Singapore shares fell this week, with the STI dropping 2.2%, tracking regional losses as U.S. President Donald Trump doubled down on his stance towards a 100% tariff on China over Beijing's rare earth export controls.
In terms of individual stocks, $GLD US$(O87.SI)$ and $GLD SG$(GSD.SI)$ rose 9%; Delta TH SDR 1to1 rose 6%; while NIO Inc. USD OV and PropNex fell 12%; Xiaomi HK SDR 2to1 and SMIC HK SDR 5to1 fell 11%; YZJ Fin Hldg fell 10%.
Market News
Jardine Matheson to take Mandarin Oriental private at $4.2 billion value
Hong Kong-based conglomerate Jardine Matheson said on Friday its unit would buy the rest of the shares of Mandarin Oriental it does not already own, valuing the hotel investment and management firm at $4.2 billion.
Jardine Matheson, a 193-year-old conglomerate with interests spanning property, retail and automotive, said in statement that full ownership of Mandarin Oriental will allow it to better support the hotel group's growth and streamline its portfolio.
GIC sues China EV maker Nio, top execs for allegedly inflating revenues of at least US$600 million
Singapore’s sovereign wealth fund GIC has filed a lawsuit against China electric vehicle (EV) manufacturer Nio, its current chairman and CEO Li Bin (also known as William Li) and former chief financial officer Feng Wei, according to court documents seen by The Business Times on Thursday (Oct 16).
GIC is claiming damages sustained from its purchase of 54,458,148 Nio American depository shares (ADSs) during the period from Aug 11, 2020, to Jul 11, 2022, at prices “that were inflated artificially by defendants’ fraud in reliance on the misrepresentations alleged herein and/or on the integrity of the market for Nio ADSs”.
PropNex says S$849,287 lawsuit against unit over ‘99-to-1’ deal dropped
A lawsuit against PropNex Realty, a wholly owned subsidiary of PropNex, has been withdrawn, the real estate services group said in a bourse filing on Friday (Oct 17).
In February, an Indonesian couple had filed a suit against PropNex Realty in the High Court of Singapore over a 99-to-1 transaction, seeking S$849,287 in damages.