Sunday, June 30, 2024
25 C
Brunei Town

Wall Street points toward a rebound after last week’s rout

AP – Wall Street pointed toward gains before the opening bell yesterday after last week’s rout and ahead of another full slate of corporate earnings this week.

Futures for the benchmark S&P 500 rose 0.5 per cent and futures for the Dow Jones industrials moved 0.4 per cent higher.

Last week, United States (US)shares suffered their worst setback since early December. Reports on inflation, the jobs market and retail spending have come in hotter than expected, raising expectations that the Federal Reserve will have to maintain an aggressive fiscal policy stance in a lengthening battle against inflation, meaning an elevated benchmark interest rate.

Higher rates pressure business activity and investment, and a string of rate hikes has not led to a consistent slowing of growth as hoped.

“It is becoming increasingly apparent that inflation, and associated inflation expectations and wage pressures, will not decline in a predictable linear manner,” Mizuho Bank said in a commentary.

Fed Chair Jerome Powell has warned that any decline in prices would not be a straight line.

In premarket equities trading, Union Pacific jumped nearly 10 per cent after the railroad announced plans on Sunday to replace its CEO later this year.

Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea. PHOTO: AP

The company has been pressured by a hedge fund that holds a USD1.6 billion stake in the railroad went public with its concerns about Lance Fritz’ leadership during the past eight years.

Seagen shares jumped more than 14 per cent early yesterday on a Wall Street Journal report that the drug giant Pfizer was in talks to acquire the company, adding to its stable of cancer treatments. Seagen was targetted last year by Merck.

The online video conferencing company Zoom reported quarterly earnings after the bell yesterday. It’s another heavy week for corporate financial results, particularly in the retail sector, with Target, Kohl’s, Costco and Best Buy all reporting in the coming days.

At midday in Europe yesterday, Germany’s DAX rose 1.6 per cent, while the CAC 40 in Paris added 1.7 per cent. Britain’s FTSE 100 gained 0.8 per cent.

In Asia, Tokyo’s Nikkei 225 index edged 0.1 per cent lower to 27,423.96 and the Kospi in Seoul gave up 0.9 per cent to 2,402.64.

In Hong Kong, the Hang Seng lost 0.3 per cent to 19,943.51 while the Shanghai Composite index was down 0.3 per cent at 3,258.03. Australia’s S&P/ASX 200 shed 1.1 per cent to 7,224.80.

Bangkok was 0.2 per cent lower while the Sensex in Mumbai dropped 0.6 per cent.

The measure of inflation preferred by the Fed, reported on Friday, said prices were 4.7 per cent higher in January than a year earlier, after ignoring costs for food and energy because they can swing more quickly than others. That was an acceleration from December’s inflation rate and was higher than economists’ expectations for 4.3 per cent.

It echoed other reports earlier in the month that showed inflation at both the consumer and wholesale levels was higher than expected in January.

Other data on Friday showed that consumer spending, the biggest piece of the economy, returned to growth in January, rising 1.8 per cent from December.

A separate reading on sentiment among consumers came in slightly stronger than earlier thought, while sales of new homes improved more than expected.

Such strength paired with the remarkably resilient job market raises the likelihood the economy might avoid a recession in the near term. But they also make it more likely that the Fed will keep interest rates higher for longer.

The anticipation is growing that the Fed will be forced to raise its benchmark rate to at least 5.25 per cent and keep it that high through the end of the year. It’s currently in a range of 4.50 per cent to 4.75 per cent, and it was at virtually zero a year ago. Expectations for a firmer Fed have caused yields in the Treasury market to shoot higher this month, and they were climbing again early yesterday.

The yield on the 10-year Treasury, which helps set rates for mortgages and other important loans, inched up to 3.96 per cent from 3.95 per cent late on Friday.

The two-year yield, which moves more on expectations for the Fed, rose to 4.84 per cent from 4.81 per cent and is near its highest level since 2007.

In other trading yesterday, US benchmark crude oil rose 26 cents to USD76.06 per barrel in electronic trading on the New York Mercantile Exchange.

It gained 93 cents to USD76.32 per barrel on Friday. Brent crude oil, the pricing basis for international trading, gained 28 cents to USD82.54 per barrel.

The dollar fell to JPY136.24 from JPY136.45. The euro rose to USD1.0562 from USD1.0549.

The S&P 500 fell 1.1 per cent on Friday to cap its third straight loss. The Dow Jones Industrial Average dropped one per cent and the Nasdaq composite lost 1.7 per cent.

Celebrating top achievers

Lambak Kiri Secondary School organised its annual academic awards for Year 7 to Year 10 cohorts of 2022 yesterday.

The event saw students receiving awards of achievements in the categories of top three in each level, best in each subject and overall high achievers. Students with outstanding attendance records from the Pre-Vocational section also received recognition.

Principal Rosmawati binti Mohammad along with the deputy principals and staff, were in attendance. The event began with the recitation of Surah Al-Fatihah, the singing of the national anthem and a speech from the principal.

The event concluded with a group photo session with the award recipients.

Award recipients in a group photo. PHOTO: LAMBAK KIRI SECONDARY SCHOOL

Drug trafficking: Former radio presenter ordered to enter defence

BERNAMA – Former radio presenter Ismahalil Hamzah was yesterday ordered to enter his defence by the High Court in Malaysia on a drug trafficking charge.

Judge Datuk Muhammad Jamil Hussin made the ruling after finding that the prosecution had succeeded in establishing a prima facie case against Ismahalil, 49, at the end of the prosecution case. Muhammad Jamil, in his summary judgement, said the court found that the 22 packets of drugs found in Ismahalil’s room were in his control and custody. “During the raid, the accused himself picked up the bag containing the drugs and gave it to the police officer after being asked if there was any contraband inside. “The behaviour of the accused, in picking up the bag himself was seen to be suspicious, showing that he knew the presence of the drug.

“Therefore, the prosecution succeeded in proving that the drug was under the control of the accused. Therefore, the argument by the defence that his client does not have the knowledge, control and custody of the drug has no merit,” he said, adding that the testimony by the prosecution witnesses was not contradictory and was reliable.

When told by the judge of the option for him to make his defence, Ismahalil chose to testify under oath from the witness stand, with the prosecution given the opportunity to question him during cross-examination.

After the court gave its verdict, Ismahalil was seen sobbing, while looking at his wife and children who were in the public gallery.

Former radio presenter Ismahalil Hamzah, 49, ordered to enter his defence yesterday. PHOTO: SINARHARIAN

His lawyer, Datuk Ahmad Zaharil Muhaiyar, then told the court that the defence will call five witnesses, including the accused. The court has set March 30 and 31 for the defence trial.

Ismahalil had pleaded not guilty to a charge of trafficking 374.6 grammes of cannabis at a house in Jalan Semarak, Wangsa Maju, at 5.35pm on August 27, 2021.

He was charged under Section 39B(1)(A) of the Dangerous Drugs Act 1952 and could be punished under Section 39B(2) of the same act which provides the death penalty, if convicted.

At yesterday proceedings, deputy public prosecutor Noor Dayana Mohamad prosecuted, while Ahmad Zaharil was assisted by lawyer Adi Zulkarnain Zulkafli.

Williamson bats Black Caps back into second test

WELLINGTON, NEW ZEALAND (AP) – Kane Williamson (AP, pic below) was officially and unofficially New Zealand’s best batsman on the fourth day of the second test yesterday as his 26th test century allowed New Zealand to lead England by 257 runs after following on.

Tom Blundell made 90 and was the last man out as New Zealand’s second innings ended at 483 less than an hour before stumps. Under New Zealand-born head coach Brendon McCullum, England already pulled off its highest successful run chase in tests, scoring 378 to beat India at Edgbaston last year. This chase for 258 with over 100 overs available would seem a walk in the park by comparison.

Tim Southee removed Zac Crawley (24) with a ball that cut back to hit off peg and at stumps England was 48-1, needing 210 from 103 overs on the last day to sweep the two-match series.

The odds still heavily favour the visitors but Williamson at least has given New Zealand hope.

When he reached 29 on his way to 132, he became New Zealand’s highest run-scorer in tests, overtaking his former teammate Ross Taylor, who ended his career last year with 7,682 runs.

And in batting for all of the fourth day, in productive partnerships with Henry Nicholls, Daryl Mitchell and Tom Blundell, Williamson guided New Zealand from a 226 run deficit when England enforced the follow-on Sunday to a respectable lead.

After making only 10 runs in his previous three innings in the series, Williamson showed why he is New Zealand’s best batsman when the chips are down. The match was in the balance at the start of the day: New Zealand was 202-3, still 24 runs behind England who just had taken the second new ball.

Williamson and Nicholls (29) erased the deficit by the ninth over and saw off the new ball in a partnership of 55 for the fourth wicket.

Daryl Mitchell came in after Nicholls, when Williamson was 34, and rushed past Williamson to a half century from 52 balls. Williamson reached his own half century soon after from 148 deliveries and in just over four hours, reflecting the extent of his patience and application.

Mitchell was out for 54 in a 75-run partnership with Williamson, at the end of which New Zealand’s lead was 71. Them came Tom Blundell, the first test century-maker, who provided Williamson with the extended support he needed to gradually improve New Zealand’s position.

Williamson batted for seven and a half hours when Englandgave Harry Brook his first bowl in test cricket. But it was Brook who finally ended Williamson’s innings and claimed a first test wicket, which will give him bragging rights for years to come.

The decisive ball was gentle and unthreatening, pitching short and heading down leg side. Williamson closed up his guard to glance behind square and the ball glanced across the bat en route to wicketkeeper Ben Foakes.

England’s appeal for the catch behind was rejected. The tourists reviewed the call, and the replay showed the faintest of edges, as England erupted in celebration.

When Williamson was out, New Zealand’s resistance was broken and the end came quickly.

Michael Bracewell paid the price for casual running between wickets and Jack Leach dismissed Tim Southee and Matt Henry in the same over.

Angela Bassett, ‘Wakanda Forever’ top NAACP Image Awards

PASADENA, CALIFORNIA (AP) – Angela Bassett (AP, pic below) won entertainer of the year at Saturday’s NAACP Image Awards that also saw her take home an acting trophy for the television series 9-1-1.

The Bassett-led Marvel superhero sequel Black Panther: Wakanda Forever won best motion picture at the ceremony, which was broadcast live on BET from Pasadena, California.

Viola Davis won outstanding actress for the action epic The Woman King, a project she championed and starred in. Will Smith won for the slavery drama Emancipation, his first release since last year’s Academy Awards, where he slapped comedian Chris Rock on stage before winning his first best actor trophy.

“I never want to not be brave enough as a woman, as a Black woman, as an artist,” Davis said, referencing a quote from her character in the film, which she called her magnum opus.

“I thank everyone who was involved with The Woman King because that was just nothing but high-octane bravery.”

Abbott Elementary won for outstanding comedy series. Creator and series star Quinta Brunson invited her costars onstage and praised shows like “black-ish” for paving the way for her series.

 

Students called on to help realise Brunei Vision

Rokiah Mahmud

Brunei Vision 2035 aims to have the people be highly educated and successful while enjoying a high standard of living in a dynamic and sustainable economy. Realising the vision is dependent on the country’s asset, in particular the younger generation.

Students are urged to instil a sense of love for religion, the nation and monarch by having one heart in showcasing their loyalty towards the monarch and country, to uphold the Islamic teachings and refrain from social ills.

These were among the points brought up during a lecture, ‘Peranan Pelajar Dalam Merealisasikan Wawasan Negara’, held in conjunction with National Religious Programme for Arabic and Religious School for February.

The programme was held simultaneously at Arabic and religious schools nationwide.

The focal points of the programme were Sultan Haji Hassanal Bolkiah Arabic School in Kampong Rimba in the morning session, and Yayasan Sultan Haji Hassanal Bolkiah Religious School in the afternoon. The theme for this month’s programme was ‘Semarak Kemerdekaan’. Among the activities held were the singing of the national anthem, the recitation of Selawat Tafrijiyyah, Sayyidul Istighfar and Surah Al-Fatihah as well as a religious lecture.

Students of Sultan Haji Hassanal Bolkiah Arabic School in Kampong Rimba during the programme. PHOTO: YUSRIN JUNAIDI

Company says missing Chinese banker aiding probe

HONG KONG (AP) – Missing Chinese investment banker Bao Fan is co-operating with an investigation in China, his company China Renaissance said in a stock market filing on Sunday.

Since Bao went missing, China Renaissance Holdings Ltd’s Hong Kong-listed shares have slumped as much as 29 per cent. They were up 2.3 per cent yesterday.

“The Board has become aware that Bao is currently cooperating in an investigation being carried out by certain authorities in China,” the company filing said. “The board would like to reiterate that the business and operations of the group are continuing normally.”

Bao’s whereabouts are unclear. He is one of China’s top dealmakers in the technology industry, having worked on major deals including e-commerce company JD.com’s USD2 billion initial public offering and the public listing of short video platform Kuaishou in Hong Kong.

After working at Credit Suisse and Morgan Stanley, Bao founded China Renaissance in 2005. He took it public in 2018, raising USD346 million.

Bao’s disappearance follows a crackdown on big technology companies in the past two years.

Anti-graft investigations targetting the financial sector have ensnared dozens of officials and finance executives at institutions such as Everbright Securities and China Construction Bank.

A ticking time bomb

JOSHIMATH, INDIA (AP) – Inside a shrine overlooking snow-capped mountains, Hindu priests heaped spoonfuls of puffed rice and ghee into a crackling fire. They closed their eyes and chanted in Sanskrit, hoping their prayers would somehow turn back time and save their holy – and sinking – town.

For months, the roughly 20,000 residents in Joshimath, burrowed in the Himalayas and revered by Hindu and Sikh pilgrims, have watched the earth slowly swallow their community. They pleaded for help that never arrived, and in January their desperate plight made it into the international spotlight.

But by then, Joshimath was already a disaster zone. Multistoried hotels slumped to one side; cracked roads gaped open. More than 860 homes were uninhabitable, splayed by deep fissures that snaked through ceilings, floors and walls. And instead of saviours they got bulldozers that razed whole lopsided swaths of the town.

The holy town was built on piles of debris left behind by years of landslides and earthquakes. Scientists have warned for decades, including in a 1976 report, that Joshimath could not withstand the level of heavy construction that has recently been taking place.

“Cracks are widening every day and people are in fear. We have been saying for years this is not just a disaster, but a disaster in the making… it’s a time bomb,” said an activist with the Save Joshimath Committee Atul Sati.

ABOVE & BELOW: A family takes refuge outside their house in Joshimath, India; and a woman leaves their house. PHOTOS: AP

A labourer takes a break in between demolition of a residential building
Hundreds of grey stacks of cement slabs lay around a village

Joshimath’s future is at risk, experts and activists say, due in part to a push backed by the prime minister’s political party to grow religious tourism in Uttarakhand, the holy town’s home state. On top of climate change, extensive new construction to accommodate more tourists and accelerate hydropower projects in the region is exacerbating subsidence – the sinking of land.

Located 1,890 metres above sea level, Joshimath is said to have special spiritual powers and believed to be where Hindu guru Adi Shankaracharya found enlightenment in the 8th Century before going on to establish four monasteries across India, including one in Joshimath.

Visitors pass through the town on their way to the famous Sikh shrine, Hemkund Sahib, and the Hindu temple, Badrinath.

“It must be protected,” said a local priest Brahmachari Mukundanand who called Joshimath the “brain of North India” and explained that “Our body can still function if some limbs are cut off. But if anything happens to our brain, we can’t function.… Its survival is extremely important.”

The town’s loose topsoil and soft rocks can only support so much and that limit, according to environmentalist Vimlendu Jha, may have already been breached.

“You can’t just construct anything anywhere just because it is allowed,” he said. “In the short term, you might think it’s development. But in the long term, it is actually devastation.”

At least 240 families have been forced to relocate without knowing if they would be able to return.

Prabha Sati, who fled Joshimath in a panic last month when her home began to crack and tilt, came back to grab the television, idols of Hindu gods and some shoes before state officials demolished her home.

“We built this house with so much difficulty. Now I will have to leave everything behind. Every small piece of it will be destroyed,” she said, blinking back tears.

Authorities, ignoring expert warnings, have continued to move forward with costly projects in the region, including a slew of hydropower stations and a lengthy highway. The latter is aimed at further boosting religious tourism, a key plank of Prime Minister Narendra Modi’s Bharatiya Janata Party.

In 2021, Modi promised a prosperous decade ahead for Uttarakhand. It is dotted with several holy shrines and improving the state’s infrastructure has already led to a steady rise in pilgrims over the decades. Nearly 500,000 passed through Joshimath in 2019, state data shows.

“In the next 10 years, the state will receive more tourists than it did in the last 100 years,” Modi said.

A big Uttarakhand tourism draw is the Char Dham pilgrimage, one of the toughest in India.

The route takes people to four, high-altitude Hindu temples. Pilgrims traverse challenging terrain, dropping oxygen levels and harsh weather between Badrinath, Gangotri, Kedarnath and Yamunotri temples. In 2022, over 200 out of the 250,000 pilgrims died while making the journey. Authorities said the rise in visitors was straining existing infrastructure.

Already underway, the Char Dham infrastructure project, aims to make the journey more accessible via a 10-metre wide and 889-kilometre long all-weather highway as well as a 327-kilometre railway line that would crisscross through the mountains.

It is a controversial project with some experts saying it will exacerbate the fragile situation in the upper Himalayas where several towns are built atop landslide debris.

Veteran environmentalist Ravi Chopra called the project a desecration when he resigned from a court-ordered committee studying its impact. To create such wide roads, engineers would need to smash boulders, cut trees and strip shrubbery, which he said will weaken slopes and make them “more susceptible to natural disasters”.

Urban planning expert Kiran Shinde suggested a pedestrian corridor instead, noting these places were never meant for cars nor crowds numbering in the hundreds of thousands.

“The highway is the most disastrous thing to happen to the Char Dham,” said Shinde, a professor at Australia’s La Trobe University who has written on religious tourism. “Let people walk.”

Cracks continue to form. Located near a rail line construction site, Sangeeta Krishali’s home in Lachmoli, about 100 kilometres from Joshimath, has them. She fears for her safety: “It happened there, it can happen here, too.”

In Joshimath’s foothills, construction was paused on a road for the Char Dham project that would ferry tourists faster to the Badrinath temple after cracks emerged in people’s homes.

Locals feared it was too late. A long, jagged crack running across one of the front walls in the famed Adi Shankaracharya monastery had deepened worryingly in recent weeks, said one of the priests Vishnu Priyanand.

George’s heave just late, Jokic and Nuggets top Clips in OT

DENVER (AP) – Nikola Jokic had 40 points, 17 rebounds and 10 assists to lead the Denver Nuggets to a 134-124 overtime victory against the Los Angeles Clippers in a matchup of Western Conference contenders yesterday.

Paul George nearly won it for the Clippers with an incredible shot at the end of regulation, but his long heave from just in front of the three-point line in the backcourt came just after the buzzer.

It was the 23rd triple-double of the season for Jokic and his 14th in the past 19 games. Denver is undefeated this season when he has a triple-double.

“If you’re looking for a super athlete to win MVP, he’s not your candidate,” Nuggets coach Michael Malone said. “If you’re looking for a great player that impacts winning in every possible way, whose team is first place in the Western Conference, then he’s your man.

Frankly, I don’t care what people think. I know he’s the MVP and his teammates know that and the fans here in Denver and back home in Serbia know that.”

Michael Porter Jr had 29 points and 11 rebounds for the Nuggets. Jamal Murray added 21 points and 12 assists.

Nikola Jokic goes up for a basket between Paul George and Eric Gordon in overtime of an NBA basketball game in Denver. PHOTO: AP

Kawhi Leonard had 33 points to pace the Clippers – two nights after scoring a season-high 44 in a double-overtime loss against Sacramento. George finished with 23 points.

One night after scoring a season-low 94 points in an 18-point loss at Memphis, the Nuggets shot 51 per cent overall – including 63.2 per cent on two-pointers.

“When we get embarrassed, I think we do a really good job of showing up the next game,” Malone said. “One thing we’re always talking about is good teams don’t lose two games in a row. That’s something you strive for. Tonight, we were able to pull it out.”

Denver is 4-0 this season against the Clippers, with each victory coming by at least 10 points.

Denver led by 18 in the first quarter and had a nine-point advantage entering the fourth, but George’s three-point play gave the Clippers their first lead, 109-107, with 4:17 remaining.

With his team trailing 118-117, Porter drained a three-pointer with 26.6 seconds left, but George sank two free throws on the ensuing possession and the game went to overtime tied at 120. “I think we’re right there,” George said.

“We’re right where we want to be. We’ve just got to continue to keep working. These late-game losses, we’ll turn these around and we’ll figure out how to win these tough ones.”

HOMECOMING FOR HYLAND

Bones Hyland, a Nuggets first-round draft pick in 2021, played in Denver for the first time since being traded to the Clippers on February 9. He was booed for much of the night and finished with 10 points in 15 minutes.

“Just with how things were playing out, I probably knew a little bit,” Hyland said when asked if he was surprised to be traded. “I’ve got so much love for Denver. I thank them for taking a chance on a kid like me.”

Hyland averaged 10.9 points in 111 career games with Denver, the fewest played by a Nuggets first-round selection between 2006-21.

“Just because you got to play a lot last year because guys were injured doesn’t necessarily mean that there’s going to be a role for you to play a lot this year,” Nuggets general manager Calvin Booth said.

“I think that was always going to be a point of friction for him and for the club.”

Face yoga to look younger

    Dr Blossom Kochhar

    ANN/THE STATESMAN – We all are very particular about our fitness, we all hit the gym, do yoga or any other form of exercise to keep our bodies in shape but most of the time we forget a very major part that also needs regular exercising and toning- that is our face.

    There are 42 individual muscles on our face that are responsible for our facial expressions, and the way we smile and look.

    So, it is even more important to keep all these muscles toned so that you always look young and slow the ageing process.

    Facial yoga is the latest fad that a lot of people are teaching and talking about.

    Many say, practicing facial yoga is as good as getting Botox done if done regularly and correctly. I have personally been practicing facial yoga for years now and it works like magic, the results though not instant it very effective and long-lasting.

    The best thing about facial yoga, you can do it anywhere and at any time.

    * Start with reciting the vowels – A, E, I, O, U. Say the vowels in an exaggerated manner so that you stretch all your face and neck muscles. To begin with, say the five vowels each 10 times in a day, then slowly build it to 20-30 times in a day. This is a complete exercise for your face.

    * The second exercise that you can do is, close your fist and place it under your chin. Now try opening your mouth while pressing your fist up to close the mouth. This is a great exercise to get rid of the double chin. Once you’ll start doing it, you will feel the stress on your jawline and who doesn’t want the perfect jawline?

    * A perfect exercise to avoid getting wrinkles under your eyes and on your forehead is to place both your hands on your forehead so that no muscles move. Now blink your eyes in an exaggerated manner about 10 times. Blinking will strengthen your eye muscles.

    * Another exercise that you can try for strengthening your eye muscles is by placing your index finger and your middle finger on either side of your eyes, one at the inner corner and the other at the outer corner, and blink. Do this 10 times a day.

    * Chubby cheeks look super cute when we are kids but become a major concern when we grow up. To pull up saggy and chubby cheeks, pull everything to your side. It’s like doing a sideway kiss, this stretches your cheek muscles and helps in making them firm.

    * We all worry about our laughing lines and as we grow up, they tend to become more visible. The perfect solution to reducing laughing lines is placing your fingers firmly over your laugh lines, now smile as widely as possible, and remember to keep your lips apart. Hold this for five to 10 seconds and repeat the exercise 20 to 25 times. This will help to remove creases around the cheek and lift your cheeks.

    * A major thing to remember while applying your daily moisturiser is to always apply in an upward motion, especially around the cheeks and on the neck. If you do it otherwise you are pulling your skin down making it saggy. Another exercise that you can try is, placing your thumbs under your chin and massaging your cheeks in an upward motion (ending at the temples) using your fingers. Do this five times. This helps smoothen smile lines and promotes blood circulation.