• News
    Yahoo News Singapore

    Singapore disposed thousands of red wine cases to be smuggled to North Korea last year: report

    Singapore has been dumping cases of red wine which were meant to be smuggled into North Korea, an indication of the high demand for luxury goods in the country.

  • News
    The Telegraph

    Myanmar's hardened Chinese population takes stand against Beijing

    The chorus of banging pots and pans begins in Chinatown at about 8pm. The district in Myanmar's commercial city of Yangon is normally festooned with bright red lanterns to celebrate Chinese New Year. But when the Year of the Ox arrived in mid-February, the usual festive atmosphere was gone - replaced by a tension in the air. Here, and across the country, swelling ranks of young ethnic Chinese protesters are joining mass rallies against the brutal junta that abruptly deposed Aung San Suu Kyi's government. Many are united by rumours, circulated widely among the protest movement, that China is helping the regime install a repressive new internet system akin to one across the border that severely restricts online freedoms behind a 'Great Firewall'.

  • Business
    The Wrap

    How Elon Musk Lost $30 Billion Overnight – and the Title of World’s Richest Man

    Tesla and SpaceX founder Elon Musk is no longer the world’s richest person, after losing roughly $30 billion from his net worth in a span of less than 24 hours. According to the Bloomberg Billionaire’s Index ranking the world’s top 500 wealthiest people, Musk is now worth $183 billion. That puts him second to Amazon founder Jeff Bezos, whose net worth is roughly $186 billion. The reason Musk lost so much money so quickly was because Tesla’s stock price plummeted rapidly early this week. The electric carmaker’s stock slid nearly 13% Tuesday morning after closing down 8.5% on Monday. The decline marks the biggest hit Tesla’s stock has taken since last fall, when it closed down over 10% on Sept. 23. Also Read: GameStop, AMC Stocks Drop in After-Hours Trading Following Huge Reddit-Driven Spike Musk is notoriously bullish on nearly all forms of cryptocurrency, but now that Tesla’s stock is even more linked to Bitcoin’s successes or failures its stock volatility has increased. According to a recent SEC filing, Musk authorized Tesla to buy $1.5 billion worth of Bitcoin earlier in February in order to “maximize returns on our cash” and have more flexibility. As of now about 3% of Tesla’s cash on hand is converted into Bitcoin. The bet isn’t paying off just yet for Musk, it seems — but analysts think it could. Wedbush Securities Analyst Daniel Ives told CNBC Money Tuesday that Tesla is now inextricably linked with the cryptocurrency markets. “Musk is now tied to the bitcoin story in the eyes of the Street and although Tesla made a billion paper profit in its first month owning the digital gold, it comes with added risk, as seen this week,” Ives said, adding that he does think it’s overall still “a smart move at the right time for Tesla.” Also Read: Reddit Raises $250 Million After #WallStreetBets Dust-Up Musk has an outsized influence on the stock market; he can often cause runs or mass sell-offs of particular stocks with a single tweet to his more than 47 million followers. Throughout the last few months the internet has seen a surge in meme stocks (stocks which an online community, like Reddit’s retail investor forum Wall Street Bets, decide to trade en masse) and cryptocurrency purchases. Another cryptocurrency called Dogecoin was created as a meme coin but experienced a meteoric rise earlier this month because Musk was tweeting about taking the coin’s value “to the moon,” at $1 per share (so far, it’s peaked at about 7 cents). Bitcoin’s value is also experiencing a steep plunge; the cryptocurrency fell about 12% Tuesday. Some index funds are also tanking this week, and the NASDAQ opened 2% lower Tuesday morning. Despite the recent drop, Tesla’s stock is still gaining, and is up roughly 317% compared to this time last year. Read original story How Elon Musk Lost $30 Billion Overnight – and the Title of World’s Richest Man At TheWrap

  • News
    The Telegraph

    HMS Queen Elizabeth faces a high risk of 'incidents' in the South China Sea

    HMS Queen Elizabeth faces a high risk of “incidents” when it is deployed to the South China Sea, experts have warned. It comes as China said recently that it would carry out "necessary measures to safeguard its sovereignty", after it was confirmed that the aircraft carrier, which will be escorted by two Type 45 destroyers, two Type 23 frigates, a nuclear submarine, a Tide-class tanker and RFA Fort Victoria, would travel to the region in its first operational mission. When Boris Johnson was foreign secretary in 2018 he said: “One of the first things we will do with the two new colossal aircraft carriers that we have just built is send them on a freedom of navigation operation to this area, to vindicate our belief in the rules-based international system, and in the freedom of navigation through those waterways which are absolutely vital for world trade.” However, Charles Parton, OBE, senior associate fellow at Royal United Services Institute for Defence and Security Studies (RUSI) a British defence and security think tank, warned on Tuesday that as there are more sailings “through the South China Sea we will see more tensions around them, and therefore a greater risk of an incident”. Meia Nouwens, senior fellow for Chinese Defence Policy and Military Modernisation at The International Institute for Strategic Studies, also told the Commons Defence Select Committee that China’s “development of submersibles and unmanned underwater vehicles present an added challenge”. She said: “We know China is developing these capabilities. Where this goes … will be an added challenge in terms of how we deal with grey zone tactics.” Ms Nouwens also noted “the uptick in tempo of exercises” being seen from China and warned that the greater number of air incursions from the People’s Liberation Army, both with different special mission and combat aircraft, was something the UK “should be careful of”. She said so far there have been 44 incursions by the Chinese in 2021, which have been “multiple at both day and night time”. Moreover, Ms Nouwens cautioned that the “vast uptick in types and numbers of these exercises really increases the risk of miscalculation, misunderstanding and misinterpretation, and that’s something we should be careful of.”