire on Sept 30 after 28 years in both roles, the property group said on Wednesday. Shares of UIC ended Wednesday at $2.19, down $0.01 or 0.5 per cent before the announcement.

AGV Group: AGV said in a regulatory filing late on Wednesday that it had received notices from the Commercial Affairs Department and the Monetary Authority of Singapore, asking for information and documents in relation to an alleged offence under the Securities and Futures Act. The counter closed up 0.2 cent or 3.9 per cent to 5.4 cents on Wednesday, before this announcement.

Stamford Land: The mainboard-listed company on Wednesday refuted a media report alleging that its Melbourne hotel was responsible for 29 Covid-19 cases. Shares of Stamford Land last traded at 34.5 cents on June 30.

Ascendas Real Estate Investment Trust (A-Reit): The manager of A-Reit on Wednesday announced an agreement to buy a new logistics property in Sydney, Australia for A$23.5 million (S$21.1 million). Units of A-Reit ended Wednesday at $3.19, up $0.02 or 0.6 per cent, before this announcement.

Frasers Centrepoint Trust (FCT): Analysts are optimistic on FCT, believing that the suburban retail Reit’s acquisition of an additional 12.07 per cent in PGIM Real Estate Asia Retail Fund will bring it closer to acquiring the assets held under the fund. Units of FCT closed one cent or 0.4 per cent higher at $2.32 on Wednesday.

Cortina Holdings: The luxury watch retailer on Wednesday posted $20.4 million in its net earnings for the second half-year to March, 19 per cent higher than the $17.1 million a year ago. Cortina shares last traded at $1.18 on June 26.

Hatten Land: The property developer on Thursday said two of its subsidiaries will undergo restructuring in light of ongoing pressures exacerbated by the Covid-19 pandemic. Hatten Land shares ended at seven cents on Wednesday, down 0.2 cent or 2.8 per cent.

Source: Read Full Article

Categories
World News

Twitter removes image tweet by Trump over NYT copyright complaint

(Reuters) – Twitter Inc (TWTR.N) has taken down an image tweeted by the U.S. President Donald Trump from its platform, after receiving a copyright complaint from the New York Times.

The original tweet by Trump issued on June 30, showed a meme that read “In reality they’re not after me they’re after you I’m just in the way” with Trump’s picture in the background.

The background picture was taken by a New York Times photographer, to accompany a feature article on then presidential candidate Trump in September 2015.

Twitter now displays the message “This image has been removed in response to a report from the copyright holder,” in place of the tweet.

The move by the social media site is the latest instance of content posted by Trump being flagged or removed, due to what Twitter says are copyright complaints, violation of its policy on threatening violence, among others.

Twitter removed the image after it received a Digital Millennium Copyright Act (DMCA) complaint from the New York Times, which owns the rights to the photo, according to a notice posted on the Lumen Database.

The database collects and analyzes legal complaints and requests for removal of online materials.

Twitter began challenging Trump’s tweets in May and has repeatedly clashed with him since then. The president has threatened to change laws on social media after Twitter labeled one of his tweets about postal voting inaccurate and hid a tweet about looting, which Twitter said fomented violence.

A campaign tribute video to George Floyd, a Black man who died in Minneapolis police custody, was also disabled by Twitter, Facebook and Instagram on their platforms last month, due to copyright complaints.

Twitter and NYT did not respond when reached by Reuters for further comment.

Source: Read Full Article