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MAS books largest loss of $30.8 billion in effort to fight inflation (Straits Times)
A stronger Singapore dollar is helping ease inflation but has also landed the central bank with its biggest annual loss, mostly due to negative currency translation effects on its official foreign reserves (OFR).
Meanwhile, core inflation – that strips away accommodation and private transport costs and better reflects the expenses of Singapore households – may prove to be surprisingly stubborn. The Monetary Authority of Singapore (MAS) on Wednesday (July 5) raised its end-2023 forecast for core inflation to 2.5 to 3.0 per cent, up from an estimate of 2.5 per cent made in April.
In all, MAS recorded a net loss of $30.8 billion for the financial year. This is the largest loss MAS has ever recorded, said its managing director Ravi Menon.
Huge fire in Tuas industrial building causes $10m in losses; MRT services briefly disrupted (Straits Times)...