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February 23 – The 9th Congress of the Workers Party of Korea continued on February 22. The meeting discussed and revised the Workers Party Constitution and elected members of the Central Leadership. The Congress expressed its full support for and endorsement of the proposal to re-elect Kim Jong Un to the highest position in the Workers Party of Korea, and elected him as General Secretary of the Workers Party of Korea. The meeting also elected members and alternate members of the Central Committee of the Workers Party of Korea. Kim Jong Un, Pak Thae Song, Jo Yong Won, Ri Il Hwan, and 139 others were elected as members of the Central Committee of the Workers Party of Korea.February 23 - Analysts say that as skepticism surrounding artificial intelligence grows, Wall Street is increasingly worried that the chip giants earnings this week will drag down its stock price. Nvidias stock has been trading sideways for months, rising only 1.7% since the beginning of the fourth quarter of last year, slightly below the S&P 500s 3.3% gain over the same period. Nvidias recent lackluster performance is largely due to increased investor concerns about spending hundreds of billions of dollars on AI development, leading to capital outflows from large-cap tech stocks. However, the stock market also faces numerous external risks, including geopolitical instability and reduced expectations of interest rate cuts. All of this puts Nvidia in a delicate position when it releases its fourth-quarter and fiscal year results on Wednesday. Investors expect its results to far exceed Wall Street expectations and raise forecasts for the coming quarters. But the company may have little to do or say to drive a meaningful rise in its stock price. Nvidias stock price has fallen after its last two earnings releases.February 23 - On February 22, local time, Greenlands Prime Minister Jens-Frederic Nielsen stated on social media that Greenland has no intention of accepting a hospital ship that US President Trump planned to send to the island. Nielsen posted on Facebook that day, "The answer here is: No, thank you." He stated that Greenlanders enjoy free healthcare, a system that is a "basic component" of local society, "unlike the United States, where you have to pay for medical care."February 23 – The Iranian Foreign Ministry stated that its foreign minister and Iraqi foreign minister held a telephone conversation on Sunday evening. During the call, they reviewed and discussed the latest regional and international situation. The Iranian foreign minister briefed Iraq on the progress of the Iran-US nuclear negotiations. The Iraqi foreign minister emphasized Iraqs support for the ongoing diplomatic process and expressed hope that the ongoing talks would yield favorable results for Iran and bring peace and stability to the region.On February 23, local time, European Parliament International Trade Committee Chairman Alain Lange announced via social media that he would propose a suspension of the European Parliaments ratification of the EU-US trade agreement due to the "chaos" caused by the US Supreme Courts ruling that the US governments massive tariff policies were illegal. Lange stated that clear stipulations and legal certainty are needed before any further measures can be taken, and he will formally propose on the 23rd that the European Parliament temporarily freeze the ratification process of the trade agreement with the US until a proper legal assessment and clear commitment from the US are obtained. The EU-US trade agreement was reached last July, with the US imposing a 15% tariff on EU goods imported into the US.

SingTel Expects Macroeconomic Problems in 2023 Despite First-half Growth

Aria Thomas

Nov 10, 2022 14:36

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Despite a 23% rise in its first-half net income, Singapore Telecommunications (SingTel) said on Thursday that the company may have to shoulder the weight of further macroeconomic issues that are expected to persist beyond fiscal year 2023.


Due to rising inflation and interest rates, the company emphasized that it is "well-positioned" to endure headwinds as a result of its solid financial position and cash generation.


SingTel, which is undergoing a strategic reset, posted a net profit of S$1.17 billion for the month of September, compared to S$954 million for the same period last year.


The company's performance was boosted by a remarkable turnaround at Bharti Airtel, which it partly owned, and an unprecedented gain of S$1.01 billion ($720.25 million) from the sale of a portion of its Airtel investment.


Optus, the Australian division of SingTel, announced a major data breach impacting up to 10 million consumers.


SingTel has established a provision of A$140 million ($89.9 million) for Optus as an exceptional expenditure for external independent review, third-party credit monitoring services, and the replacement of identification documents as required.


CEO Yuen Kuan Moon commented on Optus and its actions, stating, "Although the cyber attack slowed Optus' development at the conclusion of the first half, we expect Optus to return stronger."


SingTel issued an interim dividend of 4.6 Singapore cents per share in addition to a special payment of 5.0 Singapore cents per share, noting that its net debt has fallen by about a third in comparison to the previous year.


Singtel recorded a S$1 billion noncash impairment charge on Optus' goodwill as a result of a weaker Australian dollar and bad customer sentiment. Nonetheless, the company guaranteed that the impairment would not have any effect on its cash flow or performance.