Latest Developments

Asia-Pacific
The Straits Times

Sheng Siong Q3 profit up 1.9% at $44.6 million

Sheng Siong attributed the increase in revenue to a rise in total stores in Singapore. SINGAPORE – Supermarket operator Sheng Siong posted Q3 profit of $44.6 million for the period ended Sept 30, up 1.9% from $43.7 million the previous year. On Oct 29, the mainboard-listed company reported $441.5 million in revenue, up 6.2% from $415.5 million in the year-ago period. The group attributed the increase in revenue to a rise in total stores in Singapore, as well as improvements in comparable same-store sales. Within the city-state, Sheng Siong currently has 92 stores, up from 84 stores in the same period the year before. Total retail area in Singapore stood at 799,775 square feet (sq ft), compared with 723,648 sq ft previously. Despite the improvement in results, the management of Sheng Siong acknowledged that the grocery retail landscape remains competitive, and sustained promotions may pressure revenue and margins. Moreover, the upcoming Johor Bahru-Singapore Rapid Transit System (RTS) Link, which is expected to open in February 2027, may increase cross-border shopping and price competition for selected packaged groceries and household products. To address the risks associated with the new RTS Link, the group will adapt its strategies as developments unfold. Another risk identified by the group was increased cost pressures from wage increases under the Progressive Wage Model, and the recent National Wage Council guidelines for 2026-2027. Sheng Siong noted that it also raised retail workers’ salaries in September 2025 to meet the Progressive Wage Model requirements in the retail sector. “Looking ahead, we will continue to prioritise expansion in areas where the group has limited presence, to extend our reach to customers,” said Lim Hock Chee, group chief executive of Sheng Siong.

Sheng Siong Q3 profit up 1.9% at $44.6 million
Asia-Pacific
Channel NewsAsia

South Korea seeks criminal charges, 3-year exam ban for cheating with AI glasses

Authorities are stepping up efforts to tackle cheating involving the devices following a series of incidents this year. Wearing AI-powered glasses to cheat in examinations may soon come with harsher consequences in South Korea. (Photo: Reuters/Amr Abdallah Dalsh) New: You can now listen to articles. This audio is generated by an AI tool. SEOUL: South Korea is moving to impose tougher penalties on students caught using artificial intelligence (AI) smart glasses to cheat in its national college entrance examination, including possible criminal prosecution and a three-year ban from retaking the test. The Ministry of Education announced the measures on Thursday (Oct 29), ahead of the College Scholastic Ability Test (CSAT) in November. Under the proposed changes, students caught cheating with AI-powered glasses could be barred from taking the CSAT for three years, up from the current one-year suspension. “The strict response policy, including criminal punishment for smart glass cheating and extended disqualification periods, will be uniformly applied not only to the CSAT but also to university-specific exams starting this year,” the ministry said in a statement. CNA Games Guess Word Crack the word, one row at a time Buzzword Create words using the given letters Mini Sudoku Tiny puzzle, mighty brain teaser Mini Crossword Small grid, big challenge Word Search Spot as many words as you can Show More Show Less Offenders could also be referred to police for possible criminal prosecution on charges including obstruction of official duties by fraudulent means and business interference, the ministry said. AI-powered smart glasses have emerged as a challenge for South Korean authorities following a series of cheating incidents involving the devices this year. Five cases were reported between May and June, according to South Korean media reports. In one case, a candidate was seen pressing a button on a pair of glasses, causing a blue display to appear on the lens. All five candidates were penalised for cheating, with three referred to prosecutors. Two suspected cheating attempts involving smart glasses were also reported at the University of Seoul and Yonsei University in October.

South Korea seeks criminal charges, 3-year exam ban for cheating with AI glasses
Japan
Nikkei Asia

Alphabet spells out more AI capex, China+1 doesn't add up

Hello from Yifan in Silicon Valley. I hope everyone (in the Northern Hemisphere) is enjoying the falling leaves and sweater season. Wall Street got a proper scare from Alphabet's earnings before Halloween. On Wednesday, Google's parent company reported solid third-quarter revenue growth, with record sales for the cloud business unit. But its shares plunged more than 10% at one point during extended trading, despite all signs indicating that more people and companies are now using Google's AI services and even its in-house AI chips. After several years of tech companies pouring billions and billions of dollars into AI, revenue growth alone is no longer enough to impress the market. Google's spending of $51.4 billion in capex for AI infrastructure buildout in three months and ending the quarter with negative free cash flow of $9 billion turned out to be a warning sign for many, rather than a boost to confidence in continued AI investment. Samsung Electronics got a similar cold shoulder from the market after its earnings report Thursday. Despite the South Korean semiconductor giant saying it became the first global technology company to top 100 trillion won in quarterly operating profit, thanks to continued demand for memory chips amid the AI buildout, its shares slumped following the earnings report. Investors are now growing increasingly worried about the massive spending on AI by companies such as Google and are starting to demand proper returns here and now, not in five years. As Wall Street awaits this week for other U.S. Big Tech companies to release their third-quarter earnings and future AI investment guidance, we are seeing similar reality checks on AI across global markets, including in China, where AI stocks have fallen sharply in recent weeks due to similar concerns about the profitability of AI. Tech illuminati such as Elon Musk have long criticized the public market for being shortsighted and overlooking the long-term benefits of investing in technology that's expensive to build. But it has been almost four years since the ChatGPT-led AI boom began, so how patient should the market be? As if it were not jittery enough, the U.S. midterm elections next week are casting another shadow over AI trades. More U.S. voters are turning against AI and data centers than ever before. Around 40 local ballot measures nationwide on data center development will go to a vote on Nov. 3. The implications will reach far beyond the U.S., as the entire Asian tech supply chain, from Taiwanese server makers to South Korean chipmakers, eagerly awaits the results. Leading PC makers, including HP of the U.S. and Asus and Acer of Taiwan, are combating soaring component costs by shifting some production from Thailand and Vietnam back to China and using a new generation of contract manufacturers, Nikkei Asia's Lauly Li and Cheng Ting-Fang report. Multiple sources told Nikkei Asia that the PC makers are seeking greater manufacturing efficiency as their bill of materials rises, with demand from AI causing acute memory and storage shortages.

Alphabet spells out more AI capex, China+1 doesn't add up
North America
CNBC Economy

Housing is flashing warning signs just as the Fed weighs more interest rate hikes

The Federal Reserve's inflation fight is running into a growing complication: The housing market is slumping even as broader price pressures persist. Housing data deteriorated further in September, according to separate reports Tuesday, adding to an already complicated policy landscape for the central bank as it contemplates its next move on interest rates. Things appear poised to get worse before they get better. If the Fed raises short-term rates as expected over the next several months, mortgage rates that are already at 7.43% could push even higher, putting a further damper on affordability. Higher home borrowing costs have coincided with a general rise in inflation and a housing shortage. "The housing market is about to go into a deep sleep unless Washington can do a 180 on its policies and make the cost of a new home more affordable," wrote Chris Rupkey, chief economist at Fwdbonds. "It is not winter yet but housing is going into a deep freeze." The National Association of Realtors reported that pending sales, a forward-looking index that measures home sales under agreement but not completed, hit an all-time low in records that stretch back to 2001. The index slid 7.3% for the month and was off 11.3% from a year ago. The Wall Street estimate was for a decline of just 0.4%. Housing starts, another important metric when evaluating the state of the market, also posted a decline well outside already-muted expectations Tuesday. Privately owned housing starts fell at a seasonally adjusted annualized rate of 5.2% on the month, against expectations for a decline of just 0.4%, while building permits were off 0.2%, against the Dow Jones consensus outlook for a 2% gain, according to Commerce Department data. Moreover, single-family permits totaled just 845,000, down 4% from August and the lowest number since 2023. "Market conditions weakened in September due to fast-rising mortgage rates," said Lawrence Yun, the NAR's chief economist. "Although job growth and income gains can support home purchases, housing affordability is more affected by changes in mortgage rates." The rate for a 30-year mortgage was above 7% for most of September, ending the month around 7.6%, according to Mortgage News Daily. Five years ago, rates were closer to 3%, feeding into the Covid-era housing boom that saw an explosion in demand and, consequently, prices. Outside of the pending sales number, home builder sentiment is at lows not seen in 14 years. Under some conditions, Fed officials might respond to the housing weakness with easier monetary policy. Lower rates generally help spur demand by lowering borrowing costs.

Housing is flashing warning signs just as the Fed weighs more interest rate hikes
Europe
BBC Business

Healey's Budget needs to sustain the stronger economy through gathering clouds

The chancellor's aides are using intelligence-style security measures to guard its secrets: the Budget has been split into "compartments" with very few given access to all of them. There are codenames. The IT has been locked down and ministers viewing the plans have to sign a digital promise not to brief media. Such security is a response to the feeling that speculation around the last Budget, sometimes informed by insiders, was economically destabilising. As a recent former defence secretary, Chancellor John Healey has embraced such strict procedures, and has approached most of his public engagements and interviews with a sturdy refusal to break the Budget omertà, akin to his fellow Yorkshireman Geoffrey Boycott's at times ultra-defensive stance on a cricket pitch. The economic news has been good - growth has been better than expected and the International Monetary Fund has endorsed the UK for "standing out" among the G7 countries for at least planning to cut borrowing. The bond market's reverse beauty contest, in which investors single out the countries they distrust most, has moved on from Britain. Traders I occasionally hear from who were once focused on UK borrowing costs are now more preoccupied with "le spread" - the widening gap between French and German borrowing costs (the former being higher than the latter) - and with America's long-term debt outlook. And yet there are clouds on the horizon. The inflation rate rose more than forecast to 3.5% in September, and borrowing numbers were also higher than forecast. This means an imminent Bank of England rate rise is very much on the cards, with the resultant rise in mortgage repayments for some. Credibility with investors requires not just that Budget maths add up on Wednesday, but also belief that growth plans are realistic, and the perception that Downing Street can actually convince MPs to pass its Budget. The question for John Healey is whether he can deliver a Budget that can sustain the revival in growth and offer the help with the cost of living that his backbenchers demand. At the same time he needs to reassure the markets that his budget will keep a check on borrowing. "Is it resilient, or is it actually strong?" has been the tone of the debate among economists about the curious case of the UK economy ahead what is a vital Budget. The UK is the fastest growing G7 country so far this year, at 0.6% in Q1 and 0.5% in Q2. The widespread assumption of stagnation in the second half is being defied with Q3 heading for 0.6 to 0.8%. Each quarter has seen growth twice as fast as predicted by the Office for Budget Responsibility (OBR) in March and independent forecasters. This is the fastest growth in the first eight months of a year since 2017, ignoring the post-lockdown re-opening. It's more resilient than it was in 2022. Back then, the Ukraine war, massive energy bailouts, and Liz Truss' mini budget all culminated in the UK facing the highest borrowing costs in the G7, in what was derided in financial markets as a "moron premium".

Healey's Budget needs to sustain the stronger economy through gathering clouds
Asia-Pacific
Channel NewsAsia

North Korea displays drones, missiles as Kim urges AI weapons push

South Korea's Joint Chiefs of Staff said its military detected "around a dozen short-range ballistic missiles fired from the Wonsan area of North Korea towards the East Sea", also known as the Sea of Japan. News coverage showing file footage of a North Korean missile launch is seen on a screen at Seoul Station in Seoul on Oct 12, 2026. (Photo: AFP/Philip Fong) SEOUL: North Korea has test-fired attack drones, missiles and a multiple rocket launcher at a weapons demonstration, state media reported on Friday (Oct 30), as leader Kim Jong Un called for faster development of drone and AI technology for military use. The event came a day after Seoul said Pyongyang had fired “around a dozen” short-range ballistic missiles off its east coast, though it was not immediately clear whether the launches were linked to the demonstration. At the event, Kim stressed the "aim to seize the absolute superiority in the drone technology is an indispensable option in the light of the ever-changing patterns of modern warfare," according to KCNA. He added: "Strength precisely means peace and peace is guaranteed only by strength." CNA Games Guess Word Crack the word, one row at a time Buzzword Create words using the given letters Mini Sudoku Tiny puzzle, mighty brain teaser Mini Crossword Small grid, big challenge Word Search Spot as many words as you can Show More Show Less The demonstration featured suicide attack drones, multipurpose drones firing air-to-surface missiles, cruise missiles and 600mm multiple rocket launchers. KCNA said the drones and cruise missiles hit an island target with 100 per cent accuracy. The event follows a slew of recent weapons tests by Pyongyang, including a new precision-guided torpedo system and an intermediate-range hypersonic missile, both of which were said to employ AI technology. South Korea's Joint Chiefs of Staff said its military detected "around a dozen short-range ballistic missiles fired from the Wonsan area of North Korea towards the East Sea", also known as the Sea of Japan. The missiles flew about 250km, and "South Korea and the United States are conducting a detailed analysis of their exact specifications", Seoul's military said, adding it had stepped up surveillance of possible additional launches. Seoul's National Security Office, meanwhile, said the launches violated UN Security Council resolutions, labelling them "serious acts that do nothing to help manage the current situation". Thursday's missile flurry comes against the backdrop of growing tensions over a landmine explosion along the heavily fortified border between the two Koreas that saw three South Korean soldiers wounded.

North Korea displays drones, missiles as Kim urges AI weapons push
Europe
BBC Business

Data centre debate heats up ahead of US midterms - here's what you need to know

ByDaniel Thomas and the Visual Journalism TeamUntil a few years ago many of us may have been blissfully unaware of what a data centre was. These giant, warehouse-like buildings power virtually all our internet activity, from our web searches and emails to movie downloads and online banking. They are at the heart of the AI boom, housing the advanced computer chips and servers needed to run services like ChatGPT and Claude. But the speed at which they're growing, the enormous amount of electricity they consume and concerns about their environmental impact are fuelling a public backlash around the world. In the US, they've become a huge issue ahead of the midterm elections on 3 November, with both Republicans and opposition Democrats coming out against their development. It's putting opponents of data centre expansion on a collision course with US President Donald Trump, who has dismissed the pushback as a "sick conspiracy", even as public anger grows. Here's what you need to know about the data centre boom, and why opposition is growing. There are about 12,250 data centres around the world, according to Data Center Map, external, a company that tracks both operational and pre-operational sites. That's up sharply from 2021, when there were around 8,000, external operational sites. As the chart below shows, data centres are most densely clustered in the US which has 4,767 sites. It is followed by Europe, where the UK and Germany lead. Data centres have typically been located near to cities where it's easier to access high voltage power lines or water resources for cooling. But as they get bigger, more are being built in rural areas. But when it comes to actual capacity, the US is ahead by a much larger margin, with China in second place and Europe lagging far behind.

Data centre debate heats up ahead of US midterms - here's what you need to know
North America
CNBC Finance

Comcast beats earnings expectations as media revenue offsets weakness in connectivity

Comcast beat Wall Street's expectations for third-quarter earnings — despite headwinds in its theme parks business — thanks to continued strength in its media unit. The company's Peacock streaming service reported a quarterly profit for the second time since its launch in 2020, posting $261 million in adjusted earnings before interest, taxes, depreciation and amortization on $1.8 billion in revenue. The streaming platform continued to reap the benefits of record-high viewership for the FIFA World Cup, as the final games played out at the beginning of the quarter and aired on NBCUniversal's Telemundo and on Peacock. Revenue in Comcast's media division, which includes the streaming service, rose 13% compared with the third quarter last year to $5.4 billion. The overall content and experiences unit, which also includes its film studio and theme parks, saw revenue rise 6.5%. Comcast's connectivity and platforms sector, however, continued to face pressure, with revenue down 2.7% year over year. The company reported a net loss in domestic broadband residential customers of 144,000 and a net loss in its cable customers of 274,000 during the period. Its mobile business added 368,000 customers. After years of stagnating growth in broadband and heightened competition from wireless providers like Verizon and T-Mobile, Comcast announced in January 2025 that it would refocus on its mobile business and pursue more competitive pricing plans. Here's how Comcast performed for the period ended Sept. 30 compared with what analysts expected, according to LSEG: In June, Comcast announced plans to spin off NBCUniversal and European media business Sky from its core cable, wireless and business services units. The split, which Comcast said would take about a year, will create two separate publicly traded companies. Co-CEO and Chair Brian Roberts said on a call with investors directly following the June announcement that the separation would allow each business to have more "dedicated focus, strategic flexibility, and tailored investment priorities." The decision comes after Comcast spun off most of its cable networks, along with an array of digital businesses, into Versant. That separation was completed in January. For the third quarter, Comcast's revenue was 6% lower than the year-ago period. However, adjusting for the impact of the Versant spin, revenue was essentially flat year over year, Comcast said.

Comcast beats earnings expectations as media revenue offsets weakness in connectivity
Asia-Pacific
The Straits Times

Chipmaker STMicro lifts data centre revenue forecast after Q3 profit beat

STMicroelectronics now expects to book about US$1.3 billion (S$1.6 billion) in data centre revenue in 2026, up from a July forecast of more than US$1 billion. STMicroelectronics raised its 2026 forecast for AI data centre revenue on Oct 29, after demand from data centres and satellite operators helped it beat market expectations for third-quarter earnings. The Franco-Italian chipmaker now expects to book about US$1.3 billion (S$1.6 billion) in data centre revenue in 2026, up from a July forecast of more than US$1 billion. It reiterated the 2027 goal of well above US$2 billion. Chief executive Jean-Marc Chery told analysts that demand was driven mainly by STMicro’s silicon photonics chips, which use light rather than electrical signals to move data between servers. The company’s quarterly operating income, excluding one-off charges, was US$429 million, nearly doubling from a year ago and beating the US$400.5 million expected by analysts polled by LSEG. It forecast fourth-quarter revenue of US$4.15 billion, up from US$3.76 billion in the third quarter, give or take 3.5%. Analysts had expected US$4.10 billion. “In an environment where demand remains well above supply, we continue to expand capacity,” Chery said in the earnings statement. STMicro, which makes chips ranging from microcontrollers to sensors and power semiconductors for cars, factories and smartphones, said higher sales of communication equipment, computer peripherals and personal electronics drove the beat. It had said already in July that fourth-quarter sales would be more than US$4 billion. Chery said on Oct 29 that company-specific drivers, including data centre demand and low-Earth-orbit satellite communications, were adding to the cyclical recovery. The company’s gross margin rose to 37.3% in the third quarter from 33.2% a year ago, helped by a higher share of sales from more profitable chips and lower costs from idle factory capacity. STMicro expects the margin to rise to about 39% in the fourth quarter.

Chipmaker STMicro lifts data centre revenue forecast after Q3 profit beat