MONEY MASTER

South Korea is in political turmoil after lawmakers filed an impeachment bill against President Yoon Suk Yeol following his unprecedented declaration of martial law. The declaration, aimed at banning political activity and censoring media, was rescinded within six hours amid widespread backlash and resistance from parliament and the public. Martial Law and Impeachment Motion President Yoon announced martial law late Tuesday, citing threats from "pro-North Korean anti-state forces" and a need to protect the constitutional order. However, the move sparked outrage: Armed troops entered the National Assembly , prompting parliamentary aides to push them back using fire extinguishers. Protesters clashed with police outside. Within hours, 190 of 300 parliament members voted to nullify the declaration. Following the incident, six opposition parties filed an impeachment bill. The vote is expected later this week, with a two-thirds majority required to pass. "We couldn't ign...

Key Takeaway: Monday’s Dewan Rakyat session will highlight efforts to preserve local culture , support autism centres , and address industrial challenges amid global economic pressures. The Dewan Rakyat agenda today includes discussions on preserving local values and culture , especially in the absence of an AI regulatory framework . Lee Chean Chung (PH-Petaling Jaya) will address this issue in a question to the Minister of Science, Technology, and Innovation, Chang Lih Kang . Other key topics include: Autism Centre Expansion: Datuk Dr Alias Razak (PN-Kuala Nerus) will ask the Minister of Women, Family, and Community Development about plans to increase the number of autism centres and provide assistance to private operators . Industry Protection: Datuk Seri Hasni Mohammad (BN-Simpang Renggam) seeks insights from the Minister of Investment, Trade, and Industry, Tengku Datuk Seri Zafrul Abdul Aziz , on shielding local industries from overcapacity in China’s manufacturing sector....

Key Takeaway: President-elect Donald Trump unveiled Robert F. Kennedy Jr. as head of the Department of Health and Human Services and ruled out JPMorgan’s Jamie Dimon for a cabinet post, while making several high-profile appointments to shape his second term. Dimon Excluded From Cabinet Trump publicly dismissed speculation of appointing Jamie Dimon to his administration, thanking him for his service but declaring, "He will not be invited." Dimon, responding from the APEC CEO Summit, said, “I haven’t had a boss in 25 years and I’m not about to start.” Key Cabinet Appointments Robert F. Kennedy Jr. : The vaccine skeptic will lead the Department of Health and Human Services , marking a controversial choice for the nation’s healthcare policy. Jay Clayton : The former SEC chair will serve as U.S. attorney for the Southern District of New York . Doug Collins : The former Georgia congressman was tapped to head the Department of Veterans Affairs , overseeing healthcare for over 9 ...

Key Takeaway: Trump's team targets eliminating the $7,500 EV tax credit , which could stall the US electric vehicle (EV) transition, hurt Tesla’s competitors, and reshape the auto industry landscape. President-elect Donald Trump’s transition team is preparing to eliminate the $7,500 consumer EV tax credit , a key component of President Biden’s Inflation Reduction Act (IRA) . The proposal is part of a broader tax-reform agenda to fund other initiatives, including extending Trump-era tax cuts. Impact on EV Market and Automakers: Tesla’s Advantage: Tesla CEO Elon Musk supports ending the tax credit, citing its long-term benefit to Tesla by weakening competitors like General Motors (GM) and Ford , which are still ramping up EV production. Tesla sold nearly half of all US EVs in Q3 2024 and benefits from lower production costs. Musk noted that removing the subsidy would be "devastating" for competitors but manageable for Tesla. Competitor Challenges: Rivals like GM, Ford,...

Key Takeaway: Taiwan is open to discussions with the incoming Trump administration on strengthening its defense but has not presented a specific list of new arms requests. Taiwan has no concrete list of new arms deals prepared for the US, according to senior security officials, though the island remains eager to explore options for enhancing its self-defense capabilities. President-elect Trump previously suggested Taiwan should contribute to "protection" costs, prompting considerations of future arms deals. Taiwan’s defense budget has increased by about 80% since 2016 , with an existing backlog of $20 billion in US arms orders and a recent $2 billion order for radar and missile systems . Discussions with the US focus on ensuring Taiwan’s current military systems can counteract escalating military pressure from China, which opposes arms sales to Taiwan. Taiwan continues to assess its defense needs, including expanding its drone fleet for strategic purposes, but no new arm...

Key Takeaway: Biden will discuss critical issues with Xi, focusing on stability amid potential changes in US-China relations under Trump’s upcoming administration. President Joe Biden and Chinese President Xi Jinping are set to meet on Saturday at the Asia-Pacific Economic Cooperation (APEC) forum in Lima, Peru, for a final discussion before a new administration. The agenda will cover key global tensions , including US-China relations, Taiwan, Russia’s war in Ukraine , and China’s role in counter-narcotics efforts . US national security adviser Jake Sullivan emphasized that Biden aims to maintain open communication with Xi to manage tensions. Biden is expected to address recent Chinese-linked hacking incidents involving prominent US officials and China’s support for Russia , including the presence of over 10,000 North Korean soldiers in Russia. This meeting follows a period of US restrictions on investment in AI, quantum computing, and semiconductors in China , a move China opposed...

Key Takeaway: Hackers with links to China compromised US telecom networks, intercepting surveillance data intended for American law enforcement agencies. US authorities revealed that China-linked hackers infiltrated multiple telecommunications networks , stealing call records and communications data from a limited group of US customers involved primarily in government or political activity . This breach includes sensitive information requested by US law enforcement , according to a joint statement from the FBI and CISA. The statement, while sparse on details, confirms prior reports suggesting that Chinese hackers accessed US interception systems , raising concerns about the security of American telecom infrastructure . These hackers reportedly targeted telephones belonging to high-profile political figures , including past presidential candidates, compounding the urgency of cybersecurity measures. The Cyber Safety Review Board of the Department of Homeland Security is set to invest...

North Korea has ratified a mutual defense treaty with Russia , pledging each side's support in case of an armed attack, North Korean state media reported Tuesday. The treaty, signed by leaders Kim Jong Un and Vladimir Putin in June, requires "immediate military and other assistance" if either nation enters a state of war. The agreement further strengthens military cooperation , with North Korea reportedly sending over 10,000 troops to support Russia in its conflict with Ukraine. Both Seoul and Washington have confirmed North Korean troops are actively involved in combat near the Ukraine border .

Singaporean Prime Minister Lawrence Wong has urged the public to remain calm and united following a knife attack on Father Christopher Lee , a priest at St Joseph’s Church in Bukit Timah on Saturday. In a social media post, Wong expressed his shock and sadness over the attack, emphasizing that violence has no place in the country. He also called for support and solidarity, stating, "We must uphold the safety and sanctity of our places of worship." The incident occurred during the 5:30 pm Mass , when a 37-year-old Singaporean Sinhalese man , armed with a knife, attacked Father Lee. Fortunately, several parishioners managed to disarm the suspect before he could cause further harm. The assailant, who has a history of serious offenses and drug-related crimes, was arrested by police. Preliminary investigations suggest the attack was not terrorism-related, and the suspect acted alone. Father Lee is currently receiving treatment at National University Hospital and is in stable co...

Mauritius is holding a parliamentary election on Sunday , with voters focused on addressing the cost of living crisis that has become a central issue in the Indian Ocean archipelago. Prime Minister Pravind Kumar Jugnauth and his main rivals are all promising solutions to alleviate the financial struggles faced by many Mauritians. Polling stations opened at 7 am local time (0300 GMT) , and while early voter turnout appeared modest, many people were seen checking their names in the registers before casting their ballots. Voting is set to conclude at 2 pm GMT . Economic Struggles Despite Growth Forecasts Mauritius, with a population of around 1.3 million , presents itself as a strategic link between Africa and Asia , relying heavily on its offshore financial sector, tourism , and textiles for revenue. Despite a forecasted 6.5% economic growth this year (slightly down from 7.0% in 2023), many voters feel disconnected from the economic benefits. Jugnauth’s Alliance Lepep Coalition Pr...

President-elect Donald Trump ’s transition team is reportedly preparing executive orders and proclamations to withdraw the United States from the Paris climate agreement . According to a New York Times (NYT) report, Trump’s team is also considering actions to reduce the size of national monuments to open up areas for drilling and mining. In addition to exiting the climate deal, Trump is expected to lift the pause on permitting new liquefied natural gas (LNG) exports to markets in Asia and Europe. The transition team is also preparing to revoke a waiver that allows California and other states to maintain stricter pollution standards. Trump’s transition spokesperson, Karoline Leavitt , confirmed that the election results gave Trump a mandate to fulfill his campaign promises, asserting that he would deliver on these actions. Additionally, the Biden administration had previously paused approvals of new LNG exports in January to assess the environmental and economic impacts. The U.S. Ene...

Beth Hammack , president of the Federal Reserve Bank of Cleveland , emphasized that while progress has been made in reducing inflation, it remains above the Fed's 2% target , and officials are not yet ready to declare their job done. Speaking at a conference hosted by the Cleveland Fed’s Center for Inflation Research , Hammack acknowledged that inflation is still a concern and pointed to geopolitical events and rising rents as potential factors that could push prices higher. “We have made good progress, but inflation is still running above the FOMC’s 2% objective,” she said, referring to the Federal Open Market Committee (FOMC). She also warned that energy prices, which had recently fallen, could quickly rise again due to global tensions, and that housing services inflation may remain elevated as rent increases continue for existing tenants. Despite these inflationary pressures, Hammack noted that the Fed’s policies have cooled price growth without derailing the economy, highl...

  The government's ongoing efforts to eradicate extreme poverty and the methods used to define the categories of poverty are among the key topics highlighted in today's Dewan Rakyat session. According to the Order Paper published on Parliament's website, Datuk Siti Zailah Mohd Yusoff (Perikatan Nasional-Rantau Panjang) is expected to raise the issue with the prime minister during the minister's question time. In addition, Datuk Mohd Shahar Abdullah (Barisan Nasional-Paya Besar) will question the prime minister on the government's reform agenda concerning government-linked companies (GLCs) and government-linked investment companies (GLICs) . He will inquire about how these entities can maintain a balance between corporate goals and national socioeconomic responsibilities while ensuring Malaysia's economic viability, competitiveness, and resilience . Lee Chuan How (Pakatan Harapan-Ipoh Timor) will also ask the education minister to update the latest status o...

Prime Minister Shigeru Ishiba is set to dissolve Japan’s lower house of Parliament on Wednesday, calling for a snap election on Oct 27 , according to Kyodo News Agency. This move comes just eight days after Ishiba took office , making it the fastest dissolution by a postwar leader . The decision has drawn criticism from opposition parties, who accuse Ishiba of rushing to seek a fresh mandate while his ruling Liberal Democratic Party (LDP) faces a slush funds scandal . The LDP, along with its coalition partner Komeito , holds a majority in the 465-member chamber. Ishiba’s Cabinet approved the dissolution plan on Wednesday morning, finalizing the campaign schedule to begin on Oct 15 , with voting set for Oct 27 . Despite opposition calls for an extra budget to aid recovery efforts after recent natural disasters, Ishiba has prioritized securing a new mandate through the election. This election comes amid backlash over Ishiba's reversal from his previous stance, where he had initia...

Thailand Prime Minister Paetongtarn Shinawatra has seen a significant boost in her approval rating following the launch of her government’s cash stimulus program . In the latest quarterly survey by the National Institute of Development Administration (NIDA) , Paetongtarn’s approval rating jumped to 31.35% , a dramatic rise from 4.85% in the previous poll. The survey, conducted from Sept. 16 to Sept. 23 with around 2,000 respondents from across the country, coincided with the government's first phase of a cash handout aimed at reviving Thailand’s sagging economy. The next stage of the stimulus program is expected to cover 26 million people . Paetongtarn’s administration, which took office earlier this month, has also been active in providing assistance and leading restoration efforts in the flood-affected northern provinces . Additionally, the government plans to implement a minimum wage increase to 400 baht ($12.4) per day within the year. Natthaphong Ruengpanyawut, leader of...

China's manufacturing sector experienced a significant contraction in September, with factory activity shrinking as both domestic and international demand cooled. The Caixin/S&P Global manufacturing PMI dropped to 49.3 , down from 50.4 in August, missing analysts' forecasts of 50.5 . This marked the lowest reading since July 2023 and indicates a sharp decline in new orders, impacting factory owners' confidence , which is now near record lows. Despite aggressive government efforts to stimulate economic growth , including lowering interest rates and increasing banking liquidity , new orders—both domestically and abroad—fell sharply. The sub-index for new orders hit its lowest point in two years , signaling weakening demand. Foreign demand also declined at the fastest pace since August last year, with manufacturers attributing the drop to deteriorating global trade conditions. The United States' tariffs on Chinese products, including electric vehicles (EVs) , a...

In a significant push to stimulate the struggling property sector , three of China's largest cities have relaxed homebuying restrictions following the central government's latest efforts. Guangzhou became the first tier-1 city to completely remove homebuyer eligibility checks and limits on the number of properties owned, according to a statement issued late Sunday. Meanwhile, Shanghai and Shenzhen announced that more people would be eligible to purchase homes in suburban areas and allowed existing homeowners to buy additional properties. In a move to further boost demand, Shanghai and Shenzhen also lowered minimum downpayment requirements, with first-home buyers needing just 15% and second-home buyers 20% . These changes come as part of China's largest stimulus package to date, aimed at revitalizing the beleaguered property market . The package includes cutting borrowing costs on up to US$5.3 trillion in mortgages and reducing down-payment requirements for second-hom...

US President Joe Biden expressed confidence that the Federal Reserve will continue cutting interest rates, a move he hailed as beneficial for American consumers. Speaking at an Economic Club of Washington event on Thursday, Biden emphasized his administration’s ongoing efforts to lower costs for Americans and highlighted the progress made in bringing inflation closer to the Fed's 2% target . " Interest rates are going to be coming down and they're expected to go down further. That's a good place for us to be," Biden remarked. He welcomed the Fed's half-percentage-point rate cut on Wednesday, calling it "good news for consumers" but acknowledged that more work is needed. Biden’s administration has focused on expanding domestic manufacturing , investing in clean energy and infrastructure, and capping drug costs for seniors. These policies have contributed to the creation of 16 million jobs and rising wages, according to Jeff Zients , the presi...

Iranian hackers sent emails containing stolen materials from Donald Trump’s campaign to individuals connected to Joe Biden's re-election campaign , according to a joint statement from US federal agencies on Wednesday. The agencies, including the FBI and Cybersecurity and Infrastructure Security Agency , said this was part of a broader effort by Tehran to influence the US election and create discord. The agencies highlighted that since June, Iranian cyber actors have continued attempts to send stolen, non-public material associated with Trump’s campaign to US media outlets. However, there is no information indicating that the recipients of these emails replied or used the materials. In August, the US had already accused Iran of cyber operations targeting both presidential candidates. Tehran has consistently denied interfering in US elections, with its mission to the United Nations calling the latest allegations “unfounded.” Following these reports, the Trump campaign called...

Former Federal Reserve Bank of New York President William Dudley has suggested a compelling case for a half-point interest rate cut at the Federal Reserve's meeting next week. Speaking at a forum organized by The Bretton Woods Committee in Singapore, Dudley stated, "I think there’s a strong case for 50," highlighting his preference for a more aggressive monetary policy move. Dudley, who led the New York Fed until 2018 and now chairs the Bretton Woods Committee, pointed to a slowing US labor market and emphasized that the risks to jobs are more significant than ongoing inflation challenges. He referenced Fed Chairman Jerome Powell's comments at Jackson Hole last month, which underscored a desire to prevent further weakening in the labor market. Dudley's remarks arrive as recent data showed core US inflation unexpectedly rose in August , reinforcing the likelihood of a quarter-point rate cut next week. Despite this, Dudley believes there is room for a more subs...