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Trump's Comeback: Sweeping Victory, Harris Concedes but Promises “Fight”

Donald Trump has reclaimed the White House after a divisive campaign that defied polls and criminal charges. Kamala Harris conceded but vowed to continue her "fight for freedom and dignity." Trump’s win represents a strong shift in voter sentiment, with Americans prioritizing economic and border security concerns. Harris consoled her supporters, calling for resilience while refusing to align with Trump’s vision. Biden plans to address the nation on Thursday. Trump, along with Vice President-elect JD Vance, aims to take office on January 20 with promises of sweeping changes, including firing civil servants he deems disloyal and possibly replacing regulatory heads. He has tapped prominent figures, such as Elon Musk and Robert F. Kennedy Jr., for administration roles. Trump's Electoral College win was bolstered by strong support across at least five battleground states. His victory also secured a Republican majority in both the Senate and House , easing the way for h
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DBS Shares Hit Record High on Buyback Plan and Profit Beat


DBS Group Holdings Ltd has launched a S$3 billion (US$2.25 billion) share buyback following strong third-quarter results driven by wealth management fees and markets trading income. The Southeast Asian bank’s robust capital position supports this buyback, marking a continued commitment to returning capital to investors, a strategy championed by outgoing CEO Piyush Gupta.

DBS shares surged nearly 6% in Singapore on Thursday, outperforming rivals OCBC and UOB, with the stock up over 36% this year. Analysts at Morgan Stanley noted that while the buyback is positive, the high valuation—DBS trades at 1.7 times book value—limits value creation.

DBS reported a 15% increase in net income to S$3.03 billion, surpassing analyst estimates of S$2.74 billion, with wealth management contributing significantly, echoing trends at global banks like HSBC and Standard Chartered. The bank also announced an interim dividend of 54 Singapore cents, yielding 5.5%.

Looking ahead, DBS expects a global minimum tax of 15% to impact net profit in 2025. CEO Gupta anticipates high-single-digit growth in non-interest income, led by wealth management and treasury services, while a slight decline in the net interest margin could be balanced by loan growth.

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