NASDAQs Big Decline<\/p>\n
The NASDAQ Composite Index took a sharp tumble on Tuesday, falling 5.2% to 11,633.57.<\/p>\n
Year to date, the bellwether technology stock index is down 27%.<\/p>\n
There was bad news again for the US economy as fresh inflation data showed that price gains did not moderate as much as expected.<\/p>\n
Overall inflation rose 8.3% in August even though petrol prices came down.<\/p>\n
Core inflation, which strips out food and fuel prices, climbed 6.3% in August, higher than the 5.9% recorded in July.<\/p>\n
The data all but cements the Federal Reserves tough stance of hiking interest rates to bring inflation under control.<\/p>\n
Officials are expected to make yet another 0.75 percentage point increase, making it a hat-trick of supersized moves.<\/p>\n
With inflation still running high, investors need to see some signs of moderation for the Federal Reserve will slow down its pace of hikes.<\/p>\n
Yahoo and Citibank, a unit of Citigroup Inc (NYSE: C), announced a collaboration to launch a dedicated personal finance portal.<\/p>\n
Named Life and Money, it provides fresh perspectives on money to equip diverse audiences with the knowledge and tools to better manage their financial journey.<\/p>\n
The site will feature a curated selection of original content from Citibank and also relevant aggregated content from Yahoo.<\/p>\n
Various multimedia formats such as articles, videos and podcasts will be used to deliver this content.<\/p>\n
This hub will cover wide-ranging topics centred around personal finance and lifestyle such as saving, investing, achieving work-life balance, parenting, and other pertinent topics.<\/p>\n
The site promisesto dispel misconceptions surrounding money, inspire new lifestyle habits, and provide recommendations for readers at different life stages.<\/p>\n
Specific life stages include new graduates seeking financial independence, couples starting a new family, mid-career professionals wanting to better manage their money, and folk who are planning their retirement.<\/p>\n
These finance-related tips and advice will go a long way in helping individuals, families and seniors to plan their finances and manage their wealth better.<\/p>\n
Frasers Hospitality Trust, or FHT, saw its units plunge by 22.5% from S$0.71 to S$0.55 after a failed privatisation attempt by sponsor Frasers Property Limited (SGX: TQ5), or FPL.<\/p>\n
The hospitality trust failed to garner the required 75% of votes needed from stapled security holders at a scheme meeting held on 12 September.<\/p>\n
Only 74.88% of unitholders voted in favour of the resolution to take FHT private, narrowly missing the 75% mark.<\/p>\n
The managers of FHT had proposed back on 13 June that the trust be taken private at S$0.70 per unit by FPL, which was a 7% premium to FHTs net asset value at the time of announcement.<\/p>\n
The reasons for the dissatisfaction may stem from the fact that an economic recovery is underway with borders reopening and air travel restarting.<\/p>\n
Hospitality trusts, as a whole, have reported better operating numbers and improved distribution per unit.<\/p>\n
Hence, unitholders may feel that FHT is worth much more than S$0.70 per unit and that privatisation will undervalue the trust.<\/p>\n
Furthermore, those who dissented could also be relying on FHT for a steady source of dividend income.<\/p>\n
By delisting FHT, these investors will lose out on a valuable source of income and also have to think of ways to redeploy the money received from the privatisation.<\/p>\n
Disclaimer: Royston Yang does not own shares in any of the companies mentioned.<\/p>\n
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NASDAQ's Big Decline, Yahoo and Citibank Partnership and more - The Smart Investor<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" NASDAQs Big Decline The NASDAQ Composite Index took a sharp tumble on Tuesday, falling 5.2% to 11,633.57. Year to date, the bellwether technology stock index is down 27% Continue reading